We have all heard the saying "Find a job you enjoy doing, and you will never have to work a day in your life". This sentiment certainly has some merit, implying we achieve personal fulfillment if we earn a living doing something we genuinely like. What it does not suggest is that we should stay in any given job indefinitely, even if we do enjoy the work.
Within law firms, consultancies, legal technology and legal service providers alike, we continue to see a great deal of movement among employees at all levels.
There are lots of reasons to consider moving on from a job, one of which is the organization you’re working for. While it may have been a good fit when you started there, things change over time.
The legal industry has seen a tremendous number of mergers, acquisitions and private equity investments in recent years. But being on the wrong side of a transaction can leave you in a tenuous position, just as when a company loses its funding. If the company has become financially unstable or is facing major litigation and may be considering layoffs, it can be a good idea to get out ahead of that turmoil – especially if you haven’t been there for an extensive amount of time, for which you could expect a significant severance award.
Likewise, a change in management or new investors can bring with them new expectations or a different culture from what you signed up for. If you’re not connecting with a new manager or team member, a new position in a different department may be the change that’s needed. But if the overall workplace environment is no longer a fit, or if the organization’s core values have changed and are now in conflict with your own, those are important factors to consider in deciding whether to stay or leave.
It's not you, it’s me.
There are countless other reasons to consider a job change, and many are more personal than company-related. Burnout and no longer feeling challenged in our work are motivators for change, as is a lack of upward mobility. Most people want to feel both productive and mentally engaged in what we do, while also believing we’re progressing professionally. Requirements around in-person or remote work are also driving people to consider a move if company expectations no longer match what works best in our personal lives.
Money is a powerful motivator – which is not to suggest any element of greed. Rather, staying in the same job for too long can result in stagnant wages. In a September article published by the Wall Street Journal titled “Now Is the Most Rewarding Time to Switch Jobs in Years,” author Ray A. Smith opines that the payoff for switching jobs has rarely been greater than it is right now. He notes that despite a gradually slowing job market, pay raises for those changing jobs are the largest they’ve been in decades, citing statistics from the Federal Reserve Bank of Atlanta.
This is definitely true in the legal industry. Professionals in the “business of law” and consulting are consistently being offered salaries that are 20-25%, or even more, above their current salary. While money isn’t everything, an increase of this level can be life-changing, so of course, that’s a significant factor for candidates considering these positions.
People don’t often change jobs for just one of these reasons. Rather, there are typically a combination of factors driving the decision to consider a new position. If you’re thinking about a potential move, contact Celeritas today.
- Chris Egan