We note with great sadness the passing of
a 150+ year old firm, a pioneer on the international scene in ways
many are still trying to emulate. (Also here.)
The firm’s demise strikes me as exceedingly unnecessary—given
the long perspective—but essentially inevitable, on the short
perspective. And sometimes the short run gets you, as vicious
(and virtuous, but that’s for another day) cycles are real. Rumors
begin to swirl, people are distracted, revenue and profits decline,
partners decamp, clients follow or at least worry, more partners
decamp, recruiting becomes impossible, poaching of entire practice
groups and offices accelerates: I needn’t say more.
But unnecessary in the long run? I firmly believe so. An
idiosyncratic compensation structure which drove partners to hoard
their work and their clients, keeping all close to their vests,
rewarding them disproportionately for hours actually billed by
them personally, and devaluing teamwork and collaboration: These
too will get you in the end. Possibly five, maybe ten, and
surely twenty years ago it could have been changed and Coudert
today would be a thriving member of the truly international elite.
Update: "The breakup of the firm will now commence."
