Big Law Life

In today's episode, I discuss critical mindset shifts necessary for transitioning into a partnership role at a large law firm. I cover everything from securing and justifying business development budgets, to managing challenging relationships with fellow partners, and re-evaluating your career trajectory as you establish yourself in this demanding role. Drawing from personal insights and coaching experiences, I provide actionable strategies for navigating these challenges and achieving long-term success as a partner. At a Glance: 00:00 Introduction to Big Law Life and today's episode 00:20 Celebrating the milestone of making partner 01:10 The crucial mindset shift from associate to partner 02:30 How to approach business development funding as a new partner 05:00 Maximizing ROI on firm-sponsored travel and conferences 07:15 Understanding firm protocols for budget allocations 08:40 Balancing conflicts with fellow partners 11:30 Managing your practice and pivoting when necessary 15:00 The ongoing pressures of business development as a partner 16:30 Final advice on maintaining adaptability as a partner 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 episode, I delve into the challenges lawyers encounter when their firms go through mergers. Drawing from my experience as an equity partner in global firms, I discuss the often-overlooked aspects of these transitions, such as managing new technology systems, navigating office relocations, embracing new branding, and adapting to shifts in leadership. I also touch on the practical steps lawyers can take to protect client relationships, manage origination credits, and align with the evolving firm culture. My goal in this episode is to give you actionable strategies for staying ahead and safeguarding your career when major changes come your way. At a Glance: 00:00 - Introduction to today's episode 01:20 - Overview of recent law firm mergers and their impact on market power 02:14 - Initial changes post-merger: technology, office location, branding, and leadership shifts 04:16 - Navigating new office space dynamics and hot desking 05:03 - Challenges with firm rebranding and identity alignment 05:30 - Leadership restructuring and its implications for legal teams 06:12 - The importance of assessing fit within the newly merged culture 07:24 - Evaluating potential downsizing in business and legal operations roles 09:02 - Staying informed through firm meetings and assessing post-merger shifts 09:55 - Managing client conflicts and ethical considerations during mergers 11:01 - Risks and considerations for equity partners under new firm structures 12:43 - Complexities of multinational firm mergers and compensation variances 14:29 - Opportunities for career growth and new business in merged firms 15:04 - Building connections with new colleagues and collaborating effectively 16:17 - Retaining origination credit and client relationship management 18:12 - Client insights into new colleagues: building trusted alliances 19:02 - Proactive strategies for adapting to the evolving firm 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. 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 how large law firms can enhance client relationships by understanding their selection processes. Learn the importance of candid client feedback and how it can improve services. Explore the common pitfalls in client assumptions that undermine trust. Uncover essential factors clients consider beyond legal expertise, and the value of postmortem discussions after bid outcomes. This episode provides practical strategies to position lawyers as trusted advisors and to use feedback as a vital tool for growth.

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