Beyond Biglaw: Money Management for Lawyers Episode 5

There are many ways in which lawyer money strategies differ from the common personal finance advice, and when you think about it, that makes sense, right?

Lawyers graduate with insane amounts of student loan debt -- nearly five times the average college graduate.

Lawyers start their income earning years later than other workers and need to make up for lost time when aiming for big financial benchmarks.

Lawyers (especially those who want to leave their firm) may peak in terms of salary earlier in their careers than other professionals, and that requires different strategies than folks who plan on making more and more money over their entire lifetime.

During Episode 5 of my podcast, Beyond Biglaw, I talk about two of the biggest money myths for my lawyers carrying student loan debt...

? You can't stop being a lawyer until you've paid off your law school debt

? You have to repay your loans as quickly as possible

Many of my clients have a deeply ingrained fear of not paying off their student loans before they leave the law (or even leave their firm) and this belief can stop them from even considering opportunities out there.

There's an almost unconscious guilt that goes along with having made such a huge investment in a career that's supposed to last you your entire life, and then deciding that you want to leave before you've paid that investment back.

And what I help my clients see is that their law degree will serve them for their entire career. No matter what life path they take next, the skills that you acquired in law school and legal practice like how to think, analyze, persuade and communicate will transfer to every single aspect of your life.?

There are three main repayment strategies that I go over with my clients:

1. Repay ASAP: pay them off as quickly as possible?
2. Forgiveness: There are many different options even high earners can qualify for
3. Repay Your Way: A balanced approach this is a mixture of plans that fluctuates as your lifestyle and goals fluctuate?

It’s important to manage student loan repayment alongside other financial goals. You don't need to pay off your student loans with lawyer money to feel successful.?

When I work with my clients, I focus on understanding their personal values and what they envision for their lives so we can create a stable financial future in whatever way aligns with their priorities.

And when it comes to choosing the best student loan repayment strategy, we run the numbers but also check the emotions to make sure the path will serve you over the long run.

Although I help all my clients with student loan debt in my comprehensive 6-month program, you can also just get personalized help picking the best student loan strategy for you here: https://www.jessicamedinallc.com/slrp

Or start by checking out this episode!

SEE the episode on YouTube

LISTEN to the episode?

Special thanks to The Legal Podcast Network for producing Beyond Biglaw and all the other great legal content they're putting out there. You can check out other Legal Podcast Network episodes everywhere you listen.

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Jessica Medina is a former lawyer turned Accredited Financial Counselor on a mission to help attorneys create the financial freedom they need to do big things. She graduated from Columbia Law School in 2004 as a single mom of twins with over $200,000 in student loans and went straight to work at a Biglaw firm. After eight years she switched roles and became Senior Counsel at the Division of Enforcement at the United States Securities and Exchange Commission.

She left the government to work in an area of the financial industry outside of the securities world and now teaches other lawyers how to use their money to finance their dream lives.

She’s also the host of the monthly podcast Beyond Biglaw: Money Management for Lawyers.

If you enjoyed this article, make sure to join the community of lawyers looking for better personal finance advice at https://www.jessicamedinallc.com/email