Go ahead and take that imperfect job

Let me start by saying that I get it:  the economy is bad and finding work can feel next to impossible, even if you have phenomenal experience, great academic credentials and have worked at some of the best firms in town.  Having said that, I have to admit that I am little surprised at the lack of flexibility I am seeing in some of my candidates.  The days of being recruited by firms and having multiple offers from which to choose is gone (that is not to say that it won’t come back, but for now, it is a thing of the past).  Jobs are few and far between, and firms can choose from the best of the best.  One would think that in light of the small number of jobs out there as compared to the number of out-of-work attorneys, said out-of-work attorneys would not complain about a job offer that is less than “ideal.”  Apparently, this assumption is completely wrong.

Take a corporate associate with whom I am currently working.  Nice individual, very smart, with great credentials.  She was at the top of her game before the market crashed, but when it did, she was laid off by her AmLaw 10 firm.  That was 10 months ago, and she is still not employed.  Even so, it seems like every time I call her with an opportunity, something about the opportunity just isn’t “right.”  The firm doesn’t pay enough; it’s located in the suburbs rather than right downtown; the position is too focused on finance (an area she has experience in but does not particularly enjoy).

As I said above, I get it.  It really sucks to be out of work, especially when you previously had an untarnished record of getting into the best schools and top law firms.  But the fact remains that this economy does not support the “perfect job.”  Firms are going to pay less, and the jobs that exist are going to be otherwise flawed.  But, that does not mean that you, Ms. Unemployed, should reject every opportunity that comes your way.  We all have to make sacrifices, and if that means driving to the ‘burbs or making 15% less than you would have back when salaries were inflated, then so be it.  At least you will be employed, and I can almost guarantee that if you put up with some of the flaws of the job, when things improve, many of those flaws will disappear.  Salaries will go up again, and more work will come through the door, thereby allowing you to choose projects that are a little more interesting to you.  Hell, when times are good, some suburban firms might even open an office in the city, and if you have put in your time, you might be able to help establish the new office.

I guess what I am trying to say is suck it up while the economy still stinks, and as it improves, so will your job.  That is, if you are willing to accept one that is not perfect.

Go Ahead and Hate Me for My Optimism…

I am an optimist. It’s in my blood. No matter how bad things get, they have to get better eventually. It’s just how the world works. I am sure many people who have heard my never-ending optimism would like to stomp on my head. Frankly, I irritate myself sometimes with the things that I say. But in the end, I believe that optimism will take you far in life. Take a candidate with whom I recently met. She is as talented as they come, with a resume to match. But she was a senior associate, with no business, in a transactional practice that has been dead-as-dead-gets since the recession first hit. Not surprisingly, she was laid off from her Am Law 10 firm, despite being there for over five years.

Depressing? Hell, yes. But what’s worse is that she is a single Mom. No partner/boyfriend/spouse to pick up the slack during her unemployment, and no shoulder on which to cry.

When we first met, she was devastated. Anyone in her position would be. As we talked, I drew out of her that while she liked her most recent law firm position, there were countless other positions that might be a better fit for someone like her – both inside and outside law firms. At first she was resistant, and she even shed some tears during our meeting, but as I helped her to see the endless possibilities out there, she seemed to perk up. But it wasn’t until I told her that I believed (which I do) that there is a “100% chance that you will get another job” that she breathed a sigh of relief. I quickly qualified that statement by making sure she knew that I could not guarantee that I was going to be the one to find this job, or that it would pay as well, be in her chosen specialty or even be in the legal profession. But the fact remains that each and every one of us is employable, and as the recession begins to fade, the opportunities for talented attorneys are going to increase. It’s just how the world works.

While it may not actually get her a new job, I am confident that my optimistic outlook on her employment future helped to infuse new energy into her search. And for that reason alone, I will continue to irritate myself with my optimistic view of life.

An Alternative to Lay-offs: Simpson Thacher’s New Public Service Fellowship Program

Unless you are trapped underground, you are well aware of the massive layoffs taking place across the country in just about every major (and not so major) law firm. Associates have obviously been hit the hardest, and the results are not pretty. Thousands of young attorneys with minimal experience, lots of debt and no jobs are looking for high paying firm jobs where none exist. It’s depressing, to say the least.

