On Big Law Life, Laura Terrell and her guests discuss the strategies, steps, relationships and communications you need to navigate the world of large global and national law firms, from the perspective of lawyers, business and legal professionals, in-house counsel, and others with experience working in and around this environment. Laura dives into what you want to know about BigLaw but didn't learn in law school and what wasn't covered in your law firm orientation. To learn more about how she works with attorneys and to access her blog and resources, go to www.lauraterrell.com
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#49: Big Law Associate Year-End Checklist for Success
Episode 49
Wednesday, December 4, 2024 • Duration 14:29
In today's episode, I tackle the critical steps associates in large law firms should take to close out the year effectively. From navigating mandatory trainings and pro bono commitments to planning for professional growth in the upcoming year, I provide specific, actionable advice to ensure you finish the year strong and position yourself for success in the months ahead. I also discuss the nuances of firm culture, from handling leave requests during the holiday season to expressing gratitude to colleagues and supervisors in ways that strengthen relationships.
At a Glance:
00:00 - Introduction to Big Law Life and why year-end is a pivotal time for associates in Big Law
00:20 - The importance of meeting billable hour goals and mandatory requirements
01:45 - Strategies to complete overlooked tasks like trainings and pro bono work
02:40 - How to approach holiday leave requests and ensure smooth coordination
04:23 - Staying accessible during holidays and managing team expectations
05:17 - Recognizing and appreciating colleagues and supervisors at year-end
07:10 - Personalized client outreach: Going beyond standard holiday cards
07:30 - Planning for conferences, training, and firm-approved growth opportunities
08:12 - Turning feedback into actionable career development plans
10:12 - Advocating for opportunities: Avoiding the common pitfall of waiting
11:39 - Setting goals and creating a tracker for accountability in the new year
13:18 - Closing the year with momentum and preparing for a fresh start
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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:
#48: New BigLaw Partners: Essential Mindset Shifts from Associate to Partner
Episode 48
Wednesday, November 27, 2024 • Duration 17:41
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
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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, 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.
#39: Are You Sure You Want to Be a BigLaw Partner?
Episode 39
Wednesday, September 25, 2024 • Duration 16:18
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
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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 !
#38: Why Law Firms Fail at Partner Transition Planning with Douglas Wood
Episode 38
Wednesday, September 18, 2024 • Duration 31:42
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
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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.
#37: Key Trends in Law Firm Profitability and Partner Pay with Lisa Smith
Episode 37
Wednesday, September 11, 2024 • Duration 36:36
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
#36: BigLaw Insights From Bloomberg Law Reporter Roy Strom
Episode 36
Wednesday, September 4, 2024 • Duration 43:21
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
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#35: How to Make Your Practice Stand Out in BigLaw
Episode 35
Wednesday, August 28, 2024 • Duration 10:26
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:
#34: Individual Marketing Strategies for BigLaw Associates
Episode 34
Wednesday, August 21, 2024 • Duration 15:27
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.
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 !
#33: From Associate to Practice Group Leader: Lessons from Cannabis Law Trailblazer Sarah Blitz
Episode 33
Wednesday, August 14, 2024 • Duration 36:54
In today's episode, I am joined by Sarah Blitz, a senior associate at Sheppard Mullin and co-founder and leader of Sheppard Mullin's Cannabis Industry Team. She shares her journey from law school to becoming a recognized leader in the legal cannabis space, offering insights into how she merged her personal interests with her professional ambitions. We delve into the challenges of building a practice in a nontraditional area, the importance of being aware of broader industry trends, and the value of staying flexible and proactive in your legal career. Sarah's story demonstrates the power of entrepreneurial thinking in BigLaw and provides valuable guidance for associates looking to carve out their own niche.
At a Glance:
01:20 - 02:08 Introducing Sarah Blitz and her role at Sheppard Mullin
02:08 - 04:00 Sarah's path from law school to Sheppard Mullin
04:00 - 06:07 Discovering her passion for litigation and personal development
06:07 - 09:02 The intersection of personal interests with professional practice
09:02 - 12:16 Building a cannabis practice: From idea to implementation
12:16 - 14:23 Overcoming resistance and planning for pushback
14:23 - 16:09 Making the business and ethical case for a cannabis practice
16:09 - 18:22 The importance of understanding market trends and client needs
18:22 - 19:21 Advice for associates on career development and flexibility
19:21 - 22:52 The importance of identifying and cultivating a unique expertise
22:52 - 24:00 Balancing litigation work with advisory roles in the cannabis sector
24:00 - 27:06 Navigating the complexities of legal services in a new industry
27:06 - 30:20 Diversity in the cannabis industry and client engagement
30:20 - 32:05 Sarah's vision for the future of her career
32:05 - 35:56 Sarah's approach to balancing professional and personal life
#32: Why You Need to Know Your Economic Value for Your Law Firm
Episode 32
Wednesday, August 7, 2024 • Duration 16:32
In today's episode, I talk about why you need to know your economic value for your firm and how you measure it. In the modern law firm environment, especially within large law firms, understanding the business of law is as crucial as mastering your legal practice. We'll explore how to identify the financial metrics that firms use to evaluate your performance, the importance of aligning your contributions with your firm's financial goals, and practical strategies to ensure your value is recognized and rewarded.
At a glance:
00:00:00 – Introduction
00:01:19 – Importance of understanding your economic value in a large law firm
00:01:49 – How law firms evaluate economic contributions and the factors that contribute to it
00:03:10 – Key metrics and financial measures used by firms to assess value
00:03:30 – Challenges junior lawyers face in understanding firm economics
00:04:39 – Adapting to changing financial expectations within a firm
00:06:08 – Firm's regular financial evaluations and their impact on lawyers
00:07:22 – Seeking resources to understand and navigate firm metrics
00:09:07 – Importance of aligning with the firm's financial goals and using internal resources
00:10:22 – Evaluating your own performance and understanding client retention and profitability
00:12:09 – Senior associate considerations and client billing rates
00:13:23 – Partner-specific financial responsibilities and profitability
00:14:32 – Final thoughts on understanding the business side of law and advocating for oneself
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Discover shows related to Big Law Life, based on actual content similarities. Explore podcasts with similar topics, themes, and formats, backed by real data.
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:
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.
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.
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:
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:
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.
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:
