<![CDATA[Capital + Counsel]]>Capital + Counsel is where capital, governance and technology meet the business of law.

Hosted by Kim Wiegand, Founder of Julip Advisory, Capital + Counsel brings together podcast conversations exploring how Australian law firms are navigating disruption, from AI adoption and funding models to governance under pressure and the rise of AI-native firms.

Season 1, The Cost of Change, features conversations with managing partners, PE and private capital investors, legal strategists, and sector operators shaping where the industry goes next.

]]>https://riverside.comRiverside.fm (https://riverside.com)Sun, 20 Sep 2026 09:49:16 GMTWed, 16 Sep 2026 03:46:49 GMT60Kim Wiegand<p>Capital + Counsel is where capital, governance and technology meet the business of law.<br /><br />Hosted by Kim Wiegand, Founder of Julip Advisory, Capital + Counsel brings together podcast conversations exploring how Australian law firms are navigating disruption, from AI adoption and funding models to governance under pressure and the rise of AI-native firms.<br /><br />Season 1, The Cost of Change, features conversations with managing partners, PE and private capital investors, legal strategists, and sector operators shaping where the industry goes next.</p>episodicKim Wiegandkimw@julip.com.auno<![CDATA[What Banks Actually Look At When They Fund a Law Firm | Courtney Worrell]]>Most firms hear "capital coming into legal" and think private equity. Courtney Worrall has spent nearly 20 years banking law firms, and she says that is one option on a much longer menu.

Connect with Courtney on LinkedIn: https://www.linkedin.com/in/courtney-worrall-2b635a40/

Connect with Kim on LinkedIn: https://www.linkedin.com/in/kimwiegand/

In this episode Courtney walks through what is actually available to firms funding transformation: traditional term debt for premises and infrastructure, partner capital contribution loans that most firms put in place 10 to 20 years ago and have never right sized, and working capital facilities.

She explains why debt preserves partner autonomy and is usually a great deal cheaper than equity, and when private equity genuinely is the right call.

We also get into lock up, which Courtney calls the number that should keep managing partners up at night. Every 10 days of lock up ties up around $30,000 of cash for every $1 million of revenue. For a $20 million firm that is roughly $600,000 sitting with clients instead of in the business.

Her question: why are firms acting as an interest free lender to their own clients at the expense of their own profitability?

The conversation covers the reluctance of younger lawyers to take up equity partnership, the financial literacy gap among incoming partners, what banks actually look at beyond top line growth, the squeeze on the mid-tier, and why choosing and paying for an AI platform is only 20 percent of the job.

Chapters

00:00 Trailer

00:50 The cost of change

01:48 Meet Courtney Worrall

02:27 What firms are struggling with right now

05:17 The full funding menu, not just PE

09:03 Partner capital and the equity partnership problem

11:23 Lock up and what it really costs

14:40 The financial literacy gap

19:50 What banks look at beyond top line growth

24:02 What scale looks like now

25:41 Laterals, exits and the first $10M partner

28:29 The squeeze on the mid-tier

30:46 How AI is changing the funding conversation

38:15 When giving up equity is right, and when it isn't

47:07 The biggest cost of change

Capital + Counsel is about capital, governance and technology reshaping the business of law. Season 1 is The Cost of Change.

]]>06adf63f-182f-4801-8d3d-aa4cecded6b1Wed, 16 Sep 2026 04:15:24 GMT<p>Most firms hear "capital coming into legal" and think private equity. Courtney Worrall has spent nearly 20 years banking law firms, and she says that is one option on a much longer menu.<br /></p><p>Connect with Courtney on LinkedIn: <a rel="noopener noreferrer nofollow" href="https://www.linkedin.com/in/courtney-worrall-2b635a40/" target="_blank">https://www.linkedin.com/in/courtney-worrall-2b635a40/</a><br /></p><p>Connect with Kim on LinkedIn: <a rel="noopener noreferrer nofollow" href="https://www.linkedin.com/in/kimwiegand/" target="_blank">https://www.linkedin.com/in/kimwiegand/</a><br /></p><p>In this episode Courtney walks through what is actually available to firms funding transformation: traditional term debt for premises and infrastructure, partner capital contribution loans that most firms put in place 10 to 20 years ago and have never right sized, and working capital facilities. <br /><br />She explains why debt preserves partner autonomy and is usually a great deal cheaper than equity, and when private equity genuinely is the right call.<br /></p><p>We also get into lock up, which Courtney calls the number that should keep managing partners up at night. Every 10 days of lock up ties up around $30,000 of cash for every $1 million of revenue. For a $20 million firm that is roughly $600,000 sitting with clients instead of in the business. <br /><br />Her question: why are firms acting as an interest free lender to their own clients at the expense of their own profitability?</p><p>The conversation covers the reluctance of younger lawyers to take up equity partnership, the financial literacy gap among incoming partners, what banks actually look at beyond top line growth, the squeeze on the mid-tier, and why choosing and paying for an AI platform is only 20 percent of the job.<br /></p><p>Chapters</p><p>00:00 Trailer</p><p>00:50 The cost of change</p><p>01:48 Meet Courtney Worrall</p><p>02:27 What firms are struggling with right now</p><p>05:17 The full funding menu, not just PE</p><p>09:03 Partner capital and the equity partnership problem</p><p>11:23 Lock up and what it really costs</p><p>14:40 The financial literacy gap</p><p>19:50 What banks look at beyond top line growth</p><p>24:02 What scale looks like now</p><p>25:41 Laterals, exits and the first $10M partner</p><p>28:29 The squeeze on the mid-tier</p><p>30:46 How AI is changing the funding conversation</p><p>38:15 When giving up equity is right, and when it isn't</p><p>47:07 The biggest cost of change<br /><br /></p><p>Capital + Counsel is about capital, governance and technology reshaping the business of law. Season 1 is The Cost of Change.</p>no00:49:3911What Banks Actually Look At When They Fund a Law Firm | Courtney Worrellfull