But one firm has done something that could serve as a creative alternative to the mass associates cuts. Simpson Thacher & Bartlett announced the creation of a new Public Service Fellowship Program, through which associates can take one year to work on a public service project of their choosing, and at the end of the year, the firm will give them the option of returning to the firm. During the year-long fellowship, an associate who participates will receive a $60,000 stipend from the firm.

To me, this is the perfect alternative to cutting associate jobs. Lord knows there are plenty of non-profit legal organizations and public services agencies who would gladly host a public interest fellow, and while $60,000 is significantly less than the salaries of Simpson Thacher associates, I like to think that even the greediest of associates would consider taking this opportunity to give back in exchange for not losing one’s job. Plus, the firm saves significant money on associate salaries for the year of the service project and won’t have to interview for new associates when the economy bounces back (because it WILL bounce back, no matter how bad things appear right now).

So, which firms are going to follow suit? So far, I have not heard of any other firms doing so, but I most certainly hope they do. Anything to slow the layoffs down, increase morale among young attorneys and promote public service work.

Suddenly, I am feeling a bit jealous that there was no massive recession like the current one while I was practicing law at a big firm. That’s just twisted, isn’t it?

Happy Holidays and Here’s to a Better 2009

It seems that everywhere I turn these days, I run into someone who has an impressive story of struggle, despair, stress and overall disgust for the year that is (and soon to be was) 2008.  Not only has the economy taken a drastic turn for the worse and caused a spike in unemployment (and fear in those still employed), but it seems as if 2008 was filled with an unusual amount of sad stories of loss and despair.  Even I have to admit that 2008 was not my favorite year.

But here is the good news: 2008 is almost over!  And with that comes a brand new year filled with brand new opportunities.  It’s time to put the past behind us and move forward with a new sense of energy and optimism.   January and February bring the busiest months for lateral hiring, so we expect to see more firms looking to bring on attorneys of all levels.  Moreover, with the new Obama administration coming in late January, there should be a sharp increase in regulatory work for law firms, including financial services, anti-trust, health care, environment and energy/biofuel regulation.  This will undoubtedly result in an increase demand for attorneys in these areas.

And even though the economy may not fully recover in 2009, we are already seeing a significant increase in bankruptcy filings (which is usually followed by an increase in other areas of litigation) that should continue throughout the year.  Demand for bankruptcy and litigation attorneys should rise as a result.

So, for all of you who can classify 2008 as a “crappy” year, let it go.  There are only a few more days before we can officially wipe our hands clean and move into what I hope will be a better year for all of us.  Here’s to 2009!

Bye Bye Bell Boyd, Hello K&L Gates!

I just learned that K&L Gates distributed an internal memo announcing that the firm has entered into discussions with the Bell, Boyd & Lloyd LLP in Chicago “with a view to combining the two firms in the first quarter of 2009.” (Bell Boyd distributed a similar memo today). I must admit that my first reaction was one of sadness. After all, as a native of Chicago who practiced at two mid-sized law firms in the city, I have many friends and former colleagues who work or have worked there (okay, I also have a close family member who spent 40 years there as well). Bell Boyd has been a significant part of the Chicago legal market for countless years, and to see it dissolve into K&L Gates made my stomach queasy. Just a few short years ago, it was known as “the” place to work. Associates who secured jobs at the firm were considered some of the luckiest people around.
Thankfully, my first reaction only lasted a moment. My second reaction to this announcement was one of excitement. After all, there is always more than one way to view a major change, and I am making a conscious effort to see this as a good thing for the attorneys at Bell Boyd and the Chicago legal market. Sure, it’s sad to see a highly regarded player in the Chicago market disappear, but it is also exciting to see the entrance of another one. K&L Gates is a global firm with over 1600 attorneys and 25+ offices. In fact, it is one of the largest firms in the world. The addition of such a major player to the city of Chicago is exciting and will surely provide legal opportunities for many Chicago attorneys in the future. So, while I am sad to see one of my favorite Chicago firms say goodbye, I am watching with great excitement and anticipation to see how K&L Gates fits into the Chicago market.