Articles

What Macroeconomics Means to You

Across my desk last week came US Trust’s 2015 Investment Strategy Overview, a 40-page publication laying out their view of the year ahead for investors, including their highlights and overall perspective as well as a global macro overview, their views on specific asset classes including “alternative” assets, an investment themes update, and their sector allocation
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Articles, Finance, Globalization, Leadership, Strategy

Conference: Innovation in Entry-Level Recruiting

Going to be in San Francisco Wednesday, March 11? Want an excuse to be? Then we have the answer for you: Please join us at our day-long conference, Innovation in Entry Level Recruiting. Why attend? From the program description: It’s no longer news that the legal profession is undergoing seismic changes resulting from a “perfect
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Articles, Law Schools, Recruiting

What’s Value? Answer One Question

Newish to many lawyers, rarely to their delight, is a growing realization that when clients start talking about the price for legal services, they don’t (really) care whether that price is arrived at by summing a whole lot of billable hours, a negotiated “AFA,” a successful RFP submission, or drawing straws. What clients really want
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Articles, Business Models, Client Relationships, Leadership, Strategy

Happy 800th, Magna Carta

Caught up in the intensity of our day to day, most of us pay paltry attention to the very bedrock the legal professoin rests on: I refer, of course, to the Rule of Law. In the Anglo-Saxon legal canon, perhaps no document can lay claim to a more central position in establishing that indispensable tradition
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Articles

M&A “Cultural Due Diligence”

The widely experienced and catholically curious Lee Pacchia (formerly of Bloomberg Law, now at his own Mimesis Law) asked me to stop by his studio last week and talk about the role of culture in law firm combinations.  I also touch on the issue of “deal momentum,” how to really try to get a handle on another
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Articles, Cultural Considerations, Leadership, M&A, Strategy

Law Firm Profitability Conference

Regular readers know that some of the “evergreen” topics here on Adam Smith, Esq. include: The theme that profits matter more than revenue—but that remarkably few partners think in those terms; The inevitable invasion of Law Land by Big Data in all its many guises and implications; Clients’ having seized the steering wheel out of
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Articles, Finance, Practice Group Management

New Year’s Resolution (A Suggestion)

Still searching for a New Year’s Resolution? One that’s drop-dead simple to keep, at least? In the spirit of trying to be helpful to our loyal readers in all things, may we offer a modest suggestion: Simply subscribe to the Adam Smith, Esq. email list. By doing so, you can be sure you are among the
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About the Site, Articles

Bruce W. Marcus (1925 – 2014)

Bruce Marcus, whose life and work recast professional services marketing in a client-centric mold, died shortly before Christmas in New Haven of an aneurysm, at age 89.  I got the news on the phone that day from Mana, his wife of over 50 years, calling from their home in Branford, Connecticut. Bruce’s life work was
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Articles, Marketing, Profiles of Individuals

M&A Due Diligence With a Soul

To paraphrase the gone-but-not-forgotten E.F. Hutton campaign (I did work on Wall Street—I’m allowed these memories), when a Director Emeritus of McKinsey, who founded and led the firm’s global practice supporting mergers and acquisitions, speaks about “culture” in the M&A context, people listen. The fellow is David Fubini, and he recently published Before a merger,
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Articles, Cultural Considerations, Leadership, M&A, Strategy

Accountability? Who, Me?

Russell Long (1918—2003) was a US Senator from Louisiana for nearly 40 years (1948—1987) and chairman of the Senate Finance Committee for nearly half that period. As such, he was an expert on the US tax code and, legend has it, observed that the realities of politics meant any effort to enact “tax reform” could
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Articles, Compensation, Cultural Considerations, Finance, Leadership, Practice Group Management, Recruiting