Big Law Life

In today’s episode, I am joined by Kelley Brubaker, a CPA advising attorneys and their firms, and the host of the “Your Profitable Law Firm” podcast.  Kelly shares how law firm shareholders and owners can better approach tax planning, budgeting, and the transition from W-2 employees to equity partners.  Learn how to manage unpredictable income, set up multiple bank accounts for better financial management, and the importance of early consultation with tax professionals.    At a glance: 02:32 - Kelly Brubaker’s experience transitioning from Big Four to owning her own firm 04:30 - The importance of understanding tax implications when transitioning to an equity partner 07:15 - Understanding the financial and tax changes when becoming an equity partner 09:14 - Explanation of K-1 forms and tax responsibilities for equity partners 10:29 - Importance of early tax planning and quarterly payments to avoid penalties 12:37 - High interest rates and penalties for not paying taxes properly 13:37 - Advice on consulting tax professionals immediately upon making partner 14:45 - Managing unpredictable distributions and setting up bank accounts for different financial purposes 16:38 - Planning for capital calls and understanding their tax implications 18:15 - Managing unpredictable income and expenses throughout the year as a partner 19:56 - Using the Profit First methodology to manage finances and tax obligations 22:17 - Setting up bank accounts for specific expenses 24:08 - Explanation of basis and its tax implications for partners 25:25 - Importance of separating personal and business expenses for tax purposes 26:53 - Misconceptions about business deductions and the impact of the 2017 tax code changes 28:32 - Tracking business expenses and using technology to manage finances 29:46 - Common financial mistakes new partners make and how to avoid them 31:10 - The need for continuous involvement and awareness of firm finances 32:19 - Understanding state and local tax implications when firms expand to new jurisdictions Rate, Review, & Follow on Apple Podcasts 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. 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! A new episode releases every week! Follow now! How to reach Kelley Brubaker: LinkedIn - https://www.linkedin.com/in/kelleybrubaker/ YouTube - https://www.youtube.com/@profit.scale.thrive Facebook - https://www.facebook.com/profit.scale.thrive Tiktok - https://www.tiktok.com/@profit.scale.thrive Instagram - https://www.instagram.com/profit.scale.thrive X/Twitter - https://x.com/kelleybrubaker Podcast – “Your Profitable Law Firm” - https://podcasts.apple.com/us/podcast/your-profitable-law-firm/id1675779501   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 share critical factors lawyers should consider when thinking about whether to leave their current law firm. These include the various challenges and frustrations lawyers face, such as promotion paths, practice area prioritization, support within the firm, financial metrics, client contact, and alignment with personal values.  I provide actionable insights for lawyers at a crossroads in their careers, helping them evaluate their current positions and consider alternative options for professional growth and satisfaction.   At a glance: 01:20 - Key factors to consider when thinking about leaving your law firm 02:00 - Common reasons for lawyer turnover in big law firms 03:16 - Challenges with the promotion path and partnership 05:17 - Impact of firm's practice area prioritization on career progression 07:56 - Importance of having the right supporters or champions within the firm 09:30 - Financial metrics and profitability expectations in law firms 11:01 - The pressure of developing business and securing clients 12:03 - Lack of direct client contact and its impact on career advancement 13:08 - The misalignment of firm's values and priorities with personal goals 15:11 - Evaluating alternative options for professional growth   Rate, Review, & Follow on Apple Podcasts 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. 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! A new episode releases every week! Follow now! 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, we discuss the strategic use of LinkedIn for lawyers with Annette Choti, an attorney and the Founder of Law Quill, a full-service legal marketing agency, and Click Magnet Academy, where she teaches professionals how to leverage LinkedIn.  Annette shares insights into creating a compelling LinkedIn profile, the importance of content, and how to utilize LinkedIn as a powerful networking tool. Whether you're looking to establish your presence or enhance your professional brand, this episode is packed with practical advice tailored for legal professionals navigating the BigLaw landscape.   At a glance: 01:21 - Annette’s journey from theater to law and digital marketing 02:15 - Annette's Career transition from government to founding Law Quill 04:15 - Addressing the gap in understanding legal compliance and marketing 06:13 - How Law Quill differentiates itself from other marketing agencies 08:21 - Creating engaging and authentic social media content 11:18 - The significance of LinkedIn for lawyers 14:15 - Key steps to enhance your profile 16:03 - Tips for creating relevant and engaging posts 19:21 - ChatGPT and using AI to inspire content ideas 23:05 - Navigating firm policies and personal branding on LinkedIn 26:56 - Practical steps to strategically pitch LinkedIn activities to firm management 29:14 - Key actions lawyers can take to improve their LinkedIn presence   Rate, Review, & Follow on Apple Podcasts 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. 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! A new episode releases every week! Follow now!   How to reach Annette Choti:  LinkedIn: https://www.linkedin.com/in/annettechoti Email: annette@lawquill.com The Legal Marketing Lounge Podcast: https://lawquill.com/podcast  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

Learn how lawyers can succeed by aligning their personal goals with their law firm's business model in this episode. Discover the importance of cultivating a business mindset, avoiding career pitfalls, and building strategic client relationships. Find out how understanding industry landscapes and adapting to market changes can propel your legal career to new heights.

