Strategy

ABA Antitrust Immunity? Not so fast

Hallelujah! A profession just lost a very big round at the Supreme Court. I refer of course to the Court’s 6-3 ruling in North Carolina State Board of Dental Examiners v. FTC, finding that the dental examiners’ board attempting to prohibit nondentists from teeth whitening violated the Sherman Antitrust Act. If you think this was
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Articles, Business Models, Finance, Globalization, Strategy

Can Big Firms Innovate?

“Innovation” seems to be on everyone’s lips these days. Among other things, the problems are: Many people, lawyers in particular, are stumped when it comes to describing what “innovation” actually is; Business history proves to a fare-thee-well that it’s extremely challenging for successful incumbents to actually follow through with anything innovative; And of course there’s
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Articles, Cultural Considerations, Finance, Leadership, Strategy, Technology strategy

Dentons/Dacheng: A Theory

I wasn’t going to write about Dacheng/Dentons until I was. When I first heard about the mega tie-up creating the largest law firm in the world—records are made to be broken, as any number of athletes will happily confide in you—I had only two thoughts: First, this will get everyone’s attention; and second, there is
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Articles, Globalization, Strategy

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

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

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

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

Checkbook Recruiting

From the Kirkland & Ellis site, under the topic Careers–>Laterals Overview (I quote in full, emphasis supplied): At Kirkland, the quality and experience of our lawyers are among our greatest strengths. We are committed to making a substantial investment in our lateral hires by fostering an environment in which they are seamlessly integrated into our
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Articles, Business Models, Compensation, Cultural Considerations, Finance, Leadership, Recruiting, Strategy

Money or Culture?

Circling in the wings around almost any discussion of management and leadership issues in law firms, sometimes touted as a virtue above all others and sometimes only alluded to with caution, as one would might a wraith, is the issue of a firm’s “culture.” A few observations about culture in Law Land: Firms and their
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Articles, Cultural Considerations, Leadership, Partnership Structures, Strategy

The UK’s LSA in the US?

A few weeks ago, an editor at the Oxford University Press site, “Academic Insights for the Thinking World,” was kind enough to write me and ask if I might care to submit an essay for their site.  Yes, I’d be delighted, was my response; what about?  “Up to you – within reason, of course.” “Understand,”
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Articles, Business Models, Finance, Globalization, Strategy