SAN DIEGO (May 28, 2019) – Fueled by its exponential growth, Tyson & Mendes LLP will become one of the first medium-sized law firms to launch a student loan repayment program. Tyson & Mendes recognizes student debt from law school and undergraduate studies can be one of the biggest stressors for lawyers. The firm hopes to ease that burden for its attorneys through the launch of a new student loan assistance program in partnership with Gradifi.
The new initiative will help lawyers at the rapidly growing firm cut years off their payment of student loans while saving thousands of dollars – providing a unique, tangible benefit for attorneys who, in some cases, took out more than $100,000 in loans for law school alone.
Tyson & Mendes, a leading civil defense firm headquartered in San Diego with offices around the country, is also starting a program in which it will contribute to the future educational costs of its attorneys’ children.
According to Managing Partner Robert Tyson, the firm plans to contribute $10,000 over five years of gradually increasing monthly payments toward the student loans of eligible attorneys, or the same amount toward 529 college savings plans for their loved ones.
The firm is working with Gradifi, which helps employers provide innovative financial benefits and ensure a seamless process of direct employer payments to student loan servicers or to a College SaveUp plan.
Participants in the Student Loan PayDown Plan could potentially cut years off of their payment period and save thousands as a result of the firm’s monthly contributions.
“This effort is fueled in part by our rapid growth and desire to retain top talent. The firm appreciates the commitment those who enter the legal profession undertake, and we strive to give back in any way we can,” said Tyson. “We hope this will alleviate much of the financial stress young attorneys face after graduating law school, and we are proud to be the first firm of our size to offer this benefit.”
Gradifi Refi also provides access to lenders offering some of the lowest student loan refinancing rates available, and provides a $300 bonus to those who use the service to refinance their student loans.
Tyson & Mendes attorneys will also have access to Gradifi refinancing programs, which can potentially lower their monthly student loan payments and save on interest over time. Meanwhile, $10,000 in employer contributions to a 529 plan, assuming a 4% annual rate of return, would generate $8,564 in investment earnings over 18 years, according to Gradifi.
Tyson & Mendes attorneys will become eligible for these significant new benefits after working at the firm for one year.
About Tyson & Mendes LLP
Headquartered in San Diego with offices throughout the country, Tyson & Mendes LLP is an AV-rated litigation firm specializing in insurance defense. Firm principals Robert Tyson and Patrick Mendes, seasoned trial attorneys who collectively have a nearly 50-year background, have grown the firm to more than 130 attorneys defending corporations, insurance companies, and their clients in civil litigation matters throughout California, Arizona, Colorado, Nevada, Washington and Florida. The firm is most widely recognized for winning the landmark Howell v. Hamilton Meats California Supreme Court case on the “billed vs. paid” medical damages issue, which forever changed the state’s litigation landscape by significantly impacting the damages a plaintiff may recover. Visit www.tysonmendes.com.
Ashley Weaver, J. Walcher Communications