With companies and law firms restructuring, downsizing, and transitioning during times of growth and change, leaving a firm or a company when you’re an executive leader (i.e., partner or general counsel) can bring forth many unique challenges and uncertainties.
Imagine spending a decade or two building up your legal career at a single law firm or being in-house at the same company over a 20-year span with numerous promotions to the C-suite. Then, imagine being put into a forced separation (such as a transition in leadership following a company acquisition) or making a conscious decision to exit.
If you haven’t job searched in a decade or longer, entering the job search market can feel downright overwhelming, stressful, and cumbersome.
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In a time of transition, you may be considering moving from equity partner in Biglaw to general counsel at a Fortune 100. You may be considering moving from managing a small legal department at a startup to heading the legal affairs for a private equity firm. You may have even reached a crossroad in your career, wondering if you should take things in a different direction — such as becoming an executive advisor, outside consultant, board leader, or entrepreneur.
Your legal resume is likely outdated, thin on details, and a continuation of your law school resume template. Your LinkedIn profile is also likely static (or nonexistent) and fails to showcase your story with relevancy, personal branding, and the right keywords. Your executive bio may also need some brushing up. Your resume, LinkedIn profile, and bio are vital components of a digital age job search, and yet, need a major overhaul.
Besides planning out your next career move, your interview skills need refining, your networking skills need a customized strategy, and your confidence needs a boost to better negotiate your future executive compensation. Leadership and executive coaching can help you realign your executive presence and zero in on your organizational vision.
Don’t forget that executive roles take longer to land and are more difficult to ascertain — the interview process is more elongated and exhaustive, and the crème-de-la-crème positions are not always advertised.
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All of this is exactly why general counsels, law firm partners, and any executive (director through C-suite) should negotiate executive career transition services (sometimes labeled outplacement services) as part of a severance or exit package. The time investment you’ve made into your executive career should always be factored in when making an exit.
Executive career transition services should also be part of the compensation negotiations before you accept your next executive job offer. Keep in mind that your compensation is a mixture of salary, benefits (insurance/vacation), bonuses, stock options, and anything else that requires outlining and negotiating. Executive career transition services create confidence and reassurance if things don’t work out, and these services also protect your career journey moving forward.
You may be wondering how much should you negotiate? I’ve seen managing partners and general counsels negotiate executive career transition services across a broad range, from $5,000 to $20,000, depending on the nature of their role and the company or firm.
Think about the support you’d need if you made an exit at your firm or company. Look at the fair market value of leadership coaching, executive compensation coaching, executive resume writing, LinkedIn profile writing, and job search strategy coaching. Also, consider the additional executive coaching you’d want during the initial transition period of the next leadership role you undertake. Be prepared to come to the negotiating table with those facts and figures.
Make sure your employment contract or exit package is clear on the details and terms. This includes being able to select the executive coach or executive resume writer who is focused on your legal skills, as opposed to allowing the employer to select a career generalist or outplacement firm for you. Being in control of your career destiny is key.
Wendi Weiner is an attorney, career expert, and founder of The Writing Guru, an award-winning executive resume writing services company. Wendi creates powerful career and personal brands for attorneys, executives, and C-suite/Board leaders for their job search and digital footprint. She also writes for major publications about alternative careers for lawyers, personal branding, LinkedIn storytelling, career strategy, and the job search process. You can reach her by email at [email protected], connect with her on LinkedIn, and follow her on Twitter @thewritingguru.