In this episode, Steve Fretzin and Jonathan Baum discuss: Transitioning from a big law firm to independent practice Cultivating strong client relationships for career sustainability in law The evolving dynamics of legal work Personal branding and positioning oneself in a competitive legal environment Key Takeaways: Independent lawyers can effectively compete with large firms by assembling specialized teams for specific projects, which allows them to deliver high-quality services while remaining flexible and responsive to client needs. The financial advantages of independent practice are substantial, as independent lawyers can retain up to 99.7% of their billed income, a stark contrast to the lower take-home pay typically seen in large law firms. For lawyers transitioning from big firms, conducting a thorough risk assessment and leveraging existing client relationships can help establish a sustainable practice without relying on a large firm's reputation. The belief that clients require a big law firm's name can be countered by demonstrating that hiring based on a lawyer’s individual expertise and client relationships is far more crucial for achieving favorable outcomes. "If you really think that leaving that firm is going to cause you to lose all those clients, I would ask you, are they really your clients in the first place?" — Jonathan Baum Read Steve's past episodes as Blogcasts—visit now: https://www.fretzin.com/blog/ Thank you to our Sponsors! Rankings.io: https://rankings.io/ Rainmakers Roundtable: https://www.fretzin.com/lawyer-coaching-and-training/peer-advisory-groups/ Episode References: The Ezra Klein Show: https://podcasts.apple.com/us/podcast/the-ezra-klein-show/id1548604447 About Jonathan Baum: Jonathan Baum has more than 40 years of experience as a corporate, securities, and finance lawyer, including many years organizing and managing legal teams. He considers himself to be a big law and big city escapee and spends time supporting the overall well-being and success of the legal community through Avenir Guild, an online portal where legal professionals can access resources and a community that empowers their legal career at every stage. Connect with Jonathan Baum: Website: https://avenirguild.com/ Email: jbaum@avenir-law.com Personal LinkedIn: https://www.linkedin.com/in/jobaum/ Company LinkedIn: https://www.linkedin.com/company/avenirguild/ Connect with Steve Fretzin: LinkedIn: Steve Fretzin Twitter: @stevefretzin Instagram: @fretzinsteve Facebook: Fretzin, Inc. Website: Fretzin.com Email: Steve@Fretzin.com Book: Legal Business Development Isn't Rocket Science and more! YouTube: Steve Fretzin Call Steve directly at 847-602-6911 Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
In this episode, Steve Fretzin and Jonathan Baum discuss:
Key Takeaways:
"If you really think that leaving that firm is going to cause you to lose all those clients, I would ask you, are they really your clients in the first place?" — Jonathan Baum
Read Steve's past episodes as Blogcasts—visit now: https://www.fretzin.com/blog/
Thank you to our Sponsors!
Rankings.io: https://rankings.io/
Rainmakers Roundtable: https://www.fretzin.com/lawyer-coaching-and-training/peer-advisory-groups/
Episode References:
The Ezra Klein Show: https://podcasts.apple.com/us/podcast/the-ezra-klein-show/id1548604447
About Jonathan Baum: Jonathan Baum has more than 40 years of experience as a corporate, securities, and finance lawyer, including many years organizing and managing legal teams. He considers himself to be a big law and big city escapee and spends time supporting the overall well-being and success of the legal community through Avenir Guild, an online portal where legal professionals can access resources and a community that empowers their legal career at every stage.
Connect with Jonathan Baum:
Website: https://avenirguild.com/
Email: jbaum@avenir-law.com
Personal LinkedIn: https://www.linkedin.com/in/jobaum/
Company LinkedIn: https://www.linkedin.com/company/avenirguild/
Connect with Steve Fretzin:
LinkedIn: Steve Fretzin
Twitter: @stevefretzin
Instagram: @fretzinsteve
Facebook: Fretzin, Inc.
Website: Fretzin.com
Email: Steve@Fretzin.com
Book: Legal Business Development Isn't Rocket Science and more!
YouTube: Steve Fretzin
Call Steve directly at 847-602-6911
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.