The world was reeling.
So, when the austerity train came roaring through law firms early in the COVID-19, few balked.
Salary cuts were considered an acceptable tactic to avoid layoffs.
That was then.
More recently, there has been a recovery. Whether it will last is a matter of speculation but it has enough traction to awaken financial self-interest in lawyers. Also, the stock market has been on fire.
Therefore, as Law.com observes, those law firms which don't restore some or all of the salary cuts could be in trouble. That would be in their ability to retain talent and to hire brandname laterals. In professional services, the human capital is the most important asset.
Money always talked. But in this era when loyalty is dead, money is the only voice in the room. At least the only one that any one pays attention to.
This is the reality not only in law firms but the labor market in general.
Those of all generations - including Gen Z - who come to me for coaching are no longer uncomfortable discussing money as the criterion in choosing a career or a job/gig assignment. I haven't heard the term "passion" in a long time. Instead, though, the word "path" is being used.
For example, a 23-year-old woman castigated herself for not leaving freelance journalism sooner. She was angry at herself for accepting for two years bizarre compensation such as investing 15 hours for a reporting assignment that paid a hundred bucks. No, she didn't refer to journalism as a "passion." Her mindset was money.
The answers about your professional life are inside you. You will learn through coaching how to open yourself up to them. And get unstuck. Soon enough you will be your own coach. Affordable rates (sliding scale). Make an appointment for complimentary consultation (janegenova374@gmail.com)
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