Leverage For Lawyers

Posted by Elizabeth Zelinka

I’ve been writing for months about the unfolding challenges confronting Big Law and the lawyers who work there.  It is understandable why most Big Law lawyers would rather not acknowledge what is happening—confronting the possibility of salary reductions, layoffs, and ultimately, a jobless recovery, is unpleasant. 

In fact, many of the debates around the proverbial water cooler right now tend to center around whether a particular lawyer is vulnerable or not.  Lawyers are analyzing all sorts of indicators—utilization rates, strength of practice area, potential billable hours, non-billable contributions—to help them assess how bleak (or solid) their prospects really are.  Certainly, to some degree, those factors remain important.  The fact remains, however, that Big Law is in the midst of a massive contraction, and like it or not, more lawyers will need to embrace a new future outside of Big Law.

My best advice—don’t just sit there waiting and hoping.  The time for creating a Plan B is while you remain secure, with good cash flow and solid confidence.  A good contingency plan is one of the best forms of risk management out there, and in the process of creating one, many professionals realize just how many options they have.  Options translate into empowerment, choice, direction, clarity and resilience.  These things serve us whether we ever need our Plan B or not.

Elizabeth Zelinka is a Consultant and Career Strategist with Zelinka & Prince Search Partners.  She can be reached through her website at www.zpsearchpartners.com.

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