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John Bair
John Bair
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Law Firms: Plan Financial Success and Go for the Gold

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Did you know the medals given to Olympic champions are not made purely of the metal they represent?

The amount of gold in an Olympic gold medal varies from year to year, but they have not been solid gold since the 1912 Olympic Games in Stockholm. In fact, they’re mostly made of silver and are covered in a small layer of gold, according to an article in Compound Interest. Bronze medals are made mostly of copper. This year, the bronze medal is 95 percent copper and five percent zinc. On the other hand, silver medals are the only ones that are actually as advertised, containing silver with about 92.5 percent purity. (Another fun fact: about one-third of that silver comes from recycled sources like car parts and mirrors.)

law firm financial planningOf course, winning the gold, silver or bronze medal is not actually the goal of the Olympic Games. It’s a tradition that awards exceptionally talented athletes with a symbol of pride for themselves and for their country. That symbol can be applied to our lives and careers, too.

Going for the Gold

As lawyers, we want what’s best for our firms and personal lives, and financial success is a critical factor. Going for the gold in our professional lives means developing a financial plan as early as possible and sticking to it.

An overarching strategy with numerous layers ensures lawyers are setting up success now and throughout their careers and lives. One layer to many lawyers’ successful plans involves structured attorney fees. Following the same principles of a structured settlement, lawyers may elect to defer attorney fee payments to manage their firm’s cash flow and reach their financial goals at home. There are many advantages to deferring payments, including potential tax benefits.

Continuing financial success comes from accumulation and disciplined savings, and the plan must be tailored to the individual lawyer, his or her law firm, and the needs and goals surrounding both. Naturally, a lawyer and his or her firm must be financially ready to put a plan in place and stick to it.

It’s never too early to start planning. Talk to an expert to go for the gold in financial success.