Earning a law degree has become a riskier proposition.  A feature article in the New York Times highlights how law school tuition may be a cash cow for universities; but law school debt is a huge burden for many law school graduates and may actually be a “bad deal” for many.  It is a pretty sobering assessment of the whole system of legal education.

I actually wrote a brief post about this before the start of the Great Recession so I don’t think this is new news.  But the rise in unemployment has made the problem worse.

Earning a law degree is still the right career decision for many.  But now more than ever, it is important to understand what a law degree can and cannot do for you.

It is tempting to stop all your marketing or job hunting activities during the month of December; but I wouldn’t recommend it.  Instead, use the holiday season to connect with people who have helped you in the last year.  That and other tips in a webcast I presented last week (sponsored by the Massachusetts Bar Association).

I picked up a new law firm client yesterday with the help of Google.  I know a number of the lawyers at the firm and I even have a relationship with the Managing Partner.  I communicate with him on a regular basis and he is on my mailing list.

When I met with the marketing director who hired me, I asked him how he had gotten my name.  I assumed that the managing partner had recommended me; but as it turns out, the marketing director had not even spoken with the MP.

In the end, the marketing director identified me as someone who might be able to coach partners simply by doing a Google search.

The moral of the story:  make a plan and stick to it.  But understand that in the end, there is a lot of luck involved in generating new clients so make sure you are using a multi-media approach which includes live networking and social networking.

If anyone in the Northeast has been feeling depressed about the economy lately, the weather for the past three days has not helped. I’m not sure of the exact number but since Friday, we’ve had over 6 inches of rain in the Boston area. Under these circumstances, I forgive anyone who hasn’t been feeling very motivated.

We all know that the economic storm will eventually pass (and the weather forecast is for 60 and sunny later this week). While I’m definitely hearing anecdotal evidence that law firms are getting busier, there are still many lawyers with time on their hands.

So what’s a “not so busy” lawyer to do? Why not brush up on some continuing education? And if you are feeling like it wouldn’t hurt to increase your understanding of basic business principals (and you have no intention of getting an MBA), how about a CLE series being presented by Advanced Legal Studies at Suffolk Law School? It sounds like a pretty good program and a former colleague of mine put it together. So make use of that down time. And maybe both storms will soon end.

Even in good times (and by most measures, these are not good times) it is difficult to execute a long term marketing strategy. We are not wired as humans for delayed gratification. We want what we want now; no one wants to voluntarily postpone rewards for months or years.

But success in marketing professional services can take a lot of time. And bad economic conditions can further delay our success (e.g. you may have great relationships with real estate developers who want to hire you, but if few projects are being financed or built, then you are not going to get work from these clients.)

Lately, I’ve run up a string of successes and I can say with certainty that being successful in the here and now can help to build future success. I am feeling more confident and less desperate when speaking with prospects. Every conversation I have now is an investment rather than an opportunity to sell.

This is not to say that you need to be successful in order to succeed. That would be a Catch-22. Instead, find smaller ways to succeed on your path to success (I’ve written about this many times including here.) If you can feel good about things you are doing outside of your professional life (e.g. from doing volunteer work, playing basketball to participating in your town’s chorus), your work will benefit.

This post is dedicated to my accountant (who I generally resist contacting because after all, I’m smart and I should be able to figure this stuff out myself!)

The other day, I was struggling with a tax question. I knew there was probably an easy answer, so I decided to run some computations myself. As I grew increasingly frustrated and anxious (the phrase “interest and penalties” scares me), I decided that it was time to turn to an expert (i.e. my accountant). In two quick e-mail exchanges, I got my answer and quickly noted that my blood pressure had dropped considerably.

There is a moral to this story. As I get more senior in my career, I am allowing myself to ask for help with much greater frequency. It is a lesson that lawyers are not really taught. In college and in law school, we are rewarded for individual achievement. As we try to advance our careers, this belief carries forward (i.e. that success comes from working hard and figuring it all out on your own).

While success generally does require hard work and individual action, along the way, there are a lot of people who help us to achieve success (parents, siblings, mentors, friends and sometimes, other paid professionals). So work hard and take responsibility for your own achievements. But don’t forget to ask for help along the way. Law is a challenging profession (and don’t think for a minute that anyone at the top made it all on their own!)

Only up to a point.

Looks like a good place to find inspiration for making change in your own legal career. Here is a description in an e-mail I received about the launch:

Over the course of the next three months, we’ll be profiling 50 of the profession’s leading innovators at http://www.legalrebels.com . The first seven profiles, along with videos and audio slideshows that illustrate the changes they’re trying to make in the practice of law, are now online. We’ll be adding at least three new profiles to the site every week until Thanksgiving.

From the blog Law Department Management. My own thoughts on the subject here.