Treating Your Career Like a Small Business

Description

In this webinar, Harrison delves into an essential but often overlooked aspect of career management: treating your career as a small business. This foundational concept holds incredible power in shaping your professional trajectory. Whether you're a law school student or a seasoned attorney, this webinar provides crucial insights that can significantly impact your career.

Harrison highlights the necessity of understanding fundamental business principles by likening your career to a business. Your career, just like a business, involves selling a product—in this case, yourself—to an audience. Recognizing this parallels the need for strategic thinking, market analysis, and adaptability.

Harrison emphasizes how many attorneys need to pay more attention to the business aspect of their careers, leading to challenges such as abrupt career halts or inability to secure desired roles. He stresses the importance of grasping market demands, pricing your skills competitively, and protecting your professional brand.

The webinar doesn't just highlight problems but offers solutions. Harrison's insights shed light on how to align your career path with market needs, adjust your approach when necessary, and protect your professional reputation. Understanding these crucial elements can distinguish between a thriving career and one fraught with uncertainties.

Harrison's webinar isn't just a talk—it's a roadmap to entrepreneurial success within the legal profession. Treating your career as a business gives you the tools needed to navigate the ever-evolving job market, ensuring longevity and prosperity.

Transcript:

Okay, let's get started. Today's topic differs from my original plan about product market fit marketing. This foundational topic explores how to treat your career as a small business. It's one of my favorite topics, and those who've heard me speak on it have benefited significantly.

Whether you're in law school or an experienced attorney, understanding this perspective can be a game-changer. Stick around, as future talks will dive deeper into marketing strategies.

This live webinar will have a brief break after the presentation, followed by a Q&A session. Now, let's dive into a common mistake many attorneys make—they don't view their careers as businesses. Historically, law school graduates gained a license and operated as independent businesses. However, with the rise of larger law firms in the 1960s, the dynamics shifted.

Your career is akin to a small business. You are the product, and success involves selling yourself to your audience. To navigate this successfully, consider essential business principles and adopt a business mindset.

In my consulting work, I often encounter professionals facing career challenges due to a lack of understanding business essentials. Businesses thrive by selling their products at the best possible price. Similarly, your career success hinges on understanding market demand, pricing, and making strategic decisions.

I frequently observe attorneys making poor career choices, failing to adapt to market demands, or choosing non-marketable practice areas. To stay in business, you must provide excellent service, adapt to market needs, and make informed decisions.

Whether you're a new associate or a seasoned attorney, offering valuable services is crucial. Just like a successful restaurant provides excellent service and products, you must align your legal services with market demands.

Some attorneys make poor decisions, choosing non-marketable practice areas or limiting themselves to locations with no job openings. Understanding demand is vital. For instance, being a corporate attorney in a market with minimal job opportunities can be challenging.

In such cases, focus on staying employed and strategically positioning your resume. Highlighting diverse practice areas may seem appealing, but it often dilutes your marketability. Tailor your offerings to meet market demands.

Many attorneys dream of starting their own practice, assuming it's better than working for others. However, working for established firms offers stability, learning opportunities, and a support network. You are still in business for yourself, but with reduced risk.

Running a business is challenging, and not everyone can handle the responsibilities, such as firing employees. I once hired a business consultant who, despite his knowledge, admitted he couldn't run a real business due to the challenges and tough decisions involved.

Working for others has its advantages, offering respect, predictable income, and the chance to leverage shared resources. Many successful individuals prefer this route for its psychological, financial, and social benefits. In other countries, working for established firms is often considered a dream.

Even with these benefits, you must treat your career as a business. Understand the business realities, starting with having a marketable product. Your legal services should meet market demands and be distinguishable. Specializing in a single practice area enhances your marketability and job prospects.

Consider the geographic market as well. Certain legal specialties are more marketable in specific areas. For example, being a cowboy in New York City may not be as profitable as being a financial analyst. Tailor your product to the market demand.

Understanding your career as a business is crucial for success. Embrace a business mindset, adapt to market demands, and consistently provide valuable services. This approach will not only secure your current position but also pave the way for long-term success.

Regardless of where you are, understand that your practice area, location, and setting are vulnerable to challenges. Years ago, if you possessed valuable skills as a computer program, you would have a prosperous future with ample demand and financial rewards. However, many jobs have now shifted to cheaper locations like India and Romania. Additionally, AI tools like Chad GBT have automated tasks, diminishing the value of certain skills.

Certain practice areas, such as real estate and corporate law, currently face slow demand, impacting short-term prospects. Previously high-demand areas, like patent prosecution, have also seen a decline. To navigate the legal market successfully, it's crucial to assess the marketability of your skills. Sending out resumes can be a litmus test—if you secure interviews, your product (skills) is marketable; otherwise, adjustments are needed.

Reflecting on my own experience after law school, I discovered the importance of understanding the legal market. In Detroit, where I applied extensively, the legal market was slow, leading to no job offers. Surprisingly, when I extended my search to Los Angeles, opportunities were abundant. The lesson is clear: your marketability varies across geographical areas, and recognizing where your skills are in demand is essential.

Your brand is a critical aspect of your career. Every decision, from where you work to the quality of employers, shapes your brand. Employers evaluate your brand based on stability, upward mobility, commitment to a specific field, and overall reputation. The best attorneys often work in competitive markets, emphasizing the importance of a strong brand.

To succeed, you must market your product effectively. Just as companies advertise to reach potential customers, you should strategically present your skills to attract job opportunities. Updating and distributing your resume to a wide audience is key to securing interviews and offers.

Considering yourself a product, it's vital to assess the market for your skills. A product is only marketable if there's demand for it. For instance, pursuing a career in a declining field or in a location with limited opportunities can hinder success. Constantly evaluate your marketability, adapt to changing trends, and position yourself where demand is high.

Lastly, successful marketing involves putting your brand before a large audience. Actively promote your skills and maintain a strong brand throughout your career. Understand that your product's marketability can change, requiring continuous efforts to stay relevant and appealing to potential employers.

Success in your legal career hinges on having a marketable product, building a strong brand, and effective marketing. Be aware of market trends, assess your skills' demand, and strategically position yourself to achieve lasting success.

Days or weeks before losing their job, individuals seek interviews with law firms, questioning potential pay cuts. If their current salary is $200,000, we might suggest $150,000, but they often insist on maintaining their worth at $200,000. Many face the challenge of selling their product, demanding higher prices than the market accepts, resulting in unsuccessful transactions. To succeed, one must consider how to present and sell their product effectively.

For instance, a Midwest machinist facing a declining job market could explore opportunities elsewhere. If auto factories close in the region, they should identify areas with demand, perhaps researching new auto plants like a BMW factory in Spartansville, South Carolina. Adapting and exploring markets where their skills are valued is crucial.

This lesson extends beyond professions. A recent real estate boom fueled by low interest rates created a surge in work for small firms. However, 18 months ago, the real estate market slowed, leading to layoffs. Firms had to adapt, and some shifted to advising on bankruptcy and foreclosures, creating opportunities for bankruptcy attorneys.

Your practice area's marketability is vital. Consider the demand, competition, and your unique skills. Just as businesses evolve, attorneys must adapt. Recognize when your area faces challenges and explore alternative markets or adjust your approach. Your career decisions shape your marketability, impacting your ability to survive and grow.

To thrive, view yourself as a business. Actively promote your skills through writing articles, engaging in social media, and curating relevant news. Develop a brand that reflects your strengths and appeals to potential employers. Constantly evaluate your market, adjusting your strategy to remain valuable and in demand.

Remember, a growing business attracts attention. Highlight your career progression and improvements to present yourself as an asset. Whether choosing a practice area, location, or firm size, analyze market conditions. Understanding and adapting to your market's dynamics will ultimately determine your success as a legal professional.

Politicians, lawyers, and professionals, all possess individual brands, crucial for career success. Your chosen brand type and its quality relative to peers significantly influence your trajectory. But what does your brand signify?

Every attorney in every law firm owns a brand. Conversations with lawyers often reveal concerns about a suffering brand due to firm decisions or personal actions. Maintenance is crucial. Consider how swiftly brands go under – a cautionary tale lies in the news.

Media snippets narrate individuals losing jobs due to over-the-top comments, negatively affecting their brand. Even political figures like Rashida Tlaib face brand damage. Every action resonates in your brand; awareness is paramount. Brands come with varied attributes, evolving based on your decisions and experiences.

Your brand mirrors decisions such as job status, part-time roles, in-house preferences, academic performance, and job changes. Contemplate: What is your brand? Every career move shapes it – a profound reflection on your employability. Understanding your brand is essential for optimal marketability.

Your brand determines your perceived value, influencing earning potential and demand. Scrutinize your brand – what does it convey now, and what do you desire it to communicate? Vigilant management ensures a positive brand image.

Your brand requires constant attention. Companies invest heavily in brand protection; legal careers are no different. Billboards, magazine ads, and internet campaigns exemplify brand representation, shaping public perception. Emulate their strategy: consider the impression you want to leave.

Brands evolve based on workplaces, practice areas, and other factors. What is your brand, and how does it align with your career decisions? Ponder the impact on employers – your brand precedes you. Your decisions, promotions, contributions, and enthusiasm collectively define your brand.

Understand your brand's significance. It affects job prospects, salary negotiations, and trust. Meticulous brand management safeguards against unwanted associations, enhancing marketability. Project an image aligned with your aspirations.

Reflect on your career decisions: marketable or not? Small decisions compound into your brand. Stay mindful; consistent, positive choices refine your brand. Build a brand indicative of reliability, trustworthiness, and commitment. Employers value stability – be the person they can trust.

Your brand's trajectory shapes your narrative. If it reflects growth, adaptability, and reliability, employers take notice. Longevity in a firm establishes trust – it's a valuable brand trait. Strategically align your brand with your aspirations.

Brands influence job searches. Some firms prefer stability, while others appreciate growth. Tailor your brand to the market you target. Meticulously crafted brands attract favorable attention. Be the sought-after candidate, not the desperate one.

Marketing is your brand's lifeline. Package yourself effectively; appeal emotionally and rationally. Understand your market – larger firms have distinct preferences. Embrace marketing strategies, especially if moving to a different locale or practice area.

Marketing extends beyond recruiters. DIY initiatives yield results. Explore unadvertised opportunities. Market yourself online; craft an appealing narrative. Maximize visibility, realizing your value proposition. Strategic marketing enhances job prospects.

Recognize your brand's significance. It's not just about what you sell, but how you sell it. Master the art of marketing – it's your career's linchpin. Your brand precedes you; manage it meticulously for sustained success.

QUESTIONS:

All right. Awesome. Let me set up a Word document to take questions. Questions are crucial in these presentations. They help you understand and navigate your career. Today's presentation emphasizes understanding its core. I recommend reading marketing and branding books to enhance your self-marketing skills.

Understanding how to market yourself effectively is vital. Utilize resources like Google to find various places to work. Explore different markets, search family law firms, or corporate law firms in your area. The key is to realize the vast opportunities available. Many people underestimate the size of the job market. Don't limit yourself; explore and apply widely.

Marketing yourself is crucial. In larger cities, like Madison, Wisconsin, numerous opportunities await. Don't overlook smaller markets like Lexington, Kentucky. Leverage online platforms and directories to discover potential employers.

When applying to firms, reach out through email or other communication channels. Many firms appreciate proactive candidates. Google is a powerful tool to identify potential employers in any location.

Understanding the size of the job market is crucial. There are countless opportunities regardless of your practice area. Effective self-marketing involves reaching out to numerous firms. It's not about where you went to school; it's about showcasing your skills.

To secure the best deal, market yourself extensively. Apply to multiple firms; the more, the better. Your efforts may yield various offers with different terms. It's about finding the right fit for your skills and goals.

I often notice people struggling to find jobs or settling for positions beneath their capabilities. The primary reason is often inadequate self-marketing. Getting a job is relatively easy when you explore the multitude of opportunities available.

Regardless of your location, there are many firms you can apply to. Don't limit yourself; explore various options. Understand the market's breadth and seize the opportunities that align with your career goals.

If you want to apply to a specific office, reach out through email. Many firms appreciate proactive candidates. Take the initiative to stand out in the competitive job market.

Now, let's shift to another topic. Establishing a personal brand is crucial for career advancement. Defining and promoting your brand requires a strategic approach. Treat your career like a small business, focusing on key aspects.

Your brand's most critical component is what you do and do not do. Specialize in a specific practice area to stand out. Explore the plethora of practice areas and choose one that aligns with your interests and goals.

