Financial Advice for New Lawyers Starting or Transitioning to a New Job

Based on brand new survey data, the ABA YLD has issued a landmark report on the current state of law student loan debt. Among the many findings, we learned that more than 75 percent of respondents had over $100,000 in student loan debt and almost 90 percent of respondents said their debt had a major impact on important life decisions. To learn more about the report’s findings and proposed solutions, watch our new webinar replay Understanding and Navigating the Student Debt Crisis. (Replay is free for ABA members. Login required.)

As you prepare for your first job or as you transition to a new job, establishing a financial plan can help ensure that you maximize your financial position and reduce finance-related stress.

Establishing a Stable Financial Status

Ask yourself how knowledgeable you are with financial planning. Be honest with yourself to ensure that you start out on the right foot and avoid costly errors. Are you confident in what you know about investing, risk management, and available options? Have you taken any personal finance classes? How much of your free time do you want to devote to this? If you don’t have the background or knowledge, you should consider hiring a certified financial planner professional fiduciary. Can you afford to hire a professional to assist you? Can you afford not to?