Big Law Life #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