Big Law Life

#44: Helping BigLaw Attorneys Navigate the Business Side of Their Law Firms

Oct 30, 2024

Discover essential strategies for attorneys in large law firms to tackle the business side of their practices. Explore why many lawyers shy away from financial matters and how collaboration with business professionals can bridge this gap. Dive into the changing dynamics of client expectations and technological advancements that reshape legal business interactions. Learn actionable ways to enhance teamwork for improved profitability and efficiency within the firm. Tune in for insights that can transform both legal and business partnerships!

16:23

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Quick takeaways

Collaborative efforts between attorneys and business professionals are essential for navigating financial aspects and enhancing law firm success.

Addressing lawyers' resistance to financial discussions can foster improved communication, aligning legal practice with business goals for better profitability.

Deep dives

Understanding the Business of Law

The podcast emphasizes the growing importance of legal operations professionals and the business side in law firms. As law firms adapt to metric-driven success measures, attorneys need to acknowledge financial realities and work alongside business professionals. Many lawyers resist this collaboration, often believing that their focus should solely be on legal expertise rather than financial considerations. By bridging this gap, attorneys can enhance their understanding of how financial performance impacts their career success, ultimately benefiting the entire firm's operations.

Bridging the Gap: Fostering Collaboration Between Legal and Business Professionals in Big Law

15min

Navigating the Evolving Landscape of Legal Business Collaboration

2min

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

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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:

www.lauraterrell.com

laura@lauraterrell.com

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