COMMUNITY
Late Financial Start
SHREYA H. SHAH ALSTON & BIRD shreya. shah @ alston. com
O ptions, Suggestions, and Tools for Attorneys For many attorneys, the demands of legal practice— long hours, client obligations, and the pressure to build a career— can push personal financial planning to the back burner. It’ s not uncommon for lawyers to realize they haven’ t saved as much as they’ d hoped, or to feel uncertain about how to begin. Recognizing that this is a widespread concern, we consulted several members of the legal community and compiled their insights, resources, and practical advice. If you find yourself in this position, you are not alone, and it is never too late to take meaningful action.
1. Assess Your Current Financial Position The first step is to take a clear, honest look at your current financial situation. This means:
• Calculating net worth: List all assets( bank accounts, retirement accounts, real estate, investments) and liabilities( student loans, mortgages, credit card debt).
• Tracking cash flow: Understand your monthly income and expenses. Many attorneys are surprised by how much“ leaks” out in discretionary spending.
• Identifying obligations: Consider upcoming expenses such as children’ s education, elder care, or business investments.
This assessment provides a baseline and helps you set realistic goals.
2. Set Specific, Achievable Goals Vague goals like“ save more” are less effective than specific targets. Consider:
• Short-term goals: Building an emergency fund( typically 3 – 6 months of expenses).
• Medium-term goals: Paying off high-interest debt, saving for a home, or funding children’ s education.
• Long-term goals: Retirement savings, which may require more aggressive contributions if you’ re starting late.
Use online calculators or consult a financial advisor to estimate how much you’ ll need for retirement, factoring in your desired lifestyle and expected expenses.
20 JANUARY / FEBRUARY 2026