Should you wait until firms pay bonuses or take action now to make a move?

Do you know that you want to explore the possibility of leaving your firm, but aren’t sure when to make the move?  Are you considering waiting until bonuses have been paid?  Join the crowd – in the past many associates have delayed searches rather than leave bonuses on the table.

Given the recession, however, this year it might pay to reconsider how bonuses and other factors affect the timing of a lateral move.  Why?  Bonuses might not be worth the wait.  Consider the following:

•    Many of the largest firms have announced that they are slashing bonuses by tens of thousands of dollars.  Given market trends, it is safe to say that when major firms announce bonus reductions many other firms will do the same.

•    Firms are less motivated now than last year to use money as a retention tool.

•    With business slowing down, attorneys aren’t able to bill as many hours and may not even bill the number of hours required to earn a bonus.

•    Time spent waiting for your bonus at your old firm could cut into the time credited towards your 2009 bonus at your new firm.

These aren’t the only factors to take into account given the recession.  Other factors to consider include:

•    In this questionable and volatile economy, law firm closures and layoffs continue to escalate.  Leaving by choice (after you secure a new position) is a much better option than being told to go – regardless of the reason.

•    Competition for positions will soar in 2009.  Why?  Many associates will wait until the New Year to start a search and more layoffs are coming.  If you are willing to consider a move today, you stand to benefit greatly by starting your interviews before the New Year’s crush of applicants.

•    Opportunities that are available today may already be filled by other attorneys come 2009.  After all, the firms hiring now have the most active needs and want to fill them quickly.  By not considering a current opening you may miss out on the opportunity altogether.

•    Starting a search today and receiving your bonus aren’t mutually exclusive.  You can interview now but may be able to start your new job after bonuses have been paid.

When to start your search is a very individualized question, but given the recession you should ask yourself what if anything you have to gain by waiting.  Considering these factors is a good starting point for you to answer that question.

Questions?  Contact Elite Laterals recruiter Amy Savage at amy@elitelaterals.com or 202.280.2408.