Financial Planning for Lawyers
Power Forward Group's LawFin service is completely tailored to attorneys' needs- from student loan management to advanced tax planning strategies. Our founder, Ruvin Levavi, leverages his own experience as a once debt-ridden law school grad to help attorneys across the country achieve their version of financial success.
Remember that legal writing class you took in law school that told you to reverse the way you thought about writing? Start with the conclusion, then tell us the facts that support that. The same thing goes with your finances. Start with what you want to achieve, and then we'll build the way to get there.
We don't charge planning fees and all of our meetings are done virtually at a time that works for you! Who said financial plans need to be 60 pages and include jargon that you won't understand? Our one page Financial Brief allocates your money into three buckets of Focus, Flexibility, and Future.
The LawFin Planning Process
Here's What You Can Expect
The Hearing
Let's Meet.
This our introductory meeting. You’ll hear about us, and we’ll hear about you.
*Confidentiality is maintained throughout the relationship.
Discovery
Let's Review Your Asset Map.
We will discover how to best optimize your accounts, maximize your compensation, and bring your goals into focus.
Financial Brief
Let's Power Forward.
Our collaborative planning approach only takes one page to illustrate and can take as little as an hour to create the game plan.
Reach Out to Our Team
Solutions for Where You Are
Associate
Background Story
Claire**, a third-year attorney at a law firm in Chicago, wanted to take control of her financial life. Realizing that working to hit her billable hours goal each year without focusing on her own goals was creating feelings of burnout. Following a student loan seminar by the Power Forward LawFin team at her firm, Claire scheduled a Zoom meeting for a financial snapshot and game plan.
Discovery
As part of our discovery process, we learned that Claire’s federal student loans were above 6% interest, she was unsure which work benefits to leverage, and her lack of a budgeted savings plan and free cash flow was holding her back from her goal of buying her first property.
Our Proposal
We sought to create a collaborative game plan with Claire, including a student loan refinancing strategy, and help with her 401(k), HSA and other benefit decisions. After gaining a deeper understanding of her property goals, we recommended an automated savings while investing plan, identifying an appropriate timeline and down-payment of the property. Claire is able to use our financial planning app to track her progress in real time.
** Names have been for privacy purposes. Depending on individual circumstances, the strategies discussed may not be appropriate for your situation. This information also may not be representative of the experience of other clients and is not a guarantee of future performance or success. Results may vary.
Senior Associate
Background Story
Stacey**, a 7th year associate in the Bay Area married to Sam, a radiologist with 5 and 2-year-old daughters had always been a DIYer when it came to financial planning. Stacey, realizing the limited free time she had was better spent hanging with her growing family, decided she deserved a financial advisor.
Discovery
For protection, Stacey and Sam relied on the paltry life and disability coverage offered through work. They maxed out their 401(k) and qualified plans while Stacey traded stocks on Robinhood on the side.
Our Proposal
We believe that collaboration with the LawFin team can help Stacey to create her own financial plan: A plan designed around her strategies, yet one she would no longer need to actively manage. Power Forward's open architecture model for financial products can help identify and implement personally-owned life and disability coverage for Stacey and Sam. Delving into her investment strategy allowed Power Forward the knowledge to design a comfortable investment portfolio while also implementing college savings strategies for the children. We recommended scheduled quarterly check-ins and annual reviews timed to coincide with bonuses, so that Stacey will be able to maximize her family time while still having an active say in the family's financial plan. Stacey, Sam and the LawFin team expect to adapt the overall plan in the next few years, depending on if Stacey makes partner at the firm or decides to move to an in-house position.
** Names have been for privacy purposes. Depending on individual circumstances, the strategies discussed may not be appropriate for your situation. This information also may not be representative of the experience of other clients and is not a guarantee of future performance or success. Results may vary.
Partner
Background Story
John** just made equity partner at his firm in New York. Not realizing what a kick in the butt this success would create to his financial life, John sought out a Firm that specialized in working with high-earning attorneys.
Discovery
John's capital buy-in and new life of paying quarterly estimated taxes in multiple states created a liquidity crunch while disrupting his cash flow. John also wanted to better understand how new benefits like a cash-balance plan fit into his financial framework.
Our Proposal
After collaborating with the LawFin team and his CPA, John learned about techniques to balance cash flow while maximizing his new benefits. We discussed a monthly investment plan to maintain consistency, and quarterly sweeps to incorporate his distributions. We recommended establishing automatic contributions to a savings account for John’s dream lake house. As the cash balance plan increases his tax-deferred retirement savings, we can discuss options to implement strategies designed to offer flexible and tax-free future income while creating a legacy framework.
** Names have been for privacy purposes. Depending on individual circumstances, the strategies discussed may not be appropriate for your situation. This information also may not be representative of the experience of other clients and is not a guarantee of future performance or success. Results may vary.
