Pick Your Practice Area Wisely

As we are riding the roller-coaster ride that is the US economy, it seems to be a great time to revisit practice areas selection for associates. There are two types of practice areas - those that thrive in “up” markets and those that thrive in “down” markets. Right now, the market is as down as it can be.

Who’s busy?
Bankruptcy
Litigation (slightly busy, and we are expecting more hours out of you litigation associates this year)

Who’s not busy?
M&A
Capital Markets/Finance
Real Estate

There are certain practices that are able to exist in both “up” and “down” markets:
Tax and other specialty practices
Intellectual Property

Why? Tax supports many of a firm’s practice areas and, thus, has a slight “internal hedge” against a down market. Intellectual property involves different types of work as well. Even though IP transactional work has slowed to a crawl, patent prosecution and IP litigation are still rolling along.

My advice? When selecting a practice area in your early career, know whether or not your practice is an up or down market practice. It will allow you to plan to ride the roller-coaster more enjoyably - e.g. if you chose to become a bankruptcy associate in a top firm, expect that you will be slammed when all of your attorney friends are slow and on the hunt for work.

Staying on Message

This Tuesday, Americans will go to the polls to elect the next President. While it is a little early to evaluate the overall effectiveness of the Obama campaign vs. the McCain campaign (the voters get to decide that), it is not too soon to start analyzing which tactics have worked well. Furthermore, if you listen to political pundits from both political persuasions, you will note that most agree that Obama has been much more consistent in his message and that this consistency has worked well for him tactically.

In contrast, few would say that McCain has been consistent. One week his campaign is accusing Obama of “palling around with terrorists”, the following week he is accusing Obama of being a Socialist and now, right before the election, he is focused on how Obama will raise your taxes.

Obama, on the other hand, has presented a very consistent message (i.e. that the middle class has been deeply hurt in the pocket book in the last eight years and that his administration will change some of the policies that caused this.)

The career lesson (or communication lesson) is clear. Picking a message and staying on that message is more effective than a shotgun approach. If you are looking for a job, don’t try to be all things to all employers. For example, if you are looking for a position as a litigation associate, don’t tell your audience that you are also happy to do work in their real estate or corporate practice groups. If you have two good examples of relevant work that you did in your current job, then don’t dilute your message by discussing less relevant work you did as a summer associate.

Telling stories is one effective way to sell yourself and stay on message. Find some good anecdotes which illustrate your past successes and make good use of them. Use the stories to reinforce your central message. Harrison Barnes, BCG’s CEO, just wrote an article about this. He talks about how Turkish rug merchants use stories to cultivate relationships with their prospective buyers. Follow his advice and maybe you too will have a shot at the Presidency!

Get Out The Vote!

With only five days left until Election Day, lawyers all over the country are getting involved to make sure that every vote counts in this year’s historic election. For example, Bingham will have over 120 lawyers monitoring polls throughout the country. The American Bar Association is encouraging lawyers to volunteer their services to staff telephone hotlines and to work as official poll workers to help ensure that voters know their rights and are not denied the right to vote. After all, lawyers are perfectly suited to meet the need for nonpartisan volunteers to answer any questions or address any concerns that may arise.

Be Straight With Your Recruiter –Keep Good Records

Goodbye Thelen

There is something rather sad about the dissolution of Thelen Reid Brown Raysman this week. It’s not so much the demise of a good firm as it is the evaporation of part of my past. Graduating from law school in the late 90s (and focusing on IP law), Brown Raysman was one of the hot shot, new media practices in NYC. Dynamic, entrepreneurial, and at the cusp of evolving Internet law, the firm offered something really different to Manhattan legal practice — in addition to its decidedly West Coast feel. While I never practiced law there, I always enjoyed seeing it from afar (the firm operated out of the building behind my firm). It was almost like something “magical” to wish for later on in life (whether real or not). Moreover, when other IT/IP firms like Brobeck Phleger tanked, Brown Raysman held on in NYC, and I kept hoping it would keep holding on.

Today’s announcement of Thelen’s dissolution reinforces, however, the idea that nothing is forever in today’s market. It also forces me remember that a “firm” doesn’t make the magic. It’s people do. Brown Raysman’s folks will move on from Thelen’s walls, join other firms, and take their brand of practice somewhere else. I suppose little bits of the new media magic will be scattered around New York, at other firms, and to other cities. Maybe this isn’t so bad. As a practitioner of IP law, maybe this is a good thing. So, while I’m feeling sad that something important from my early days of practice is gone, I suppose there is an upside to all of this. Maybe it is time to move on — for all of us.

I told this to a friend of mine who was laid off today from another firm. She was talking about how good things were — what a good group it was — and how nothing can compare. Maybe that’s true, but maybe for some of those who are getting laid off, it might be time to move on. Take your magic elsewhere. I do believe that something good will come from all of this reshaping of national law firms. We just have to look for it and realize that we are part of it.

