Lesson 1.5 – Money & Risk: How to Stop Guessing and Start Planning
One of the biggest fears lawyers have about starting a firm is financial free-fall.
The antidote isn’t wishful thinking. It’s numbers you can see on one page.
In this lesson, we’ll calculate your personal monthly “nut” (what you truly need each month) and translate your current savings and income into a simple runway estimate: how many months you can realistically sustain yourself while your firm ramps up.
This isn’t tax or investment advice. It’s a practical clarity exercise designed to help you make adult decisions about timing, risk, and responsibility—without panic and without fantasy.
In this lesson, you’ll:
- Identify your core expense categories and calculate your monthly minimum
- Use the Financial Runway & Risk Planner to estimate your runway under multiple scenarios (e.g., $0/month, modest revenue, growing revenue)
- See how changes in expenses, savings, or part-time income affect your runway
- List specific steps you can take in the next 90 days to strengthen your financial position
By the end of this lesson, you’ll know what your numbers are actually saying:
- Proceed soon,
- Prepare first, or
- Don’t jump yet.
And if the answer is “prepare,” you’ll have concrete levers to pull—so you can extend your runway and move closer to freedom with a plan you trust.