#68: Five Misunderstandings That Hold Back Lawyers in Big Law

In this episode, I share the top five misconceptions I see lawyers make—even the most brilliant ones—about working in Big law firms. These aren’t just abstract ideas. They’re real misunderstandings that I’ve seen derail careers, slow down progress, and create unnecessary frustration for talented attorneys. Whether you're aiming for equity partnership or trying to better understand the business side of firm life, this episode will help you avoid common pitfalls and make smarter decisions.

I unpack why revenue doesn’t automatically equal profit, why strong legal skills alone won’t win you clients, and why firm culture matters more than many attorneys realize. I also challenge the assumption that every client is worth keeping and share the overlooked business and interpersonal skills that set successful lawyers apart.

At a Glance:
00:00 Introduction to Big Law Life
01:20 The five biggest misconceptions lawyers make about firm life
02:41 Why revenue does not equal profit—and how high billables can still hurt the bottom line
04:31 Real-world examples of high-revenue, low-profit partners losing firm support
04:57 Why legal talent alone won’t win clients—and what actually builds lasting relationships
06:21 Personal branding: Why your firm’s bio isn’t enough
07:44 If you avoid business development, firm life may not be for you
08:28 Firm culture isn’t the same everywhere—key differences that impact your daily work
09:50 What leadership structures say about your firm’s values
11:03 Not every client is a good client—and how to assess whether to let them go
12:02 What non-paying and discount-demanding clients cost you
13:01 When long-term loyalty no longer makes financial sense
14:09 If your client puts your ethics at risk, they’re not worth keeping
14:29 Great legal and business skills aren’t enough—you also need leadership and relationship management
15:38 Why strategic planning, delegation, and feedback matter just as much
16:26 Law firms now train lawyers on client business issues—because clients expect it
16:54 Your internal reputation isn’t just about legal wins—it’s about how people feel working with you

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Interested in doing 1-2-1 coaching with Laura Terrell? Or learning more about her work coaching and consulting?

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