Members of the legal profession often have very unique financial planning needs that are particular to the occupation. A lawyer’s salary is often tied to his or her ability to perform certain legal services for clients. Financial planners should understand that a lawyer’s salary can vary from month to month depending on what sort of work that attorney is doing and what type of law he or she is practicing. This article discusses some of the complex issues that attorneys face when planning for retirement. It is a good idea to maintain a reserve of cash-based investments so that attorneys can continue to build retirement wealth during the slow earning periods. Having a personalized tax and estate plan is also extremely important for attorneys who want to leave assets behind to any beneficiaries.
See Michael J. Nathanson and Stephen R. Stelljes, Specializing on Specialists: Financial Planning for Lawyers, September 15, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
