Big Law Life
On Big Law Life, Laura Terrell and her guests discuss the strategies, steps, relationships and communications you need to navigate the world of large global and national law firms, from the perspective of lawyers, business and legal professionals, in-house counsel, and others with experience working in and around this environment. Laura dives into what you want to know about BigLaw but didn’t learn in law school and what wasn’t covered in your law firm orientation. To learn more about how she works with attorneys and to access her blog and resources, go to www.lauraterrell.com
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#61: Why Even Great Lawyers Still Fail to Make Partner
02/26/2025
#61: Why Even Great Lawyers Still Fail to Make Partner
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 assessing whether your firm is truly the right fit, this episode covers what you need to be thinking about now if you want to successfully navigate the partnership process. At a Glance: 00:00 Introduction – Why Big Law Life exists and what law school doesn’t teach you 01:20 The frustrating reality: Why talented, high-performing associates can still fail to make partner 03:03 The first critical factor: Understanding your firm’s financials, structure, and business needs 06:00 Why great lawyering isn’t enough—you need to offer something the firm needs right now 06:43 The second critical factor: You need internal advocates, and one key partner to guide you through the process 09:09 How to find the right person to help you—and why the partner you work with most closely might not be the one 11:11 The third critical factor: When failing to make partner has nothing to do with you and everything to do with your firm 12:37 Why some firms have an unspoken “type” that makes partnership harder for certain lawyers 14:29 Key questions to ask yourself before committing to partnership at your firm 15:15 Final thoughts on strategically crafting your path to partnership Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#60: How Junior Partners Can Compete for Work and Clients
02/19/2025
#60: How Junior Partners Can Compete for Work and Clients
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 lawyers build their brand and position themselves for long-term success. At a Glance: 0:00 Introduction – Challenges junior partners face in standing out internally and externally 1:20 Why senior attorneys often get priority for work 2:57 Identifying what made you a partner and leveraging it 5:06 Using AI, cannabis law, and other niches to stand out 7:15 Management and budgeting can set you apart 9:02 Positioning yourself as indispensable within the firm 10:45 Using LinkedIn and branding to gain visibility 12:30 How most lawyers miss opportunities to highlight strengths 14:15 Getting credit for your contributions when the firm doesn’t 16:40 Using LinkedIn and Substack to showcase expertise 18:55 Posting insights to build credibility 21:30 The value of self-promotion and differentiation Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#59: Choose How Many Hours You Bill: Steptoe’s New Associate Compensation Model with Kate Cappaert
02/12/2025
#59: Choose How Many Hours You Bill: Steptoe’s New Associate Compensation Model with Kate Cappaert
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, partnership considerations, and recruiting. Kate, who serves as chair of Steptoe’s Professional Development Committee, shares insights into how the firm designed this initiative to address long-standing concerns from associates while ensuring that firm goals and client service standards remain intact. At a Glance: 0:00 Introduction: The shift in associate compensation that led Steptoe to rethink the billable hour model 1:20 A unique approach: Why Steptoe introduced three billable hour targets and how they work 2:57 The firm’s motivation: What associates wanted and how this model addresses their concerns 5:06 Flexibility with structure: How the tiered approach allows associates to adjust their hours annually 7:15 First-year associates: Why they start with a standard target before choosing a path 9:02 Moving across tiers: How associates can adjust their billable targets over time 10:45 Impact on partnership: Whether choosing a lower tier affects promotion prospects 12:30 Compensation considerations: How salary and bonuses are structured within this model 14:15 Partner perspectives: How firm leadership responded to this shift in associate compensation 16:40 Recruiting implications: How this new model is shaping lateral hiring and on-campus recruiting 18:55 Training integration: How non-billable training hours are factored into the new compensation model 21:30 Looking ahead: How Steptoe will evaluate the success of this approach in 2025 Article describing Steptoe’s associate compensation program: Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Kate Cappaert: 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: [email protected] LinkedIn: Instagram: Show notes:
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#58: Should You Take a Counsel Role In BigLaw? Critical Questions to Ask First
02/05/2025
#58: Should You Take a Counsel Role In BigLaw? Critical Questions to Ask First
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. At a Glance: 0:00 Introduction: The evolving role of counsel in Big Law and why it varies across firms 1:20 Lack of a clear definition: Why counsel roles differ significantly between firms 2:06 Counsel as contract attorneys: How some firms use the role to retain talent without long-term commitments 3:07 Counsel as a path to partnership: When the role is a stepping stone versus a permanent position 4:23 Key questions to ask: Understanding firm expectations before accepting a counsel offer 5:16 Business development expectations: Whether counsels receive credit or budget for generating clients 7:23 Compensation uncertainty: How salary and bonus structures for counsels differ from associates and partners 9:02 When a counsel role makes sense: Strategic reasons for choosing counsel over partner or associate positions 12:00 The changing landscape: How the rise of non-equity partners is reshaping the counsel role Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#57: How Law Firms Can Build Stronger Partners Through Training - with Latham & Watkins’ Andrew Clark
