News
Labor/Employment
Feb. 15, 2002
Opportunities in Big Apple Remain Despite Sept. 11
Employment Column - By Shelly Ann Panton - In the months following the attacks on the World Trade Center, there was a certain stillness in New York that New Yorkers never imagined possible. It manifested itself in an eerie silence accompanying the morning rush hour in Grand Central terminal. Yet nowhere was it more mournfully present than in the incessant droning of the bagpipes on Fifth Avenue, where Saint Patrick's Cathedral hosted daily funerals to honor the lives lost in the unprecedented tragedy of Sept. 11.
Employment Column
By Shelly Ann Panton
In the months following the attacks on the World Trade Center, there was a certain stillness in New York that New Yorkers never imagined possible. It manifested itself in an eerie silence accompanying the morning rush hour in Grand Central terminal. Yet nowhere was it more mournfully present than in the incessant droning of the bagpipes on Fifth Avenue, where Saint Patrick's Cathedral hosted daily funerals to honor the lives lost in the unprecedented tragedy of Sept. 11.
Not surprisingly, this stillness has permeated the daily commerce of this wonderful city. Those of us in the business of recruiting attorneys see the effects up close. The newspapers have reported several major layoffs by various corporations in and around Manhattan. Some more appearance-conscious firms have been more discreet about their terminations. However, it seems that everywhere one turns, employers are tightening their belts, reducing their staff and preparing for an uncertain economic future.
New York bankruptcy attorneys are not feeling the same pinch that their colleagues bear. For obvious and depressing reasons, their departments are busier than they've ever been. Several firms have added bankruptcy associates to their laundry list of résumés that are always welcome. Others have gone so far as to alert search firms to their need for bankruptcy associates regardless of status. Bankruptcy associates in firms in nearby New Jersey are fielding calls from New York recruiters anxious to meet this need. With the fall of Enron, this area is poised to grow even more.
Some New York employers are not hiring. Or, if they are, they are not hiring now. Many open jobs have been put on indefinite hold since Sept. 11. Many have not been placed on hold officially, but no action has been taken.
Clearly, there is good reason for wariness. An economy that was sluggish has been hit by unforeseeable disaster. The newspapers are replete with bad news about employment prospects. Job fairs are overrun with candidates with impeccable credentials who appear dazed by the turn of events.
But there is also reason for cautious optimism. Even in this uncertain economy, some New York employers are hiring, even outside of the bankruptcy department. They are, however, doing it very differently than they did two years ago - differently even than they did five months ago.
Layoffs have provided the legal market with a surfeit of extremely qualified, well-trained attorneys. Small firms, who never before had a prayer of attracting the graduates of top-tier law schools, now have the luxury of picking through their résumés. And that is precisely what the employers are doing.
This has changed the recruiting process. The requirements are more stringent. And the employers are far choosier. Jobs which used to take two months to fill now take closer to four. Employers who used to interview three candidates for an open position now interview 12. Employers know that it is a buyer's market, and they are using this opportunity to select carefully employees who not only are objectively good candidates but also fit in with the chemistry of their individual firms and corporations.
Another way that New York employers have adapted to this market is that they have started looking inward to fill positions. Firms who have lost a significant amount of their corporate business have been training their corporate associates to do litigation. That way they can keep them occupied until the business picks up in the associates' chosen fields. Corporations who have eliminated various departments have redeployed some of their workers to become paralegals.
Do not be misled. Working as an associate in a New York City law firm is still nice work if you can get it. Various Web sites reported that, despite layoffs, many large New York City firms paid sizable bonuses to their associates at the end of 2001. One reports that Davis Polk and Wardwell is paying its first-year associates $125,000.
So how can an attorney find employment in this very competitive market? The answer is not simple. There are fewer hard-and-fast rules than there were before. However, there are a few things that an attorney can do to shift the odds in her favor.
• Don't assume that your credentials, no matter how impeccable, will get you the job. There are thousands of Ivy League graduates who have been displaced, directly or indirectly, by the World Trade Center attacks and their aftermath. As a result, the intangibles have increased significantly in importance.
• It has never been as important to be prepared. Your résumé should be tailored to fit each position for which you apply. This does not mean that you should lie or take any liberties with the facts on your résumé - only that the presentation should change to emphasize what the prospective employer is seeking.
When you get that first interview, research everyone you might possibly meet. The more you know about them, the more comfortable you will be. The more comfortable you are, the better the chemistry, and New York employers are really emphasizing the need for good chemistry.
• Be flexible. If the compensation isn't what you are used to, find out whether the hours are better. If the firm is smaller, larger, more casual or more buttoned-down than you are used to, talk to the associates. Maybe they can explain why they made the choice to work there. And maybe you'll like it there, too.
