#76: Entering or Re-entering BigLaw as a Lateral Partner: What Experienced Lawyers Can Overlook

Making the decision to pivot to or re-entering Big Law after time in a smaller practice—whether solo or at a boutique firm—is not a decision to make lightly. In this episode, I lay out what every experienced attorney should evaluate before making the leap to a large firm. From navigating equity status, benefits and health insurance costs, to understanding the real expectations around origination credit, profitability metrics, and collaboration—you’ll hear what questions to ask and areas to do your due diligence on now to avoid misalignment later. 

I also cover what internal resources to ask about and people to meet with before your first day, and how to set yourself up for success in your first year, particularly if business development support is limited. If you’re an experienced practitioner considering a move to Big Law, this episode will help you think through what you need to know before you sign.

At a Glance:
00:00 Why this episode matters for returning or first-time Big Law partners
01:20 Common motivations for moving to Big Law from solo or small-firm practice
02:07 Equity vs. non-equity partner status—what to clarify and why it varies
03:07 Key comp variables: point charts, bonus eligibility, and guaranteed years
04:16 What solo and small-firm lawyers may overlook about health and retirement costs
05:08 Capital contributions, K-1s vs. W-2s, and hidden costs you should ask about
06:22 What firms are really hiring you to do—it may not be to help with someone else’s book
07:17 Why low-rate clients may become an issue, even if you bring a full pipeline
07:39 Metrics that matter in Big Law—what you’ll be evaluated on annually
08:03 The illusion of collaboration—why many firms still operate in silos
08:45 What to do if you’re expected to originate work immediately
09:05 Why you need to meet practice management, pricing, and BD leaders before signing
09:49 Understanding what the platform really offers—and where it may fall short
10:39 You will be held accountable for profitability—ask who’s helping you deliver
11:05 Don’t assume resources will be available when you arrive—get clarity in advance
11:26 Why you need a marketing and BD plan in place before day one
12:14 Smart strategies for integrating internally and externally
12:35 What your BD budget should include—and how to advocate for it
12:59 Why assuming flexibility or financial support will be there without a solid plan
13:27 The value of engaging internal BDs to champion your strategy
13:51 Final reminders: the questions to ask, the pitfalls to avoid, and how to make the right move

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Show notes: https://www.lauraterrell.com/podcast