My father is an electrician and my mother always joked that whenever we needed electrical work done in the house, we need to hire an electrician. The story is similar to the tale of the shoemaker’s children that needs shoes. So it should not be surprising that many law firm sponsored 401(k) plans have major issues concerning potential fiduciary liability on the part of the firm and the trustless of the plan. Despite the legal implications of being plan fiduciaries, law firm plan sponsors may be too busy or unaware that their action or inaction can put themselves not as counsel, but as defendants in a lawsuit for a breach in fiduciary duty brought forth by plan participants.
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