Big Law Life

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

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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:

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

In today's episode, I'm diving into the essential questions lawyers in large law firms should be asking their clients to strengthen relationships, retain business, and gain a deeper understanding of client expectations. I'll share how law firms often miss out on valuable client feedback and provide a practical roadmap to get candid insights on everything from hiring processes to building meaningful connections and staying competitive in the legal landscape. Through specific examples, I'll guide you on how to position yourself as a trusted advisor and invaluable partner to your clients.

At a Glance:

• 00:00 - Introduction to today's episode

• 01:20 - Insights from a recent conference on client-centric practices

• 02:08 - Understanding a client's process for selecting outside counsel

• 03:11 - How assumptions about client selection can harm relationships

• 04:12 - Exploring various bidding processes in client hiring

• 05:17 - Importance of postmortem discussions, whether hired or not

• 06:28 - Address the fear of client feedback as a growth tool

• 07:13 - Bring in business professionals to gather client feedback

• 08:18 - Frame questions to learn about competitors constructively

• 09:17 - Essential factors beyond legal skills clients look for

• 10:21 - Be prepared for potential negative client feedback

• 11:07 - Recognize specific client needs that may exclude certain firms

• 11:30 - Final thoughts on feedback as a tool for improving client relationships

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

[email protected]

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 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:

[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

In today's episode, I discuss some essential steps and common challenges that arise when attorneys in large law firms get frustrated in dealing with the business and financial side of their practices, and what their firms expect from them in that regard.

We'll explore why some lawyers resist engaging with financial aspects of the practice, how business professionals can better support lawyers, and discuss actionable ways to foster more cohesive teamwork within the law firm.

At a Glance:

• 00:00 – Introduction to the episode

• 01:20 – Importance of collaboration between attorneys and business professionals

• 02:10 – How financial considerations have become critical for law firms' success

• 04:04 – Why attorneys can resist engaging on business and financial considerations

• 07:07 – Potential impediments to business collaboration

• 11:15 – How assumptions around client expectations can misalign firm and client interests

• 13:10 – Breaking down financial and client billing requirements in a mutually beneficial way for clients and law firms

• 15:26 – Enhancing the collaboration of business professionals and legal professionals to assist in law firm profitability and success

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

[email protected]

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

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

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

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

[email protected]

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 Justin Ergler, a globally recognized thought leader in legal operations and legal procurement. We discuss the evolving role of business professionals in the legal industry and how value-based billing models are reshaping the traditional law firm structure.

With a global legal industry valued at $1 trillion, Justin shares his insights on alternative fee arrangements, the importance of building strong client-firm relationships, and how legal departments and law firms can optimize value while maintaining profitability. The episode offers practical advice for lawyers navigating the intersection of law and business, providing specific strategies to improve client service and communication. At a Glance:

• 00:00 – Introduction and Justin Ergler's Background

• 00:02 – The Evolving Role of Business Professionals in Legal Operations

• 00:05 – The Billable Hour: Exploring Alternatives and Addressing Concerns

• 00:10 – Case Studies: How Alternative Fee Arrangements Work in High-Stakes Matters

• 00:14 – Trust and Transparency: Building Strong Client-Firm Relationships

• 00:17 – Communicating Rate Increases: The Importance of Tailored Approaches

• 00:22 – Understanding Client Needs: Business-Side Conversations with Law Firms

• 00:28 – The Legal Value Network: Elevating Business Practices in Law

• 00:36 – Closing Thoughts and How to Learn More About Legal Value Network

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 Justin Ergler:

[email protected]

https://www.legalvaluenetwork.com

https://www.legalvaluenetwork.com/the-board

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

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

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

[email protected]

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

[email protected] 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

[email protected]

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

[email protected]

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 [email protected] 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

[email protected]

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

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

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