There are no limits to the strengths of women. We are resourceful and innovative; this is no more apparent now we are in the throes of the GFC. Because of the economic downturn I have seen innovation and entrepreneurialism. These traits are thriving in the United States. Many women are venturing out on their own. After the record job losses, women have started their own practices. A downturn can also be an upturn. These fledging practices will have lasting impacts on the legal landscape: firms generated by women with a contemporary culture founded on ingenuity. You can never underestimate the role of confidence and risk taking in women lawyers’ successes.
Revitalise your practice
Challenging periods provide an opportunity to revitalise your practice and do things that you normally would not do. It is a time to be brave and there are opportunities. Without as many clients banging on your door, you have time to reinvigorate areas neglected because of day-to-day short-term priorities. One worthwhile area to consider are left-of-centre networking opportunities such as not-for-profit work. The boards of NFPs are ripe with other successful women. You can expand and diversify your contacts beyond your current sphere.
Take a side step
Recently I have become an accredited LEADR mediator and admitted to the Panel of Neutrals of the International Trade Mark Association. For me, this is an interesting side step from my practice. Mediation is suited to women. You replace combat with conciliation. Women show a strong ability when it comes to collaboration and forging mutually agreeable solutions to disputes. Mediation has an added bonus in the downturn when everyone is thinking about the bottom line. My primary role is working on trade mark oppositions and while they are nowhere near as costly as litigation, they can easily get to A$40,000 or A$50,000 in Australia, if evidence is lengthy. On the other hand, a mediation could easily be dealt with for A$10,000 to A$15,000.
Don’t be afraid to keep innovating in your firm
A new Executive Counsel role has just been announced at Freehills in response to calls from both men and women that they wanted more options for career progression. Our willingness to create this new position, despite the market conditions, reflects the importance of continuing to think about work differently, take risks and listen to what our people want for their careers. The new role is an Australian first and provides an alternative career path for the firm’s senior lawyers who do not want the responsibility of partnership but deserve recognition for the role they play in the firm. Our Executive Counsels will play an adjunct-leadership function within the firm, with a particular focus on people and team leadership, legal and practice management, client relationships and project management. We expect a number of women will welcome the opportunity to take a different route for a period of time that is an alternative to partnership.
So whether it’s creating a new area of practice or expanding your networks, an economic downturn can be a positive time for you professionally.
Frances Drummond is a partner in the Sydney office of Freehills. Frances heads Freehills’ Intellectual Property group of 15 partners and 75 professionals, including lawyers, patent attorneys and scientists. She is a LEADR accredited mediator, a member of the INTA Panel of Neutrals.
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