There are plenty of lawyer blogs out there. There are plenty of personal finance blogs too. But what’s up with the lack of personal finance blogs for lawyers a more than only a few years into their careers?
Doctors have it good.
First, they get to help people. Second, in an emergency, their skills are useful. I thought about going to Haiti after the earthquake to volunteer to take some depositions, but then I realized I’m a transaction cost, and more transaction costs don’t help injured people.
But, most frustrating to me right now, there are some really good doctor personal finance blogs.
There’s White Coat Investor, which has been rocking the category for a long time. But also the incredibly impressive Physician on FIRE, Passive Income MD, Buck Joffrey’s Wealth Formula, and The Happy Philosopher. Physician on FIRE, in particular, appears to be burning up the internet with posts.
If you’re a doctor and you’re trying to figure out how to deal with money and the business of medicine you’ll have great places to start on the internet.
For lawyers, not so much.
Here are the two kinds of lawyer blogs out there that I’ve found.
First, there’s the millennial or associate at big firm blog.
The best example is The Big Law Investor. It’s a great blog. I like reading it. It’s got some fun stuff. I wish, when I was in BigLaw, that it existed and I’d read it. It’s gorgeous and slick.
But it’s audience appears to be the legions of folks at big firms who are miserable and want to no longer be at big firms. I don’t blame them, but that’s a relatively small part of the world of lawyers.
There’s no real discussion in these of mid-career lawyer money issues. They could as easily be written by a file clerk who makes a ton of bank and has student loans.
Those will tell you how to run your law firm and get more clients, but not really how to run your money in light of your law firm.
But there are some big questions out there for mid-career lawyers that matter. Like:
- How should you think about buying into a law partnership? There’s no real meaningful conversation on the internet.
- What partnership compensation structure should you lobby for? Beyond some dull technical stuff written by consultants, the internet has basically no guidance. (And, if your view is you should lobby for the one that makes you the most money this year, you’re either at the wrong firm or being very short-sighted. To be discussed later . . .)
- How do you think about your future in your career as you reach partnership?
- How much does looking like a successful fancy lawyer matter to landing clients?
- How do you monetize your career if you want to step back later? What does retirement look like if your professional life has been spent building a stream of business that dies within a few years of your retirement? (or, why lawyers work until they turn 80)
I like being a lawyer. I’m not looking to get my F You Money so I can pull the rip cord and parachute to the Dominican Republic and live on a beach the rest of my life.
Maybe I’ll work less later, maybe not.
But, between now and then, there’s a bunch of stuff that I’ve got to figure out.