Financial Factors Lawyers Should Keep in Mind
With less predictability and more mobility in the legal industry, attorneys should position themselves to handle more change (whether it's in their firm, within the industry or post-legal careers); that also applies to their financial planning. Brent Smith planned to be a lawyer before beginning his career at Citibank and discovered he loved banking. He remained with Citi, his first job out of college, for 20 years, mostly in its private bank's law firm practice group, running the DC office for that practice for the last five years. Brent recently moved to US Trust, a move he tells us provides lawyers and lobbyists he advises a more holistic experience.
Financial strategies for lawyers are impacted by unique aspects of being in a law firm partnership versus a company employee, and also in dealing with an industry going through structural changes in how firms are organized and how lawyers are compensated. Attorneys are also looking at life after practicing law more than they once did, which requires longer-term planning for the next chapter.