Big Law Life #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:
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00:00 - Introduction to Big Law Life and navigating the challenges of becoming a new partner in Big Law
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01:20 - Congratulations on becoming a partner; now what?
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01:38 - The importance of building your own client base early in your partnership
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03:39 - Gaining control of your work early on in your partnership
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04:30 - Learning the financial metrics that firms evaluate for partner success
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05:54 - Tips for understanding and improving realization rates and billing processes
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07:10 - Navigating varying expectations for junior versus senior partners
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08:36 - Personal financial planning as a new partner, including tax considerations
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09:44 - Preparing for irregular income and potential capital contributions
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10:30 - The importance of internal relationship-building within the partnership
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11:28 - How to craft a personal brand and elevator pitch as a new partner
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12:21 - Asking and seeking to understand the value your fellow partners bring to the firm
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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:
laura@lauraterrell.com
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Show notes: https://www.lauraterrell.com/podcast