White Knuckles–part II
I have a hunch that my colleagues and I are going to be writing about the current financial crisis for a while. It is very unclear how the failure of major financial institutions and the federal bailout of some of these institutions will effect the legal profession.
On the one hand, law firms are likely to see a large uptick in litigation, particularly high stakes litigation. Similarly, if the current mood in Congress creates a host of new regulation for the financial services industry, law firms stand to benefit.
On the other hand, during a period of financial turmoil, businesses are more likely to stay on the sidelines rather than pursue acquisitions, even ones that were already in the pipeline. Tightening credit is likely to mean less investment in general and a general slow down in economic activity. This is turn will probably mean fewer deals for lawyers.
So what is an associate to do? Debbie Acker has already stressed the importance of taking care of yourself during times of stress. I won’t repeat her words of wisdom. But there are also things that you can do for your career in tumultuous times.
For starters, if you are finding that your work is truly slowing down, don’t sit around whining about it. Be positive and proactive. Spend more time on marketing activities. Debbie Acker mentioned staying involved in professional organizations, writing an article or meeting with colleagues. You can also spend more time learning about your clients. Take them to lunch. Invite clients to a sporting event.
Find partners who are busy and ask them how you can be helpful. Pay attention to practice areas that are busy and see if you can pick up some projects in those departments. Look for logical connections between the transactional work you have done and the litigation which is keeping other associates busy. Maybe you have specialized knowledge of the deal that is being litigated. Maybe you have already worked a lot with a particular client.
A lot of this is easier said than done. Lawyers are professional pessimists. We are paid to help clients identify risk. We are trained to think in worst case scenarios. This kind of thinking can do a lot to help a client manage potential risk. But it can be a source of paralysis for our own careers. So be aware and take action now. If you do, you will have more control over your destiny.
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- Surviving Economic White Knuckles and Remaining Positive
- Prepare for Change
- Fear of Job Loss
- Pick Your Practice Area Wisely
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- The Marketability of Insurance Lawyers
