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, click here, 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 here!  For Spotify, tap here 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: amaloney@alm.com  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   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

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!

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, click here, 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 here!  For Spotify, tap here 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: www.lauraterrell.com  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast  

In this discussion, Justin Ergler, a leading expert in legal operations and procurement, dives into the evolution of billing practices in law. He highlights the shift from billable hours to value-based billing, stressing the importance of strong lawyer-client relationships. Justin shares insights on navigating rate increases, advocating for tailored communication strategies. He also discusses the establishment of the Legal Value Network, aimed at improving collaboration between legal and business professionals, fostering innovation and efficiency in the industry.

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, click here, 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 here!  For Spotify, tap here 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: www.lauraterrell.com  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast  

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, click here, 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 here!  For Spotify, tap here 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 SBarnes@DrinksLaw.com www.drinkslaw.com   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   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

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, click here, 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 here!  For Spotify, tap here 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: www.lauraterrell.com  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

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, click here, 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 here!  For Spotify, tap here 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 douglas.wood@wood.law https://dawntodusk.wood.law/ LinkedIn: https://www.linkedin.com/in/djwood1976 Facebook: https://www.facebook.com/profile.php?id=61562791655439 Amazon: From Dawn to Dusk: How to Build a Multimillion Dollar Law Practice and Then Give It Away: Wood, Douglas J.: 9798985856460: Amazon.com: Books 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   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

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, click here, 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 here!  For Spotify, tap here 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 https://fairfaxassociates.com/our-people/lisa-smith/ https://www.linkedin.com/in/lisa-smith-24a9b1a/ 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   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcas

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, click here, 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 here!  For Spotify, tap here 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 rstrom@bloombergindustry.com 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   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast