The other day I wrote about a financial planner who is doing his small part to improve the lives of the financially oppressed by helping lawyers who, despite making seven figures, are still somehow struggling to get by.
[This article was not written by Murray Gottheil. It was written by a law firm associate somewhere in a Commonwealth country who would like to become a partner in a law firm, and so has decided that it would not be a good idea to publish it under his own name.]
There is a financial consultant who posts on LinkedIn, presumably to let people know what he does and how he can help. He apparently specializes in developing wealth strategies for lawyers. I enjoy reading his posts. They are succinct, well-written, and tell interesting stories about lawyers who earn a great deal of money but require help organizing their financial affairs to ensure that they can one day enjoy their retirement.
I was doing annual minutes for my teeny tiny corporation today, and I got to thinking:
I sometimes speak to young lawyers who are being burned on their accounts receivable. I gently explain to them that it is their own damn fault, and they should do better.
“You keep using that word. I do not think it means what you think it means” ~ from the movie The Princess Bride.
In a recent post on LinkedIn, the author explained that she checks her work email every day while on vacation, and that doing so allows her to relax.
Others chimed in to say they take a similar approach. One person said, “I can’t imagine a total disconnect ever…”
Clients do not like being nickeled and dimed. They can get their heads around paying $750 an hour, but charging them for photocopies annoys them.
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There is an old story about a farmer who was training his horse to eat less food so that he could increase his profits. He gradually reduced the amount of feed that he gave the horse, until it was eating a small fraction of what horses usually eat. He was on the verge of a breakthrough and had visions of patenting his methodology and becoming both famous and fabulously wealthy.
It is 9:45 pm on a Sunday night in the summer, six years into retirement. I have just completed a day of doing exactly what I wanted to do, which was not much. Saturday was much the same.