Is it harder for attorneys to find work in New York now than it was before Sept. 11? Yes. Is it impossible? Not for the people who are willing to adapt. Is it worth it? Without a doubt. One day, the stillness will pass, and New York, her economy and her people will hustle and bustle and thrive again.
Shelly Ann Panton is an executive recruiter for Special Counsel in New York.
By Shelly Ann Panton
In the months following the attacks on the World Trade Center, there was a certain stillness in New York that New Yorkers never imagined possible. It manifested itself in an eerie silence accompanying the morning rush hour in Grand Central terminal. Yet nowhere was it more mournfully present than in the incessant droning of the bagpipes on Fifth Avenue, where Saint Patrick's Cathedral hosted daily funerals to honor the lives lost in the unprecedented tragedy of Sept. 11.
Not surprisingly, this stillness has permeated the daily commerce of this wonderful city. Those of us in the business of recruiting attorneys see the effects up close. The newspapers have reported several major layoffs by various corporations in and around Manhattan. Some more appearance-conscious firms have been more discreet about their terminations. However, it seems that everywhere one turns, employers are tightening their belts, reducing their staff and preparing for an uncertain economic future.
New York bankruptcy attorneys are not feeling the same pinch that their colleagues bear. For obvious and depressing reasons, their departments are busier than they've ever been. Several firms have added bankruptcy associates to their laundry list of résumés that are always welcome. Others have gone so far as to alert search firms to their need for bankruptcy associates regardless of status. Bankruptcy associates in firms in nearby New Jersey are fielding calls from New York recruiters anxious to meet this need. With the fall of Enron, this area is poised to grow even more.
Some New York employers are not hiring. Or, if they are, they are not hiring now. Many open jobs have been put on indefinite hold since Sept. 11. Many have not been placed on hold officially, but no action has been taken.
Clearly, there is good reason for wariness. An economy that was sluggish has been hit by unforeseeable disaster. The newspapers are replete with bad news about employment prospects. Job fairs are overrun with candidates with impeccable credentials who appear dazed by the turn of events.
But there is also reason for cautious optimism. Even in this uncertain economy, some New York employers are hiring, even outside of the bankruptcy department. They are, however, doing it very differently than they did two years ago - differently even than they did five months ago.
Layoffs have provided the legal market with a surfeit of extremely qualified, well-trained attorneys. Small firms, who never before had a prayer of attracting the graduates of top-tier law schools, now have the luxury of picking through their résumés. And that is precisely what the employers are doing.
This has changed the recruiting process. The requirements are more stringent. And the employers are far choosier. Jobs which used to take two months to fill now take closer to four. Employers who used to interview three candidates for an open position now interview 12. Employers know that it is a buyer's market, and they are using this opportunity to select carefully employees who not only are objectively good candidates but also fit in with the chemistry of their individual firms and corporations.
Another way that New York employers have adapted to this market is that they have started looking inward to fill positions. Firms who have lost a significant amount of their corporate business have been training their corporate associates to do litigation. That way they can keep them occupied until the business picks up in the associates' chosen fields. Corporations who have eliminated various departments have redeployed some of their workers to become paralegals.
Do not be misled. Working as an associate in a New York City law firm is still nice work if you can get it. Various Web sites reported that, despite layoffs, many large New York City firms paid sizable bonuses to their associates at the end of 2001. One reports that Davis Polk and Wardwell is paying its first-year associates $125,000.
So how can an attorney find employment in this very competitive market? The answer is not simple. There are fewer hard-and-fast rules than there were before. However, there are a few things that an attorney can do to shift the odds in her favor.
• Don't assume that your credentials, no matter how impeccable, will get you the job. There are thousands of Ivy League graduates who have been displaced, directly or indirectly, by the World Trade Center attacks and their aftermath. As a result, the intangibles have increased significantly in importance.
• It has never been as important to be prepared. Your résumé should be tailored to fit each position for which you apply. This does not mean that you should lie or take any liberties with the facts on your résumé - only that the presentation should change to emphasize what the prospective employer is seeking.
When you get that first interview, research everyone you might possibly meet. The more you know about them, the more comfortable you will be. The more comfortable you are, the better the chemistry, and New York employers are really emphasizing the need for good chemistry.
• Be flexible. If the compensation isn't what you are used to, find out whether the hours are better. If the firm is smaller, larger, more casual or more buttoned-down than you are used to, talk to the associates. Maybe they can explain why they made the choice to work there. And maybe you'll like it there, too.
Is it harder for attorneys to find work in New York now than it was before Sept. 11? Yes. Is it impossible? Not for the people who are willing to adapt. Is it worth it? Without a doubt. One day, the stillness will pass, and New York, her economy and her people will hustle and bustle and thrive again.
Shelly Ann Panton is an executive recruiter for Special Counsel in New York.
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