Managing Your Career in a Declining Market

Many associates have noticed little change. Public offerings have been replaced by private offerings, licensing and M&A. Commercial real-estate deals and commercial, employment and IP litigation continue to supply associates with ample billable hours. The demand for transactional IP lawyers continues to be robust.


But what if you are one of those associates who is finding it difficult to fill your day with billable work? What if you are experiencing a real slowdown? How should you focus your energies? What should you do if you are beginning to feel like your job is in jeopardy? Here are some practical suggestions:
 

1. Do nothing. At the first signs of a slowdown in workload, it is important not to be rash. Career decisions, like financial investment decisions, are best made in a cool and rational manner.
   
   Rumors of a slowdown in work will spread quickly and before you know it headhunters will be calling to let you know who can keep you busier. Resist the temptation to follow up on these opportunities until you have had the chance to reflect properly. Find out if your colleagues are experiencing the same drop-off.
    
2. Be proactive and positive. Gail Cutter, director of career counseling and placement at NYU Law School, suggests that the best defense is a good offense. According to Cutter, the best talent will always be in demand, but in an uncertain legal market the stakes are higher.
   
   In other words, don't sit around waiting for partners and clients to call. Find out if anything needs to be done and do it. Most importantly, do not become a whiner or someone who is helping to foment bad rumors about the demise of the firm.
    
3. Carpe diem. If you are a driven attorney who thrives on deadlines, looking for ways to fill your day is a scary proposition. But try to look at the opportunities presented by your newly discovered free time.
   
   If you really take the time to list all of those important but not urgent activities, it won't be long before your plate is once again full. Take the time to organize your office and schedule lunches with potential referral sources.
   
   You can also sign up for CLE programs. If you have time on your hands, get caught up on continuing education and catch up with your professional reading.
   
   Take a few minutes to assess your weaknesses. Consider your substantive weaknesses, but also look at how you are using technology in your practice and decide if there are any ways that you can improve your efficiency. Use CLE programs to explore new practice areas.
   
   Remember that article you wanted to write? Getting published is a good way to increase your visibility. Perhaps you can co-write an article with a partner (ask around and you will surely find a partner who has not had time to get started on something; suggest that you co-author the article of course, you will do most of the work, but you will also gain recognition by appearing in print beside the partner).
   
   Get active in an industry group. Marketing professional services is all about relationship building. The sooner you begin to cultivate relationships with potential sources of business, the sooner you will begin to reap the rewards of bringing in your own business. Volunteer to speak on a legal topic for an industry group that interests you. See if there are ways that you can be helpful to an association.
   
   Do not expect overnight results. It can take several years to turn these relationships into business. The important thing is to get started, and if you have time on your hands why not start now?
    
4. Take some vacation time. The reward for hard work should not be more work. If you spent a lot of late nights in the office last year, now is the time to take that trip you have been meaning to schedule. Spoil yourself. The soul needs to be recharged periodically and you'll be more focused when you return.
    
5. Assess your financial situation. Do you have the resources to weather a brief period of unemployment? If your work has really slowed down, the reality is that your job may be in jeopardy. In anticipation of this, you may want to save some money in case you need to weather a period of unemployment. Are there any unnecessary expenses that you can cut?
   
   If you started practicing within the past five years, all of this uncertainty may be very anxiety-producing. But you might as well get used to it and learn to make the most of the downturn. Unless you plan to retire soon, this is only the first of several downturns you'll experience during your professional life. It will never be easy to get through these periods; but if you apply some of these techniques, the next time will be a little easier.

About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.