Lawyers often ask for career advice, especially in these challenging times. Big picture, my advice, in good times and tough times, is always to think like an owner.

What does that mean to an in house lawyer? Successful business owners constantly think broadly about their companies.  Where are revenues and profits coming from, what changes are coming, and how will change effect revenue and profits?

In this environment, thinking like an owner in your role as an in house lawyer may lead you to generate ideas and opportunities to help your company meet the challenges of the global financial crisis and change in Washington. For example, how might the new regulatory environment, or the new markets for alternative energy or construction projects,  impact your company?  What should be done to position your department and your company to address this change positively?

In house counsel in banks, mutual funds and brokerage, hedge funds and other financial services companies expect significant increases in oversight in the wake of the Madoff scandal and the collapse of the stock market. Congressional, SEC and other federal agency investigations, as well as white collar prosecutions are intensifying. Is your department fully examining, discussing and recommending steps to meet these emerging trends? Would an internal newsletter or more informal discussions with business side people help to create value for the law department?

Lawyers in real estate, construction and investment companies can think about the American Recovery and Reinvestment Act of 2009 – the stimulus bill -working its way through Congress, and what it might mean for their employers. Funding for clean technology and renewable energy projects contained in that Bill will involve project finance deals, which draws on expertise in limited partnerships, syndications, mergers and acquisitions, joint ventures, credit arrangements, tax, land use and environmental permitting. Those deals will also involve intellectual property protection - patents involving biofuels, solar-cell systems, secondary (rechargeable) batteries and hydrogen fuel cells, as part of the future of renewable energy. Again, is your department thinking about this broadly for the company?

Thinking like an owner is always useful, regardless of how difficult the circumstances. It generates ideas and creates opportunities.