Surviving the Economy: Dancing in the Economic Storm

Rodney Abstone, Legal Executive and Staffing Consultant, Chicago Legal Search, Ltd.

Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.” — Vivian Greene

Americans remain apprehensive about the economy, their job prospects and their incomes, even as a recovery is taking shape. We as a country are going through a financial crisis, which is testing us in many ways. Although, individually, we are being and will be affected to different degrees and in various ways, as a country, we are learning how to deal with these challenging times.

It is natural for us as recruiters to be concerned about our future when we see the economy struggling and people getting laid off. Anger is building in many sectors of society. Like many others, you may be feeling fear, anxiety, anger and even hate towards those you believe are responsible for what has happened. However, these emotions will not help you deal with the situation effectively.

Each of us desires the kind of comfort that will keep us steady in times of crisis, regardless of the circumstances. The process of remaining steady in challenging times begins with our outlook. It is important to remember that during difficult moments, we are not powerless. Rather, the contrary is true. We have the power to overcome many of the challenges we face. All too often, we feel so overwhelmed by negative possibilities that we fail to see opportunities before us. It is imperative to maintain an optimistic attitude during arduous times like these.

Arming yourself with practical tools for survival has become more necessary than ever. An important factor in determining your long-term survival is having a keen understanding of market activity. This year, small and mid-size law firms have been busier than larger ones. Some of these firms are litigation boutiques whose business has increased as a result of litigation related to failed companies and financial institutions or disgruntled investors. Securities and white-collar litigation also has begun to improve. Labor and employment litigation has increased since more companies have implemented layoffs. IP litigation also has remained a strong practice area in most markets. Bankruptcy and reorganization practices have thrived as a result of the economic impact on companies. Additionally, many smaller firms are busier because corporate clients have sought (or demanded) lower fees. Undoubtedly, this trend is likely to continue in the foreseeable future.

Employers of all sizes are taking longer to make hiring decisions. Consequently, you will have to work twice as hard to recruit for those positions where critical shortages remain even in a negative economic cycle. It is a tough job market out there – probably one you never thought you would encounter in your career. Opportunities are scarce in this economic climate and this is the new reality. But we are going to be okay as long as we do not talk ourselves out of future success.

The current economic trend needs to be kept in perspective. This recession is not “The Great Depression” that some of our parents experienced. Comparatively, what we are going through today is a walk in the park. We are still living in some of the very best economic times in the history of the world. They may not be as good as they were a few years ago, but they certainly are not as bad as they were many years ago.

Recruiting seems to attract people who thrive on competition. This recession is your chance to see how much you can grow. With that said…now is the time to outdress, outspeak and outsmart your competition.

And most importantly…it’s time to learn to dance!

Posted by Rodney L. Abstone, II on January 15, 2010. Filed under Legal/Compliance, Recruiting, Sourcing, Thought Leadership. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry