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I have this creeping feeling that due to a bit of overhiring plus really slow billables from me the last few months, that I am going to be let go at some point soon (I won't go into details but I don't think I'm being paranoid). I have worked at this T-20 out of law school for about a year and 3 months, I am hoping to (finally) be NY barred in December. I'm currently doing a specialty practice in a specific corporate practice.

How best to prepare? I am going to update my resume, but even though I am not barred until December (which I haven't yet received an invitation yet...) can I start applying/reaching out to contacts at other firms? Additionally, how do I best sell wanting to do something more general, specifically M&A, in order to get more practical experience for moving to something like in-house 2-3 years down the line?

This sucks but I'm trying to put my best foot forward and keep my career moving forward. I'd like to avoid any huge resume gaps obviously. Any help/ideas would be really appreciated!

Hey Brother/Sister, I think a lot of us have been there before (at least the fear of being let go).
Just keep doing your best job that you can. Even if you are let go, you want good references.
Brush up the Resume (if applicable), and if you want to pre-emptively jump ship, you can start applying but I would be cautious AF about that. Employers tend to find out rather quickly and it becomes equate to the girl who you know if going to break up with you, and she might even be planning to let you down softly, but she finds out that you were even pre-emptively talking to other girls............BURN HIS HOUSE TO THE GROUND AND TELL THE UNIVERSE HE HAS HERPES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

-And yeah, I had an employer do something dang close to that when they saw I was looking around. It was a non-lawyer job and they KNEW it was meant to be a temp job for me anyways (I openly told them at the interview).........just be smart friend. And safe. Your career is your life. Treat it as such.