Keeping it in perspective

I ran into an acquaintance the other day in an elevator.  Now this is a person I don’t know very well, but who I would say “Hi” to, occasionally while passing by.  That day, we chatted about random things like the weather and other “small talk” topics of conversation.  I asked her how her dogs were doing, as I knew she was a dog owner.  She told me that they were doing well and were enjoying their new house.

Now I thought this was a happy move, but I soon learned that it wasn’t.  Within a span of 7 minutes, I had learned that 1) this person had been forced to leave her home and rent a house in a faraway city, 2) this person’s significant other had deserted her, 22 months ago, and 3) that her salary had been reduced by 60%.  I was blown away by the number of unfortunate events that she experienced in such a short span of time.  Before I could empathize with her, she simply stated that she felt lucky despite everything- because she still had a job.

I was really impressed by this person’s strength and positive thinking.  With so many things that had gone wrong in the past year or two, she was still resilient, moving forward, and looking for the silver linings.  I think it is important for all of us to keep things in perspective during this economic recession.  One can easily become consumed with dread and fear by simply reading the news.  In times of crisis, it becomes really important to remember to be grateful for the many things you are blessed with.  Having a positive attitude and focus will help you get through many tough times, whether it be stress from work or even unemployment.  As hard as it is to hear and believe sometimes, every obstacle we face is an opportunity for growth or an improvement in the quality of our lives.  So when life gets rough, try to keep things in perspective and move forward- one step at a time.

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Notworkenoughtofillthedaylius

I remember the devastating day it happened: I had reached the end of the internet. You are probably getting the wrong impression of me. I am not a huge fan of the internet, and, under normal circumstances, I don’t spend much time on it. But a few months ago, I was an addict. To make matters worse, my condition was highly contagious. The other associates that workedin my section at my old firm suffered from it as well.

What, you ask, was the cause of this widespread plague, and how can I keep it from infecting me and my co-workers? I’m sad to report that there is no known cure at this time, but it is at least helpful to know the cause. The medical name is notworkenoughtofillthedaylius. It’s street name is “bored out of my mind.”

So, how did it begin to spread at my firm? It started with the departure of several of the partners in my section. Not all the partners, mind you, just the ones with business. What followed was several months of reassurances from management that, despite the fact that we were all sitting around twiddling our respective thumbs, our jobs were secure. They informed us that they were working to fix the problem. So, my fellow associates and I waited. And waited. And waited.In our offices. In front of the computer. With nothing to do. Computer screen beckoning. We seemed to collectively figure out that although we had no memos to revise, our Facebook pages needed some fixing. And our Linkedin pages. And our…I’m sure you understand the genesis of our disease by now. Sadly, given the lack of work and number of layoffs proliferating, you are not immune.

“Bored out of my mind” syndrome has other known symptoms besides excessive internet use. For instance, you may experience lack of interestin making nicey-nicey with partners, frequent two-hour lunches, or inability to make it to the office before 10 am. Additional symptoms include frequent coffee breaks, “working from home” approximately once a week, and excessive happy houring at approximately 4 pm.

Those infected with the disease often mistake it in the early stages for elation. They erroneously think, “This sure the heck beats 60-hour weeks in the salt mines!” However, as the weeks draw on, then the months, they see the truth. Seven-day work weeks start to seem like heaven on earth.

The truth is, the disease bears many similarities to depression. Let’s face it–going to work and having nothing to do for endless hours is no fun, and anyone who has beenin that position would agree that it’s much worse than being superbusy. What’s worse, having nothing to do allows the mind to go wild. Suddenly, all you can think about is how long the firm will continue to sign your paycheck. You are terrified that the ax is going to fall, and you have no work activities to divert your mind from that sense of doom.

Having experienced this condition myself, I sadly don’t have much advice as to how to deal with a slow legal market. I think what got me through the situation was simply knowing that I wasn’t alone. Everyone I worked around was experiencing the slow down as well, and, as the saying goes, misery loves company, right? More importantly, even at the darkest hour, I think I fundamentally knew that I would find my way out of it. And, although it took longer than I would have wished, I did. You will, too. I’m not saying that you can avoid a layoff through sheer force of will. I wish you could, but you can’t. I am certain, however, that whether you are laid off or stuckin your office worrying that you will be, the market will turn around and you will find work. That’s really all I have for you, so now you can get back to the internet.

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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.

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