Financing Your Fulfillment: Finding the Right Strategies to Support Every Career Phase
Legal Operations by Michael Durstein

Today’s legal landscape is evolving—fast. The traditional arc of loyalty and longevity in law, where attorneys joined a firm, worked tirelessly, and climbed the partner track, is shifting. A growing number of legal professionals are choosing different paths earlier in their careers.

According to a 2022 survey from the International Bar Association, 54% of respondents—lawyers under age 40 expected—indicated they somewhat or were highly likely to move to a new workplace, with 20% considering leaving the profession entirely. Even with American Bar Association data showing nearly 14% of lawyers are 65 or older, multiple factors are nudging more attorneys toward early retirement.

Why the shift? Many are walking away from the punishing hours, work-life balance challenges, and sense of burnout that have long defined the profession. Instead, they’re chasing something different—personal fulfillment. For some, that means moving from litigation to research, switching from big firms to boutique practices, or pivoting into nonprofits or the public sector.

But there’s a trade-off—jobs offering more balance and purpose often come with lower compensation and slower earning potential. Take Delaware, for instance. The state is a hub for corporate law and home to some of the highest-paying legal roles. A shift away from that space often means a dip in income.

Financial strategy is critical. Whether you’re a new associate eyeing a partnership at a top-tier firm, a seasoned partner stepping away from a lucrative private practice, or someone exploring a second act in the nonprofit world, having a personalized financial plan to meet your unique needs is essential.

As someone who has been one of the leaders of our firm’s legal professional division and worked extensively with attorneys and their families, I’ve seen firsthand the value of starting early. Don’t wait until you’re established—or worse, until retirement sneaks up on you. Financial planning isn’t a luxury for later. It’s a necessity for now.

 

Mapping Your Career-Life Vision

One of the most important roles a financial adviser plays for legal professionals is helping align financial strategy with life goals and desired outcomes. That means factoring in your career aspirations, lifestyle choices, retirement plans, and family legacy. We look at it holistically to create a plan that supports your short-term needs and long–term vision.

While no two attorneys are the same, many share a common goal: making their money work harder, so they don’t have to. Here’s how financial planning supports this goal across three core stages:

  • Wealth accumulation: Typically relevant early in a legal career, this phase focuses on building assets—from paying off student loans to starting a family. Don’t fall into the trap of “I’ll wait until I have more.” Starting early, even with modest resources, sets the foundation for future flexibility and growth.
  • Wealth preservation: At this point, the focus shifts from aggressive growth to strategic preservation. If you’re considering a more fulfilling, but lower-paying role, you’ll need to ensure your portfolio isn’t taking unnecessary risks. While this approach may not deliver outsized returns, it helps safeguard your lifestyle and ensures you’re still building wealth with an eye on sustainability.
  • Career transition: Whether you’re nearing retirement or considering a career pivot, this phase is about maximizing the potential of a higher income and growing net worth—while at the same time managing taxes, planning for retirement, or funding lifestyle changes. It’s a balancing act where having the right guide makes all the difference.

 

Lessons From the Inside

This isn’t just something I’ve witnessed with clients—it’s something I’ve lived. Both of my parents had long careers as practicing attorneys. My mother served in an in-house counsel role, while my father moved between private practice and public service. Thanks to thoughtful financial planning, they navigated those transitions without compromising our family’s lifestyle. That same planning laid the foundation for my siblings—both practicing attorneys—and me to build careers we’re proud of.

Too often, a lack of financial planning keeps lawyers stuck in roles that no longer serve them personally or professionally. But it doesn’t have to be that way. Working with an experienced financial advisor can help you break free from a job you’ve outgrown—or from the fear of outliving your money.

Remember—career fulfillment and financial independence aren’t mutually exclusive. With the right strategy, you can have both.

 

Michael Durstein, CFP®, ChFC®, Diamond State Financial Group

Mike is Senior Associate and Wealth Manager with Diamond State Financial Group, where he leverages over a decade of financial advisory experience to help lead the firm’s Legal Professional Division. In addition to specializing in working with attorneys and their families throughout all stages of their career and lives, Mike focuses on helping high net worth and ultra-high net worth individuals navigate the complexities of wealth accumulation, preservation and transition.

Registered representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity. 900 Prides Crossing, NEWARK, DE 19713

Reprinted with permission from the 5/14/25 edition of the Delaware Business Court Insider © 2025 ALM Global Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or asset-and-logo-licensing@alm.com.