Stay the Course
I received one piece of useful advice last week which is applicable (and appropriate) not only to the financial markets but also to your job: “Stay the course.” Sitting across the desk from my financial consultant last Thursday, I was reminded again and again to “stay the course,” not dump my stocks, and trust that my 2006/2007 planning would pay off and be able to ride out 2008 without too much damage. It is hard to be patient when your 401K is tanking, but it is worse to panic and make hasty changes in order to satisfy your need to “do something.”
The same can be said about your job. Many associates, partners and counsel are facing layoffs or fear of layoffs as the year comes to a close, and there is a natural need (especially amongst lawyers) to “do something.” Don’t. If you have spent the past few years working hard, networking, pitching in, taking on new work, and operating at a high level of performance, stay the course. Continue to do the same. Trust that your reputation, which you have spent the last few years building, will protect you through the rough times at your firm. When rumors of layoffs are around, people sometimes panic and otherwise high performers can freeze in fear. Some will stop attending networking dinners; others will generally stop performing at their best because they become distracted by the market. It’s very much a deer in the headlights reaction. Don’t pick this approach. Likewise, be careful not to pick an approach which makes you appear panicked Instead, do your best to take note of what is going on in the marketplace, and then continue forward with confidence. Not only will this propel you through the bad times, it will likely propel others who interact with you — peers and clients.
A large part of what is going on in the marketplace is out of your control. Thus, if you have structured your career over the years in such a way that you currently maintain a strong reputation in your group, stay the course. There is some value in continuity. Keep moving forward with the faith that your “life plan” (like your financial plan) — if well structured over the last few years — will carry you through this rough patch.
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