Big Law Life

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

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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.

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

[email protected]

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 [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 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

[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 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

[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 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

[email protected]

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

[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 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

[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 Tara Kim Eberhart, Head of Business Innovation at Dentons US. Tara coordinates the day-to-day business operations of the national Intellectual Property & Technology, Energy, Federal Regulatory and Capital Markets Practice Groups. Working closely with the Firm Chief Executive Officer, Managing Partner, Chief Practice Officer and Practice Group Leaders, she also plays a critical role in executing the Firm's strategic plan and delivering on revenue and profitability objectives. During our conversation, Tara shares her journey from being a biochemical patent litigation paralegal to leading the strategic integration of practices at one of the world's largest law firms.

We discuss the evolution of practice management, the importance of technology in legal operations, and how Dentons approaches innovation to enhance efficiency and client collaboration.

At a glance:

• 00:00 - 00:01:09 - Introduction by Laura Terrell

• 01:10 - 00:02:08 - Overview of practice management challenges in law firms

• 02:09 - 00:03:05 - Introduction of guest, Tara Kim Eberhart

• 03:06 - 00:04:18 - Tara's professional journey and initial experiences

• 04:19 - 00:05:03 - Transition from a small firm to a larger law firm

• 05:04 - 00:06:00 - Tara's role and responsibilities at Dentons

• 06:01 - 00:07:16 - Integrating technology and innovation in practice groups

• 07:17 - 00:08:03 - Collaborating with clients to enhance information exchange

• 08:04 - 00:10:16 - Example of document routing and distribution innovation ("ECFX")

• 10:17 - 00:11:14 - Importance of leveraging technology over manual processes

• 11:15 - 00:12:28 - Practical impact of new tools and technologies

• 12:29 - 00:14:09 - Empathy and credibility in process design

• 14:10 - 00:16:02 - Definition and scope of practice management at Dentons

• 16:03 - 00:17:36 - Supporting partners and practice group leaders

• 17:37 - 00:19:20 - Role of practice management in associate career development

• 19:21 - 00:20:50 - Collaborative approach to associate evaluations

• 20:51 - 00:21:48 - Integrating financial insights with practice management

• 21:49 - 00:24:40 - Changes in paralegal and legal assistant roles

• 24:41 - 00:26:55 - Continuous training and upskilling in the legal industry

• 26:56 - 00:29:41 - Challenges in gaining trust and collaboration with attorneys

• 29:42 - 00:31:00 - Importance of understanding attorney priorities

• 31:01 - 00:33:20 - Hub and spoke model in practice management

• 33:21 - 00:35:00 - Personalized support for practice group leaders

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 Tara Eberhart:

https://www.linkedin.com/in/tara-kim-eberhart-b939924

[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 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:

[email protected]

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

[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 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

[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 share actionable advice on how to handle being laid off, from the importance of understanding any severance agreement to securing references, and updating professional profiles. I discuss the importance also of maintaining professional relationships, and preparing a clear explanation for future employers about why you left your prior firm.

My goal is to prepare you to be in a strong position when you part ways with your firm, so that you have a clear plan for securing your next role.

At a glance:

• 01:09 - Navigating layoffs in big law firms post-pandemic

• 01:38 - Reasons for layoffs and the importance of not taking it personally

• 02:38 - Immediate steps after being laid off: reviewing severance agreements

• 03:26 - Key considerations in severance agreements, including non-disclosure clauses and severance pay

• 04:44 - Negotiating terms of severance agreements and outplacement services

• 05:28 - Handling personal files and client materials upon departure

• 06:15 - Securing references from colleagues and supervisors before leaving

• 07:17 - The importance of reaching out to mentors and supporters for references

• 08:16 - Broadening the net for references, including clients and former colleagues

• 08:50 - Updating employment status on LinkedIn and with professional associations

• 10:20 - Ensuring accurate representation of current employment status

• 11:02 - Preparing a clear and concise explanation for job departures

• 12:13 - Crafting and practicing your "elevator speech" for potential employers

• 14:11 - The importance of feeling confident and prepared during job transitions

• 14:59 - Conclusion and encouragement to stay informed and prepared

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