Who Has The Work (and who has too many on the payroll)

 The legal media has shifted attention from long-form coverage of poaching to who has the work.

For example, Bloomberg Law has an extensive feature on the three law firms picking up assignments with 3M. They are Wachtell, White & Case, and Kirkland & Ellis.

Paul Weiss landed the Revlon bankruptcy.

That media noise about new business development is a sign of the growing anxiety about the global economic slowdown. The jitters could spread from the concern about the decline in dealmaking to other transactional-law practices. Of course, the firms' leadership has to ward off any indication of financial distress because of softening demand. That sends the wrong signal, which could drive away the new business which could save it. 

But also in the worry loop are employees at all levels. As we know, partners not bringing in business and not piling up the hours can be forced out. Abovethelaw does warn lawyers to not get cute and leave early and balk about a workload because, you get it, that could provide ammo for laying them off. That could come in the form of a stealth layoff resulting from a negative performance review.

For business in general - and business constitutes the clients for law firms - there is a bluntness about what could be going down. Today, the Bloomberg headline reads:

"Ford CEO Farley Says Automaker 'Absolutely Has Too Many People.'"

Daily, influential professional network LinkedIn reports on who's already laying off across all sectors.

The really scary part is that no one can predict the severity of what would be officially classified as a "recession."

So, I am asked more and more by those who still have a job what should they do to hang on to it? I learn the most from my clients. Here's what they tell me:

• Yes, beef up the face time. That might include coming into the office even with WFH and more often in a hybrid situation. It's more difficult to terminate those with whom there is an in-person connection.

 

• Investigate what those who could "save" you in RIF really need. Then deliver that, even if you have to put in extra hours. That can also include favors not related to work. Know a lot about the admissions process at the prep school the boss's boss wants to get her daughter in? Share that. 

 

• Be cautious in the grapevine. Of course, everything you say can be used against you. Don't speculate. Don't pass along gossip you have picked up. Of course, listen. Folks like to jaw-jaw and will strive to impress you with what they (supposedly) know. 

 

• Don't show fear. That's palpable and makes you a target. (A Tarot reading can reduce the angst. I specialize in one-card pulls. They are quite affordable.)

 

• Consider developing other sources of income such as renting out a room or starting an online business. 

 

• Cancel planned large purchases, of course. Should the away-from-home vacation be forgotten? Day trips are lower-cost fun.

If job loss comes, embrace the pain. Don't let anyone foist on you toxic positivity. That is, positioning and packaging the development as a grand opportunity for such things as finding the dream job. 

Purpose-driven intuitive career coaching, including Tarot Readings. For more information or a complimentary consultation, please contact janegenova374@gmail.com or text 203-468-8579.