This was the somewhat odd title ("when?" how about "if?") for a blogpost I did for The New York Times recently.
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Your advice about trimming expenses is excellent, but professionals, including out-of-work lawyers, often start a job search thinking that "I have to replace my current income, dollar for dollar." It's only when they take the time to actually look at their fixed expenses, versus discretionary expenses, that they may realize that they don't actually have to find a job earning exactly what their previous position paid. For some of my clients, this is liberating because it may open new career paths for them, ones that may not offer the same financial rewards, but that feed other needs that have been shortchanged in their legal careers. For others, it gives them permission to evaluate what they did and did not like about their practice and how to change things in the future, since they are now at the point where they have to become entrepreneurial about their career.
Most people don't want to figure out their financial balance sheet and where the money goes, but actually doing the calculations allows them to better assess their options.
Posted by: Nancy Gibson, Career Consulting for Lawyers | April 06, 2009 at 11:22 AM