272. The Best Strategies for Transitioning from Big Law to Your Own Firm

In this episode of "The Free Lawyer," host Gary Miles converses with Leslee Cohen, managing partner of All Rise Legal. Leslee recounts her journey from big law to founding her own firm, emphasizing the importance of work-life balance, flexibility, and supportive workplace culture. She discusses the challenges of client acquisition, maintaining competitive fees, and the significance of financial literacy. Leslee also highlights mentoring young attorneys and building strong client relationships. Her story underscores that lawyers can achieve a fulfilling and successful legal practice with strategic planning, dedication, and a focus on client needs.

Leslee Cohen is the founder and Managing Partner of AllRise Legal Counsel.  AllRise concentrates its transactional practice on securities and startup law, corporate finance, technology law, mergers and acquisitions, and general corporate law. It represents clients across many industries, from consumer products to technology companies, healthcare businesses, and real estate firms. 

Leslee started her practice at a Wall Street firm in 1992, spent 13 years honing her skills at a large firm based in Chicago, and left to form AllRise in 2010. AllRise was founded on Leslee’s desire to work with earlier-stage and smaller businesses. Each of its attorneys is big firm-trained and experienced. 

Leslee has been named by Illinois Super Lawyers as a Top 100 Lawyers in the State of Illinois and Top 50 Women Lawyers in the State of Illinois, corporate finance and securities, every year since 2010, a Leading Lawyer in mergers & acquisitions, securities and venture finance every year since 2007, the Advocate of the Year by the Small Business Advocacy Council in 2019, an Enterprising Woman of the Year by Enterprising Women Magazine in 2023 and, most recently, an Entreprenista Top 100 in 2024. 

Career Shift (00:02:10)
Wall Street Experience (00:02:33)
Moving Back to Chicago (00:03:02)
Starting Her Own Firm (00:04:02)
Key Elements of Success (00:04:33)
Finding a Niche (00:05:34)
Networking Strategy (00:06:01)
Client Referrals (00:07:58)
Balancing Expertise and Service (00:10:21)
Mindset Shift (00:12:01)
Training New Lawyers (00:12:02)

Contract Review Methodology (00:13:07)
Billing Practices (00:14:04)
Common Mistakes in Starting a Firm (00:15:27)
Handling Unexpected Challenges (00:17:05)
Learning Business Fundamentals (00:18:35)
Advice for Aspiring Firm Owners (00:19:16)
Vision and Culture in Law Firms (00:20:49)
Creating a Flexible Work Environment (00:22:02)
Team Availability and Support (00:23:06)
Transitioning from Big Law (00:24:03)
Fostering Team Communication (00:25:15)
Finding Personal Balance (00:26:17)
Mentoring Younger Attorneys (00:29:01)
Competing with Larger Firms (00:30:56)
Maintaining Client Relationships (00:33:52)
Advice to Younger Self (00:37:01)
The Importance of Coaching (00:38:30)

Would you like to learn more about Breaking Free or order your copy? https://www.garymiles.net/break-free

 Would you like to schedule a complimentary discovery call? You can do so here: https://calendly.com/garymiles-successcoach/one-one-discovery-call