Is There Life After Dot-Com?
It wasn't too long ago that law firms were begging for associate corporate transactional talent and bemoaning high attrition rates which, in large part, was due to the exodus of attorneys following the dot-com dream. But now, the dot-com gold rush is over, and many who left "old economy" in-house or law firm jobs are faced with compensation packages that include a low base salary and disappointing or worthless stock options or, even worse, no job at all. Since mid-2000, law firm attrition has virtually stopped, and the trend has reversed. Many "new economy" attorneys who saw the writing on the wall early enough found that they were welcomed back to their old jobs, or other similar positions, eagerly and with open arms. They were known as the "boomerangs".
However, as the economy has declined, hiring has slowed particularly for corporate attorneys, and disappointed dot-com attorneys may not find any positions available at their old firms, or any similar firms, for their return. Furthermore, there are many other former dot-commers on the market competing for those increasingly rare positions. Compounding the situation is the fact that law firms hired such huge classes of new associates over the past three years, that many are having difficulty in keeping the lawyers currently on staff busy, without hiring returning or laterals at those levels.
The competition for available in-house positions is especially fierce. Those positions are few and far between, and may be for staff attorneys, rather than General Counsel positions. Many former dot-commers were junior to mid-level associates who left their law firms to become GC of a start-up, and do not fit into any of the typical established in-house legal department positions which generally require a depth of knowledge in a particular practice area. These days there are numerous applicants for any in-house position, and the majority of them have dot-com experience on their resumes. So, what's a former dot-commer to do?
Tips for those seeking to come in from the dot-com cold:
- Work your network of contacts and ties with former bosses, mentors, and peers. For those who burned their bridges or left their firms in the lurch when running out the door in a big hurry, do not expect a welcome mat at your old firm. Look for new opportunities.
- Identify other "boomerangs"-those who returned to the same or other "old economy" in-house or law firms from dot-coms-and enlist their help.
- Sell your "new economy" skills as being transferable, i.e.: ability to handle multiple tasks, work faster, and take risks. Furthermore, you now have business judgment, organizational understanding, and industry knowledge in addition to your legal abilities. Offer tangible proof of these new skills.
- Emphasize your newly acquired legal abilities such as hands-on running of deals, negotiating and documenting agreements, experience with high-tech or intellectual property practice, and the like. Show that you are a more well rounded attorney due to the requirements of meeting the varied legal needs of a start-up company. Possibly offer as references the names of outside or opposing counsel with whom you worked and who can vouch for the quality and sophistication of your legal work.
- Position yourself as having added perspective-you now know what it is like to be a client, and can more effectively service the firm's clients' real needs.
- Promote your increased network of business contacts and potential clients gained during your sojourn into the new economy. Continue to keep track of your former dot-com business-mates and contacts as they make career moves.
- Be flexible regarding the terms of your return: practice area, department, title, location, compensation, hours, etc. Try to position yourself to fit the law firm's current needs.
- Clarify that you did not leave the law firm for "lifestyle reasons". Emphasize that you worked long hours in the dot-com environment and are not afraid of hard work and law firm billable hours requirements.
- Stress a more mature attitude and appreciation for the traditional practice of law. (i.e.: relative security, daily interaction with other attorneys, interesting and sophisticated work for a variety of clients, training, support, etc.)
- Sell your "fit"-you are proven commodity at the firm, know the players and politics, thrive in its culture, and will need little or no lead time in terms of assimilation. You can save the firm recruiting and training costs.
Negative perceptions to overcome:
- Be aware of the "politics" of the situation. Your old firm may not want to offend or demoralize those who kept their noses to the grindstone while you were off pursuing your dot-com dreams.
- There may be a question regarding your commitment to the traditional practice of law in a firm; firms don't want to hire attorneys who would rather be doing something else. This may be magnified for those who earned an MBA and who may be perceived as someone who would rather be in business than practicing law.
- There is a stigma that attorneys in dot-coms received little or no training during their tenure on the outside, especially if you were relatively junior when you left the firm.
- If you are a senior attorney who gave up your book of business to join a dot-com, it will be even more difficult to be hired by a law firm that requires healthy portable business for lateral hires.
It used to be that once a law firm lawyer went in-house, there was no return; that is no longer the case. The earlier "boomerangs" blazed a trail for later returnees. A current in-house attorney may well be a former law firm superstar who was lured away by those potential dot-com riches. Law firms have come to realize that in-house attorneys often have credentials, sophistication, practice experience, and demanding work schedules similar to those they require, and often have valuable experience and perspectives to bring to the table, as well. So, as a former dot-commer, sell yourself proudly.
