Big Law Life

Laura Terrell
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Big Law Life

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

  1. #44: Helping BigLaw Attorneys Navigate the Business Side of Their Law Firms

    -6 ДН.

    #44: Helping BigLaw Attorneys Navigate the Business Side of Their Law Firms

    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  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

    16 мин.
  2. #43: Avoiding BigLaw Mistakes in Business Development

    23 ОКТ.

    #43: Avoiding BigLaw Mistakes in Business Development

    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  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

    13 мин.
  3. #42: Value-Based Billing Strategies for Law Firms with Justin Ergler

    16 ОКТ.

    #42: Value-Based Billing Strategies for Law Firms with Justin Ergler

    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: justin.ergler@gmail.com 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  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

    37 мин.
  4. #41: How Associates Can Avoid Derailing Their BigLaw Careers

    9 ОКТ.

    #41: How Associates Can Avoid Derailing Their BigLaw Careers

    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  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

    17 мин.
  5. #40: Navigating BigLaw to General Counsel and Beyond with Shauna Barnes

    2 ОКТ.

    #40: Navigating BigLaw to General Counsel and Beyond with Shauna Barnes

    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 SBarnes@DrinksLaw.com 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  laura@lauraterrell.com   LinkedIn: https://www.linkedin.com/in/lauralterrell/  Instagram: https://www.instagram.com/lauraterrellcoaching/  Show notes: https://www.lauraterrell.com/podcast

    42 мин.
  6. #39: Are You Sure You Want to Be a BigLaw Partner?

    25 СЕНТ.

    #39: Are You Sure You Want to Be a BigLaw Partner?

    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

    16 мин.
  7. #38: Why Law Firms Fail at Partner Transition Planning with Douglas Wood

    18 СЕНТ.

    #38: Why Law Firms Fail at Partner Transition Planning with Douglas Wood

    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

    32 мин.
  8. #37: Key Trends in Law Firm Profitability and Partner Pay with Lisa Smith

    11 СЕНТ.

    #37: Key Trends in Law Firm Profitability and Partner Pay with Lisa Smith

    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

    37 мин.
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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

Информация

  • Автор
    Laura Terrell
  • Годы выхода
    2 тыс.
  • Выпуски
    44
  • Ограничения
    Без ненормативной лексики
  • Авторские права
    © 2024
  • Сайт подкаста
    Big Law Life

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