#38: Why Law Firms Fail at Partner Transition Planning with Douglas Wood
Release Date: 09/18/2024
#61: Why Even Great Lawyers Still Fail to Make Partner
Big Law Life
In today’s episode, I break down why even highly skilled, well-regarded lawyers can still fail to make partner—and what you can do to avoid that fate. If you’ve been getting great reviews, meeting your billable targets, and even bringing in business but still aren’t seeing a clear path to partnership, you’re not alone. I’ve served on partnership committees and evaluated countless candidates, and I’ve seen three common reasons why some lawyers don’t make the cut. From understanding the financial and structural realities of your firm, to identifying the right advocates, to...
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#60: How Junior Partners Can Compete for Work and Clients
Big Law Life
In today’s episode, I discuss how junior partners in large law firms can differentiate themselves within their firms and the broader market. Many newly minted partners find themselves competing against more experienced colleagues for work and visibility. I explore strategies for carving out a niche, leveraging unique skills beyond legal expertise, and actively marketing yourself both internally and externally. From highlighting non-traditional strengths like financial management and team leadership to optimizing your law firm bio and LinkedIn presence, I provide actionable insights to help...
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#59: Choose How Many Hours You Bill: Steptoe’s New Associate Compensation Model with Kate Cappaert
Big Law Life
In today’s episode, I sit down with Kate Cappaert, a partner in the Intellectual Property group at Steptoe. We discuss a major shift in Steptoe’s associate compensation—one that gives lawyers more control over their careers and work-life balance. Steptoe’s new model allows associates to choose from three different billable hour targets, with corresponding salary levels, providing a level of flexibility rarely seen in Big Law. We explore how this model was developed, the firm’s commitment to maintaining an open dialogue with associates, and what it means for career progression,...
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#58: Should You Take a Counsel Role In BigLaw? Critical Questions to Ask First
Big Law Life
In today’s episode, I break down the nuances of the counsel role in Big Law—what it really means, how it differs across firms, and whether it can be a stepping stone to partnership or a career dead-end. I address the biggest challenges lawyers face when considering a counsel position, including unclear compensation structures, lack of business development credit, and the evolving role of non-equity partners. If you're thinking about a counsel position—whether as a promotion or a lateral move—this episode will help you ask the right questions to ensure it aligns with your career goals....
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#57: How Law Firms Can Build Stronger Partners Through Training - with Latham & Watkins’ Andrew Clark
Big Law Life
In today’s episode, I talk with Andrew Clark, a partner with Latham & Watkins and the global chair of the firm's Training and Career Enhancement Committee. Andrew shares how Latham develops its partners and other lawyers through a structured and comprehensive training program that evolves at every stage of their career. From preparing new partners for leadership roles to equipping junior partners to deepen their client relationships and build their practices, Andrew gives us an inside look at how Latham is setting up its attorneys for long-term success. We also discuss the...
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#56: Navigating Difficult Client Relationships in Big Law
Big Law Life
One of the most challenging aspects of legal practice is managing difficult client relationships in a high-stakes environment. In today's episode I'll share how to navigate the tough moments when you may be struggling to work with clients that can frustrate your attempts to engage and deliver your best work. At a Glance: 0:00 Introduction: Managing client expectations and setting boundaries 1:20 Common frustrations in client relationships: The stress of meeting high demands and client conflicts 2:43 The importance of engagement letters and billing guidelines in setting client...
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#55: Balancing Professional Development with Client Work
Big Law Life
In today’s episode, I share practical strategies for staying current in the ever-changing legal landscape, even when billable hours and client demands dominate your schedule. I discuss how to create a system for digesting critical legal updates, leveraging firm and external resources for professional development, and connecting with colleagues to maximize learning opportunities. Whether it’s identifying efficient ways to track industry news or tapping into events and partnerships to expand expertise, this episode offers actionable advice for lawyers aiming to maintain their...
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#54: Specialization v. Broader Practice: Navigating Career Paths for Associates in BigLaw
Big Law Life
In today’s episode, I dive into one of the most important decisions lawyers in large law firms face: whether to specialize in a specific practice area or maintain a broader portfolio of work. Drawing from my own experiences and years of coaching attorneys, I discuss how to assess the benefits and risks of specialization, navigate the expectations of your firm, and balance developing expertise with building a resilient and adaptable skill set. I share real-world examples of lawyers who have successfully crafted their careers by understanding when to focus and when to broaden their...
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#53: Take Control of Your Career in the New Year
Big Law Life
In today’s episode, I examine strategies to help lawyers navigate a successful start to the new year in large law firms, touching on topics such as avoiding time traps, setting achievable goals, and maintaining work-life balance. I share real-world examples, actionable steps, and personal insights to address challenges unique to the legal profession, including managing non-billable tasks and actively shaping your career path. If you’re looking to step into the new year with intention and clarity, this episode offers practical advice to make the most of your time and energy. At a...
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#52: New BigLaw Partners: Use a Tracker to Build Stronger Client Relationships in Big Law
Big Law Life
In today’s episode, I explore the practical side of building and maintaining client relationships as a partner in Big Law. I discuss why a structured approach to business development is crucial and how a simple tracker can help you stay on top of key contacts, follow-ups, and next steps. I share actionable advice on how to confidently ask clients for work and how to keep relationships vibrant and productive, even with long-standing contacts or those you haven’t reached out to in a while. At a Glance: 0:00 Introduction: Recap of last episode and today’s focus on tracking client outreach...
info_outlineIn today’s episode, I am joined by Douglas Wood, former Big Law attorney and author of 11 books, including From Dawn to Dusk: How to Build a Multimillion Dollar Law Practice and Then Give It Away.
We dive into the often-ignored topic of succession planning for attorneys nearing retirement in large law firms. Doug shares his own experience transitioning out of a big law career, mentoring younger attorneys, and how firms can better manage the departure of senior partners. We also discuss the importance of delegation, mentorship, and planning for retirement from both the attorney’s and the firm's perspective.
At a Glance:
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00:00: Introduction to the episode and guest, Douglas Wood
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01:20: Transitioning out of law practice and the significance of succession planning in Big Law
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03:20: Doug's career path, from small firms to becoming a partner at Reed Smith
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04:50: Retirement planning in large firms and the lack of formal transition processes
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06:54: Why law firms avoid discussions about partner transitions
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09:00: Mentoring younger attorneys and the rewards of delegating client relationships
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11:00: Addressing the risks of delegation and the misconception that clients will leave
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13:15: Building a transition plan that benefits the firm, the transitioning attorney, and the younger lawyers
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17:03: Balancing client demands, billable hours, and mentoring—debunking the "too busy" excuse
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21:10: The generational gap and its impact on mentorship in the legal profession
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24:00: The lack of formal programs for senior lawyers and why law firms should view them as assets
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30:00: Doug discusses his novel writing and upcoming projects
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How to reach Doug Wood
[email protected]
https://dawntodusk.wood.law/
LinkedIn: https://www.linkedin.com/in/djwood1976
Facebook: https://www.facebook.com/profile.php?id=61562791655439
Interested in doing 1-2-1 coaching with Laura Terrell? Or learning more about her work coaching and consulting? - here are ways to reach out to her:
LinkedIn: https://www.linkedin.com/in/lauralterrell/
Instagram: https://www.instagram.com/lauraterrellcoaching/
Show notes: https://www.lauraterrell.com/podcast