The budget app for lawyers' irregular cashflow

Build the budget against base salary only, treat bonuses as windfall. For a BigLaw third-year on the 2024 Cravath scale, base is $260,000 and bonus runs $32,000-$50,000. After federal plus state plus FICA, take-home on base alone in a high-tax state like New York or California is roughly $150,000-$165,000 — that funds the entire lifestyle. The bonus, net of about 40% withholding, drops $19,000-$30,000 into the account as one or two events per year. Use bonuses for: maxing 401(k) and backdoor Roth, paying down loans aggressively, building a 6-month emergency fund. The 2024 NALP associate compensation report showed BigLaw attrition spikes among associates who scaled lifestyle to total comp — when bonuses shrink in a slow year, the mortgage and car payment do not. Cash Compass tracks base and bonus as separate income categories so the asymmetry stays visible.

Solo practice gross is highly variable — the 2024 ABA Solo and Small Firm Survey showed median solo gross revenue around $200,000-$250,000 with net income (after expenses, before taxes) usually 50-65% of that, so $100,000-$160,000 take-home equivalent. From that you owe self-employment tax (15.3% on first $168,600 in 2024), federal income tax, state tax, plus quarterly estimated payments. Practical deductibles to track in Cash Compass: malpractice insurance ($2,500-$8,000/year depending on practice area and state), bar dues ($300-$800/year), MCLE courses ($300-$1,500/year), office rent or home-office portion, legal research subscriptions (Westlaw/Lexis $200-$600/month), professional liability tail when you change carriers. Set aside 30-35% of each fee deposit immediately for taxes. Floor-budget against your worst recent quarter, not the average. The 2024 ABA data showed about 31% of solo practitioners reported income volatility of 40%+ year-over-year.

Public Service Loan Forgiveness requires 120 qualifying monthly payments while working full-time for a qualifying employer (government, 501(c)(3) nonprofit). For attorneys in legal aid, public defender, district attorney, or qualifying nonprofit roles, PSLF can forgive $80,000-$200,000+ in remaining loan balance after 10 years. The 2024 Federal Student Aid PSLF data showed about 73% of approved discharges went to borrowers with $50,000+ balances at forgiveness. Cash Compass tracks the IDR-based monthly payment as a category but does not handle the certification — that lives at studentaid.gov. Certify employment annually and after every job change. Many public-interest attorneys also qualify for state-level loan-repayment programs (LRAPs) worth $5,000-$20,000/year. Tag any LRAP receipts as separate income so the household sees the true compensation picture.

If you have client trust accounts (IOLTA), employees, partners with profit-share, or revenue over roughly $400,000, you want full accounting software — QuickBooks Online, Clio, or PracticePanther are the common picks. Cash Compass is honest about its scope: expense tracking and personal-household budget, not law-firm bookkeeping. For solo practitioners with under $250,000 gross revenue, no employees, simple fee structures, and a separate operating account plus trust account, Cash Compass plus a yearly CPA handoff is usually enough on the personal side. The 2024 ABA TechReport showed about 64% of solo practitioners used some form of dedicated practice-management or accounting software for the firm — that is the right tool for IOLTA reconciliation and time-billing, not for tracking your personal grocery spend.