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

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How to reach Andrew Maloney:

[email protected]

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

[email protected]

LinkedIn: https://www.linkedin.com/in/lauralterrell/

Instagram: https://www.instagram.com/lauraterrellcoaching/

Show notes: https://www.lauraterrell.com/podcast