There is a notion in business that is often useful, but rarely observed – the idea of signal and noise, or rather being able to distinguish between the two. The not-remotely-new point I’m making – well illustrated in Nassim Nicholas Taleb‘s not-remotely-new book, Fooled by Randomness – is that in making informed decisions, leaders should endeavour to shut out the ‘noise’ of short-term, rapidly changing information, which is typically near worthless.
Comment: Democracy and half measures are not delivering for Addleshaws
I wrote recently of the need, when commenting on the firms and individual lawyers we cover, to give the benefit of the doubt, and I meant it, but sometimes it’s hard to find that silver lining or constructive slant. Addleshaw Goddard, unfortunately, has become a case in point. Continue reading “Comment: Democracy and half measures are not delivering for Addleshaws”
‘Geography seduced everyone’ – is emerging market bias blind-siding your firm?
There is a notion in business that is often useful, but rarely observed – the idea of signal and noise, or rather being able to distinguish between the two. The not-remotely-new point I’m making – well illustrated in Nassim Nicholas Taleb’s not-remotely-new book, Fooled by Randomness – is that in making informed decisions, leaders should endeavour to shut out the ‘noise’ of short-term, rapidly changing information, which is typically near worthless. Instead they should focus on the longer-term, underlying trend, which can be worth a great deal if you can find it.
Such thoughts occurred while reading a recent piece in The Economist that tackles one of the dominant concepts in business over the last two decades – arguably the dominant idea – that western businesses must focus their growth and investment in key emerging economies. As the article ‘Emerge, splurge, purge’ notes, so prevalent has become this orthodoxy that it has escaped any real debate: ‘Corporate strategy is usually a contentious subject: there are fierce debates about how big, diversified or leveraged firms should be. But geography has seduced everyone.’
Continue reading “‘Geography seduced everyone’ – is emerging market bias blind-siding your firm?”
Democracy and half measures are not delivering for Addleshaws
I wrote recently of the need, when commenting on the firms and individual lawyers we cover, to give the benefit of the doubt, and I meant it, but sometimes it’s hard to find that silver lining or constructive slant. Addleshaw Goddard, unfortunately, has become a case in point.
Recent years have seen materially below-trend financial performance, indications of tension between its City arm and northern offices and an international strategy that looked just too little, too late. Perhaps more damaging has been the uncertain tone that has emanated from Addleshaws about where it sits in the market and wants to go.
Continue reading “Democracy and half measures are not delivering for Addleshaws”
Comment: American without tears – succession planning at the increasingly transatlantic DLA Piper
So the experiment ends as a qualified success. News of the early-timed succession planning at DLA Piper confirmed that well-regarded IP and technology partner Simon Levine is to assume Nigel Knowles’ role as co-chief executive, with Knowles next year taking on the role of co-chair in place of Tony Angel. Continue reading “Comment: American without tears – succession planning at the increasingly transatlantic DLA Piper”
Turning the corner, honest: can Shearman turn a proactive run into a sustained revival?
David Stevenson assesses Shearman’s hopes of regaining its potency
‘The work that’s been done over the last few years is bearing fruit. Like a tree blossoming,’ observes Laurence Levy, head of European M&A at Shearman & Sterling. Long-time Shearman watchers have, of course, become familiar with variations on the revival rhetoric that Shearman has used several times before. But has this once celebrated Wall Street name really rediscovered its winning ways?
Firm-wide, the jury is at best still out, but focusing on its London operation it is easier to be upbeat. The firm’s City arm broke the $100m turnover mark in 2010 and has generally been growing at a respectable clip since then, up from $112.6m in 2012 to $134.8m for the 2013 financial year.
One year on: enjoying it so much I hope I don’t mess it up
‘So, are you enjoying it?’ I’ve lost count of the number of times I have been asked the question since joining Legal Business last February.
The question makes me feel awkward because I’m not a positive person. I try to be but I know I’m not. But the honest answer as I pass the one-year mark is: ‘Yes, I’ve enjoyed it. So much actually that the gloomy part of myself keeps waiting for it to go wrong.’ I know of no better measure than that.
Continue reading “One year on: enjoying it so much I hope I don’t mess it up”
DISSENT: The road to equity – a difficult journey, an uncertain destination
The Royal Bank of Scotland’s James Tsolakis argues the profession must accept a fundamental challenge to its traditional model
The legal profession is going through a period of dramatic and profound change, and the forces driving these changes are having far-reaching consequences on the industry. The roles and responsibilities of the equity partner are not immune from these forces, and are evolving and expanding in response. For many this is creating great ambiguity, while others are seizing the opportunity.
Continue reading “DISSENT: The road to equity – a difficult journey, an uncertain destination”
Comment: Where do you want your firm to be in 2020? How short-termism has come to define the modern law firm
To judge from the way law firms behave – it’s helpfully instructive to ignore what they say – the answer to the rhetorical question of the above headline is: ‘Who gives a fig?’
Consider the following facts and ask yourself what philosophy of management underlies and ties all law firms together:
Guest post – Client retention: give credit where credit’s due
Winning a new client for the firm—there’s little that can match that for excitement, sense of accomplishment and visible contribution to the firm. More so if the client is big or prestigious. A pitch is often a hard-fought battle against many worthy foes. There are numerable, maddening unknowns in pitching a new client: which lawyers at which levels should be presented? What’s the optimal pricing? What services will distinguish your firm from the others? etc., etc. Continue reading “Guest post – Client retention: give credit where credit’s due”