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The Lawyer's Guide to Personal Finance: Legal Tender

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Ana Vermal is a 28-year-old second-year associate at New York's 550-attorney Proskauer Rose. Vermal was born in Argentina, grew up in Germany and Spain, attended law school at the Sorbonne in Paris, and then earned her LLM at the University of San Diego before joining Proskauer. (No wonder she practices international arbitration.) She chose a Manhattan firm, she says, because as happening world capitals go, "Paris is good, but New York is the best."
 
The Lawyer's Guide to Personal Finance: Legal Tender

Vermal started at Proskauer in January 2001. Like all of the firm's first-years, she earned a salary of $125,000. As a second-year, she rakes in a tidy $135K-before bonus. But here's the catch. Vermal is not what you'd call the next Warren Buffett. On a scale of 1 to 10, she rates her personal-finance acumen "a three." That's where Jungle comes in. To help Vermal-and you-manage money more effectively, we asked the attorney to bare her financial soul, from how much she makes to how much rent she pays to how much (if anything) she saves. Then we asked a team of personal-finance experts to analyze her situation and offer wealth-enhancing advice. On the following pages, an eight-point plan for getting rich.

1. Know where it goes

When she's dealing with a client's money, Vermal accounts for every last penny. But when it comes to keeping track of her own scratch, she says, "I'm disorganized. I never stop to add it up." She knows exactly how much she makes-her salary is her one source of income. But on the expense side, she has only a rough idea of where her money goes.

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Harrison Barnes is the founder of LawCrossing and an internationally recognized expert in attorney search and placement. Harrison is extremely committed to and passionate about the profession of legal placement. Harrison’s writings about attorney careers and placement attract millions of reads each year. LawCrossing has been ranked on the Inc. 500 twice. For more information, please visit Harrison Barnes’ bio.

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