In today’s episode, I share my insights on difficult questions BigLaw associates frequently ask.  While your law firm readily provides guidance regarding edits to memos, formal evaluations, and instructions about how to enter and close time, there is a lot more to life in a big law firm, and many of those questions are difficult to raise.  In this episode I discuss how to know whether or not it’s time to leave your firm early in your career, tips to navigate switching practice areas well, how to manage your workload and talk to partners about capacity, and more.   At a glance: 01:46 - Addressing tough questions about firm dynamics and personal career paths 02:30 - Deciding whether to stay at or leave a law firm early in your career 05:14 - Challenges of managing client demands in private practice and moving in-house 07:13 - Strategies for handling disputes about your billed time and work 11:05 - How to handle leaving a firm with a toxic work environment 14:12 - Considerations for switching practice areas within law 16:28 - Managing workload and communicating with partners about capacity Rate, Review, & Follow on Apple Podcasts 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. 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! A new episode releases every week! Follow now!   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 share another critical piece involved in the recruiting process — optimizing your resume.  Updating your resume isn’t easy and I’ve found there are some key areas to focus on that can make a big difference. I break down each of the components of a strong legal resume, from the strategic placement of key achievements to the nuances of listing your legal experiences. I also provide actionable advice on how to leverage your legal background effectively to stand out in a competitive BigLaw job market.   At a glance: 00:01:45 - The importance of a well-crafted resume and initial tips for refining it. 00:02:10 - Ensuring consistency across different professional profiles (LinkedIn, law firm bios). 00:04:35 - Addressing employment gaps and the importance of explaining any time away. 00:06:24 - Tailoring resumes to highlight specific experiences relevant to the job application. 00:09:11 - Avoiding overselling or underselling skills on resumes. 00:11:47 - The critical need for proofreading and maintaining consistent details throughout the resume. Rate, Review, & Follow on Apple Podcasts 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. 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! A new episode releases every week! Follow now!   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 discuss lateral growth, integration, and profitability strategies with Kristina Lambright, Associate Director of Lateral Recruiting at Jones Day.  Kristina spent a decade as a litigator before moving into a role developing and leading the pricing and legal project management (LPM) efforts at three AmLaw 50 firms, focusing on revenue growth and profitability. For the past five years, Kristina has overseen lateral partner hiring and integration.   At a glance: 01:20 - Kristina's transition from practicing litigator to taking on business roles within law firms 02:44 - Kristina’s career journey, highlighting the shift from practicing law to focusing on pricing and LPM to enhance law firm profitability and client engagement 05:42 - The importance of integrating pricing strategies with lateral partner hiring to ensure law firm growth and operational support 07:28 - Exploring the strategic roles of lateral recruiting and practice management in law firms, emphasizing profitability and client service alignment 10:23 - Challenges and strategies in aligning firm-wide priorities, particularly in managing and integrating lateral hires and practice growth 12:07 - Nuances of internal versus external recruiting processes and their impact on law firm dynamics and strategic hiring - what to expect when working with an internal v. external recruiter 14:41 - How law firms approach lateral hiring, including looking at office needs as well as practice needs 17:03 - The importance of a firm’s strategic plan for lateral moves and setting clear priorities within the firm to enhance targeted growth 19:41 - How clarifying a firm’s strategic priorities can impact successful lateral integration and practice development How to reach Kristina Lambright:  LinkedIn: https://www.linkedin.com/in/kristina-lambright-02a85718 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, we discuss remote work, career transitions, and strategic moves with Jessica Brown, a labor and employment lawyer with Husch Blackwell who is part of The Link, Husch’s virtual office. Part of her journey in the law has included taking time away from practice to be a stay-at-home mom when her children were younger, along with a relocation that took her family from Washington, D.C. to Arizona. She has since returned to full-time legal practice, has sought to intentionally develop a career that is aligned with her strengths and values, and now works full-time remote through the Link. Jessica shares her career journey, the flexibility of her current firm in accommodating life changes, the rarity of fully remote work in BigLaw and her firm’s approach, and her efforts toward obtaining a coaching certification to work with female attorneys seeking more work-life balance.   