Episodes

  • Ex-Big Law Chair Teaches Students the Legal Business

    Ex-Big Law Chair Teaches Students the Legal Business
    Jan 2 2025
    New attorneys often leave law school with a lot of ideas about how the legal system works, but they typically don’t know much about the business of being a lawyer. How do law firms make money? How do they govern themselves? And what trends are shaping the law firms where they will work? On this episode of On the Merits, Bloomberg Law’s Roy Strom spoke with Kevin Burke, a former chairman at Hinshaw & Culbertson who’s now teaching law students the answers to these and other questions about the industry they soon will join. Burke's course at the University of Southern California’s Gould School of Law focuses on the nuts and bolts of law firm financials, operations, and marketing. His students also explore the future of legal practice. Burke tells Roy that students today are more interested than ever to understand the workplaces where they will make their careers. They're also surprisingly optimistic about what artificial intelligence might mean for their work lives. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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    12 mins
  • Bloomberg Law's Top 8 Notable News Stories of 2024

    Bloomberg Law's Top 8 Notable News Stories of 2024
    Dec 24 2024
    It’s our final episode for the year — and it’s been a year, one that included subtle DEI language, substantial associate bonuses, and the reprise of Donald Trump. Bloomberg Law had a lot of news stories to cover this year. And on this episode of On the Merits, podcast producer Mo Barrow reviews eight of Bloomberg Law's top stories in 2024 with Editor at Large Bernie Kohn. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690
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    9 mins
  • As Lawyers Embrace the Side Hustle, How Should Firms Respond?

    As Lawyers Embrace the Side Hustle, How Should Firms Respond?
    Dec 19 2024
    Lawyers have demanding careers with late hours and weekend work, for which many of them are handsomely compensated. So it may be surprising to learn that a growing number of attorneys have or are looking for a side gig. A recent Bloomberg Law survey found that 1 in 5 respondents either have a side gig or want one. For attorneys, a side hustle can be a way to explore their creative side, an opportunity to meet new people and possible new clients, or build some skills for their career. Sometimes, it even opens the door to a completely new career. But for firms and their leaders, how should they adapt to the reality of their lawyers having side jobs? On this episode of our podcast, On the Merits, our guest Robert Chesnut, the former general counsel and chief ethics officer for Airbnb, and current author and Bloomberg Law columnist, talks about the benefits of side gigs as well as the considerations for law firms. He say law firms should be adjusting their code of conduct to prepare for the potential conflicts and cybersecurity issues that could arise. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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    15 mins
  • Big Law Prepares for Trump Return as Crypto Sector Flexes Muscle

    Big Law Prepares for Trump Return as Crypto Sector Flexes Muscle
    Dec 17 2024
    As the presidential transition picks up speed, a legal sector that overwhelmingly supported Kamala Harris is preparing for Donald Trump's return to the White House. A handful of Florida-based big law firms with connections to the incoming administration are hoping to leverage those Trump ties, while Democratic-leaning firms are looking to retool. At the same time, a cryptocurrency industry that spent the Biden presidency playing defense is starting to flex its muscle. The pivot includes a rare public warning from the CEO of Coinbase Global Inc., the exchange, to law firms that may hire outgoing government lawyers who had a hand in crypto regulations. On this episode of our podcast, On The Merits, reporters Meghan Tribe and Justin Henry discuss the Trump transition, Coinbase's shot across the bow, and what these new dynamics may mean for the Big Law landscape and the future of crypto. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690
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    14 mins
  • Why a Deals Surge in 2025 May Not Be a Law Firm Boon

    Why a Deals Surge in 2025 May Not Be a Law Firm Boon
    Dec 10 2024
    Plenty of dealmakers expect a boom in M&A activity next year, anticipating a business-friendly Trump administration will rekindle animal spirits. That may mean private-equity firms will unload companies they've held for years. Traditionally, that means Big Law firms will have a flood of work. But it may also mean less of a certain type of complex transaction that has been occurring over the past year: Private equity companies selling pieces of businesses between themselves. On this episode of our podcast, On the Merits, Bloomberg Law’s Roy Strom spoke with Neil Barlow, a private equity partner at Clifford Chance, about what this environment could mean for Big Law's M&A fortunes. The upshot is that lawyers could be trading more complex deals for a greater volume of them. Either way, the trends highlight how important the private equity business has become for global law firms' success. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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    15 mins
  • As Non-Equity Partner Ranks Grow, Not All Lawyers Are Thrilled

    As Non-Equity Partner Ranks Grow, Not All Lawyers Are Thrilled
    Dec 5 2024
    Attorneys have toiled for years in Big Law firms with the hope that one day they would make partner. The title carries prestige—and money, too. But in recent years, the promotion to partner hasn't always meant what it used to. A new class of non-equity partner is on the rise. This means these so-called partners-in-name-only don't own a share of the business and generally make a fraction of the compensation of an equity partner. For some attorneys, this arrangement is just fine, as it gives them an opportunity to build business with the prestigious partner title. But other attorneys aren't happy about it—and they're suing. Bloomberg Law reporter Justin Henry joins this episode of our podcast, On the Merits, to discuss this Big Law trend and what it means for law firms and lawyers. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690
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    13 mins
  • How to Negotiate a Billion-Dollar Law Firm Merger

    How to Negotiate a Billion-Dollar Law Firm Merger
    Dec 3 2024
    Today’s Big Law firms are huge businesses—the world’s biggest might surpass $8 billion in revenue this year. As the largest firms create an elite tier, more law firm leaders are choosing to achieve scale through mergers. On this episode of our podcast, On The Merits, Bloomberg Law’s Roy Strom spoke with Kent Zimmermann, a principal at law firm consultancy Zeughauser Group, about how leaders close those deals. The process includes showcasing your best attributes, setting expectations for a potential partner, and only closing deals when the firms’ cultures align closely. In other words, it’s a lot like dating. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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    14 mins
  • DEI Backlash: Companies Are Responding to Diversity Challenges

    DEI Backlash: Companies Are Responding to Diversity Challenges
    Nov 26 2024
    Corporate DEI measures saw a surge during and after the nationwide unrest over George Floyd’s murder by Minneapolis police, but they've since become a major political, legal, and cultural flashpoint. Companies that adopted diversity initiatives in 2020 and afterward are now trying to figure out how to retool as they confront a backlash that seems to be partly about weariness with bureaucratic initiatives, but also partly a reflection of demographic anxieties. On this episode of our podcast, On The Merits, analyst Kate Azevedo and reporter David Hood discuss the challenges that DEI initiatives are facing, the way business and other organizations are responding, and what the future may hold under an incoming administration that's openly hostile to diversity policies. Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690
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    17 mins