Beating the recession
It’s easy to feel frustrated and concerned in the current climate, but there are plenty of ways in which to survive the downturn. While some are already dealing with redundancy, others are feeling the threat of redundancy or wondering how long they can keep busy with an almost non-existent workload. With a bit of thought however, you can not only keep busy but also improve your skills.
Move East
A significant number of lawyers are looking to relocate abroad and the once-booming influx of Antipodeans is now reversing as many look set to return home to an economy that is perceived to have suffered less. It is no coincidence that the recruitment drives that used to take place from Australia to London have turned on their head, and working in Australia or Dubai are now being promoted as the places to be. The economies of the Middle East, Dubai in particular, and Asia are far more buoyant than the UK and although perhaps not at the same level as six months ago, they are still recruiting. Lawyers with financial services, banking, litigation, project finance or corporate experience could benefit from working in such a market for the next few years.
Diversify your skills
If your specialism has been affected by the downturn, then you may want to consider diversifying, and move into an area that has a natural cross-over and which incorporates similar skills. Alternatively, becoming more of a generalist may help your prospects in this climate. We have heard from a few lawyers who are considering retraining. This may be feasible for those who have worked in smaller firms where there has been an opportunity to diversify and dabble in other areas, however for most this is highly unlikely: retraining will entail huge sacrifices, and not only impact on your salary expectations but also on your level of seniority.
Be proactive within your firm
Speak to your partner and HR about what is available in the firm. There may be opportunities that you are not aware of, and where your skills can not only be put to good use but where you can also get the chance to upskill. Employers will think well of any employee that works hard to remain focused and seize opportunities. An increasing number of lawyers are being either redeployed or retrained. If you are willing, there are opportunities in some of the larger firms for redeployments to the emerging markets such as the Middle East or Russia, where the effects of the economic climate have not been so harshly felt. Likewise, there may be an opportunity to go on secondment and thereby gain a greater understanding of wider business and commercial issues.
Network with clients
Now is the time to hone your networking skills. This has not traditionally been an area where lawyers have excelled, but if you can forge strong relationships with clients and develop new business, then you will always be highly regarded by employers. As workloads decrease, there is much more opportunity and time to get out and meet clients face-to-face; maintaining relationships during the current climate, listening to clients and truly understanding their needs will only stand you in better stead for when there is an upturn.
Improve your CV
If you are looking for a new job, your CV needs to reflect your skills and achievements. Consider tailoring your CV to each job that you apply for – focus on the key attributes and skills needed for the job and make sure these come across immediately. Your CV should be achievement-focused and clearly highlight your main selling points. Only the very best talent will succeed in the current climate and therefore you need to make sure that your CV is a clear reflection of your talent.
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