Financial Planning For Lawyers: What You Should Know

Attorneys have unique financial circumstances, which is why it's essential to understand the key factors financial planning for lawyers must address.

Attorneys face unique financial planning challenges for a variety of reasons, such as their typical savings and income levels, insurance requirements, and more. This is why it’s essential to understand the key factors that financial planning for lawyers must address.

In this article, we’ll cover four important financial planning factors that attorneys should consider to maximize and protect their wealth now and in the future.

Financial Planning For Lawyers: 4 Factors To Consider

1. Managing Your Budget And Cash Flow

Whether you own a law practice or you work for one, your income as an attorney may vary drastically from year to year, especially if you’re a partner at a firm where you receive bonuses tied to production. This is one reason why financial planning for attorneys can be complicated, but also why it’s critical to thoughtfully address.

Working with a financial advisor can provide peace of mind that your budget and cash flow on both the corporate and personal level will be properly managed, so you can focus on your area of expertise, the law.

2. Investing For Today And The Future

As a lawyer, you likely have a higher income. However, if you’re a new attorney, you may not have a large amount of savings yet. (The student debt struggle is real, after all). While it’s crucial to gain financial advice if you’re in this situation to protect your wealth for the future, expert guidance isn’t always easy to find without a substantial amount of investable assets in the present moment.

To avoid this financial planning problem, seek out a fee-only, fiduciary financial advisor who is required by law to act in your best interest and doesn’t earn commissions for selling you financial products. They’ll work with you to create a plan that fits your needs today and that will help you achieve future financial goals.

3. Protecting Your Practice

Having financial protection in place for your practice, your family, or both is an essential part of financial planning for lawyers, especially if you have a high income but are still years away from retirement . Disability insurance is particularly important, but it can be complicated to understand because your needs will vary depending on the structure of your firm.

A seasoned financial advisor can help you select the appropriate amount of insurance for your specific circumstances. They can also consult with third party experts to ensure you purchase the best products for your needs.

Creating Your Estate Plan

You may face complex estate planning issues as an attorney, especially if you own your law practice or if your firm doesn’t have a built-in succession plan. For example, if you’re married, you can’t simply leave your practice to your spouse upon death (unless they are also a lawyer). You must name another attorney to receive the practice and to be your successor if your goal is to have the practice continue after your death.

Working with a financial advisor enables you to create an estate plan that will eliminate any unnecessary burden on your loved ones in the event of a death, ensuring that your law practice will be in excellent hands for generations to come.

Experts In Financial Planning For Attorneys

Many of our clients at Curio Wealth are lawyers, so we have a deep understanding of the specific needs they have, as well as the dynamics of their financial circumstances. We also bring a wealth of knowledge (pun intended) to the table regarding tax planning, which is a crucial element of financial planning, especially if you own a law practice.

We’ll work with you to create a financial plan that suits your unique situation, addresses your future objectives, and considers your entire financial picture to help you grow and protect your hard earned wealth. Schedule a call with us today to learn more about how we can help.

Important Disclosure: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Curio Wealth, LLC [“Curio Wealth”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Curio Wealth. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Curio Wealth is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Curio Wealth’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at Please Note: Curio Wealth does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Curio Wealth’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Curio Wealth client, please contact Curio Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

Other Articles You Might Like

subscribe to our newsletter

Your Financial Journey Starts Here

Embark on a path of financial clarity and strength. Schedule a meeting with our team, and together, let’s shape a secure and prosperous future tailored just for you.