01/29/2025
#57: How Law Firms Can Build Stronger Partners Through Training - with Latham & Watkins’ Andrew Clark
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 unique role of business professionals in shaping law firm training and the firm’s work in training its lawyers to leverage generative AI. At a Glance: 0:00 Introduction: Andrew discusses ongoing training for partners beyond when they are promoted into their partner roles 1:20 Importance of partner development: Preparing for leadership and client management 2:24 Andrew’s career journey: From Latham’s London office to leading global training initiatives 4:02 Partner involvement in firm management and training programs 6:01 Multi-stage partner training: New Partner Academy and Junior Partner Development Retreat 9:17 Financial literacy and business development: Preparing partners for understand client needs and demands 12:13 Integrating lateral partners: Communicating and strengthening understanding of firm culture through structured training 14:28 Rainmaker panel: Insights into business development from partners who role-play a simulated client pitch 18:27 Contributions of business professionals: Elevating law firm training programs to include education and support from business and training experts in the firm 21:53 External experts in training: Lessons from outside speakers, including military leaders and others 24:57 Generational shifts: Adapting training for Gen Z attorneys 30:01 Latham’s AI Academy: Preparing lawyers for the future of legal practice Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Andrew Clark: Link to more information Latham & Watkins’ lawyer development and training: 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: [email protected] LinkedIn: Instagram: Show notes:
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#56: Navigating Difficult Client Relationships in Big Law
01/22/2025
#56: Navigating Difficult Client Relationships in Big Law
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 expectations 5:22 Addressing surprise costs: Transparent communication about fee changes 6:21 Staying professional under client criticism: Shifting focus to facts over emotions 8:21 Case study: Escalating client issues when partners are unresponsive 10:12 Listening to difficult clients: Understanding their frustrations beyond the surface 13:17 Knowing when to withdraw from challenging client relationships 14:29 Helping clients navigate their own internal organizational challenges 16:11 Building trust by aligning legal strategies with business concerns Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#55: Balancing Professional Development with Client Work
01/15/2025
#55: Balancing Professional Development with Client Work
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 edge in large law firms. At a Glance: 0:00 Introduction: Why professional development is critical for lawyers at every stage 0:23 The challenge of balancing professional growth with the demands of big law 2:03 Efficient ways to audit and organize legal updates in your practice area 3:23 Using competitor resources and external publications for legal insights 4:26 Broadening your knowledge through business and industry news 5:35 Leveraging webinars and hybrid conferences to keep learning accessible 7:00 Maximizing value from bar associations and local events 7:45 Opportunities in internal firm-sponsored events and panels 8:47 Collaborating with colleagues to streamline learning and share expertise 10:19 Building relationships with senior colleagues for mentorship and mutual growth 12:12 Final thoughts on balancing professional development with client demands Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#54: Specialization v. Broader Practice: Navigating Career Paths for Associates in BigLaw
01/08/2025
#54: Specialization v. Broader Practice: Navigating Career Paths for Associates in BigLaw
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 practice, offering actionable advice for associates and partners alike. Whether you’re starting your career, planning a lateral move, or considering a pivot, this episode provides practical strategies for standing out in Big Law. At a Glance: 0:00 Introduction to today’s focus on specialization and flexibility 1:20 The question of broad versus specialized practice areas 2:05 Identifying your short- and long-term career goals 2:48 Early trial experience: balancing courtroom skills with specialization 3:32 Choosing the right firm and practice area to advance your expertise 5:12 How to differentiate yourself within competitive practice groups 6:49 The importance of maintaining a broader skill set for market resilience 7:57 Why firms value adaptability in associates and partners 9:09 Pivoting into high-demand areas like healthcare law 9:30 Understanding the concept of "legal athletes" in in-house roles 11:27 Broader skills essential to success: management and budgeting 12:18 Final thoughts on balancing specialization and flexibility Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#53: Take Control of Your Career in the New Year
01/01/2025
#53: Take Control of Your Career in the New Year
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 Glance: 0:00 Introduction to today’s focus on starting the new year strong 02:02 The importance of avoiding last year’s mistakes and saying “no” 03:13 Prioritize meaningful opportunities and balance workload effectively 04:10 Move forward from past setbacks and focus on future plans 05:24 Set actionable priorities for the year with specific goals 06:24 Engage with your network strategically to grow client relationships 08:15 Proactively meet new colleagues and build internal connections 09:18 Set a timeline for your professional goals and sticking to it 10:41 Use trackers and schedule to stay accountable and avoid frustration 11:07 Take ownership of your career path and seek better opportunities 12:14 Avoid passivity and actively shape your work experience 13:04 Identify changes to move forward when feeling stuck 14:16 Assess physical and mental health to maintain balance 15:07 Build better rest habits to improve focus and productivity 16:28 Encouragement for the new year and ways to connect Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#52: New BigLaw Partners: Use a Tracker to Build Stronger Client Relationships in Big Law
12/25/2024
#52: New BigLaw Partners: Use a Tracker to Build Stronger Client Relationships in Big Law
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 and asking for work 2:14 The importance of regular follow-ups and tailoring outreach frequency 3:26 Why business development often fails: The need for a structured tracker 6:01 Personalizing follow-ups: Adding shared interests to strengthen connections 8:15 Reconnecting with dormant contacts: Tips for restarting relationships effectively 9:16 Following up on RFPs: How to stay proactive without seeming desperate 11:14 Scheduling regular tracker reviews to refine your outreach strategy 14:15 Asking clients directly for work: Building confidence and structuring the conversation 17:20 Aligning with client needs: Honest discussions about opportunities and adjustments 18:23 Closing thoughts: Sustaining relationships and preview of next steps in client development Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] Download tracker here: LinkedIn: Instagram: Show notes:
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#51: New BigLaw Partners: Business Development Strategies
12/18/2024
#51: New BigLaw Partners: Business Development Strategies
In today’s episode, I discuss the practical steps and strategies for new Big Law partners to successfully develop their own clients. From creating a concise and compelling personal brand to cultivating meaningful professional relationships, I share actionable advice for building visibility both inside and outside the firm. Additionally, I address how to approach cross-marketing opportunities, foster client trust through long-term engagement, and manage outreach efforts strategically. These insights will help you not only grow your practice but also shape a fulfilling and sustainable career in Big Law. At a Glance: 0:00 Introduction to today’s topic: Developing your own clients as a new partner 1:20 Why client origination matters for control and career satisfaction 3:00 Creating a defined personal brand in 2-3 sentences 6:52 How to expand your brand and convey unique strengths 7:12 Building visibility inside your firm: Tactics for reintroducing yourself 9:10 Success through cross-marketing and collaboration with other practice groups 10:40 The importance of relationships over transactions in client development 13:28 How authentic connections and shared interests strengthen networks 14:13 Finding opportunities outside traditional legal circles 16:16 Managing follow-ups: Frequency, tiers of outreach, and knowing when to scale back 18:15 Why long-term flexibility in relationships matters 19:08 Preview of next episode: Tracking client development progress Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#50: New BigLaw Partners: Key Priorities for Success
12/11/2024
#50: New BigLaw Partners: Key Priorities for Success
In today’s episode, I delve into essential strategies for lawyers stepping into a partnership role in large law firms. From building a book of business and managing the financial responsibilities of partnership to fostering internal and external relationships, I provide actionable advice to help you thrive in your new role. Whether you're navigating client origination, financial metrics, or internal dynamics, this episode is packed with practical steps and insights to set you up for long-term success. At a Glance: 00:00 - Introduction to Big Law Life and navigating the challenges of becoming a new partner in Big Law 01:20 - Congratulations on becoming a partner; now what? 01:38 - The importance of building your own client base early in your partnership 03:39 - Gaining control of your work early on in your partnership 04:30 - Learning the financial metrics that firms evaluate for partner success 05:54 - Tips for understanding and improving realization rates and billing processes 07:10 - Navigating varying expectations for junior versus senior partners 08:36 - Personal financial planning as a new partner, including tax considerations 09:44 - Preparing for irregular income and potential capital contributions 10:30 - The importance of internal relationship-building within the partnership 11:28 - How to craft a personal brand and elevator pitch as a new partner 12:21 - Asking and seeking to understand the value your fellow partners bring to the firm Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#49: Big Law Associate Year-End Checklist for Success
12/04/2024
#49: Big Law Associate Year-End Checklist for Success
In today’s episode, I tackle the critical steps associates in large law firms should take to close out the year effectively. From navigating mandatory trainings and pro bono commitments to planning for professional growth in the upcoming year, I provide specific, actionable advice to ensure you finish the year strong and position yourself for success in the months ahead. I also discuss the nuances of firm culture, from handling leave requests during the holiday season to expressing gratitude to colleagues and supervisors in ways that strengthen relationships. At a Glance: 00:00 - Introduction to Big Law Life and why year-end is a pivotal time for associates in Big Law 00:20 - The importance of meeting billable hour goals and mandatory requirements 01:45 - Strategies to complete overlooked tasks like trainings and pro bono work 02:40 - How to approach holiday leave requests and ensure smooth coordination 04:23 - Staying accessible during holidays and managing team expectations 05:17 - Recognizing and appreciating colleagues and supervisors at year-end 07:10 - Personalized client outreach: Going beyond standard holiday cards 07:30 - Planning for conferences, training, and firm-approved growth opportunities 08:12 - Turning feedback into actionable career development plans 10:12 - Advocating for opportunities: Avoiding the common pitfall of waiting 11:39 - Setting goals and creating a tracker for accountability in the new year 13:18 - Closing the year with momentum and preparing for a fresh start Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#48: New BigLaw Partners: Essential Mindset Shifts from Associate to Partner
11/27/2024
#48: New BigLaw Partners: Essential Mindset Shifts from Associate to Partner
In today’s episode, I discuss critical mindset shifts necessary for transitioning into a partnership role at a large law firm. I cover everything from securing and justifying business development budgets, to managing challenging relationships with fellow partners, and re-evaluating your career trajectory as you establish yourself in this demanding role. Drawing from personal insights and coaching experiences, I provide actionable strategies for navigating these challenges and achieving long-term success as a partner. At a Glance: 00:00 Introduction to Big Law Life and today’s episode 00:20 Celebrating the milestone of making partner 01:10 The crucial mindset shift from associate to partner 02:30 How to approach business development funding as a new partner 05:00 Maximizing ROI on firm-sponsored travel and conferences 07:15 Understanding firm protocols for budget allocations 08:40 Balancing conflicts with fellow partners 11:30 Managing your practice and pivoting when necessary 15:00 The ongoing pressures of business development as a partner 16:30 Final advice on maintaining adaptability as a partner Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#47: Strategies for Thriving Through Law Firm Mergers
11/20/2024
#47: Strategies for Thriving Through Law Firm Mergers
In this episode, I delve into the challenges lawyers encounter when their firms go through mergers. Drawing from my experience as an equity partner in global firms, I discuss the often-overlooked aspects of these transitions, such as managing new technology systems, navigating office relocations, embracing new branding, and adapting to shifts in leadership. I also touch on the practical steps lawyers can take to protect client relationships, manage origination credits, and align with the evolving firm culture. My goal in this episode is to give you actionable strategies for staying ahead and safeguarding your career when major changes come your way. At a Glance: 00:00 - Introduction to today’s episode 01:20 - Overview of recent law firm mergers and their impact on market power 02:14 - Initial changes post-merger: technology, office location, branding, and leadership shifts 04:16 - Navigating new office space dynamics and hot desking 05:03 - Challenges with firm rebranding and identity alignment 05:30 - Leadership restructuring and its implications for legal teams 06:12 - The importance of assessing fit within the newly merged culture 07:24 - Evaluating potential downsizing in business and legal operations roles 09:02 - Staying informed through firm meetings and assessing post-merger shifts 09:55 - Managing client conflicts and ethical considerations during mergers 11:01 - Risks and considerations for equity partners under new firm structures 12:43 - Complexities of multinational firm mergers and compensation variances 14:29 - Opportunities for career growth and new business in merged firms 15:04 - Building connections with new colleagues and collaborating effectively 16:17 - Retaining origination credit and client relationship management 18:12 - Client insights into new colleagues: building trusted alliances 19:02 - Proactive strategies for adapting to the evolving firm landscape Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#46: Key Client Insights Your BigLaw Competitors Are Missing
11/13/2024
#46: Key Client Insights Your BigLaw Competitors Are Missing
In today’s episode, I’m diving into the essential questions lawyers in large law firms should be asking their clients to strengthen relationships, retain business, and gain a deeper understanding of client expectations. I’ll share how law firms often miss out on valuable client feedback and provide a practical roadmap to get candid insights on everything from hiring processes to building meaningful connections and staying competitive in the legal landscape. Through specific examples, I’ll guide you on how to position yourself as a trusted advisor and invaluable partner to your clients. At a Glance: 00:00 - Introduction to today’s episode 01:20 - Insights from a recent conference on client-centric practices 02:08 - Understanding a client’s process for selecting outside counsel 03:11 - How assumptions about client selection can harm relationships 04:12 - Exploring various bidding processes in client hiring 05:17 - Importance of postmortem discussions, whether hired or not 06:28 - Address the fear of client feedback as a growth tool 07:13 - Bring in business professionals to gather client feedback 08:18 - Frame questions to learn about competitors constructively 09:17 - Essential factors beyond legal skills clients look for 10:21 - Be prepared for potential negative client feedback 11:07 - Recognize specific client needs that may exclude certain firms 11:30 - Final thoughts on feedback as a tool for improving client relationships Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#45: BigLaw Insights from AmLaw Reporter Andrew Maloney
11/06/2024
#45: BigLaw Insights from AmLaw Reporter Andrew Maloney
In 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: 0:00 - Introduction to today’s guest, Andrew Maloney 1:20 - Reflecting on the rapid changes in the legal industry in 2024 2:19 - Andrew’s path to legal journalism and focus on the business of law 8:09 - Emergence of the “business of law” and its impact on firm dynamics 12:05 - Major legal industry stories of 2024: top compensation trends and lateral moves 14:51 - Increased competition among top law firms and strategic expansions 15:52 - 2024 trends in law firm mergers and how they’re reshaping firms 19:05 - Laura’s reflections on post-merger outcomes and growth sustainability 22:44 - Case study: Chicago as an evolving legal market 26:04 - Predicting significant trends in 2025 28:09 - How upcoming elections may affect law firm talent acquisition and attrition 31:05 - New emphasis on the non-equity partner model as a profitability strategy 32:54 - Closing thoughts and a look ahead into 2025’s legal landscape Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#44: Helping BigLaw Attorneys Navigate the Business Side of Their Law Firms
10/30/2024
#44: Helping BigLaw Attorneys Navigate the Business Side of Their Law Firms
In today’s episode, I discuss some essential steps and common challenges that arise when attorneys in large law firms get frustrated in dealing with the business and financial side of their practices, and what their firms expect from them in that regard. We’ll explore why some lawyers resist engaging with financial aspects of the practice, how business professionals can better support lawyers, and discuss actionable ways to foster more cohesive teamwork within the law firm. At a Glance: 00:00 – Introduction to the episode 01:20 – Importance of collaboration between attorneys and business professionals 02:10 – How financial considerations have become critical for law firms’ success 04:04 – Why attorneys can resist engaging on business and financial considerations 07:07 – Potential impediments to business collaboration 11:15 – How assumptions around client expectations can misalign firm and client interests 13:10 – Breaking down financial and client billing requirements in a mutually beneficial way for clients and law firms 15:26 – Enhancing the collaboration of business professionals and legal professionals to assist in law firm profitability and success Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#43: Avoiding BigLaw Mistakes in Business Development
10/23/2024
#43: Avoiding BigLaw Mistakes in Business Development
Today’s episode focuses on business development challenges faced by both new and seasoned partners at large law firms. I provide practical strategies to help you define your unique value proposition, target effective marketing efforts, and seek client feedback. You’ll find out how to address common pitfalls, such as spreading yourself too thin, failing to personalize follow-ups, and how to turn a past misstep into an opportunity for new business. At a Glance: 00:00 – Introduction to the episode 01:20 – Business development challenges faced by partners in large firms 02:07 – Defining unique expertise and avoiding the “jack of all trades” approach 03:23 – Finding a niche and standing out in a saturated market 05:10 – Evaluating the ROI of business development activities 06:17 – Personalizing marketing efforts and outreach for maximum impact 08:22 – Importance of follow-ups in deepening client connections 09:18 – Seeking client feedback and addressing past missteps 10:43 – Soliciting qualitative feedback beyond standard client surveys 12:19 – Evolving nature of business development for lawyers Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#42: Value-Based Billing Strategies for Law Firms with Justin Ergler
10/16/2024
#42: Value-Based Billing Strategies for Law Firms with Justin Ergler
In today’s episode, I am joined by Justin Ergler, a globally recognized thought leader in legal operations and legal procurement. We discuss the evolving role of business professionals in the legal industry and how value-based billing models are reshaping the traditional law firm structure. With a global legal industry valued at $1 trillion, Justin shares his insights on alternative fee arrangements, the importance of building strong client-firm relationships, and how legal departments and law firms can optimize value while maintaining profitability. The episode offers practical advice for lawyers navigating the intersection of law and business, providing specific strategies to improve client service and communication. At a Glance: 00:00 – Introduction and Justin Ergler’s Background 00:02 – The Evolving Role of Business Professionals in Legal Operations 00:05 – The Billable Hour: Exploring Alternatives and Addressing Concerns 00:10 – Case Studies: How Alternative Fee Arrangements Work in High-Stakes Matters 00:14 – Trust and Transparency: Building Strong Client-Firm Relationships 00:17 – Communicating Rate Increases: The Importance of Tailored Approaches 00:22 – Understanding Client Needs: Business-Side Conversations with Law Firms 00:28 – The Legal Value Network: Elevating Business Practices in Law 00:36 – Closing Thoughts and How to Learn More About Legal Value Network Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Justin Ergler: 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: [email protected] LinkedIn: Instagram: Show notes:
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#41: How Associates Can Avoid Derailing Their BigLaw Careers
10/09/2024
#41: How Associates Can Avoid Derailing Their BigLaw Careers
In today’s episode, I address a critical issue that many associates in large law firms face—identifying and managing warning signs in their law firm careers before it’s too late. I outline practical strategies to help associates understand what firms expect and how to recognize when they may be at risk, including getting ahead of the issue of low billable hours, handling situations where there is insufficient work in your office or practice group, and the dangers of poor communication and accountability. At a Glance: 00:32 – Why law firms don’t provide roadmaps for associates and the need for self-awareness 01:20 – Early warning signs when associates are on the verge of trouble 02:34 – The importance of meeting billable hours and avoiding over-reliance on non-billable work 03:38 – Responding to work opportunities during vacation when billable hours are low 04:34 – Struggling to find work? Here’s what to consider 05:15 – Feedback: Why associates should proactively seek it from partners 06:14 – The challenge of working in a slow office and potential solutions 08:11 – When your practice group is slow: Short-term vs. long-term impacts 10:00 – Seniority issues: When associates outgrow their niche and how to pivot 11:45 – Administrative issues, timekeeping, and office presence: Why they matter 14:05 – Vanishing acts: The importance of communication and accountability Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#40: Navigating BigLaw to General Counsel and Beyond with Shauna Barnes
10/02/2024
#40: Navigating BigLaw to General Counsel and Beyond with Shauna Barnes
In today’s episode, I am joined by Shauna Barnes, founding partner of the Barnes Beverage Group and former general counsel of Dogfish Head. With 15 years of legal experience in the beverage industry, Shauna shares her journey from BigLaw to in-house counsel, her pivot to founding her own firm, and how she navigated the challenges of balancing a legal career with family life. For lawyers in large law firms, Shauna’s story offers valuable lessons on how to shape a career path that aligns with personal goals and professional fulfillment. At a Glance: 00:00 – Introduction to the episode and Shauna Barnes' background 00:50 – Shauna's early career aspirations and decision to leave litigation behind 02:59 – Transition from BigLaw to Dogfish Head 05:09 – Decisions about work and personal life 10:50 – Securing the role of general counsel at Dogfish Head 15:19 – Culture at Dogfish Head and building the legal department from scratch 20:00 – Learning to manage and lead a team without formal training 28:54 – Founding Barnes Beverage Group and the transition to running her own firm 35:00 – Key challenges in running a virtual legal team and maintaining work-life balance 39:42 – Final thoughts on growth and leadership in a boutique law firm Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Shauna Barnes 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: [email protected] LinkedIn: Instagram: Show notes:
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#39: Are You Sure You Want to Be a BigLaw Partner?
09/25/2024
#39: Are You Sure You Want to Be a BigLaw Partner?
In today’s episode, I dive into the realities of becoming a partner at a large firm. I outline the financial, managerial, and personal factors every lawyer should consider before pursuing partnership. As I explain, partnership comes with certain not-so-easy financial realities, heavy business development demands, and the need to be willing to navigate the firm dynamics and internal politics that often come with the title. If you’re a lawyer considering working towards partner, this episode offers some critical points for you to evaluate. At a Glance: 00:00: Introduction by Laura Terrell: From equity partner to executive coach 00:32: The lack of a roadmap in law school for success in large law firms 01:20: Considering partnership: What aspiring partners need to think about 02:44: Financial realities: From income partners to equity partners 05:38: Equity partners and the risks of inconsistent payments 07:18: The firm’s culture: How partnership can change dynamics and expectations 09:16: Business development expectations and the runway for growth 12:30: The workload: Managing administrative tasks, client work, and business development 14:19: Personal life and partnership: Balancing professional demands with personal priorities 15:20: Key questions to ask yourself before pursuing partnership Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#38: Why Law Firms Fail at Partner Transition Planning with Douglas Wood
09/18/2024
#38: Why Law Firms Fail at Partner Transition Planning with Douglas Wood
In 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: 00:00: Introduction to the episode and guest, Douglas Wood 01:20: Transitioning out of law practice and the significance of succession planning in Big Law 03:20: Doug's career path, from small firms to becoming a partner at Reed Smith 04:50: Retirement planning in large firms and the lack of formal transition processes 06:54: Why law firms avoid discussions about partner transitions 09:00: Mentoring younger attorneys and the rewards of delegating client relationships 11:00: Addressing the risks of delegation and the misconception that clients will leave 13:15: Building a transition plan that benefits the firm, the transitioning attorney, and the younger lawyers 17:03: Balancing client demands, billable hours, and mentoring—debunking the "too busy" excuse 21:10: The generational gap and its impact on mentorship in the legal profession 24:00: The lack of formal programs for senior lawyers and why law firms should view them as assets 30:00: Doug discusses his novel writing and upcoming projects Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Doug Wood LinkedIn: Facebook: Amazon: 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: [email protected] LinkedIn: Instagram: Show notes:
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#37: Key Trends in Law Firm Profitability and Partner Pay with Lisa Smith
09/11/2024
#37: Key Trends in Law Firm Profitability and Partner Pay with Lisa Smith
In today’s episode, I am joined by Lisa Smith, a founding Principal of Fairfax Associates and head of the Washington office. She is a leading consultant to law firms and advises firms in the U.S. and globally. We delve into the intricacies of partner compensation, profitability strategies, and leadership transitions in large law firms. With over 35 years of experience, Lisa shares her insights on how law firms structure compensation to retain top talent, the increasing significance of origination and profitability metrics, and how leadership approaches are evolving to meet the demands of today’s legal industry. At a Glance: 00:00: Introduction to the episode and guest, Lisa Smith, law firm consultant 02:27: Lisa’s background and how she entered law firm consulting 04:05: The evolution of compensation structures in large law firms 06:26: How firms manage high-value compensation packages and the risks involved 08:12: Balancing profitability with partner compensation: What firms are doing now 09:44: Shift in metrics from billable hours to profitability and origination 11:14: The growing importance of generating and leveraging work as a partner 14:00: Managing lateral hires: Compensation packages and cultural integration 16:12: Leadership turnover in law firms: What new leaders focus on today 19:09: Shifting leadership dynamics: Business acumen vs. book of business 22:49: Leadership pipelines and developing future law firm leaders 25:07: Evolving partnership structures: Income partners, equity paths, and retention challenges 30:09: The impact of AI and technology on legal services and client expectations 31:27: Increasing rates and their effect on firm-client relationships and firm profitability 35:04: Closing thoughts on firm growth and the changing mobility of partners Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Lisa Smith 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: [email protected] LinkedIn: Instagram: Show notes:
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#36: BigLaw Insights From Bloomberg Law Reporter Roy Strom
09/04/2024
#36: BigLaw Insights From Bloomberg Law Reporter Roy Strom
In today’s episode, I am joined by Roy Strom, Big Law reporter and columnist at Bloomberg Law. Roy shares his journey into legal journalism, the complexities of reporting on the legal industry, and the unique challenges faced by large law firms in today's market. The conversation explores the business dynamics of law firms, the influence of AI, and the evolving role of legal professionals in managing firm strategy and profitability. This episode is packed with insights for attorneys navigating their careers in large law firms, especially those interested in understanding how journalists covering the legal industry approach their subject. At a Glance: 00:00 - 00:00:51 - Introduction and overview of the episode’s focus on Big Law and media coverage 00:51 - 02:26 - Roy Strom’s background and his journey into legal journalism 02:26 - 06:19 - Roy’s early career aspirations and transition from sports journalism to legal reporting 06:19 - 08:07 - Similarities between covering the legal industry and sports 08:07 - 13:50 - How the legal market and law firms are unique in the business market 13:50 - 16:01 - How change has or hasn’t accelerated in law firms due to external pressures 16:01 - 22:01 - Shifts in compensation models and the impact on law firm culture and partner dynamics 22:01 - 25:19 - The growing divide within the legal industry and the role of business of law professionals 25:19 - 35:31 - Challenges in covering the legal industry from a journalistic perspective 35:31 - 40:21 - Current trends in legal journalism, including the focus on AI 40:21 - 42:32 - Roy Strom’s thoughts on what’s ahead for Big Law in 2024 and beyond 42:32 - 43:05 - Closing remarks and where to find more of Roy’s work Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Roy Strom [email protected] 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: [email protected] LinkedIn: Instagram: Show notes:
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#35: How to Make Your Practice Stand Out in BigLaw
08/28/2024
#35: How to Make Your Practice Stand Out in BigLaw
In today’s episode, I discuss the essential strategies for lawyers in large law firms to stand out and succeed. The key areas I cover include delivering practical solutions, understanding the intersection of legal and business needs, admitting knowledge gaps, staying responsive, and maintaining a professional demeanor. At a Glance: 00:00-01:00 Introduction and overview of the episode’s focus on practical solutions for lawyers 01:00-02:02 The importance of offering practical solutions to complex problems 02:02-05:12 Understanding and integrating client business needs into legal advice 05:12-07:02 The value of admitting what you don't know and a willingness to learn 07:02-09:00 The importance of responsiveness and communication in managing client relationships 09:00-10:09 Why being a respectful and collegial lawyer matters for your reputation Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#34: Individual Marketing Strategies for BigLaw Associates
08/21/2024
#34: Individual Marketing Strategies for BigLaw Associates
