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By all reports, we are in the midst of a major cultural shift. It goes by different names: the experience economy, the conceptual age, the creative age and the culture of meaning, among others. But the given name is largely irrelevant. The core message is that we have entered an era in which workers are willing to give up money and status to claim greater professional camaraderie, find meaning, align with values and create work-life synergy.
At the same time, the very nature of work has changed. There is little job stability or security in the workplace. Pensions and gold watches are relics. People entering the workforce expect to change jobs just about every two years. Transition is now the norm.
The legal profession is experiencing the effects of these dual cultural forces. Lawyer dissatisfaction and attrition is rampant. Recent data shows that 37% of associates leave large firms within the first three years and a sizeable 77% depart within five years.
While firms focus on launching initiatives to foster employee engagement, lawyers are busy rethinking and refining their career expectations and goals. Fewer are looking at the partnership track as a viable or attractive option. They are not in it for the long haul and are charting their career paths accordingly.
One of the most overlooked keys to navigating your legal career in this new marketplace is to have a well-crafted exit strategy.
Design An Exit Strategy Early In Your Career
The term “exit strategy” is commonly defined as the method that a venture capitalist or business owner intends to use to get out of an investment that he or she has made. As a lawyer, you have invested an enormous amount of time and money in your education and work. To optimize this investment, you need to know when and how to leave a job for another opportunity.
Many people wait to devise exit strategies until they have an urge or need to change jobs or careers. This is a mistake. Think of your exit strategy as an ongoing process that starts before you even take your first job. It is the process of knowing yourself and actively managing your own career.
Communicating this idea in “The Brand Called You” (Fast Company, August 1997, Issue 10), management consultant Tom Peters noted:
“It’s time for me—and you—to take a lesson from the big brands, a lesson that’s true for anyone who’s interested in what it takes to stand out and prosper in the new world of work. We are CEOs of our own companies: Me, Inc. To be in business today, our most important job is to be head marketer for the brand called You.”
Branding Is About Self-Awareness
For lawyers, the personal branding Peters refers to derives from self-awareness. You need to ask and answer questions like:
• What work and job responsibilities do I find meaningful and enjoyable?
• Who do I like to work with and for?
• What type of office environment energizes me? What type depletes me?
• Do I like to work alone or do I thrive as part of a group?
• Do I have the personality to be an entrepreneur and run a solo practice?
• Do I need feedback and, if so, how much do I need to feel visible and valued on the job?
• Do I enjoy putting in long hours or do I prefer shorter days or flextime options?
• Does money bring meaning to my work or do I find meaning in the nature of the assignment, client interaction, results obtained or some other marker?
This personalized approach to career management is also about identifying and owning what you bring to the table and what sets you apart from the pack. Business relationship expert Keith Ferrazzi refers to these differentiators as currencies. Your currency is your capacity to help others fulfill their mission or vision of themselves in some way. Most people have multiple currencies. Some are naturally stronger and appeal to us more than others.
Determine Your Own Currency
To discover your currencies, Ferrazzi suggests that you consider these questions:
• What about you or your interests engage the people you interact with?
• When and how have you helped others succeed?
• What aspect of helping others makes you feel fulfilled?
• How can you integrate your currencies into your career plans?
Once you have completed this self-inventory, you can start managing your career.
A focal point of your management efforts should be your professional relationships. Consider all the connections you have nurtured and can draw on: law school professors, summer associate mentors, law firm bosses and co-workers.
Find ways to meet with people who can relate to your proactive approach and give you insight into industries, firms or positions that interest you. You might also choose to participate in professional networking groups or associations. Cast a wide net and do not be afraid to ask for leads.
Should you burn out and become upset with your work, remember that it is best not to burn bridges. A much-referenced career management tip is to be gracious as you transition from one job to another. The people who you are leaving behind remain an integral part of your business network. Remember to always leave the door open—at least a crack.
Another component of managing your career is to realize that your present job likely offers you a host of opportunities to build business skills and experience. By exploring these avenues, you get to know your professional self and can identify practice areas you like.
When I was an associate at Weil Gotshal & Manges, a large New York firm, I worked on sports antitrust matters. I enjoyed my assignments and found them challenging and rewarding. But what really captured my passion for the law and spurred my decision to partner in a small Wall Street practice just four years out of law school was the enjoyment—actually, the thrill—of working on a pro bono political asylum case, which offered me autonomy and direct contact with clients who truly appreciated me and my work.
To this day, I look back on my decision to take on that pro bono matter as the pivotal moment in my career: I took the reins and started consciously guiding my life in the law.
Along with larger cultural shifts, transition is now a part of almost every legal career. Change can be daunting, but also promising. If you recognize that actively managing your career is the ultimate exit strategy, you will be well positioned to find jobs that bring meaning, purpose and success to your life.
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RESOURCES
Article in FastCompany magazine by Tom Peters, August,1997.
Big companies understand the importance of brands. Today, in the Age of the Individual, you have to be your own brand. Here’s what it takes to be the CEO of Me Inc.
