This is 3 years old, but I'm sure the advice is still current. Steve Albini explains how "some of your friends are already this fucked".

In 1995, I went to a songwriter's show at Park West. The show was Q&A panel style with songs thrown in between. Gordon Gano (Femmes), Graham Parker, Jill Sobule & Mark Eitzel (American Music Club). Gordon was asked by the host, "What is the first piece of advice you give to anyone who wants to be a professional musician?" He answered simply, "Get a lawyer." The rest of the panel agreed.