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Greg Maxwell from Amicus Settlement Planners discusses the differences between 401(k) plans and deferred compensation plans for contingency fee attorneys. He suggests that it is beneficial to utilize both types of plans. While a 401(k) plan has annual contribution limits and restrictions regarding withdrawal timing, a deferred compensation plan offers a way to defer larger amounts of income beyond those limits. This flexibility allows attorneys to manage their finances more effectively, especially if they seek to defer more income than what a 401(k) permits. Ultimately, combining both plans can enhance an attorney’s financial strategy.