There’s a concept in economics called Opportunity Cost. In simple terms it captures the situation where one forgoes alternatives in favour of remaining with the status quo.
Lawyers are generally risk averse. If they’re not already inclined to be that way by nature then their training and development reinforces the need to be across the risks associated with what they do. Essentially, that’s what clients are seeking from them. Achieving a commercial outcome or resolving a problem or issue and managing the associated risks involved with the respective processes.
Consequently, the better lawyers are able to readily identify, minimise or remove the risks for their clients. If they don’t do so, or they get it wrong then that’s what professional indemnity insurance is for to then address their risk.
Given lawyers are always managing risk for their clients they tend to remain consistent in their thinking and are conscious of managing any perceived risks associated with a career move.
In fact, it’s common to see lawyers so pre-occupied with any perceived risk of a career move they embark on what can only be best described as a paralysis by analysis process. This results in them dwelling on the irrelevant, the non-existent or the insignificant as reasons for accepting or enduring the status quo which from the outside looking in has become far from ideal. Then what follows is assigning disproportionate weighting to perceived or speculative reasons for remaining put and doing nothing – versus the overwhelming and compelling reasons why they should make a considered, informed and astute career move. The merits and benefits are consequently down played or selectively sidelined from the reasoning process for why a career move makes perfectly sound sense.
The result ? The decision to accept what by any measure is unreasonable, unacceptable, untenable or unchangeable in the current role proceeds to override the appealing features and rewards from an alternative opportunity where the current concerns, issues or obstructions are non-existent.
What ensues is an intriguing process of self-justification for doing nothing and persisting with the status quo. Expressions then emerge such as: “better the devil I know”; “I’ll only have to prove myself all over again somewhere unfamiliar with my experience and capabilities”; and “If I make a career move, what’ll they think” ? The latter expression fascinates me – who’s “they” ? The ultimate stakeholder one needs to be true to when it comes to matters re self and career is oneself. Being true to self is always an advisable place to start. Then “they”, or whoever “they” are who are controlling someone’s career and career decisions can be banished to the sidelines of irrelevance where they and whatever they say both rightly belong.
In terms of Opportunity Cost for a poor career decision by persisting with the status quo when there are current and compelling alternatives to capitalise on – who bears the cost ?
It’s those being hyper risk averse and overly analysing by finding every reason why a career enhancing move may not work, versus becoming aware and informed of all the many and varied reasons why it would be well advised to transition than remain in a sub optimal role and persisting with the status quo.
Never in the history of the human race has there ever been any reward without some associated risk. Even the Cave Dwellers needed to leave the protected warm confines of the cave to go hunting.
With some self-belief, an open mind, embracing the merits of selectively and carefully investigating alternatives, not accepting you’re resigned to second or third best and understanding that you bear a real cost by way of the opportunity cost by remaining in a sub optimal role then astute, risk minimized and professionally and personally fulfilling opportunities do await the courageous career conscious lawyer.
Career good fortune = Opportunity + Preparation.
A good lawyer’s always prepared for the client and the matter at hand.
Why not be equally well prepared for a career opportunity ?
Oh, and don’t bother having “they” continue to occupy your mind – they don’t deserve to and they aren’t paying rent either.
Ian Dhu
Ian’s an industry expert in the recruitment, career development and retention of lawyers.
Over the last 30 years Ian’s successfully placed numerous lawyers.
Career conscious lawyers contact him for his informed, objective and accurate market advice when making considered and confidential career enhancing transitions involving private law firms, corporations and Government.
Organizations requiring lawyers collaborate with Ian.
If you would like to benefit from a successful legal career or require legal talent then
You’re invited to contact Ian at:
