Too Busy to Think About Money? A Mid-Year Check-In for Lawyers Who’ve Been Buried in Work

Aug 7

Let’s be honest: if you’re a lawyer, mid-year often hits like a freight train. You’ve been grinding through filings, depositions, client meetings, and possibly even summer vacation coverage. Financial planning? That probably hasn’t made it onto your calendar.

But now’s actually the perfect time to pause, take a breath, and make sure you’re still on track for your financial goals—before the year slips away completely.

Here’s a simple, check-in for lawyers who’ve been too busy to think about money.

1. Revisit Your Income (Yes, All of It)

If you’re a partner, of counsel, or self-employed, your income may look completely different than it did in January. Quarterly distributions may have shifted. Business is up—or down. Summer bonuses may have hit.

Ask yourself:

Are you earning more or less than expected so far this year?

Have you adjusted your tax withholdings or estimated payments accordingly?

Are you putting enough aside for taxes now, or will Q4 come back to haunt you?

Did you get a bonus payout? If so your wtihholdings on that may not have been enough

2. Check Your Burn Rate (and Your Savings Rate)

Summer often comes with additional expenses like vacations, camps, childcare, and travel. So, now’s a good time to check in on your monthly spending and cash flow:

Has your emergency fund dipped lower than you’d like?

Are you saving as much as you hoped to in your 401(k), backdoor Roth IRA, or brokerage account?

Are you unintentionally hoarding cash that should be working for your long-term goals?

Have you been setting aside money for tax payments if needed?

Even a small tweak, such as upping your 401(k) contributions, automating savings, or reallocating cash can help set you up for a stronger year-end.

3. Re-Evaluate Your Goals

By this time of the year, your goals may have shifted. That’s normal.

Maybe your family’s planning to buy a home sooner than expected. Maybe you’re thinking of leaving your firm. Maybe you’re realizing you need a sabbatical next year.

Now is a good time to ask:

Are your goals still the same as they were in January?

Are you on track to hit them—or do you need to make a pivot?

Have you run the numbers recently with your actual income and expenses?

All of your financial moves should be based on your goals, and what’s best for you. Not vibes or others' expectations. So if those have changed, the best time to identify that is now.

4. Start Planning for Taxes (Yes, Already)

October–December is tax prep season for most high-income earners. And if you're a law firm partner or solo practitioner, now’s the time to:

Review your quarterly tax payments

Look for tax-advantaged investment opportunities

Maximize retirement contributions before year-end

Strategically time any big business expenses or charitable gifts

A little foresight now can help you avoid a massive April headache—and maybe even lower your tax bill.

5. Get Help if You’re Feeling Behind

Here’s the truth: if you’ve been too busy to think about money, you’re not alone. That’s exactly why I work with lawyers and law firm partners—to help take some of the mental load off your plate.

Whether you need a full financial reset or just want to gut-check your current strategy, let’s talk. We can help you get organized, get clear on your goals, and make sure your finances are working just as hard as you are.

The bottom line is that you don’t have to overhaul everything. But if you can take a few hours to check in now, you’ll be in a much stronger place by year-end—and a much calmer place come tax season.

Need help running the numbers? Reach out for a mid-year check-in. Let’s make sure the second half of your year sets you up for the future you actually want.

Eric Scruggs