MANY ATTORNEYS ARE SKILLED IN GUIDING their clients through significant life-changing transitions that involve money. Whether their specialty area is family law, litigation, or estate planning, they have the technical training to resolve the transaction while also managing the stress that their clients often feel. Those same attorneys, however, often fail when they need to manage their own money transitions. The practice of law as both a profession and a business has experienced a tumultuous transition over the past couple of decades. Many firms have broken apart, young partners leave to start their own firm, less profitable practice areas are jettisoned by larger firms.
At some critical point, however, an attorney will look inward and realize that he or she is facing a transition. The attorney’s own financial decisions suddenly become the focal point and potentially the source of a great amount of stress. We have worked with attorneys who reach the realization that they are closer to transitioning out of practicing law than they ever acknowledged. They may decide not to extend their lease, or not to build the next firm. Decisions change.
The stresses that accompany these transitions can create clouded cognition and impair clear decision-making. The ability to concentrate is also impaired, and there is often a sense of feeling overwhelmed with everything that needs to be considered.
We specialize in guiding attorneys as they come to the realization that their own transition around money is imminent. Logical and technical tools alone are insufficient because the source of the stresses are emotional and subjective. As “thinking partners,” we help bridge the subjective with the technical, effectively utilizing two tools: the Decision-Free Zone, and the Action Prioritization Chart. Call us for more insights into our tools.
This article is from the Spring 2014 TRANSITIONS newsletter. To view the full version, please click here to read more articles written from our advisors.
Joel Framson, a Certified Financial Planner Practitioner®, draws on his experience as a CPA/PFS (Personal Financial Specialist credential) with a Master’s Degree in Business Taxation from USC in providing attorneys and affluent families expert guidance as they plan for and transition to a financially secure future.
More from our Spring 2014 Newsletter
- When in Transition, Slow and Steady Wins the “Race”: A professional race plan will help get you to your destination and avoid the speed bumps along the way. Written by Eric Bruck
- Bag Lady Fears: What’s really going on here? There is one persistent mindset about money that is far more common among women than men. It applies to even affluent and high-earning women. That is, the fear of becoming a ‘bag lady. Written by Linda Cao