We’re just back from a week in London—coincidentally smack in the middle of the UK firms’ earnings-release season—and for reasons far more profound than that annual roll call of bragging rights, the level of preoccupation with the future in the great City has never to us seemed higher to us. A telling, and extremely representative, moment came when one managing partner we were meeting with started to enumerate the threats facing his (very solidly performing) firm as, “One,…., and two…., and—oh hell, there are threats everywhere!”
Even the Magic Circle are looking over their shoulders. One is tempted to blurt out, “Imagine that!” but one need imagine nothing; it’s real.
And this overwhelming attitude of uncertainty—call it concern if you’re prone to understatement, nervousness or fear or existential questioning if you’re otherwise inclined—was quite palpable to us and widespread. We’re calling it simply the Age of Anxiety (with the obligatory bow to Auden).
Nor, we hasten to add, is it a UK phenomenon; it’s alive and well, thank you very much, in New York, Chicago, California, DC, etc., and doesn’t discriminate by size of firm or market niche.
Now, what are the sources and causes of this level of anxiety?
We have some candidates.
I would argue that the increase in so-called lateral movement is far more attributable to the relatively new and widespread willingness of firms to fire or “counsel out” underperforming partners than it is due to true opportunistic lateral (or upward) movement or poaching.
Interesting observation and it would be fascinating to have real data on this, breaking down lateral partner movement into its component motivating parts, as it were. Alas, the day when laterals will come squeaky clean about their motives for their move probably lie beyond the end of my career.
But to your point:
ase: > Is what you care about the survival of firms as we know them, or the survival of our notion of exceptionalism as a profession and an industry?
May one suggest a variation on the second?
“… , or the evolution of processes and capabilities that will provide clients access to exceptionalism as a profession and an industry?”
Our notions of something may be quite strongly held and yet inaccurate.
Mark L.
Mark:
A trenchant point extremely well stated. I was thinking of “exceptionalism” in the sense of Law Land’s inexplicable faith in its own immunity to normal business market dynamics, but you are right to point out that what clients care about is access to exceptional performance and service. Nice.