Financial Freedom: The Case for Early Financial Planning
Camille Stell is President and CEO of Lawyers Mutual Consulting & Services. Continue this conversation by contacting
As solo and small firm lawyers, we’re used to wearing many hats—advocate, manager, marketer, mentor. One hat that often gets overlooked is that of the financial planner. While we expertly guide clients through their legal challenges, our own long-term financial future can quietly fall off the priority list. It’s time to bring it back into focus—because retirement is not just a financial milestone, it’s a lifestyle decision.
Why Financial Planning Matters
Retirement isn’t a distant concept—it’s a chapter of life that deserves just as much strategic attention as launching a practice or winning a case. Without proper planning, we risk trading the independence we’ve spent years building for a retirement filled with financial stress and compromise.
Most lawyers, especially those running solo practices or small firms, won’t benefit from corporate pensions or generous employer-sponsored plans. That means we are our own safety net. The earlier we start planning, the stronger that net becomes.
The Power of Early Planning
Time is the most powerful ally when it comes to financial planning. Starting early allows your money to grow through the magic of compound interest. Even modest, regular contributions to retirement accounts can add up over the years.
If you haven’t started yet, don’t despair. It’s never too late to take control. Begin now, and be consistent. Small actions taken today can significantly impact the quality of your retirement tomorrow.
How Much Will You Need?
A helpful rule of thumb: plan to need as much in retirement as you do today. Many professionals assume they’ll spend less once they stop working, but that’s often not the case. In fact, you may find you have more time for travel, dining out, or hobbies—and those things cost money.
You’ll want to factor in big-ticket items like dream vacations, family celebrations, or even future healthcare needs. Planning now gives you the freedom to enjoy these experiences later with less financial anxiety.
Don’t Overlook Long-Term Health Care Insurance
One crucial element of retirement planning that often goes overlooked is long-term health care insurance. As we age, the likelihood of needing assisted living, in-home care, or nursing facility support increases significantly. These costs can quickly erode your retirement savings if you’re not prepared.
The 2024 Genworth Cost of Care Survey reports annual costs of $75,504 for a home health aide and $108,000 for an assisted living community in the Raleigh, NC area.
Long-term care insurance helps protect your assets and provides peace of mind that you’ll receive quality care without placing a financial burden on your family. By securing coverage while you’re still healthy and relatively young, you can lock in better rates and greater flexibility in your future care choices.
Work with a Financial Advisor
Just as our clients benefit from our legal expertise, we can benefit from financial professionals who understand the unique needs of small business owners. A financial advisor can help you:
- Set realistic goals,
- Optimize retirement account contributions,
- Develop tax-efficient strategies,
- And build a long-term investment plan tailored to your timeline and lifestyle.
Find someone you trust, someone who educates as well as advises.
Planning Through Uncertainty
We live in unpredictable times. Economic downturns, inflation, market fluctuations—these will come and go in cycles. But a solid, long-term financial plan cushions the impact. It’s not about timing the market, it’s about time in the market. Staying the course with a well-structured plan allows you to ride out economic waves with confidence.
An Optimistic Outlook
Retirement doesn’t have to mean slowing down—it can be a season of reinvention, adventure, and personal fulfillment. Financial planning empowers you to retire on your terms, with dignity, comfort, and the freedom to enjoy what you’ve worked so hard to build.
Take that first step today. Whether you’re fresh out of law school or a few years from retirement, there’s no better time than now to invest in your future self.
Camille Stell is Vice President of Risk & Practice Management for Lawyers Mutual Liability Insurance Co. of NC and is the co-author of the book, RESPECT – An Insight to Attorney Compensation Plans, 2nd Edition published October 2024. Continue this conversation by contacting Camille at camille@lawyersmutualnc.com or 800.662.8843.
