Big Law Life – Details, episodes & analysis

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

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 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 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

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

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

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 Sarah Blitz

sblitz@sheppardmullin.com

https://www.linkedin.com/in/sarahakblitz

www.sheppardmullin.com/sblit

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 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

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