So the partners are meeting today off-site. This is their traditional year-end, split up the profits and discuss the future meeting. This calendar year, they fired the only associate with more experience than me. Couple that with the fact that I had an A+ year, I know I'm on track for partnership. This is only the end of year 3 for me, so I know they won't be offering it to me for another few years.
But I am hearing that they want me to decide which direction I want my practice to go. The firm basically has two arms. One is a litigation practice that gets 90% of its business as insurance defense. The other is transactional practice that does commercial and a little residential real estate work.
All along, I have bounced back and forth between the two arms. This started when I was low man on the totem pole, because I had existing real estate experience, but the need was more towards litigation. So I did both. I was worth more to the real estate side because I needed less instruction to be up to speed, but I was needed more on the litigation side. That has pretty much remained the case. The downside, of course, is that it's tough to be a true rainmaker when you don't have a very good familiarity with your clients and your area of expertise. Basically most of the big clients see me as the "fill-in guy." So they're not sending me any work directly. Also, I don't feel like an expert in either field, because I'm always splitting time.
So I know the question is coming, "which way do you want to go?" And I don't know the answer.
Pros/Cons
Real Estate Pro
I have the experience already
I can bill at a higher rate
I am already good at it
I have a fair amount of contacts that I could start working harder
Payment usually occurs at the closing, and in full (clients are typically banks or corporations, and they don't generally question bills)
Work is generally more steady (no "OMG I have a trial next week and have to dedicate all time and effort to it!")
Real Estate Con
It's a lot of just reviewing documents
Never go to court/trial, aka what's considered "real lawyering"
Never do any research or writing, which I enjoy
Litigation Pro
The work is more exciting with court, trials, hearings, mediations
Includes research and writing
If a case ever got appealed, my firm would let me argue it before the state supreme court
Litigation Con
Insurance defense work = always fighting to get paid (ins companies significantly limit amount you can bill per hour, for what items, etc. etc.)
Much tougher to make my goal/quota/nut with this type of work
Work is much streakier, when a trial approaches, everything else gets dropped, other times there just isn't much going on
The overlay of this whole dilemma is that in 2008, I got laid off. That totally changed my point of view. Up until then I thought my job was 99% secure. Luckily, I was able to immediately find a new job (this one). But it was a fair amount of luck. These days, luck might be different, AND, the legal job market is even worse.
I know that if I had never been laid off, I'd say litigation, knowing I'd just have to hustle as much as need be. But reality hits you hard, bro. Knowing what a lay off would mean makes me really hesitant to make any move that puts me the tiniest bit closer to expendable. And I don't know if I'll ever feel that confident about job security ever again, even if/when I make partner.
Thanks for reading, GMTAN.
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I'm in a meeting and skimming.
gonna have to check her friend out... This chick is cute but dumb
