A few years ago a survey sponsored by the California Lawyers Association (CLA) and the D.C. Bar showed that 24% of women lawyers were considering leaving the profession due to mental health issues, stress or burnout. This compared with 17% for men. In addition, 67% of women revealed they suffered from moderate or severe stress, versus 49% of men. Women lawyers also reported more conflicts between work and home life.
It is telling that, although women enter the legal profession in roughly equal numbers to their male counterparts – and 55.3% of all law students in the US were women in 2021, they leave the law in such numbers that by 2022 only 38% of all lawyers across the US were women.
These statistics confirm what I’ve observed over the years working closely with exceptional women lawyers in various stages of their careers and at differing seniority levels. I wrote about one such woman, Sophie, in my book Corner Office Choices: The Executive Woman’s Guide to Financial Freedom.
An absolute go-getter, who in her mid-30s was already an equity partner in a well-known law firm and pulling up to $1 million a year, when I met her Sophie’s life was ruled by work and dominated by stress. As I described her situation at the time:
“She was working at an unsustainable pace, with no time left in her life for fun, adventure, or relaxation. Even while making money hand over fist, she felt the stress of being financially strapped. She had only $100,000 in her 401(k), not nearly enough to fund her lifestyle for a year. As we continued talking, her face, voice, and demeanor bore the evidence that she couldn’t keep up this pace much longer. I’ll never forget her words: ‘It feels like I’m on a treadmill that I can’t get off’.”
I’ve worked closely with Sophie over the years, and together we reshaped her finances, gave flight to her dreams and set her up with the option of an early retirement. Today, Sophie is living the dream: working flexible hours with clients she loves and who appreciate her expertise, from an idyllic European village with an ocean view.
When I engage with female lawyers, I often refer to Sophie’s story because she is proof that you can get off the hamster wheel and create the life you’ve always wanted. Even in a high-pressure career like the law, burnout does not need to be the end of the story.
The Challenges Impacting Women in the Law
I say this not to diminish the very real challenges facing women in the legal profession. As research from the American Bar shows, the challenges of being overlooked for promotions, earning less, battling bias and ingrained prejudice, and juggling unrealistic demands on their time, impact women in the law and, as a result, their career longevity.
For women who are already in high-stress careers like the law, pressure and burnout are very real concerns. When you add financial anxiety to the mix you have an even more potent cocktail.
During a chat with Peachie Thompson, on her Just Peachie Show podcast, we spoke about the discomfort many professional women experience over their financial situations. Just like my client Sophie, they might be making good money but they can be insecure about their spending, saving and investment habits. This ongoing anxiety is bruising for women who are already carrying too much on their shoulders; until you get to grips with the numbers and get a plan in place.
This is why I am a strong advocate for creating a financial plan that can help to direct decision making and support women across all aspects of their lives.
How Can You Turn Things Around?
Besieged with the unrelenting pressure of a demanding profession, alongside personal responsibilities, family, parents and the financial stress of often being the main breadwinner at home, I have found over the years that women lawyers in particular need to take the utmost care to create a financial plan early on in their careers.
This plan should inform decision making about career progression and make provision for the fact that, as personal demands grow, a complete change in career or direction might be on the cards. It also needs to include a relevant and personal financial plan that encompasses wealth and estate planning and investing.
Working with an expert firm such as WealthChoice is an astute move, but so too is becoming curious about investing and financial decision making, and taking ownership of your financial and lifestyle goals, passions and pursuits. As CLA Health and Wellness Committee Member Jala Eaton puts it in a 2022 article: “You have to be willing to learn what you are doing. No one cares about you and your success the way you care.”
Never Lose Sight of the Bigger Picture
I would broaden this assertion further still, and say you are doing yourself a disservice if you don’t find the right financial planning partner to help you explore all available ways and means to craft your best life.
Earlier this year, when I spoke to a group of women lawyers as part of a DRI event, the multifaceted nature of what brings fulfillment and meaning to life was brought home to me. The women lawyers I work with want to be challenged, they build strong relationships and they want to feel valued – this combination contributes to their feelings of success, over and above the financial benefits of the role. If one of these three areas are not being fulfilled, then I would argue it is time for a rethink.
During my talk – which I titled What it Takes to Get to the Top – I spoke about the passion that drove me to start WealthChoice in 2016 and my ambition to serve women professionals in a meaningful and holistic way.
At the time I felt out of balance with my life, I felt undervalued and underappreciated. So I pivoted. My advice to the women lawyers during that talk was: “If you enjoy practicing law, but not where you are, change that. Or if you don’t enjoy practicing, revisit that. Or if you enjoy practicing where you are, ask yourself if the challenges are insurmountable.”
In spite of the biases and the pressures, many women feed off a career in law. However, many more feel stuck in the profession and out of options. My message is: If you plan your choices and have the courage to change, you too can find your sweet spot.
Burnout and Bias: Two Antidotes
Two things that helped me on my journey, which I would suggest for any women struggling against bias and burnout, are:
- I found a community of like-minded women. In my case, Equita Financial Network, of which I am a co-founder, helped me build my firm by providing emotional and professional support and wonderful relationships. This community has absolutely supported the success of WealthChoice. If you can’t find a community of women lawyers you connect with, then reach out to colleagues and friends and create your own sisterhood.
- Know when and what to delegate. In my case, I was able to focus my time and attention on offering top-notch service to my clients by working with a great operations team, trading team and marketing team, rather than trying to do everything myself. This helped me grow my firm, stay true to my dreams and still spend time with my family.
Empowering yourself by partnering with a financial advisory firm like WealthChoice is often the first step in taking control of your time and creating a sustainable, long-term plan for your life and future financial security. I encourage you to get in touch today.
