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.

Too Many Transitions Without Ever Having Moved–

But what do you do when your law firm has transitioned while you have literally “stayed put?” This dilemma came to mind today when I received an updated v-card from a very skilled senior associate. The only change from his previous contact information was the name of the firm and the email domain. Same address. Same phone. Same fax. And this was the third time this had happened in the last four years.

The Bay Area market may be at the forefront of this phenomena. It seems every week a new out of state firm is setting up shop in the Silicon Valley, usually by acquiring practice groups or taking on a another firm’s regional office that was unable to reach critical mass. When presenting resumes to Silicon Valley hiring personnel, especially in the areas of corporate practice and IP, there is some forgiveness for many “apparent transitions” if the “merger or acquisition” between firms is still relatively fresh in everyone’s mind. Candidates have developed the asterisk technique on resumes to label the current firm and then in a footnote name the prior firm who was acquired. Unfortunately, the “chain of title” on some of these resumes is getting long and the footnotes are beginning to distract.

What do you do if you are in this position? First, make sure you are aligned with strong senior attorneys in your group. Is there a reason for this lack of stability? What is the personality of your supervising partner? Why has the group been vulnerable to takeover? A multitude of factors can help you decide whether you are still on a positive career trajectory or whether the dynamics may cause this to repeat and repeat. You can get advice from many people in this regard, including your legal recruiter who is familiar with the “word on the street.”

Put Down That Hot Dog and ….. Get Creative!

Over the course of the last two weeks, a few people have raised the issue of “female driven” law firms to me — which have been started in Manhattan, upstate New York, Atlanta and abroad. It seems odd — with the summer (and economy) as slow as it is — to see new firms sprouting up. However, I have found that a few people are taking advantage of the down market to “get creative” with new business models and new ideas for business generation.

A few weeks ago, Schroder, Joseph & Associates in Buffalo, New York, received a lot of press for their “unusual” add campaigns featuring slogans such as “Ever argue with a women?” and “Labor pains: Talk to us. (we’re women…we get it.)” Shortly thereafter, Ottawa-based Galldin Liew received some press over calling itself a “feminist law practice” and their refusal to take on male criminal clients. Last week, we saw female-run IP firm, Bates & Tyde, in Atlanta ringing its diversity bell — and big-time clients such as Coca-Cola and AT&T jumping on board for representation.

This is fascinating to say the least. When the economy gets rough, some folks get creative when it comes to generating business—and get a lot of press for it. Good for them! With Big Law topping out at billing rates, it’s no surprise that lawyers from these firms are getting frustrated and looking for ways to differentiate themselves in the marketplace. In fact, there may be a lesson in here for all of us. Don’t waste your summer sitting on a beach eating hotdogs and bemoaning what “was” or the “way things used to be” or wondering “how am I going to make my hours?” Instead, look for ways to differentiate yourself as a practitioner and make some rain! In this cash-strapped economy, clients want to see something new, different, —-and affordable. Leveraging gender to help your firm stand out is one real way to do it, but there are many other ways. What’s your angle?

Weighing a Law Firm Offer?

A year or two ago, I happened upon an interesting questionnaire that NYU’s School of Law had on their website. The questionnaire was intended to assist associates contemplating full-time offers after their summer associate programs had ended. I thought it was a pretty useful tool and wished I could find something similar to send to my candidates who were considering a lateral move (because a lateral associate’s needs are often very different than those of a 3rd year law student)!

Then, last year, I was working with a patent litigation associate who had two offers from extremely different law firms (and to complicate matters, one was East Coast and the other West Coast). We talked at length about the two offers and ultimately revisited the initial reasons we had instituted the search to begin with. It was a very complicated decision for this candidate, and he spent a lot of time making pros and cons lists for each firm.

I realized my candidates could really benefit from a thorough offer analysis tool that would allow them to explore all aspects of the offer and their potential new firm. There are only so many moves that a lawyer can safely make in their career, and it’s important to look, look, look, before you leap.

Here is the article: Analyzing the Offer: A Questionnaire and Worksheet

Legal Career Advice: Keep Your Eyes Open!

Last week, I had the opportunity to revisit my law school days at my 10th law school reunion (go Fordham!) It is incredible to see how diverse the career paths of my classmates have been. Sure - there are those who joined a firm in 1998 and have now made partner there. But the vast majority have tried two or more law firms, before going in-house or on to another venture - either law or non-law related.

For many junior attorneys, partnership is the ultimate goal. That changes for many people as they gain seniority and realize that there are many other options for them. Some turn down partnership because they are more intrigued by another path.

In my class, we have spread like the diaspora around the country and the world. We are in so many different industries and are partners, counsel and associate at law firms big and small.

Here are some examples:
- partners at BigLaw firm in U.S.
- partners at BigLaw firms outside of the U.S.
- partners at smaller firms in NY and in smaller legal markets
- general counsel at a publicly-traded corporation
- general counsel at an investment firm
- solo practitioners
- in-house counsel
- government employees
- one (very) happy staff attorney
- one (very, very) happy legal recruiter!

You’ll have so many options throughout your career. Your career path has to work for you. Believe me - very few of my colleagues would have chosen to become a legal recruiter. But it completely works for me.

My advice for today: Work hard, be well-regarded among your colleagues and periodically assess your options.

My BCG Attorney Search colleagues and I are always here to discuss the legal market!