In a recent conversation with Niraj Chhabra, managing director of SideBar Advisors, I explored a problem that surprises a lot of successful attorneys: earning a high income is not the same thing as building real wealth.
What Niraj brought to the conversation was nearly two decades of experience advising lawyers on their finances, and a clear-eyed view of where even high earners quietly lose ground.
The Biggest Culprit Hiding in Plain Sight
What’s the most common financial mistake lawyers make? Here, Niraj shares the biggest culprit, which holds true at every stage of a lawyer’s career.
Why Retirement Is a Dimmer
One of the most common assumptions about retirement savings is that deferring taxes always pays off, because income, and the tax bracket that comes with it, will drop once the working years end. Niraj explained why that assumption often breaks down for lawyers.
Earning More Doesn’t Mean Saving More
Steve raised an observation from years of coaching attorneys: plenty of lawyers earn $300,000, $400,000, or $500,000 or more a year, and they work incredibly hard for it. But a strong income doesn’t automatically mean they’re saving, or investing wisely.
A Financial Plan That Grows With Your Career
The through line across this episode is that a lawyer’s financial plan can’t be set once and forgotten. Income rises, tax brackets shift, families grow, and retirement looks nothing like the clean break most people imagine.
“In other occupations, it’s an on-off switch. One day you’re in the office, one day you’re not,” Niraj says. “Attorneys nowadays, it’s more like a dimmer.”
Steve Fretzin is a five-time bestselling author, host of the BE THAT LAWYER and Future Rainmakers podcasts, and a business development coach who works exclusively with attorneys. For more than 18 years, he has helped lawyers build strong books of business without selling, pitching, or chasing, using his proven Sales-Free Selling™ approach. His clients consistently become top rainmakers and credit his coaching and systems for driving meaningful, measurable growth. Steve can be reached directly at steve@fretzin.com, or through his website at bethatlawyer.com. Connect with him on LinkedIn at https://www.linkedin.com/in/stevefretzin. His ALL NEW BE THAT LAWYER Community is changing how lawyers develop the skills never taught in law school. Learn more at bethatlawyer.com/community.
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