Last month I offered some initial advice for inside counsel in the financial services industry who may be facing layoffs. Now I address the challenge of transitioning out of financial services altogether.

Come to terms, quickly, with your marketability. Do you have an easily transferable specialty? Example of easy: public company reporting securities expertise, such as 1934 Act work, proxy statements, etc. Not easy: an investment advisor focus, such as broker-dealer expertise and 1940 Act work. Easy: mergers, acquisitions, and general corporate finance. Not easy: mortgage- or asset-backed financing and securitizations.

Let me be clear, I'm not suggesting that landing a new position will be easy for anyone. I'm saying that, in my opinion, some of you can expand your job search to other industries. Whereas in-house counsel with niche financial services expertise should take another approach. I'll address both situations.

Truly transferable experience

If your experience can play outside of financial services, then you can take a traditional job search approach. Get a good career coach, outplacement service, or a legal recruiter to give you input on your resume, just to make sure you are presenting your practice focus in a manner that will be attractive across industry lines. However, your message is pretty simple. For example: "I handled employment law matters at Wachovia and have great references. General Mills, Apple, Abbott or (insert target name here) can plug me into its employment law role with no learning curve needed."

Do everything that common sense would dictate in tough times. Accept relocation as an option to increase the number of corporate legal departments you can target. I always offer the same extreme example--Wal-Mart. Wal-Mart has posted many counsel positions online over the years, and they have used outside recruiters to attract attorneys with solid credentials to the corporate headquarters in Arkansas. As you read this, I bet that quality resumes are flooding into the general counsel's office at Wal-Mart from lawyers willing to move to Arkansas.

If you are responding to an active opening, as opposed to making a general inquiry, tailor your resume to meet that specific job description. Stop putting all of your experience on the resume. Instead, emphasize your practice experience most relevant to the specific position. Expand on the bullet points and narrative that speak directly to what the employer is seeking. If you are applying for a non-managerial position, delete the overview section at the top of your resume that talks about your leadership skills and management experience.

With a mix of diligence, assertive networking, patience and luck, hopefully you will land quickly and softly.

Attorneys with niche financial services experience

This is hard advice.  You should face, quickly, the likelihood that you will not find a good in-house position until the financial services industry recovers. Your goal should be to buy time until your niche experience is once again in demand.

On a positive note, your niche may be in demand right now, just not in the traditional context of an in-house job with a big bank. The industry may be shedding jobs, but lawyers are still needed to help sell off troubled assets, restructure commercial loans and fight the barrage of lawsuits that will surely come from shareholders.

Will your former law firm take you back? Can you use your contacts and expertise to make a little rain for a law firm and get a slice of this pie?

Read, or re-read, "Who Moved My Cheese?" by Spencer Johnson. It's a simple little book with a straightforward message about dealing with forced change. Nonetheless, it inspires creative problem solving. Whenever significant hurdles face my business, like Internet job postings or a recession, I re-read Johnson's book and end up making changes that yield alternative revenue streams.

For someone with specialized finance expertise, such as collateral debt obligations, don't run from what you know. Instead, figure out how to leverage what you know into new money-making opportunities. Here are a few more crazy ideas: Write a book, teach a graduate level course on the topic, become a talking head on CNBC or offer your expertise as a consultant to government entities charged with implementing intervention programs. Start a new business aimed at helping homeowners restructure their mortgage loans, look for work at a think tank, offer yourself as an independent contractor to banks that need your expertise but can't hire.

Some of these thoughts may seem silly to you, but the point is to get you thinking in the broadest possible way about options. I suspect that I'm barely scratching the surface of what you can do with your specialized finance experience. So, take control, think creatively, get motivated and do whatever it takes to monetize your expertise.  Lastly, don't let spouses or other influential people in your life become naysayers. Don't let their fear or conventional thinking become roadblocks. If you want encouragement as you head into unfamiliar territory, you may reach out to me anytime.

Mike Evers recruits attorneys for corporations (www.everslegal.com) and he operates a new model law firm to help companies save on outside counsel costs (www.everscounsel.com.) He can be reached at 888-324-0154.