Being an expert in one area makes you more marketable. Clients seek specialists, not generalists. For instance, specialized areas like education special needs can attract more attention. The key is to define your brand around a niche.

Promoting your brand involves consistently showcasing your expertise. Write articles, attend conferences, and engage in social media to increase your visibility. Be the go-to person in your chosen practice area.

Don't be discouraged if you've faced setbacks. Your brand evolves over time. Focus on becoming an expert in your field, and success will follow. Remember, clients care more about your expertise in their specific needs than your alma mater.

Lastly, consider your career a long-term venture. You have ample time to refine and grow your brand. Specialization and consistent self-promotion will set you apart in the competitive legal landscape.

I hope this advice proves valuable for building and promoting your distinctive brand.

Alright, so I'm intrigued by treating my career like a small business, measuring the return on investment in terms of time, effort, and resources for my job search. What key performance indicators should I be mindful of? A small business has a product, a well-defined market, and ways of marketing. Your resume is your product, defining your practice area is your market, and understanding effective marketing is crucial. Ineffective strategies like mass job postings or applying to openings won't set you apart. Effective marketing involves finding less advertised opportunities and places where there's less competition. Personalizing your approach, dropping off your resume in person, or using platforms like Law Crossing can give you an edge.

I've learned a lot from my experiences. I used to be an asphalt contractor, and my approach to finding cheap trucks mirrors effective job searching. I'd look beyond the highly advertised options and find deals in less visible places. Similarly, targeting less saturated markets or niches in your job search can yield better results. Networking is pivotal too. Being genuinely helpful and making personal connections can open doors that traditional methods might not.

As for mentors, find someone you can work with and offer something in return. It's vital to find a mentor in your practice area. Volunteer, ask for informational interviews, and tap into bar associations or groups related to your field. Connecting with individuals and finding a market where you fit uniquely can make a big difference.

Now, about networking—it's about making personal connections and being seen. Being genuinely interested in others, offering help without expecting something in return, and staying connected with people are key. People remember those who offer something for nothing, who are a source of positive information, and who make them feel important.

In terms of legal technologies, having a database to track contacts is crucial. Defining a clear value proposition for yourself, something specific that you stand for, is equally important. Don't be part of the noise—find places no one else is applying to. Standing out with a defined specialization in the job market involves asking questions, networking effectively, and exploring niches that align with demand.

To truly excel, exposure is key. Reading, engaging with lawyers in various roles, attending talks—all that's crucial to grasp diverse aspects. Let's talk practice areas. Transactional attorneys handle things like real estate, corporate matters, and more. They focus on documenting, ensuring precision, and carefulness in their work.

On the other hand, there's litigation, encompassing various types like data privacy litigation, construction litigation, and more. This involves verbal skills and a different set of strengths—like those inclined toward English, political science, or psychology.

Your natural inclination, be it towards numbers and science or verbal abilities, can guide you toward transactional or litigation work. Choosing your practice area should align with what you're best at and what excites you most. It's crucial for personal fulfillment.

Moreover, consider whether you're motivated by working for significant entities or individuals, or if you're more inclined towards helping those who might be considered 'less important' in society. Also, assess your preference for independence versus collaborative work.

Decisions about your practice area, client preference, and work style all interconnect. Often, dissatisfaction arises when individuals are in the wrong area—someone meant for litigation ends up in transactional work, and vice versa.

Marketing yourself effectively matters. It's not just about sending emails; it's crafting a compelling message and reaching out to places that may not actively advertise openings. These strategies can offer better prospects than the conventional methods.

Now, for IP considerations. Trademark and copyright, while interesting, can be volatile based on the economy. Patent prosecution, on the other hand, offers stability and often requires a strong educational background and intense concentration.

So, should you accept a job offer in an unrelated field? Consider your passion for IP and the potential impact of shifting focus. There's work across various fields, but finding the right fit is crucial for professional and personal contentment.

There's a lot to ponder when choosing a career path. It's not just about what's available but what aligns with your strengths, passions, and professional aspirations.