In today’s episode, I focus on the real challenges you face as a lawyer trying to build your personal brand in a large law firm. While these firms spend a lot on marketing and business development, those efforts are usually aimed at promoting the firm, not you. I break down why this happens and what you can do about it. From making the most of LinkedIn to finding your own publishing and speaking opportunities, I offer specific steps you can take to stand out in a crowded field. At a Glance: 00:00-01:20 Introduction and overview of the challenges in personal branding within big law 01:20-02:20 Limited support from law firms' marketing and business development departments for individual lawyers. 02:20-03:12 The impact of high turnover in law firm marketing teams post-COVID. 03:12-04:29 Why law firms focus on their brand over individual attorneys. 04:29-06:01 Comparing law firm marketing budgets with other industries and their impact on individual marketing. 06:01-07:17 The inefficacy of traditional law firm marketing channels like event sponsorships. 07:17-08:39 The underutilization of modern marketing tools like podcasting and LinkedIn in law firms. 08:39-09:45 How senior partners dominate marketing resources, leaving junior lawyers behind. 09:45-10:50 Practical steps for enhancing LinkedIn profiles and online presence. 10:50-13:13 The value of seeking external publishing and speaking opportunities. 13:13-14:48 Importance of having a concise professional pitch ready at all times. Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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#33: From Associate to Practice Group Leader: Lessons from Cannabis Law Trailblazer Sarah Blitz
08/14/2024
#33: From Associate to Practice Group Leader: Lessons from Cannabis Law Trailblazer Sarah Blitz
In today's episode, I am joined by Sarah Blitz, a senior associate at Sheppard Mullin and co-founder and leader of Sheppard Mullin’s Cannabis Industry Team. She shares her journey from law school to becoming a recognized leader in the legal cannabis space, offering insights into how she merged her personal interests with her professional ambitions. We delve into the challenges of building a practice in a nontraditional area, the importance of being aware of broader industry trends, and the value of staying flexible and proactive in your legal career. Sarah’s story demonstrates the power of entrepreneurial thinking in BigLaw and provides valuable guidance for associates looking to carve out their own niche. At a Glance: 01:20 - 02:08 Introducing Sarah Blitz and her role at Sheppard Mullin 02:08 - 04:00 Sarah's path from law school to Sheppard Mullin 04:00 - 06:07 Discovering her passion for litigation and personal development 06:07 - 09:02 The intersection of personal interests with professional practice 09:02 - 12:16 Building a cannabis practice: From idea to implementation 12:16 - 14:23 Overcoming resistance and planning for pushback 14:23 - 16:09 Making the business and ethical case for a cannabis practice 16:09 - 18:22 The importance of understanding market trends and client needs 18:22 - 19:21 Advice for associates on career development and flexibility 19:21 - 22:52 The importance of identifying and cultivating a unique expertise 22:52 - 24:00 Balancing litigation work with advisory roles in the cannabis sector 24:00 - 27:06 Navigating the complexities of legal services in a new industry 27:06 - 30:20 Diversity in the cannabis industry and client engagement 30:20 - 32:05 Sarah’s vision for the future of her career 32:05 - 35:56 Sarah’s approach to balancing professional and personal life Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. How to reach Sarah Blitz 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: [email protected] LinkedIn: Instagram: Show notes:
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#32: Why You Need to Know Your Economic Value for Your Law Firm
08/07/2024
#32: Why You Need to Know Your Economic Value for Your Law Firm
In today's episode, I talk about why you need to know your economic value for your firm and how you measure it. In the modern law firm environment, especially within large law firms, understanding the business of law is as crucial as mastering your legal practice. We'll explore how to identify the financial metrics that firms use to evaluate your performance, the importance of aligning your contributions with your firm's financial goals, and practical strategies to ensure your value is recognized and rewarded. At a glance: 00:00:00 – Introduction 00:01:19 – Importance of understanding your economic value in a large law firm 00:01:49 – How law firms evaluate economic contributions and the factors that contribute to it 00:03:10 – Key metrics and financial measures used by firms to assess value 00:03:30 – Challenges junior lawyers face in understanding firm economics 00:04:39 – Adapting to changing financial expectations within a firm 00:06:08 – Firm’s regular financial evaluations and their impact on lawyers 00:07:22 – Seeking resources to understand and navigate firm metrics 00:09:07 – Importance of aligning with the firm’s financial goals and using internal resources 00:10:22 – Evaluating your own performance and understanding client retention and profitability 00:12:09 – Senior associate considerations and client billing rates 00:13:23 – Partner-specific financial responsibilities and profitability 00:14:32 – Final thoughts on understanding the business side of law and advocating for oneself Rate, Review, & Follow on Apple Podcasts & Spotify Do you enjoy listening to Big Law Life? Please consider rating and reviewing the show! This helps support and reach more people like you who want to grow a career in Big Law. For Apple Podcasts, , scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast ! For Spotify, on your mobile phone, follow the podcast, listen to the show, then find the rating icon below the description, and tap to rate with five stars. 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: [email protected] LinkedIn: Instagram: Show notes:
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