Financial planning is vital to professionals in a variety of different careers. In particular, financial planning is critical for attorneys. There are two main reasons for the necessity of financial planning for attorneys. First, attorneys have student loan debt as a result of their education. Second, attorneys can have unique factors to consider relating to financial planning.
It is no secret that there are years of schooling involved in becoming an attorney. The average law school graduate has $165,000 worth of student loan debt between undergraduate degrees and law school. There is a common belief that all lawyers can pay off their student loans within a couple of years of working in the legal field, but this is not always what occurs. Poor financial planning is the cause of an inability to pay back student loans. The starting salary for an attorney can be anywhere between $40,000 a year to $350,000 a year. Upon the first examination, this vast range of wages can be overwhelming. But, regardless of the starting salary of the attorney, debt repayment should be at the forefront of their mind. Spinnaker Investment Group seeks to aid its clients in gaining financial independence, which includes timely debt repayment. The advisors at Spinnaker Investment Group are specially equipped to come to the aid of attorneys in this area.
Attorneys must consider unique factors when approaching financial planning. In particular, attorneys who are partners in firms can have these special considerations. These considerations include liquidity and business tax provisions. In a high-stress field such as law, it can be helpful for professionals to have someone on their team when it comes to considerations of this nature. As attorneys advance their careers, these considerations are also subject to change. The SpinnLaw team within Spinnaker Investment Group, are equipped to meet regularly with clients to update these financial planning strategies in response to the career evolution of the attorney.
Financial planning is essential to attorneys. Advisors at Spinnaker are well-versed in providing specialized aid to attorneys. Spinnaker can provide tailored guidance that matches the attorney’s career trajectory and is available to assist attorneys in reaching their financial goals.
The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice.