Articles From the Team
Is not taking risks, the biggest risk of all?
Last year, Netflix boldly decided to refocus the business and instead of being the place where you watch movies and shows you have seen before, it wanted to be the place where people discover new and exclusive shows. It took hundreds of old movies away and decided to end several major content deals with top studios and distributors.
Instead it ploughed cash into new shows that were “up and coming” and at the start of January 2017, The BBC reported the stock had risen by 9% and that Netflix had counted 7.05m new subscribers in the last 3 months of 2016 as a result of this change.
This was a huge risk for the company; they never anticipated that the rewards would far outweighed any predictions made.
Usually as humans we are fairly risk adverse and as qualified legal professionals who study the letter of the law day in day out and are taught to recognise the potential pitfalls and consequences for their clients, we are even more so. If you feel comfortable in your role you rarely want to see if the grass is greener, but in not considering your options, will you find yourself falling behind the curve should things change?
With jobs being created, axed and rebranded across a range of industries globally, it is no wonder people stick with the least risky option in their career; something which they might not enjoy but which they believe will give them most stability. The legal sector in particular has undergone some serious ups and downs over the years. Changes in legislation, Legal Aid and public spending cuts, Brexit, an ageing population and a “blame culture” all makes for the rise and fall of jobs within the legal sector and I can imagine moving forward this will not change.
Netflix, even the giant that it is, will encounter its own market led issues; having signed the majority of the population of American, will it run out of people to join? Will the competing cable companies offer better rates and undercut Netfilx? Will Netflix’s reluctance to get into the business of broadcasting live sport mean it losses out of vast amounts of cash?
There’s plenty of uncertain times ahead for even a company such as Netflix, but does that make it stand still and stop taking risks? No!
Even though Netflix saw its profits increase over 56% in the last quarter of 2016, during a press conference, the chairman and founder of Netflix responded in relation to his ultimate vision for the giant, “You never want to characterize something as an ultimate vision, because when you get there, there is always more you want to do…”
It continues to take risks, as it considers even with choppy waters ahead, it’s a better idea than standing still.
The legal industry will continue to change over time, its inevitable, which is why the reality is there is no “unrisky” time to change jobs. Keep an eye on the markets. Keep in regular contact with me and my colleagues at BCL Legal so that we can keep you abreast of the changes. Don’t sit within an “I’m comfortable, but unhappy” bubble and be open minded to hearing about potential opportunities.
Be conscious that it’s by not taking risks, that is the greatest risk of all.