Mo' Money, Mo' Problems // Editor's Note

Use your newly acquired salary wisely.

By Melissa Kluger

On Monday December 13th, 2010

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MKLet’s be honest: lawyers make a lot of money. Straight out of school, we end up being some of the youngest, best-paid professionals around — many of us earning six figures before our 30th birthdays. Lawyer paycheques are impressive, even for those slumming it at small firms, government or legal aid.

There is room to discuss how lawyers get paid (see Jordan Furlong’s opinion piece about merit-based pay), and sure, there will always be some lawyers deserving of a raise (remember the legal aid boycott?), but overall, there is no doubt that lawyers are a well-paid bunch.
Transitioning from poor student to young lawyer earning over $100,000 happens fast. For many, this is a salary that surpasses what their families and friends take home. And for as much as making bank is a good thing, it can also be overwhelming.

And so we bring you the Money Issue — not to guilt trip you over the fact that your articling salary matched that of a 15-year veteran journalist or to suggest that you really ought to be giving it away and making do with less. The money issue is here to help. Now that you’ve got the cash, how are you going to maximize it?

Our feature story “Give, Save, Spend” profiles three young lawyers with different financial goals who wanted to make smarter decisions about their money. Each of them needed a little advice, so we matched them with expert advisors to help them determine how to meet their goals. You can probably relate. Whether you’re wondering about paying off student debt, saving for a down payment, giving to charity or putting money in an RRSP, you aren’t alone if you really have no clue what your next move should be.

Making money is one thing. Now it’s time to make that money work for you.

Sincerely,

 

 

Melissa Kluger
Publisher & Editor
melissa@lawandstyle.ca