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When Your Employer Collapses, What's Next for You?

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You can be indispensable at work and still lose your job overnight.

The most dependable employees may be the least prepared for an unexpected job loss.

Our employer's prestigious reputation offers less career security than you might think.

Weil, Gotshal & Manges, a nearly century-old global law firm with 1,200 lawyers and more than two billion dollars in annual revenue, announced their plans to wind down operations. A few dominos set this cascade in motion. Prominent partners were poached and moved to other firms. Traditionally, clients follow them. But the firm still has high fixed costs. Subsequent merger discussions failed, and the firm’s leadership recommended dissolving the firm, pending a partnership vote.

For thousands of lawyers, paralegals, administrative professionals and other staff members, their life is in upheaval. They worked hard, consistently delivered results, nurtured relationships, and believed they had a secure future with the firm. Overnight, that changed.

Like many who have been let go, a certain realization hits home. You can be indispensable to your employer, and still be professionally vulnerable.

The lessons from the dissolution of a prominent law firm can teach us many lessons, both for those who are facing an unexpected career disruption and those who feel they are comfortably employed.

Short-Term Response: Regain Control

1. Make your invisible work visible.

Too often, high performers become what I call the Office Mechanic (read my Psychology Today article on this). They are the........

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