Financial Planning for Lawyers: Working with Lawyer’s Financial

financial planning for lawyers

Are you a lawyer who doesn’t know where to get started with their financial planning? This week on our Instagram Live we hosted Michael Holmes from Lawyer’s Financial, our business partner when working with lawyers and a not-for-profit organization that provides financial planning and solutions for the legal community.

Who is Lawyer’s Financial?

Lawyer’s Financial is a not-for-profit organization that specializes in financial planning for lawyers. They offer many financial programs and investment and insurance plans for lawyers depending on their financial needs.

Lawyer’s Financial provides a discovery process that allows the individual to figure out their financial needs, wants and goals. If you don’t know whether you need life insurance or not to save yourself from further financial risks, this discovery process can help you identify what you need that you aren’t even aware of. In addition to life insurance, you might get guidance on how to make a budget that will lead you towards your financial goals.


What are the costs associated with working with Lawyer’s Financial?

As Lawyers Financial is a non-profit organization, there are no fees to get a financial plan! This is an amazing opportunity for legal professionals to get a personalized financial plan that can guide them towards financial independence without bearing any initial costs.


How can law students or early-career lawyers benefit from working with Lawyer’s Financial?

As in many professions, you don’t learn about managing money in Law school or how to manage your finances as a lawyer. This might include how to pay student debt, how to fill the void of not having a financial plan and more. With your life goals of possibly wanting to get a mortgage and own a house, move to more expensive cities and have a family, you might neglect your financial needs associated with being a legal professional and find yourself in a financial loophole.

Lawyer’s Financial is designed entirely with lawyers and their needs in mind. By identifying the gaps in legal professionals’ financial needs, they offer various financial programs that can fill these gaps and help lawyers reach their financial goals.


How can mid-career lawyers benefit from working with Lawyer’s Financial?

As you grow your career, the income tax you pay increases alongside your paycheque. If you are a legal professional that’s mid-career or further, you may need to be on top of your tax planning as you might pay more than 50% of your income to taxes. By working with Lawyer’s Financial, you can discover financial tools that can help you put more of your money towards your goals instead of taxes.

A comprehensive financial plan is highly essential in ensuring you can enjoy your retirement without having to worry about your money. By you reach retirement, you should have a financial plan that secures all your assets including your cash, investments, properties and more.


How can you build a DIY pension plan?

Since lawyers don’t have a pension plan, you can tap into Lawyer’s Financials’ Defined Benefit pension plan to secure your financial future. This can allow you to diversify your income streams and help you reach your financial goals. Recognizing the limitations of an RSP, Lawyers Financial was driven to set up a defined benefit pension programs focus on what lawyers truly need instead to retire securely.

By going through their assessment process, you can discover your risk tolerance, financial goals and find the investment programs that make the most sense for you. They work with many financial planners (like myself!) that can provide you support and help you reach your goals. As your financial goals change, their suite of advisors can adjust your financial plan to accommodate your changing needs.


How can you get connected with Lawyer’s Financial?

Any lawyer, family member or staff member in the legal profession can work with Lawyer’s Financial. This includes law students that haven’t passed the bar but are working towards their career. Whether you are a law student, mid-career lawyer or a lawyer nearing retirement, check our Lawyer’s Financial’s website to learn more about their programs and free financial planning.

We hope you enjoyed reading our blog! Check the full live chat here. You can find our live chats and more of the latest financial news on our News Blog. Stay tuned to learn more tips on a new topic each week on our Instagram Live at 5 on Instagram! Aside from our live chats, we post daily financial updates on social media! Follow us on Linkedin, Twitter and Facebook and Instagram.

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