"Of Counsel"

[SMB]

Partner in a law firm went to "Of Counsel" status as of 01/01/03, essentially becoming an independent contractor (at least that's my very limited understanding of the change).

Does this individual need to establish his own 401(k) Plan, or could the Partnership Plan be amended to cover former partners who become "of counsel"? If the Plan is amended to extend coverage to this individual, would that make the plan a "multiple employer" plan?

Any and all responses most welcome - especially from those of you who might have encountered such a situation in your own Plan or practice.

[QDROphile]

"Of Counsel" has no estabished meaning. You have to learn more about the particular relationship

[mbozek]

Of counsel is used by law firms to designate an attoney who is neither a partner nor an associate. In otherwords of counsel do not share in the firms profits nor does of counsel receive a salary from the firm. Of counsel are usually independent contractors.

[PensionNewbee]

my understanding is that "of counsel" means different things in different law firms. It does mean that the person is not an associate, and not a partner, but beyond that, it depends on the law firm. USUALLY it means the person is an independent contractor, but not always.

[goldtpa]

I would look at the following link. it may answer your question.

http://benefitslink.com/cgi/qa.cgi?databas...d=244&mode=read