Financial Planning for Solicitors & Legal Professionals
Financial advice from someone who understands the profession
A career in law can be demanding. Long hours, client deadlines and the pressures of fee-earning work can make it surprisingly easy to put your own financial planning to one side.
Before becoming a Chartered Financial Planner, I spent around 12 years practising as a solicitor. I understand the profession, the pressures that come with it and how your financial circumstances can change as your career develops.
Whether you're building your career, moving into partnership, already an established partner or beginning to think about life after practice, we can help you put a clear financial plan in place.
Financial planning throughout your legal career
Your financial priorities can change considerably as your career develops. Your financial plan should change with them.
Associate → Partner → Building Wealth → Financial Independence
Pensions & Retirement
Bring together existing pensions, review what you're contributing and understand whether you're building towards the retirement you want.
A pension is a long-term investment; the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
Investments
Build an investment strategy around your goals, timescale, attitude to risk and capacity for loss.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Partnership & Changing Income
Moving into partnership can change how you're paid and how you manage your finances. We can help you plan around changing or variable income, pensions, investments, protection, mortgages and longer-term financial goals.
Protection
Your future earnings may be one of your most valuable assets. We can help you consider how your income and your family's finances could be protected if illness, injury or death prevents you from working.
Mortgages
Mortgage advice where appropriate, including circumstances involving partnership, self-employed or variable income.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Financial Independence
Using cashflow modelling, we can help you understand what your financial future could look like and explore when you may be able to reduce your hours, step back from practice or make work a choice rather than a financial necessity.
The Financial Conduct Authority does not regulate cashflow modelling.
For Barristers
Barristers can face different financial challenges from employed solicitors, particularly around self-employment, variable income and managing cashflow.
We can help bring together your pensions, investments, protection, mortgage and longer-term plans into one financial strategy that takes account of the way you work.
Your financial plan, brought together
Good financial planning isn't about looking at individual products in isolation.
We consider your pensions, investments, cash, property, protection, borrowing and future goals together and bring them into one financial plan.
As your career and circumstances change, your plan can change with you.
Why Applied Wealth Management Ltd?
Around 12 years as a solicitor. Now a Chartered Financial Planner.
You shouldn't need to spend the first half of a meeting explaining how the legal profession works before your financial adviser can start understanding you.
I combine my experience of working within the legal profession with Chartered financial planning to help legal professionals understand where they are, where they're heading and what they need to do to get there.
Ready to discuss your financial plans?
Arrange an initial conversation to discuss your circumstances, career and what you want to achieve in the future.