The patent prosecution jobs are typically in hard sciences or life sciences, making it a crucial area for intellectual property (IP) professionals. Admittance to the patent bar is a prerequisite, requiring a bachelor's in a science field, and ideally a master's or PhD for better job prospects. Success in patent prosecution often correlates with higher degrees, emphasizing the competitive nature of the field. Trademark positions can be challenging due to economic dependencies and sporadic work.

Patent litigation also demands patent bar admission and advanced degrees, becoming a common requirement for prestigious positions. Entry into the IP field involves navigating a class structure where the most successful attorneys hold patent bar admission and scientific backgrounds.

Without these qualifications, breaking into IP becomes challenging. LLM programs may not suffice, emphasizing the need for substantial academic and professional credentials. Life sciences present the most demanding landscape, with firms often requiring a Ph.D. for hiring.

However, patent prosecution jobs remain accessible even in smaller firms. Opportunities are available across the country, highlighting the demand for skilled professionals. While trademark roles may fluctuate with economic conditions, the IP world is largely dominated by individuals with degrees in sciences and Ph.D.s.

Entering the IP field requires strategic career decisions. Competition is fierce, and success is closely tied to educational and professional achievements. The challenging nature of IP demands a comprehensive understanding and commitment to pursuing advanced degrees for long-term career growth.

Moving to the job market, seeking a bar license in a state with a robust market or networking with relevant firms are viable options. Strategic marketing involves more than just emailing firms; creating personal connections, sending letters, and leveraging online platforms contribute to a more effective approach.

Individuals looking to enter IP should recognize the competitive landscape and the importance of aligning qualifications with industry expectations. As for changing law firms, showcasing loyalty is critical. Reapplying to a firm previously considered may be risky if the previous departure raised concerns about loyalty. However, building strong relationships and maintaining a desirable professional image can enhance future opportunities.

For those aspiring to corporate legal roles, personal branding is crucial. Specializing in a niche area enhances the chances of securing in-house positions. A deep understanding of the practice area, coupled with relevant experience, makes an attorney a valuable asset to corporate legal departments.

Finally, defining oneself beyond the law school attended is essential for a successful legal career. While a prestigious law school is an advantage, long-term success is built on expertise, practice areas, and overall contributions to the legal profession.

Navigating the IP landscape requires careful consideration of educational and professional qualifications, strategic marketing, loyalty considerations, and effective personal branding for specific legal roles.

Okay. I've periodically faced challenges working for others. Received positive feedback for legal abilities and love the work. Consistently deliver good results. However, conflicts with people around me without delving into details. How can I improve without disrupting my career?

Firstly, embrace yourself; there's nothing wrong. Many successful attorneys share similar traits. Even renowned figures in the legal field have displayed challenging behavior. If conflict is hindering your work experience, consider addressing it. Seek therapy, workshops for anger issues, or explore medication options. Resolve conflicts to enhance your employability while staying true to yourself.

In any profession, there are soldiers and generals. Soldiers follow orders, respecting authority, while generals strategize and give orders. Decide whether you want to be a soldier or a general. In a firm or company, act as a soldier, respecting authority. Strive to excel, and with time, you may advance to a leadership role. If working for others proves challenging, consider entrepreneurship. Many successful professionals faced similar hurdles but found success on their terms.

Another query: Is it dishonest to claim leaving a firm when fired during an interview? While most firms won't explicitly state you were fired, honesty is crucial. Craft responses emphasizing other factors, such as insufficient work or misalignment of responsibilities. Protect your reputation by redirecting the conversation positively. As an attorney, adeptly framing situations is vital, much like representing a client without admitting guilt.

Addressing a situation where an associate faced unfair termination, partners may scapegoat others to deflect blame for their mistakes. Junior associates are prone to errors, and partners may exploit these to protect their interests. Learn from such experiences, focusing on meticulous work and cultivating positive relationships. Understand the dynamics between soldiers and generals to navigate the professional landscape successfully.

Lastly, when reaching out to firms without listed jobs, don't fear being perceived as annoying. Compliment their achievements, express genuine interest, and focus on building a positive connection. Remember, cold calling is a common practice in business development. Be proactive in seeking opportunities and showcase your value. Don't be hesitant; seize the chance to make a lasting impression.

I appreciate everyone's participation in this webinar. Stay tuned for next week's session, where we'll explore effective strategies for securing positions through marketing. Thank you all for joining today.