The WealthChoice team has been a long-time proponent of helping attorneys – specifically, women who are attorneys – build strong financial plans that guide them through the many unique life and career challenges they face. In an industry that notoriously underpays and undervalues female lawyers, we are in your corner to help you get paid what you’re worth, and put your wealth to work so that you have the flexibility to do more of what you love with the people you care about.
Attorneys | Case Study R
R is a newly retired attorney partner in her late 50s. She had worked for years as a respected attorney at an AmLaw 100 firm. R is a single woman.
What She Needed:
R wanted the financial ability to choose to stop working in the high-pressure, long-hours role of an attorney partner at age 55 to pursue other interests. To accomplish that, she:
- Needed a plan to replace her income
- Wanted assurance that her investments were performing optimally
- Was looking for a clear path to flexibility in her career – earlier retirement, or a career pivot
How We Helped:
Because R relied on her earned income and savings to retire, her success as an attorney partner directly impacted her financial success. For many years, we collaborated with R on her annual compensation review. We encouraged her to strongly advocate for herself in an industry notorious for not paying women fairly.
We created a custom investment portfolio for R, including managing her 401(k) while she was employed. This account was her largest asset, and its growth was critical to funding her retirement. Our portfolio and trading team could oversee and optimize its investments as a self-directed account.
We opened trust accounts to help R save and invest well above what her retirement funds allowed, employing an aggressive savings strategy. Frequent check-ins on her progress toward her goals kept R motivated.
We also employed tax strategies to lower R’s taxable income, allowing her to keep more of her earnings and invest more for retirement. Strategies included maximizing pre-tax contributions and tax-loss harvesting.
Where Are We Now?
R successfully retired at her target age of 55. She is now pursuing other interests, consulting with several companies on her own schedule.
Several years into “retirement,” we are focused on helping her stay on track financially now that active savings have stopped and her portfolio is positioned to provide for her living expenses. Tax strategy continues to be essential to preserve as much of her income as possible.
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The case study described above is a current client, though for privacy reasons we have omitted the client name. This planning case study should in no way be construed as a guarantee that a current or prospective client will experience similar results or levels of satisfaction if he or she engages with WealthChoice for wealth management services. Every client experience will differ. Future results cannot be guaranteed.
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