Ideas for Financial Services Attorneys, Part 2
Transitioning out of the financial services industry will be easy for some inside counsel and nearly impossible for others. Our career advice columnist explains.
November 02, 2008 at 07:00 PM
5 minute read
The original version of this story was published on Law.com
Last month I offered some initial advice for inside counsel in the financial services industry who may be facing layoffs. Now I address the challenge of transitioning out of financial services altogether.
Come to terms, quickly, with your marketability. Do you have an easily transferable specialty? Example of easy: public company reporting securities expertise, such as 1934 Act work, proxy statements, etc. Not easy: an investment advisor focus, such as broker-dealer expertise and 1940 Act work. Easy: mergers, acquisitions, and general corporate finance. Not easy: mortgage- or asset-backed financing and securitizations.
Let me be clear, I'm not suggesting that landing a new position will be easy for anyone. I'm saying that, in my opinion, some of you can expand your job search to other industries. Whereas in-house counsel with niche financial services expertise should take another approach. I'll address both situations.
Truly transferable experience
If your experience can play outside of financial services, then you can take a traditional job search approach. Get a good career coach, outplacement service, or a legal recruiter to give you input on your resume, just to make sure you are presenting your practice focus in a manner that will be attractive across industry lines. However, your message is pretty simple. For example: “I handled employment law matters at Wachovia and have great references. General Mills, Apple, Abbott or (insert target name here) can plug me into its employment law role with no learning curve needed.”
Do everything that common sense would dictate in tough times. Accept relocation as an option to increase the number of corporate legal departments you can target. I always offer the same extreme example–Wal-Mart. Wal-Mart has posted many counsel positions online over the years, and they have used outside recruiters to attract attorneys with solid credentials to the corporate headquarters in Arkansas. As you read this, I bet that quality resumes are flooding into the general counsel's office at Wal-Mart from lawyers willing to move to Arkansas.
If you are responding to an active opening, as opposed to making a general inquiry, tailor your resume to meet that specific job description. Stop putting all of your experience on the resume. Instead, emphasize your practice experience most relevant to the specific position. Expand on the bullet points and narrative that speak directly to what the employer is seeking. If you are applying for a non-managerial position, delete the overview section at the top of your resume that talks about your leadership skills and management experience.
With a mix of diligence, assertive networking, patience and luck, hopefully you will land quickly and softly.
Attorneys with niche financial services experience
This is hard advice. You should face, quickly, the likelihood that you will not find a good in-house position until the financial services industry recovers. Your goal should be to buy time until your niche experience is once again in demand.
On a positive note, your niche may be in demand right now, just not in the traditional context of an in-house job with a big bank. The industry may be shedding jobs, but lawyers are still needed to help sell off troubled assets, restructure commercial loans and fight the barrage of lawsuits that will surely come from shareholders.
Will your former law firm take you back? Can you use your contacts and expertise to make a little rain for a law firm and get a slice of this pie?
Read, or re-read, “Who Moved My Cheese?” by Spencer Johnson. It's a simple little book with a straightforward message about dealing with forced change. Nonetheless, it inspires creative problem solving. Whenever significant hurdles face my business, like Internet job postings or a recession, I re-read Johnson's book and end up making changes that yield alternative revenue streams.
For someone with specialized finance expertise, such as collateral debt obligations, don't run from what you know. Instead, figure out how to leverage what you know into new money-making opportunities. Here are a few more crazy ideas: Write a book, teach a graduate level course on the topic, become a talking head on CNBC or offer your expertise as a consultant to government entities charged with implementing intervention programs. Start a new business aimed at helping homeowners restructure their mortgage loans, look for work at a think tank, offer yourself as an independent contractor to banks that need your expertise but can't hire.
Some of these thoughts may seem silly to you, but the point is to get you thinking in the broadest possible way about options. I suspect that I'm barely scratching the surface of what you can do with your specialized finance experience. So, take control, think creatively, get motivated and do whatever it takes to monetize your expertise. Lastly, don't let spouses or other influential people in your life become naysayers. Don't let their fear or conventional thinking become roadblocks. If you want encouragement as you head into unfamiliar territory, you may reach out to me anytime.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllBeyond the Title: Developing a Personal Brand as General Counsel
Step 1 for Successful Negotiators: Believe in Yourself
Deluge of Trump-Leery Government Lawyers Join Job Market, Setting Up Free-for-All for Law Firm, In-House Openings
4 minute readTrending Stories
- 1'Largest Retail Data Breach in History'? Hot Topic and Affiliated Brands Sued for Alleged Failure to Prevent Data Breach Linked to Snowflake Software
- 2Former President of New York State Bar, and the New York Bar Foundation, Dies As He Entered 70th Year as Attorney
- 3Legal Advocates in Uproar Upon Release of Footage Showing CO's Beat Black Inmate Before His Death
- 4Longtime Baker & Hostetler Partner, Former White House Counsel David Rivkin Dies at 68
- 5Court System Seeks Public Comment on E-Filing for Annual Report
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250