At a glance: 01:40 – Jessica discusses the rarity of fully remote roles in BigLaw and introduces her firm’s unique approach 03:00 – Jessica shares her career journey, including taking a break for family and relocating, highlighting the flexibility of her firm in accommodating life changes 06:37 – Exploration of firm culture at Husch Blackwell, emphasizing the supportive environment for attorneys managing work-life balance 12:16 – Details of "The Link", Husch Blackwell’s innovative virtual office model, its growth, and the technological and community support provided 18:33 – Misconceptions about productivity in remote work setups and the firm’s approach to tracking and supporting productivity 26:31 – Jessica talks about her transition to lower billable hours to start a coaching practice for women lawyers, supported by her firm.   Ways to reach Jessica Brown https://www.huschblackwell.com/professionals/jessica-brown LinkedIn: https://www.linkedin.com/in/jessicaivybrown   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, we continue in our recruiting series and I share my own experiences in making a variety of lateral moves throughout my legal career, including the often overlooked aspects of aligning one's practice and client base with a prospective firm's existing operations. I share my insights on conducting thorough due diligence, understanding the real dynamics of firm integration, and the critical importance of assessing not just the financial benefits but the strategic fit of a move.  Whether you're a seasoned partner considering your next move or an associate aiming to climb the ranks within another firm, this discussion sheds light on the nuanced considerations that can make or break your transition in BigLaw. At a glance: 02:12 – Importance of research and understanding firm dynamics based on Laura’s experiences making lateral moves 03:27 – Importance of a firm’s practice alignment with one’s expertise and client base, including the potential for immediate work involvement and the long-term support for one’s practice 04:14 - Challenges of integrating into a new firm, including potential misalignments in expectations regarding work involvement and credit for work 05:25 - Conduct thorough research and due diligence before making a move, including talking to current and former firm members about their experiences and the firm’s culture 07:31 - Understand potential legal and business conflicts with a new firm’s client base 08:25 – Considerations for attorneys looking to build a new practice in a firm, including the potential challenges and the firm’s commitment to investing in the practice 10:25 – Differences between lateral moves for partners and associates, including understanding the firm’s expectations and the potential impact on one’s career 13:36 - Strategies for leveraging the lateral hiring process and interview interactions to ensure a successful move are shared   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, we continue in our recruiting series and discuss partner recruiting and compensation with Jeffrey Lowe, founder of Jeffrey Lowe Partners, one of the top partner recruiters and advisors in the United States. Jeffrey shares his journey from practicing law to recruiting, the importance of partner compensation knowledge, and provides insider advice for lawyers considering lateral moves.  At a glance: 03:49 - Jeffrey discusses his career transition from practicing law to becoming a recruiter 06:16 - Insights into founding Jeffrey Lowe Partners and the impact of COVID-19 on the decision 07:16 - The significance of passion in one's career and Jeffrey's advice for finding one's path 09:06 - Discussion on associate life in big law firms and the trade-offs for high compensation 11:17 - Post-COVID changes in big law firms, focusing on remote work and the challenges for associates and partners 18:24 - The dynamics of partner moves in 2024, and the importance of platform and culture over compensation 25:04 - Ethical considerations and the intricacies of lateral moves for partners 30:17 - Strategies for law firms looking to grow and the importance of due diligence 35:06 - Profitability and business generation as key factors for partners considering lateral moves 45:05 - Final advice for partners looking to move: focus on platform and culture Ways to reach Jeffrey Lowe https://www.jlowepartners.com/about jlowe@jlowepartners.com LinkedIn:  linkedin.com/in/jeffreylowejlp            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