Self-Employed · Retirement
Solo 401(k) for Attorneys — 2026 Calculator
Solo practitioners and of-counsel attorneys can shelter up to $70,000 per year with a Solo 401(k). With high incomes and predictable billing, attorneys are ideal candidates for maximizing tax-deferred retirement savings.
2026 max contribution
$70,000
Typical income range
$100,000–$500,000
Catch-up (age 50+)
+$7,500
Deadline to open
Dec 31, 2026
Your 2026 retirement plan
Fill in your situation and click Calculate →
Solo 401(k) for Attorneys: What You Need to Know
Business structure
Solo practitioners often file as sole proprietors or professional LLCs. Many elect S-Corp status above $150,000 in net income. Of-counsel attorneys receiving 1099 income qualify for a Solo 401(k) even when affiliated with a firm.
Income pattern & timing
Legal billing cycles vary. Contingency fee attorneys experience lumpy income — in windfall years, front-load 401(k) contributions to maximize the tax benefit in the high-income year.
Key strategy
Of-counsel attorneys affiliated with a large firm but receiving 1099 compensation can maintain a Solo 401(k) on that income even though they're associated with the firm — as long as they are not W-2 employees for those services.
Solo 401(k) vs. SEP-IRA for attorneys
A Solo 401(k) allows both an employee deferral (up to $23,500 in 2026) and an employer contribution (up to 25% of net compensation), for a combined maximum of $70,000. A SEP-IRA only allows employer contributions — no employee deferral. This means self-employed attorneys earning under approximately $120,000 in net income can typically contribute more to a Solo 401(k) than a SEP-IRA.
How to open a Solo 401(k) as a attorney
- Get an EIN (free at IRS.gov, takes 5 minutes online). You need this even as a sole proprietor.
- Choose a provider. Fidelity, Schwab, and Vanguard offer free Solo 401(k) plans. Fidelity supports both traditional and Roth contributions with no fees.
- Open the account before December 31 of the tax year you want contributions to count.
- Fund the account by your tax filing deadline — April 15, or October 15 if you file an extension.
Frequently Asked Questions
Can attorneys open a Solo 401(k)?
Yes. Self-employed attorneys with Schedule C or 1099 income qualify for a Solo 401(k) as long as they have no full-time W-2 employees other than a spouse. The 2026 contribution limit is $70,000 ($77,500 with catch-up for those 50+).
I'm an of-counsel attorney who receives 1099-NEC from a large firm — do I qualify?
Yes. Of-counsel relationships structured as independent contractor arrangements (1099-NEC income) qualify for a Solo 401(k). If the arrangement makes you a W-2 employee, you would not qualify for a Solo 401(k) for that income but could participate in the firm's plan.
I'm a contingency fee attorney and had a $500,000 settlement year. How much can I shelter?
The Solo 401(k) limit is $70,000 — but at $500,000 net income, you've long exceeded the employer contribution ceiling. Consider pairing a Solo 401(k) with a cash balance/defined benefit plan, which can shelter $200,000–$350,000 in a high-income year. Our calculator handles the Solo 401(k) portion.
Can I have a law firm 401(k) and a Solo 401(k) simultaneously?
Only if you have truly separate self-employment income independent of the firm (consulting, arbitration, writing). The $23,500 employee deferral limit is shared. If you own equity in the firm and receive pass-through income, that's different from employee wages — consult a tax advisor on how the income is characterized.
Other Solo 401(k) guides
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