Washington Lawyer - January 2017 - 22


FEATURE

INVESTMENT
PLANNING

FOR LAWYERS
How money smart are you?

Y

ears ago, when Michelle Cotter Richards
was hired out of law school to practice at
a large law firm, she admittedly had no
clue how to save money.

"I remember going from making less than nothing to
suddenly making six figures," says Richards, now an
executive coach and founder of MCR Strategies in
Washington, D.C. "And I remember thinking that I
suddenly had a lot of money, my fellow associates
suddenly had a lot of money, and we had no idea of what
to do with the money."

By Anna Stolley Persky

partner at Apogee Wealth Advisors in New York. "But it's
really important to identify your goals in life, and then to
plan how you are going to reach them."
Kimball advises lawyers to set up a long-term financial
plan for themselves and then revisit it occasionally.
"Your long-term strategy should match your goals, but
your priorities may change," says Kimball. "If you have
children, for example, you may not want to take as many
risks with your investments, and you may want to invest
in disability and life insurance."

Richards emphasizes that, at the time, she and her fellow
associates postponed saving money. For the most part,
they didn't research life insurance options or study the
various vehicles for investing their money.

And above all, says Kimball, don't let your lifestyle "gobble
up all your money."

Says Richards: "We didn't understand that we should
have been thinking about investing in our futures."
Luckily, the firm hired a financial planner to discuss
investment strategies with new associates.

CONSISTENT BABY STEPS

"At that point, I realized I needed to be more proactive
about saving money," says Richards.

"Always keep your goals in mind," says Kimball.

According to financial advisors, new lawyers often
mistakenly believe they must first tackle their student
loans. But because student loans are low interest, this
may not be the smartest way to allocate resources.

Richards' story is a familiar one. Lawyers, known for
working hard and playing hard, can neglect to squirrel
money away for emergencies.

"Don't have tunnel vision on your student loans," says
Michael Rettinger, a certified financial planner and vice
president of KFA Private Wealth Group in Vienna, Virginia.
"It may not make sense to just concentrate on paying off
your student loans."

And, according to financial advisors, too many lawyers
put off creating financial goals and following through on
long-term investment strategies.

More importantly, Rettinger says, new lawyers should
force themselves to "start small," but at least get into the
habit of saving.

"Sometimes, lawyers get so busy they ignore the topic of
their financial well-being," says Kerri Kimball, managing

"Start with a few hundred a month," says Rettinger. "But
save, because habits last a lifetime."

22 WASHINGTON LAWYER * JANUARY 2017 *


http://www.dcbar.org

Table of Contents for the Digital Edition of Washington Lawyer - January 2017

Washington Lawyer - January 2017
Contents
Your Voice
From Our President
Our Membership
Career & Professional Development
Practice Management
Calendar of Events
Government & Gavel
Feature: An Inside Job
Feature: Investment Planning for Lawyers
Feature: Making the Virtual Leap
Feature: Lawyers Have Heart
Member Spotlight
Global & Domestic Outlook
Worth Reading
Media Bytes
Partners' Perspective
Ask the Ethics Experts
Attorney Briefs
Pro Bono Effect
Community & Connections
Last Word
Washington Lawyer - January 2017 - Washington Lawyer - January 2017
Washington Lawyer - January 2017 - Cover2
Washington Lawyer - January 2017 - 1
Washington Lawyer - January 2017 - Contents
Washington Lawyer - January 2017 - 3
Washington Lawyer - January 2017 - 4
Washington Lawyer - January 2017 - Your Voice
Washington Lawyer - January 2017 - From Our President
Washington Lawyer - January 2017 - 7
Washington Lawyer - January 2017 - Our Membership
Washington Lawyer - January 2017 - 9
Washington Lawyer - January 2017 - Career & Professional Development
Washington Lawyer - January 2017 - 11
Washington Lawyer - January 2017 - Practice Management
Washington Lawyer - January 2017 - 13
Washington Lawyer - January 2017 - Calendar of Events
Washington Lawyer - January 2017 - 15
Washington Lawyer - January 2017 - Government & Gavel
Washington Lawyer - January 2017 - 17
Washington Lawyer - January 2017 - Feature: An Inside Job
Washington Lawyer - January 2017 - 19
Washington Lawyer - January 2017 - 20
Washington Lawyer - January 2017 - 21
Washington Lawyer - January 2017 - Feature: Investment Planning for Lawyers
Washington Lawyer - January 2017 - 23
Washington Lawyer - January 2017 - 24
Washington Lawyer - January 2017 - 25
Washington Lawyer - January 2017 - Feature: Making the Virtual Leap
Washington Lawyer - January 2017 - 27
Washington Lawyer - January 2017 - 28
Washington Lawyer - January 2017 - 29
Washington Lawyer - January 2017 - Feature: Lawyers Have Heart
Washington Lawyer - January 2017 - 31
Washington Lawyer - January 2017 - 32
Washington Lawyer - January 2017 - 33
Washington Lawyer - January 2017 - Member Spotlight
Washington Lawyer - January 2017 - 35
Washington Lawyer - January 2017 - Global & Domestic Outlook
Washington Lawyer - January 2017 - 37
Washington Lawyer - January 2017 - Worth Reading
Washington Lawyer - January 2017 - Media Bytes
Washington Lawyer - January 2017 - Partners' Perspective
Washington Lawyer - January 2017 - 41
Washington Lawyer - January 2017 - Ask the Ethics Experts
Washington Lawyer - January 2017 - Attorney Briefs
Washington Lawyer - January 2017 - Pro Bono Effect
Washington Lawyer - January 2017 - 45
Washington Lawyer - January 2017 - Community & Connections
Washington Lawyer - January 2017 - 47
Washington Lawyer - January 2017 - Last Word
Washington Lawyer - January 2017 - Cover3
Washington Lawyer - January 2017 - Cover4
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