Optimizing Timing of Your Biglaw Move
A question every Biglaw attorney asks when considering a change is, “when is the ideal time to interview with other firms?” Here is the short, but unrealistic answer: the moment in which you go from being proactive to reactive.
Most attorneys are risk averse human beings and are hesitant to launch a search unless they can point to a significant issue bringing them to the table. Plus, given a lawyer’s frequent function as risk mitigator, it’s only sensible that they themselves worry about the downside risk entailed by a move. I’m not criticizing this psychology, and in fact I often co-sign the decision to “wait-and-see” so long as our attorney client is deriving sufficient value from their current platform.
It typically takes multiple months to execute a move to another firm. As a result, attorneys must decide whether they’d rather chase value proactively or move as a reaction to suboptimal circumstances in their current group. This below is a high-level overview of the typical tradeoffs.
Proactive Value Chasing
Upside Potential
When considering a change proactively, it’s easiest to do the most meaningful and thorough diligence. This is because it will likely take a lot of value to justify learning a new system and building goodwill with a new group of people. When an attorney accepts an offer to join another firm while well situated at their current shop, it should mean they have confidence that the value proposition is substantial. In addition, they’ll be more inclined to negotiate better terms since there is no pressing need to make a change to begin with.
Downside Risk
The greatest fear attorneys have when changing firms is that their new gig won’t be an improvement compared to their current setup or, even worse, a downgrade. When making a move proactively, attorneys often grow anxious of this possibility because they’re not attempting to solve any big issues. To mitigate this risk, it’s crucial to meticulously evaluate both the substantive and cultural fit.
Reactive Exit
Upside Potential
By waiting until it’s imperative to make a change, attorneys won’t feel like they’ve left a good thing behind. They’ll also never feel like they should have waited longer for a better fit or stronger market to materialize.
Downside Risk
It’s never fun to look for a new gig while in a bad mental state and/or while running away from a tough situation. By waiting to move until necessary, attorneys risk making an ill-informed decision as result of shortcutting diligence. This is a magnified version of the same downside risk accompanying a proactive approach, as there is a greater likelihood that the move fails when executed during a fire drill.
Ultimately, there is no perfect moment in time to make a move. Everyone’s risk tolerance is different and informed by their own personal and professional circumstances. Our advice is simple: just be sure to evaluate the tradeoffs entailed by erring closer to a proactive or reactive career strategy.
