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Greg Maxwell from Amicus Settlement Planners discusses the distinctions between a 401(k) plan and a deferred compensation plan for contingency fee attorneys. He suggests that it's beneficial for attorneys to utilize both options. A primary difference is that 401(k) plans have lower annual contribution limits, which may not suffice for those wanting to defer more income. Additionally, 401(k) plans impose restrictions on the timing of payment distribution, limiting when funds can be accessed. Therefore, a deferred compensation plan can offer more flexibility, making it an attractive alternative for high-earning attorneys looking to manage their retirement savings effectively.