I work at a real estate firm in NY. My salary has been cut and everyday I wonder if today is the day I will get laid off. I am a third year and cannot see any prospects. I cannot even switch practice areas as the candidate pool in the other practice areas that are hiring is deep. I am hunkered down waiting out the downturn, but I am dying to do something new. Any thoughts?

Just hold on for a few more months. Once the flood gates open and firms start hiring, there will be a mad scramble of pent up demand and there will once again be options all over the place for qualified associates. It happens after every downturn. Associates get stuck for 2-5 years and then they all head for the exits at once, which causes a mad hiring phase.

Just a few more months. There will be a hiring frenzy before you know it once all of the stuck associates start moving.

After living through the S & L crisis:

Get as much bankruptcy and work out experience as you can even if you cannot switch practice areas. The banks and other companies are hiring lawyers with that kind of experience. You could also consider working as a bankruptcy trustee.

The guys you are working for, including the partners, are probably having similar feelings. If you know another round of salary cuts is coming, volunteer discretely to a decision maker you trust to take the hit before it is announced and ask what you can do to further assist.

You will be in a much better position to do something new if you have a job while you look for a new one.