Legally Speaking’s Counsel to Counsel

January 16, 2009 Legal Recruiter No Comments

By:    Nancy C. Grimes

        President, Managing Partner

        Grimes Legal, Inc.

 

Nancy Grimes has over twenty years’ experience serving the legal industry.  Clients include international, national, regional, local and independent law firms and attorneys.  “Counsel to Counsel” is updated bi-weekly.

 The Question:  I am a finance associate and my firm’s administrative partner has informed us that we are beginning to feel the “financial market strain” and firm management is contemplating possible solutions.  One possible solution is a layoff in the slower practice areas.  With finance being one of those areas, how do I prepare myself for a potential layoff?

 Signed,

Dreading the Inevitable

 

The Answer:  Dreading the Inevitable, you are not alone.  As their corporate clients show the financial strain resulting from the nation’s sagging economy, many of the major law firms are beginning to respond with cut backs of staff.  How can you prepare yourself for what may indeed be inevitable?  There are several things you can do to make the layoff and your subsequent job search go more smoothly. Being laid off is never completely stress-free, but if you start preparing before it happens it’ll be much easier to deal with.

  1. Be Proactive - If the rumors of layoffs persist it might be time to request a meeting with head of your group.  Tell them you’re concerned about the possibility, and if it seems likely layoffs might occur in your department, ask if you can interview for new jobs while still employed (explaining that you’ll make up the time by arriving early or working late).
  2. Update your Resume - This is a good time to take a look at your resume and make sure it’s up-to-date. If you’ve been in your current position for several years without updating, your resume probably needs an overhaul.  Make a list of your most significant accomplishments in your current job, as well as any new skills you’ve learned or responsibilities you’ve had.
  3. Start Networking - If you haven’t been keeping in contact with your business associates, now is the time to get in touch. Reestablishing contact before a layoff occurs will be more effective than calling out of the blue to ask about job leads after it happens.
  4. Do your Research - This is also a good time to do research and find out what types of severance packages other firms are offering. If you do end up being laid off, you’ll be better equipped to negotiate a more beneficial package for yourself.  Here is a list of other benefits that might be included in a severance package:
  • Long-term disability Temporary disability
  • Life insurance conversion privileges Long-term care
  • Accidental death and dismemberment 401K plan conversion
  • Employee loan Employee Assistance Plan (EAP)
  • Tuition refund plan Relocation