First NJ Law Firm to Offer Student Loan Repayment Benefit for Employees

On Jan 6, 2017

Trenk DiPasquale, a national boutique law firm with offices in West Orange, Trenton and Manhattan, and which is focused on commercial litigation, corporate restructuring, bankruptcy, debtor/creditor rights, government affairs, alternative dispute resolution, municipal law, and corporate transactions, announced effective January 1, 2017, it will be offering a student loan repayment benefit using Gradifi.

The employer-based SLP Plan™ (Student Loan Paydown) created by Gradifi will empower attorneys at Trenk DiPasquale to accelerate the payment of their student loan debt. Trenk DiPasquale is the first law firm in New Jersey to use Gradifi, which was acquired by First Republic Bank in December 2016, and operates as a wholly-owned subsidiary. Other customers include PricewaterhouseCoopers (PwC), Penguin Random House and Natixis Global Asset Management.

Nationally, there are 44 million people who have student loans totaling over $1.3 trillion.  Graduates with advanced degrees leave school owing a significant amount, with law school graduates carrying anywhere from $24,000 to more than $170,000 in federal student loan debt.  “Student loan debt is probably the most significant barrier to law school and then, after law school, life,” said Kathleen Boozang, Dean of Seton Hall University School of Law.  “Trenk DiPasquale shows great leadership and an understanding of the challenges of new lawyers with its loan assistance program.”

For many years, the attorneys at Trenk DiPasquale have expressed concern about the amount of their student loan obligations.  Richard D. Trenk, the Managing Partner at Trenk DiPasquale said, “We saw this as an opportunity to help our attorneys with their crippling student loan debt.  By working with Gradifi, we now have a platform to pay down attorneys’ federal student loan debt on a monthly basis, potentially taking years off loan balances. Not only are we happy to help them repay their loans, but this is also a way to reward attorneys for their dedication to our firm and for the sacrifices it took to complete their degrees.  It’s a tremendous benefit for our attorneys and a competitive advantage for the firm.  Most firms, including Trenk DiPasquale, offer a 401(k) plan to help with long term financial planning.  The problem is that these attorneys are planning for their retirement but cannot pay off their loans.  We want to provide a benefit beginning at the outset of their employment that will help them with their current obligations.”

Trenk DiPasquale will add the Gradifi-managed SLP Plan™ to its existing employee benefits. Beginning in January 2017, all attorneys at Trenk DiPasquale are eligible for the monthly student loan repayment benefit with bonus payments at the end of years 5 and 10.

“No industry is safe from student debt,” said Tim DeMello, Gradifi founder and CEO. “For law firms like Trenk DiPasquale, many of its employees are feeling the effects of debt from undergrad and law school. This can be crippling to new attorneys. Trenk DiPasquale’s decision to offer Gradifi’s SLP Plan™ not only helps with the stress of student debt, but will help the firm attract and retain millennials in a competitive market.”