Show, don’t tell

In reviewing hundreds of resumes a week, I have developed a couple of pet peeves. People who know me know my distaste for an ‘interests’ category on a resume that brags of hobbies that include reading, travel, and fine dining. (As an aside, I too love reading, travel, and fine dining. Dining of the not-fine variety, as well). In a nutshell, I don’t think that anyone should take up valuable space in a resume in a way that doesn’t really define and distinguish who you are. Reading, while a noble past-time, just doesn’t set you apart.

My new pet peeve is these qualitative narrative resumes. Somebody is spreading the word that a resume that contains a lot of adjectives is the way to go. Often, it contains a sentence at the top that might read “Results-oriented attorney with 15 years of experience in sophisticated practice.” I respectfully disagree that these descriptors add value. A resume might tell us that you are hardworking, that you are detail oriented, that you are bright. This isn’t really a resume, though, it’s just fluff (even when its true). Describe what you do–what you have done. This is what will define your ability to take on a new role. Law firms want to see the substance of the work you’ve performed–they do not, in my experience, respond to descriptions of the ‘intangibles’ that you bring to the table. At least not when set out in a resume format.

Instead of a line that tells us that you are someone who ‘enjoys responsibility’, why not attach a deal sheet that describes your tasks as the lead associate on a transaction? I think you’ll see a better response. If you MUST tell us that you are experienced, or conscientious, at least make sure that there is substance in the resume that supports that. I can’t tell you how many cover letters I’ve read extolling the virtues of the author’s ‘attention to detail’ that had one or more typos.

Sometimes *those* resumes really make the rounds, but not in a good way.

Volatility?

No one likes uncertainty; but career uncertainty will be with the legal profession for the foreseeable future. There is continued volatility in the stock market and many businesses are sitting by the sidelines waiting for a sign that it is okay to proceed with deals (some are waiting for credit to become more freely available so that deals can be financed.)

Does this mean that you should be sitting by the sidelines as well? While it may be a harder time to make a lateral move, if you are thinking about a move or if you are concerned with a precipitous drop in work in your department, don’t let volatility stop you from gathering information. Don’t let uncertainty in the marketplace put you on the sidelines. Even if law firms and corporations are going to be more measured in making hiring decisions in the coming months, it is never too early to cultivate relationships.

It is easy to convince yourself that now is not a good time to look. It may not be the best time to get hired; but you may be missing good opportunities to position yourself if you simply sit out the downturn.

Furthermore, if you are a partner with a portable practice, there does not seem to be any slowdown in demand for you. If you are unhappy with your current platform, many firms will be happy to speak with you.

Do I Really Even Need a Business Plan?

Yesterday, my colleague Jamie Bailey, encouraged partners contemplating a move to draft a business plan. The most common response I get when I suggest the same is–”Do I really need a business plan?” The answer is an unequivocal yes!

Some things to keep in mind:

1. A business plan can be even more important than a CV/Resume. No one ever puts up a fight when asked to draft a resume. We all assume it’s a mandatory part of the job search process. However, when I utter the words “business plan,” it’s quite a different story. Ironically, I can think of more than a handful of firms where a copy of a partner’s law firm bio will suffice in lieu of a formal resume. I can’t think of a single firm that would turn down the opportunity to review a partner’s business plan. For an established partner with significant portable business, a business plan lends immediate credibility to the nature of the portable business. For an up-and-coming partner with little to no business, a business plan is the best way to sell a prospective employer on your potential. In either case, a business plan can be even more important than having a detailed resume.
2. A business plan does not give away all your secrets. One of the most common objections I get to the idea of drafting a business plan is–”I don’t want to share confidential information that the firm can then use to its advantage.” But keep in mind–a business plan does not have to give away all of your secrets. With careful drafting and a well-reasoned approach as to what will be included in the business plan, you can definitely convey the necessary facts without spilling your secrets.
3. What does a business plan say about you? It tells the prospective firm a number of essential facts: (1) that you understand the economical/business aspects of practicing law; (2) that if the firm hires you, you are going there to be a productive, contributing member of the firm; (3) that you have given thought to your practice and how it fits in with the firm’s existing practice; (4) that you are confident enough in your skills and abilities to give them a snapshot of what you have to offer; and (5) that you care about where you end up.

Once candidates get over the initial reluctance, they tend to find the exercise of drafting a business plan incredibly helpful. Often times, drafting a business plan goes a long way towards solidfying what you are looking for in your job search and it helps you prepare to advocate for yourself during the interview phase. There really isn’t a downside and, in the end, is really is quite painless!

Are You A Partner Contemplating a Move?

Recently, we have seen a surge in the request by law firms for partners with business. Partners with significant portable clients probably will not find it very difficult to transition effectively in a market like this. However, partners with smaller books of business need to convince a firm that they can add future value to the firm and have plans for developing business. If you are a partner contemplating a move, a well written business plan can greatly enhance your marketability. For a link to an article which discusses the key elements of business plans and may help you prepare your own business plan, click here: http://www.bcgsearch.com/crc/partner-business-plans.html

Finding Your Area of the Law–the How and When!