LawFin Education
We have great relationships with many large law firms and groups across the country.
Why does a lawyer need financial planning?
A legal career is an investment. Attending law school is a financial commitment as are the years required to build a fruitful practice.
Successful attorneys spend most of their time practicing law, serving clients, and growing their businesses. It is not unusual for an attorney to work 60-80 hours per week. The level of dedication required of lawyers leaves little time to analyze, assess, and prepare a financial plan that addresses the wealth building cornerstones.
Limited time is just one of the many reasons Power Forward Group offers specialized financial planning for lawyers. We approach financial management with a multifaceted philosophy, team effort, and a keen focus on building generational wealth and long-term financial security for lawyers.
Call our office directly at (646) 647-2150 or contact us online to schedule your free introductory call.
From Complicated to Comprehensive
Have you heard the phrase, “more money, more problems?” Sure, high earnings are good problems to have, but the truth is, the greater your earnings, the more complex your financial responsibilities can become.As an attorney, you will continually increase your income by taking a variety of investment avenues. Power Forward Group will not only help you define your financial goals, but we will also guide you every step of the way, building an individualized wealth plan for you and those most important to you.
Power Forward’s consultants specialize in financial planning for business owners and wealth management for lawyers and executive earners. We are prepared to navigate complex tax laws, intricate retirement plans, and the fluctuating cash flow legal professionals face.
The Cornerstones of Wealth
There are broad categories in wealth management referred to as wealth building cornerstones. At Power Forward, we blend cutting-edge technology and the financial expertise of our team to aggregate your accounts and provide you round-the-clock access to your financial portfolio and wealth outlook.
Investments
One way to grow your financial portfolio is by making smart investments. As one of the leading wealth management companies in NYC, we astutely analyze investment strategies designed with your individual financial goals in mind.
As a Power Forward Group client, you are assigned a team of two wealth specialists, each highly proficient in financial planning for lawyers. We will support your financial growth with recommendations for short-term cash reserves and long-term investment strategy.
Retirement and Succession
Though it may seem impossible to imagine right now, there will come a day when you are ready to step back from your legal career and enjoy a slower-paced life. Whether you dream of fly fishing in Montana or simply spending more time with your family, we can help.
Financial planning for business owners and legal professionals includes a strong exit plan and succession strategy. This can include a blend of selling or dividing the practice, a 401k, a pension plan, and many other more retirement strategies.
Our team will work with you to make planning for the future stress-free.
Banking, Credit, & Lending
Student loans, mortgages, and business loans are all part of the bigger financial picture. With a deep understanding of what it takes to build generational wealth, we incorporate these components into your personalized financial plan.
Tax Strategy
As a lawyer, you are in a highly taxed profession. We offer more than just financial planning for lawyers. We work with you to reduce tax impact and utilize smart tax strategies from ensuring you are taking advantage of deductions to setting you up with a tax-saving retirement plan.Whether you are an independent attorney, a personal injury lawyer, or a partner in a lucrative firm, we will design a compliant tax plan to complement your financial portfolio.
We Plan for the Future
You are a legal expert. Let our team of financial experts help you plan for the future.Wherever you are geographically or in your legal career, we are prepared to help. We provide financial planning nationwide for lawyers who are in their first year of practice, attorneys nearing retirement, small firm owners, associate attorneys, and everyone in between.
Just as you are your client’s advocate, Power Forward Group is your financial advocate.
We are here to provide smart investment recommendations, a tax reduction strategy, and a comprehensive financial plan. Call Power Forward Group today at (646) 647-2150 or reach out to us online to schedule an appointment for an introductory call.
Build Your Own Free Asset Map
FAQs
No, we believe our clients are our IPOs; as you grow, we grow. As an attorney, we understand your career path and growth potential. How are you supposed to build wealth if no one's there to guide you?
Firstly, all of our meetings are held virtually via Zoom. As such, we are able to cater our 'hours' to when works best for you. The initial call takes less than a half hour, we give you some homework gathering information, then the collaborative planning meeting takes about 45 minutes. We strive to keep things simple.
Yes of course. While we are a holistic planning team and will need to understand all the moving parts of your finances before we're able to make a recommendation, we understand that you may already have relationships in place. Our conversations and advice are complimentary, and we'd love the opportunity to give you our perspective.
To solidify the confidentiality of all of our clients and their information, we enter into a Non-Disclosure Agreement, signed by both parties prior to obtaining any personal data. Trust is the basis of any strong relationship and we believe that our work will speak for itself, having your best interest at heart all the time.
Absolutely! Subscribe below to our monthly e-newsletter The PFG Perspective. Don't worry, we aren't going to spam you.
First, let our team know that you'd to chat. Someone from our team will reach out shortly to compare calendars and find a time that works best. You have the option to complete a quick questionnaire that will give us a better idea, from a bird's eye perspective, of your finances prior to or after that initial call.
