Facing a Law Firm Layoff in 2009? Inside Information on How to Ride Out the Storm.
When I graduated from law school back in 1999, we were in the middle of a salary war among the biggest firms.
Biglaw was increasing first year salaries each year in the hopes of luring the best and the brightest. By the time I started after my clerkship, first year pay was up to $135,000 a year and the Summer associate programs were out of control.
Dinners at Sushi Sasabune, weekends at La Quinta, Dodger games, trips to San Diego … they wined us, dined us and begged us to choose their firms.
Those days are over for a while. Summer Associate programs are being cut and lawyers are being laid off in droves. Graduating from law school in today’s market must be quite scary.
But, I’ll tell ya what, though it doesn’t appear to be the case, all of this could be one of the biggest blessings you’ll ever experience in your legal career.
Let me remind you that while big firms are struggling financially, the demand for lawyers and legal services is higher than ever.
And, there’s millions of lawyers who have gotten stuck in jobs they hate simply because they went to law school and figured if they could get a job at a big law firm, that’s what they should do because that’s where the money is.
Well, guess what? Now, that’s not where the money is and that’s certainly not where the enjoyment is, so why would you want a job at a big law firm anyway?
Thousands of people right now are in bankruptcy and need a lawyer, savvy real estate investors are out on the prowl with the help of their trusted attorneys, high profile deaths such as Michael Jackson’s or Steve McNair’s have parents scrambling to get their estate planning ducks in a row, and more people than ever are starting businesses and need ongoing support to protect their brands, their personal assets, and grow their visions without worry.
These folks, who are actively looking for lawyers right now wish they had a great alternative to the traditional, outdated lawyer, like those found stuck in many of the big , stuffy law firms.
In the new economy, families and small business owners want a trusted advisor who is creative, thinks the way they do, but a bit more objectively, and who works under a new model. They are looking for a lawyer not only willing to create an ongoing relationship with their family, but who have a system in place for doing it and who will set a fair and reasonable fee without nickel and diming them to death.
That could be you. If you’re at a law firm and facing a layoff or you’ve already been laid off, recognize that you’ve been given the greatest opportunity of your life to make it happen on your own.
The key is to follow a proven model that works so you don’t make years of unnecessary and expensive mistakes. I’ve got a few resources to make it super easy for you to get started without making a big investment:
- First, be sure to download and use the practice tools I spent over $22,500 to create for my own law firm. You can get them here: http://www.lawbusinessrevolution.com. If you’ve already joined the revolution, be sure you are USING the tools. They only work if you use them.
- Once you learn what it takes to start your own firm, you might feel a little scared about the fact that you are starting out in a “bad” economy (though if you take my advice this economy will turn out to be a boon for you). Don’t get stressed. I have help. Download my audio program that walks you through the practical steps you need to shift from fear into faith (and grow a great business!) in this economy.
Just remember, a layoff may come—or it may have already come—but you don’t need to feel discouraged or sorry for yourself! This is a huge opportunity to do something better than you ever imagined with your life and walk through that open door that’s staring you in the face. You’ll be glad you did.
PS – if you need capital to start or grow your law firm, we are going to be having a call on law business credit. Save the date of August 6th at 3pm ET/ 12pm PT. More details to come.
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