#70: Navigating a Down Market as a BigLaw Attorney
Big Law Life
In today’s episode, I’m diving into how to stay strategic when the legal market slows or your practice area begins to shrink. These shifts are inevitable in any long-term legal career but how you respond can define your next chapter. I walk through how to assess whether you’re facing a temporary dip or a deeper structural change, and how to use that insight to proactively adapt. Whether you’re exploring a pivot within your firm, aiming to future-proof your practice, or quietly preparing for a move, this episode gives you a clear roadmap to act with confidence rather than panic. I...
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#69: Stuck at Your Law Firm? How to Stay Strategic Until You Can Move
Big Law Life
In today’s episode, I talk about something many lawyers experience but rarely discuss: what to do when you’re ready to leave your law firm, but you haven’t yet found the right opportunity. Maybe the market’s slow. Maybe your book isn’t portable. Or maybe nothing else feels like the right fit yet. Regardless, being stuck in limbo is frustrating—and it can quickly tank your motivation, reputation, and future options if you’re not intentional. I share what to focus on now, even if you’re in survival mode, to preserve your professional standing and prepare for your next move. From...
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#68: Five Misunderstandings That Hold Back Lawyers in Big Law
Big Law Life
In this episode, I share the top five misconceptions I see lawyers make—even the most brilliant ones—about working in Big law firms. These aren’t just abstract ideas. They’re real misunderstandings that I’ve seen derail careers, slow down progress, and create unnecessary frustration for talented attorneys. Whether you're aiming for equity partnership or trying to better understand the business side of firm life, this episode will help you avoid common pitfalls and make smarter decisions. I unpack why revenue doesn’t automatically equal profit, why strong legal skills alone won’t...
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#67: Even More Questions Associates Are Asking About BigLaw
Big Law Life
In today’s episode, I discuss more of the pressing questions and challenges that associates in BigLaw frequently face, including how much you should be checking in when you're out on vacation; how much face time is enough; what to consider before requesting a transfer to another office; and whether you should stay in your law firm if you're less than thrilled with life in BigLaw after less than a year. At a Glance: 00:00 Introduction: Big Law Associate Advice 01:19 Should you check emails while on vacation? 03:25 Why even a 5-minute daily check-in matters 03:52 How often should you be in the...
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#66: The 2025 Legal Industry Outlook: Key Trends from Gretta Rusanow of Citi’s Law Firm Group Advisory Services
Big Law Life
In today’s episode, I sit down with Gretta Rusanow, Head of Law Firm Group Advisory Services for Citi Global Wealth at Work, to break down the findings of the 2025 Citi Hildebrandt Client Advisory. This annual report is one of the most closely watched analyses in the legal industry, providing insights on market trends, firm growth strategies, and the evolving business model of law firms. We explore some of the biggest challenges and opportunities law firms are facing, including the slow but inevitable adoption of generative AI, shifting leverage models, the expansion of non-equity partner...
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#65: Winning the Credit Origination Battle - Strategies for Big Law Partners
Big Law Life
In this episode, I break down the key issues surrounding origination credit, how firms allocate it, and the strategies you need to advocate for your fair share. Whether you’re an equity partner, a non-equity partner, or a rising attorney thinking about your future, this discussion provides essential insights to help you navigate the often opaque world of credit allocation. Origination credit is one of the most critical factors determining compensation, recognition, and career advancement in Big Law—but many lawyers don’t fully understand how it works until they hit roadblocks. I explore...
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#64:How to Evaluate a Practice Group Before Making a Lateral Move
Big Law Life
In today’s episode, I explore one of the most critical yet overlooked aspects of making a lateral move as a partner in Big Law: evaluating your future practice group before making the jump. A firm’s overall reputation and financials matter, but your day-to-day success and satisfaction will depend significantly upon how your specific group operates. I break down six essential questions every lateral partner should ask before accepting an offer -- from understanding how the group influences origination credit, to internal competition and management of clients, to evaluating whether the...
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#63: How to Identify Good Mentors in BigLaw
Big Law Life
In today’s episode, I dive into one of the most common challenges for lawyers in large law firms—finding the right mentor. It's a common problem as formal mentoring programs may fall short of providing meaningful guidance, it can be hard to find mentors with the time to really connect with you, and figuring out who is best to help you navigate the particular hurdles you're facing in your work life isn't always clear. In this episode discuss how to identify the potential mentors both inside and outside your firm, how to approach them, and how to cultivate a valuable, long-term mentoring...
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#62: Key Signs It’s Time for An Associate to Leave Their Law Firm
Big Law Life
In today’s episode, I tackle one of the biggest questions associates in large law firms often wrestle with -- when is it time to leave your firm? Some of the key signals that indicate it might be time to start looking elsewhere include when you're struggling to meet your billable hours with no sign of that changing, losing a key partner champion that could help make or break your future at the firm, struggling on the path to partnership or promotion, or seeing troubling shifts in firm culture or compensation. I also discuss how to time a departure strategically, including how to...
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#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...
info_outlineIn today’s episode, I dive into the significant trends and challenges shaping big law as we approach the end of 2024. Joining me is Andrew Maloney, a journalist at The American Lawyer who covers the economics and industry shifts impacting our profession.
We discuss the rise of business-minded strategies within law firms, focusing on key topics like partner compensation trends, mergers, and the evolution of firm culture. Andrew shares his insights on how these developments are changing the landscape and what we might expect as we move into 2025. From the dynamics of cross-border mergers to the impact of non-equity tiers on firm profitability, this episode is full of valuable perspectives on what’s next in big law.
At a Glance:
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0:00 - Introduction to today’s guest, Andrew Maloney
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1:20 - Reflecting on the rapid changes in the legal industry in 2024
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2:19 - Andrew’s path to legal journalism and focus on the business of law
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8:09 - Emergence of the “business of law” and its impact on firm dynamics
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12:05 - Major legal industry stories of 2024: top compensation trends and lateral moves
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14:51 - Increased competition among top law firms and strategic expansions
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15:52 - 2024 trends in law firm mergers and how they’re reshaping firms
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19:05 - Laura’s reflections on post-merger outcomes and growth sustainability
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22:44 - Case study: Chicago as an evolving legal market
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26:04 - Predicting significant trends in 2025
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28:09 - How upcoming elections may affect law firm talent acquisition and attrition
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31:05 - New emphasis on the non-equity partner model as a profitability strategy
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32:54 - Closing thoughts and a look ahead into 2025’s legal landscape
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How to reach Andrew Maloney:
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