We discuss the renormalization of the lattice formulation of the Heavy Quark Effective Theory (LHQET). In addition to wave function and composite operator renormalizations, on the lattice the classical velocity is also renormalized. The origin of this renormalization is the reduction of Lorentz (or O(4)) invariance to (hyper)cubic invariance. We present results of a new, direct lattice simulation of this finite renormalization, and compare the results to the perturbative (one loop) result. The simulation results are obtained with the use of a variationally optimized heavy-light meson operator, using an ensemble of lattices provided by the Fermilab ACP-MAPS collaboration.