The Case for Having A Lawyer as Your Financial Planner
The accounting industry picked up on this idea years ago when the big accounting firms set up subsidiaries offering management consulting services. Lawyers are in an ideal position to offer impartial investment advice because they are fiduciaries.
February 13, 2023 at 09:48 AM
6 minute read
This article appeared in Accounting and Financial Planning for Law Firms, an ALM/Law Journal Newsletters publication covering all financial aspects of managing law firms, including: building a law firm budget; rates and rate arrangements with clients; coordinating benefits for law firm partners; and the newest strategies to grow your firm and your career.
The average person does not interact with their attorney on a regular basis. Years ago, I came across one possible exception when I noticed his wall phone included two buttons labelled "Lawyer" and "Lawyer at home." Wouldn't it be great if you could have an additional stream of ongoing business from clients on a regular basis? Perhaps you and your firm should also be their financial planner.
The accounting industry picked up on this idea years ago when the big accounting firms set up subsidiaries offering management consulting services. Lawyers are in an ideal position to offer impartial investment advice because they are fiduciaries.
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