In the midst of the continuing economic uncertainty, even affluent attorneys that are free of student debt have voiced concerns about their financial stability and retirement readiness. Law firms that listen and respond to their worries can gain valuable competitive advantages.
A 2021 American Bar Association (ABA) survey of 1,300 members under the age of 36 found that 90% of the respondents borrowed to fund their education. About two-thirds of all respondents reported high or overwhelming stress over finances in general. More than half — including those who did not borrow or reported no student debt at graduation — said they sometimes or always worry about meeting monthly living expenses, having the inability to do the activities that they would like to do or living paycheck to paycheck.
A majority of those with debt over $100,000 agreed that their loan obligation has caused them to feel depressed or hopeless. That is not surprising because mountains of debt, whether from student loans, mortgages or otherwise, can make it seem impossible to save for other goals, like retirement and children's education.
For some of the respondents to the ABA survey, answering these questions might have been one of the first times that they have been so forthright about their financial wellness-related fears. Often, attorneys are reluctant to discuss such thoughts because they are embarrassed or feel like failures. Keeping these thoughts to...
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