One of the findings of private research projects that were initiated following productive Americans’ Great Recession losses of savings and residential equity was the inability of many productive individuals to gain access to timely, thoughtful, and effective personalized planning. Inappropriate risk investments and irresponsible assumption of credit contributed significantly to the losses of surplus earnings to unnecessary income taxes and losses of savings to unnecessary risk invest investments. It also became clear that productive, hardworking, individuals had little or no access to leverage to accelerate their progress to financial independence.
During this research, law firms and attorneys, in general, were frequently named as contributors to this lack of planning and negative outcomes rather being recognized for adding value to the lives of productive individuals they had advised, for whom they formed businesses, and for whom they had drafted business and personal documents, including wills and trusts. Findings of this research identified a need for an area of legal practice that was dedicated to personal finance law. Post-Great Recession and Pandemic related economic difficulties experienced by lawyers and law firms included revenue generation problems. The challenging Pandemic circumstances also create great opportunities for law firms to contact existing clients to offer them unique economics of life related services that increase the value of law firm services to existing clients who are also struggling with Pandemic related losses.