Lucille Karp | Risk, Balance, and Leadership: Insights from a Law Firm General Counsel

Lucille Karp is a partner at McElroy, Deutsch, Mulvaney & Carpenter, a New Jersey-based firm with 140 practicing lawyers across 13 offices in nine states. She serves as the firm’s General Counsel, co-chair of the transactional group, and co-chair of the hiring committee. Lucy earned her undergraduate degree from Rutgers University’s College of Engineering and her JD from Widener University School of Law. Her legal practice focuses on commercial real estate transactions, including office, industrial, and retail leasing, as well as acquisitions, dispositions, and real estate financings. Her corporate experience spans M&A, financings, and general corporate counseling. WHAT’S COVERED IN THIS EPISODE ABOUT LAW FIRM GENERAL COUNSEL The role of law firm General Counsel requires a careful balance of legal expertise, risk management, and leadership. Gaining insight from someone with real-world experience can provide valuable perspective on navigating and succeeding in this unique position. In this episode of The Lawyer’s Edge podcast, host Elise Holtzman talks with Lucille Karp, Partner and General Counsel at McElroy, Deutsch, Mulvaney & Carpenter. Lucy shares her journey to becoming General Counsel, the key skills that help her effectively manage risk, and how she balances her responsibilities. She also offers practical advice for lawyers interested in pursuing a similar path, emphasizing the importance of sound decision-making and leadership in law firm management. 2:04 – Lucy shares how she became General Counsel in 2018 and how she would define the responsibilities of her role. 7:43 – Key areas that General Counsels need to fully understand to be effective in their position. 10:15 – How Lucy balances the demands of her various roles within and outside the firm. 13:14 – The potential risks law firms face with AI, and how managing partners or committees can collaborate more effectively with General Counsel. 16:30 – Lucy’s approach to navigating difficult conversations and maintaining strong relationships as General Counsel. 19:00 – The essential skills and traits for private practice lawyers aiming to step into the role of General Counsel. 25:37 – Where General Counsels can find educational resources and support. 28:59 – Lucy’s straightforward yet crucial advice for lawyers on managing risk effectively. MENTIONED IN RISK, BALANCE, AND LEADERSHIP: INSIGHTS FROM A LAW FIRM GENERAL COUNSEL McElroy, Deutsch, Mulvaney & Carpenter, LLP Lucille Karp on Linked New Jersey State Bar Association Legal Management Resources Get Connected with The Coaching Team at hello@thelawyersedge.com The Lawyer’s Edge SPONSOR FOR THIS EPISODE… Today’s episode is brought to you by the Ignite Women’s Business Development Accelerator, a 9-month business development program created BY women lawyers for women lawyers. Ignite is a carefully designed business development program containing content, coaching, and a community of like-minded women who are committed to becoming rainmakers AND supporting the retention and advancement of other women in the profession.  Early Bird Registration will be opening this fall for our 2025 Ignite cohorts. If you are interested in either participating in the program or sponsoring a woman in your firm to enroll, learn more about Ignite and sign up for our registration alerts by visiting www.thelawyersedge.com/ignite.