Law Practice Management

• Publication year: 2024
• Citation: Vol. 47 No. 5 Pg. 44
• Pages: 44

Law Practice ManagementNo. Vol. 47 5 Pg. 44Wyoming Bar JournalOctober 1, 2024

Law Practice Management

Mark Bassingthwaighte

For Lawyers, Is Moonlighting Worth It?

Mark Bassingthwaighte has been a Risk Manager with ALPS since 1998.

Truth be told, the answer to this question is one where reasonable minds can see things differently. Some will say yes, others will say no; and of course, there will always be those who will take the middle ground. This is my way of saying that the answer isn't for me to decide, it's going to be entirely your call. All I can do is try to help you answer the question by discussing the benefits and risks as I see them.

What are the Benefits of Moonlighting?

When I was younger, I was told the fastest way to grow wealth is by first retiring all debt; and that lesson certainly proved true in my life. When my wife and I finally got to the point where we were able to accelerate payments on those seemingly never-ending student loan payments and clear that all up, well, suffice it to say the relief from one financial concern was palpable. We were well on our way to financial security. I share this story because in my mind, the most obvious benefit would be the additional income stream from having a moonlighting side gig. This really can be an effective way to supplement your earnings and improve your financial security, particularly if you are straddled with debt.

Depending...