Economic malaise needn't be a terminal disease

Adam Anderson
Associate at Beus Gilbert in Scottsdale, Ariz.

Times are tough right now. My wife used to scoff at my claims of saving money on gasoline by riding a motorcycle and bicycle to work. Now she asks me why I have to ride that gas-guzzling 41 miles-per-gallon motorcycle and can’t just rely on my bicycle.

In this economy, law firms are in a situation similar to the one I was in — only the way they’re seeking balance includes reducing the number of associates they keep around.

So how can you, a summer associate in a tough market, get an offer and keep your gig?

I have one word that I will repeat three times: litigation, litigation, litigation.

If you are observant, you will probably notice that the associates who are spending time at the summer programs tend not to be litigators. Why? The litigators have all the work when the economy goes sour and corporations sue each other. While corporate and tax associates play with summer associates and worry that their salaries will not be justified, litigators are eating three meals a day at their desk while they respond to hundreds of requests for admission and interrogatories, spend hours on Lexis or Westlaw, review thousands of pages of useless documents and digest deposition transcripts.

Looking for job security? Litigate. And it won’t hurt if people like to work with you.

Tracey I. Batt
Executive director of New Jersey Volunteer Lawyers for the Arts.

I hate to say this, but the best thing a summer associate, or any associate for that matter, can do to adjust to these insecure economic times is this: Don’t get too comfortable.

Unfortunately, not everyone will make it. Not everyone will receive an offer at the end of the summer. Of those who do, a very small percentage will go on to make partner. So don’t assume that you will be one of those select few.

By all means, work as though you expect to be at the firm until you can collect Social Security. Make yourself invaluable. But don’t jump right into the $4,000 a month apartment, the Lobster of the Month Club membership and the massage chair from SkyMall.

Be frugal. Put away as much money as you can while still enjoying the fruits of your hard labor. Don’t put yourself into a financial position from which you cannot extricate yourself should the need arise.