In today’s episode, I delve into essential strategies for lawyers stepping into a partnership role in large law firms. From building a book of business and managing the financial responsibilities of partnership to fostering internal and external relationships, I provide actionable advice to help you thrive in your new role. Whether you're navigating client origination, financial metrics, or internal dynamics, this episode is packed with practical steps and insights to set you up for long-term success.
At a Glance:
00:00 - Introduction to Big Law Life and navigating the challenges of becoming a new partner in Big Law
01:20 - Congratulations on becoming a partner; now what?
01:38 - The importance of building your own client base early in your partnership
03:39 - Gaining control of your work early on in your partnership
04:30 - Learning the financial metrics that firms evaluate for partner success
05:54 - Tips for understanding and improving realization rates and billing processes
07:10 - Navigating varying expectations for junior versus senior partners
08:36 - Personal financial planning as a new partner, including tax considerations
09:44 - Preparing for irregular income and potential capital contributions
10:30 - The importance of internal relationship-building within the partnership
11:28 - How to craft a personal brand and elevator pitch as a new partner
12:21 - Asking and seeking to understand the value your fellow partners bring to the firm
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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.
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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:
laura@lauraterrell.com
LinkedIn: https://www.linkedin.com/in/lauralterrell/
Instagram: https://www.instagram.com/lauraterrellcoaching/
Show notes: https://www.lauraterrell.com/podcast
