Big Law Life

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

In today's episode, I discuss the essential strategies for lawyers in large law firms to stand out and succeed. The key areas I cover include delivering practical solutions, understanding the intersection of legal and business needs, admitting knowledge gaps, staying responsive, and maintaining a professional demeanor. At a Glance: 00:00-01:00 Introduction and overview of the episode's focus on practical solutions for lawyers 01:00-02:02 The importance of offering practical solutions to complex problems 02:02-05:12 Understanding and integrating client business needs into legal advice 05:12-07:02 The value of admitting what you don't know and a willingness to learn 07:02-09:00 The importance of responsiveness and communication in managing client relationships 09:00-10:09 Why being a respectful and collegial lawyer matters for your reputation 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 focus on the real challenges you face as a lawyer trying to build your personal brand in a large law firm. While these firms spend a lot on marketing and business development, those efforts are usually aimed at promoting the firm, not you. I break down why this happens and what you can do about it. From making the most of LinkedIn to finding your own publishing and speaking opportunities, I offer specific steps you can take to stand out in a crowded field. At a Glance: 00:00-01:20 Introduction and overview of the challenges in personal branding within big law 01:20-02:20 Limited support from law firms' marketing and business development departments for individual lawyers. 02:20-03:12 The impact of high turnover in law firm marketing teams post-COVID. 03:12-04:29 Why law firms focus on their brand over individual attorneys. 04:29-06:01 Comparing law firm marketing budgets with other industries and their impact on individual marketing. 06:01-07:17 The inefficacy of traditional law firm marketing channels like event sponsorships. 07:17-08:39 The underutilization of modern marketing tools like podcasting and LinkedIn in law firms. 08:39-09:45 How senior partners dominate marketing resources, leaving junior lawyers behind. 09:45-10:50 Practical steps for enhancing LinkedIn profiles and online presence. 10:50-13:13 The value of seeking external publishing and speaking opportunities. 13:13-14:48 Importance of having a concise professional pitch ready at all times. 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

Sarah Blitz, a senior associate and co-founder of the Cannabis Industry Team at Sheppard Mullin, shares her fascinating journey from law school to becoming a cannabis law leader. She discusses the challenges of building a nontraditional practice and emphasizes the importance of aligning personal passions with professional goals. Sarah offers insights into navigating market trends, client needs, and the ethical considerations of cannabis law. Her story showcases how entrepreneurial thinking can redefine a career in Big Law, providing guidance for associates eager to carve out their own path.

Discover the crucial role of understanding your economic value in a law firm. The discussion delves into financial metrics that assess your performance and how aligning contributions with firm goals can accelerate career growth. Learn how junior lawyers can navigate complex economics and face common challenges. Explore strategies for client retention and profitability, while recognizing the importance of leveraging internal resources for success. Gain insights into the unique financial responsibilities of senior associates and partners alike.

Tara Kim Eberhart, Head of Business Innovation at Dentons US, shares her impressive journey from biochemical patent litigation paralegal to leading strategic practice integrations. She discusses the challenges of practice management in big law, emphasizing the crucial role of technology in enhancing efficiency and client collaboration. Tara highlights innovative strategies for streamlining operations and the evolving roles of paraprofessionals, showcasing how legal professionals can adapt and thrive in a rapidly changing industry.

In today's episode, I am joined by Joe Glynias, chair of Husch Blackwell. He is based in St. Louis and focuses his practice on employment law. As a former Executive Board member, Joe helped modernize the firm's evaluation metrics and became Husch Blackwell's chair on April 1, 2024. He co-led the launch of HB In-House, a unique career development program designed to help lawyers transition to in-house roles and enhance client service. We discuss how law firm lawyers can better understand in-house roles to enhance client service and prepare for potential transitions to in-house positions. Joe shares insights into HB In-House and how this program not only provides educational modules but also opportunities for secondments and job matching, offering a comprehensive approach to professional development. Our conversation illustrates innovative ways law firms can better serve their clients and their lawyers with structured professional development programs and fostering open career path discussions. At a glance: 00:00 – Introduction by Laura Terrell 00:20 – Understanding in-house roles 03:18 – Joe Glynias's professional background and journey 05:08 – Overview of the HB In-House program 07:00 – Detailed breakdown of the program's curriculum 08:44 – Eligibility and application process for the program 10:24 – Client involvement and feedback on the program 12:32 – Importance of understanding client businesses 15:09 – Building better client relationships 17:06 – Historical approach vs. current structured program 18:33 – Handling job placement and matching 20:30 – Enhancing internal conversations about in-house transitions 22:06 – Feedback from alumni and in-house mentors 23:24 – Importance of maintaining strong alumni relationships 24:36 – Philosophical approach to client relationships 25:49 – Industry response and future growth of the program 28:05 – Delivery methods and cohort relationships 29:11 – Future plans and potential curriculum pivots 32:15 – Husch Blackwell's business approach and leadership 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 Joe Glynias: joe.glynias@huschblackwell.com https://www.linkedin.com/in/joe-glynias http://www.huschblackwell.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 discuss more of the pressing questions and challenges that associates in large law firms frequently face, including how to handle situations such as contemplating a job change without a new position lined up, understanding the critical importance of billable hours, navigating the realities of unlimited PTO, and finding a fulfilling role in big law without becoming a rainmaker. At a glance: 02:25 - Temporary vs. permanent need for a break 03:09 - Exploring family medical leave and sabbaticals 04:24 - Considering a permanent break and understanding its implications 05:09 - Financial preparedness and exploring options before making a decision 06:40 - The reality and expectations of billable hours in large law firms 07:54 - Consequences of not meeting billable hours and proactive measures 08:55 - Addressing non-billable work and taking steps to increase billable hours 10:30 - Understanding the professional expectations behind unlimited PTO 11:51 - Balancing time off with client obligations 12:34 - Preparing in advance for taking PTO and setting boundaries 12:59 - Realities of unlimited PTO in big law and planning for feasible time off 16:03 - Roles and opportunities for attorneys not interested in business development 16:57 - Exploring non-equity partner positions and other firm roles 17:25 - Evaluating firms based on their expectations and your career aspirations 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