by Bruce | May 30, 2009 | Articles, Cultural Considerations, Finance, Leadership, Partnership Structures, Strategy
According to data published by Citi Private Bank, covering the vast majority of large US-based firms, the compound annual growth rate of yearly revenues from 2001–2007 was 10.6% and that of profits per partner was 9.3%. Put differently, the average...
by Bruce | May 6, 2009 | Articles, Finance, Strategy
Today’s Financial Times features “Law Firms Adapt to a Stark New World” which quotes a certain “Bruce McKewan” (well, close enough, and phonetically accurate) as saying: “The law firm business model for this century up until last...
by Bruce | May 5, 2009 | Articles, Compensation, Finance, Marketing, Practice Group Management, Strategy
From the famous annual meeting of Berkshire Hathaway, “Woodstock for capitalists,” comes news a couple of days ago from the WSJ that Warren Buffett, long an investor in newspapers, sees “unending losses” for the industry. He then makes even...
by Bruce | April 29, 2009 | Articles, Compensation, Finance, Partnership Structures
On the balance sheet of essentially every corporation of any size or degree of profitability appears the line, “Retained Earnings.” I have never seen such a line on the balance sheet of any law firm. Why not? More importantly, what should the capital...
by Bruce | April 24, 2009 | Articles, Finance, Globalization
Where are we going and when is this interregnum going to end? That’s the question on everyone’s lips. Today I have three scenarios and a coda. Caveat lector: I don’t know which of the scenarios is most likely, but I do endorse the coda as I have few...
by Bruce | April 20, 2009 | Articles, Finance, Globalization, Leadership
I’ve been toying with a column that would have the title, “Where’s the Leadership?,” taking us more or less to task for not exercising what historically has been an impressive and legitimate leadership role in re-shaping the financial...