Law Firms

At Triumph Wealth Management, we specialize in helping boutique law firms like yours design, manage, and optimize retirement plans. Whether it’s setting up a new 401k with Profit Sharing, enhancing an existing plan, or adding a Cash Balance Plan for partners, we bring 18 years of experience, specific Retirement Plan expertise, fiduciary capabilities. As an Independent Financial Advisor, we work seamlessly with your chosen 401k Record-Keepers and Third Party Administrators (TPAs) to deliver tailored, cost-effective solutions that benefit your firm and its attorneys.

•  We set up or optimize your firm’s 401k to include Profit Sharing, allowing partners to contribute up to $69,000 annually (2025 limit) while offering staff a robust benefit. We coordinate with top Record-Keepers to ensure compliance and low fees.
  
• Cash Balance Plans: For high-earning partners, we implement Cash Balance Plans alongside your 401k, enabling contributions up to $300,000+ per year with significant tax savings. We handle plan design and work with TPAs to keep administration smooth.
  
  
• Independent Coordination: As an Independent Financial Advisor, we’re not tied to one provider. We collaborate with your preferred Record-Keepers (e.g., Fidelity, Vanguard) and TPAs to create a seamless, cost-efficient plan tailored to your firm’s size and goals.
  
  
• Ongoing Management: We monitor investments, rebalance portfolios, and provide participant education for both partners and employees.

Hypothetical Example: Boosting Retirement for a Small Law Firm
Imagine a boutique law firm with 3 partners, 2 associates, and 4 support staff. The partners, averaging 50 years old, want to maximize their retirement savings while offering a competitive benefit to their team. Triumph Wealth Management steps in to design a tailored solution:

401k Profit Sharing Plan: We can set up a 401k plan with Profit Sharing, allowing all employees to contribute up to $23,000 (2025 employee deferral limit) and the firm to add up to $46,000 in employer contributions and Profit Sharing (total $69,000 per person). The partners allocate a higher Profit Sharing portion to themselves, contributing the full $69,000 each, while associates and staff receive $5,000 each in employer contributions. Total plan assets grow to $300,000 in the first year.

Cash Balance Plan: For the high-earning partners, we implement a Cash Balance Plan alongside the 401k. Each partner contributes an additional $150,000 annually (actuarially determined based on age and income), reducing their taxable income by $450,000 collectively. The plan offers a guaranteed interest credit, appealing to their desire for stability.

Independent Coordination: As an Independent Financial Advisor, we work with the right Record-Keeper for you (e.g., Empower, Capital Group, etc.) and a trusted TPA to minimize fees and ensure compliance. We customize investment options in the 401k, managed by Triumph, while keeping the Cash Balance Plan conservative and secure.

Results: The partners save over $180,000 in taxes annually (assuming a 40% tax bracket), the firm’s 401k enhances staff retention, and total retirement assets under management reach $750,000 in year one. Administrative complexity is handled by the TPA, freeing the firm to focus on its practice.

This is a hypothetical example. Actual results depend on firm size, income levels, and plan design. Contact us for a personalized analysis.