Thought leader: The silver lining

Frances Drummond on why and how women are succeeding in the current economic climate.

There are no limits to the strengths of women. This was no more apparent than when we were in the throes of the global financial crisis. Record job losses saw many women react by starting their own practices or by demonstrating to firm leaders that profitability can be enhanced by a flexible working approach. A troubled economic climate, therefore, went some way to prove that you can never underestimate the role of confidence and risk taking in female lawyers’ successes.

Revitalise your practice
Challenging periods provide a chance to seize opportunities that might not have otherwise presented themselves. Without as many clients banging on your door, there is more time to reinvigorate areas neglected because of day-to-day short-term priorities. One worthwhile area to consider as markets start to pick up is the networking opportunities presented by involvement in not-for-profit (NFP) work. NFP boards are ripe with successful women, enabling you to expand and diversify your contacts beyond your current sphere.
It may also be a time to undertake more pro bono work. This work can be legally challenging but carry a real sense of fulfilment. My pro bono clients have been real advocates of our firm. What’s more, pro bono and community work provide an opportunity to focus on team-building at a time when staff morale may be low. Departments can, for example, work together to pick a charity to dedicate fundraising efforts to.

Take a side step
Consider taking advantage of career-enhancing ‘side steps’. For example, I have recently become a mediator, accredited by Australasian alternative dispute resolution association LEADR, and admitted to the International Trade Mark Association’s Panel of Neutrals (INTA PON) mediator panel. For me, this is an interesting side step from my practice. Not only is mediation, with its focus on conciliation as opposed to combat, suited to women who have an innate ability when forging mutually agreeable solutions to disputes, but as a cheaper alternative to more costly litigation it has an added bonus in a downturn when everyone’s focus is on the bottom line.

Keep innovating
The legal landscape is changing. Take advantage of this by making changes in your own firm. At Freehills, we have introduced a new ‘executive counsel’ role in response to calls from both male and female employees for alternative options for career progression. Our willingness to create this new position, despite the market conditions, reflects the importance of continuing to think about work differently, taking risks and listening to what employees want for their careers. The new role is an Australian first and provides an alternative career path for the firm’s senior lawyers who do not want the responsibility of partnership but deserve recognition for the role they play in the firm. Our executive counsels will play an adjunct-leadership function within the firm, with a particular focus on people and team leadership, legal and practice management, client relationships and project management. We expect a number of women will welcome the opportunity to take an alternative to partnership.

Whether it is creating a new area of practice or expanding your networks, an economic downturn can be a positive time for you professionally.

Frances Drummond is a partner in the Sydney office of Australian firm Freehills and head of the firm’s intellectual property group of 15 partners and 75 professionals, including lawyers, patent attorneys and scientists. She can be contacted at frances.drummond@freehills.com