The “Attorneys in Transition” event on May 8 will have five panelists talking about the job market and offering tips about finding that next job. We will be doing a Q & A with each of the panelist throughout the coming weeks.
One of the panelists is Jeffrey C. Simon, CFP, Financial Consultant, RBC Wealth Management. Jeff has been in wealth management since 1994 and has experienced numerous market cycles and uncertain economic conditions.
What are your top three pieces of advice for a lawyer looking for his or her next job?
- Set realistic financial expectations and draft a survival budget.
- Consider rolling your old employer’s 401(k) into an IRA.
- Review your investments and consider creating more liquidity.
How should lawyers keep busy while they look for a job?
They should set up a support network and connect with everyone they know. For networking, it is not always who you know but who the people who the people you know are connected to.
What do you hope those who attend the event will take away from or learn from the panel discussion?
I hope that the attendees leave the event with resources and an understanding for making the right financial decisions during this difficult, yet opportunistic, time.
A staffing service specializing in attorneys, paralegals and other skilled legal professionals reported in March that despite a down economy and layoffs in the legal field, one-quarter of lawyers interviewed recently said their organizations would be adding personnel in the next 12 months.
The majority (65 percent) of survey respondents forecast no change in staffing levels. While one in 10 attorneys said their firms and corporations would be reducing the size of their teams in the coming year.
Developed by Robert Half Legal, the survey was conducted from Feb. 11 to 27 by an independent research firm and includes responses from 300 attorneys among the largest law firms and corporations in the United States and Canada. All respondents have at least three years of experience in the legal field.
Lawyers were asked, “Do you expect the number of lawyers employed with your law firm/corporate legal department to increase, stay the same or decrease in the next 12 months?” Their responses: 25 percent said increase; 65 percent said stay the same; and 10 percent said decrease.
The two practice areas anticipated to experience the most growth, according to those polled, are bankruptcy and litigation. Continue reading →