Lawyers: Opportunity Ahead

As we ride the waves of economic turbulence, there is talk of layoffs in every sector. Some of the prime "big firm" law jobs in finance and real estate appear to be on the chopping block in many areas. The security of the large firm has, for some, become a liability.

The conventional advice is to dust off your resume and make sure you are ready for the layoff shoe to drop. I beg to differ.

If you are in a susceptible sector you might want to rethink your area of practice. If you were doing real estate deals, you might want to think about learning bankruptcy law. If you are in finance law, you might want to think about corporate criminal defense.

And if you happen to get laid off, if you can weather the startup financially, there has never been a better time to start your own practice. I know, this sounds crazy, but hear me out.

If you will spend the next 1000 working hours looking for a job, is that the best use of your time? If you spend that same amount time starting your own firm and building (it can be out of your home office or garage), after 1000 hours you will have something. Here's why.

With the economy as is, resources to start your firm such as used office furniture and computers are going for pennies on the dollar. Rent is the cheapest it has been in recent memory.

And here's the best part: If you are a start-up you can offer deep discounts to paying clients. In these economic times, they will appreciate it, and may well chose you over somebody more experienced.

The flip side to every crisis is opportunity, and if looked at from the right angle, it might just be the thing you need to get you out of a legal career rut.