by Bruce | July 24, 2005 | Articles, Compensation, Cultural Considerations, Finance, Leadership, Partnership Structures, Strategy
Why are law firms partnerships? After all, across the rest of the economy, corporations are more than dominant; they own the landscape. Ever seen a trucking company, a retail chain, or even your friendly local locksmith shop organized as a partnership? ...
by Bruce | July 22, 2005 | Articles, Compensation, Cultural Considerations, Finance, Just Plain Interesting, Strategy
It takes little discernment to conclude that "Adam Smith, Esq." could be more appropriately subtitled "…an inquiry into the economics of [Big] law firms."* Not only would this conclusion be correct, but since I know for a fact that you,...
by Bruce | July 21, 2005 | Articles, Compensation, Finance, Leadership, Practice Group Management, Strategy, Technology strategy
Can you say what an incremental dollar of revenue will contribute to profit at your firm? Does it matter if that marginal dollar comes from an existing client or a new client, or which practice group generates it? More pointedly, not all business is good...
by Bruce | July 20, 2005 | Articles, Cultural Considerations, Finance, Globalization, Leadership, Strategy
Wilmer Cutler, in conjunction with Harvard Business School, and Chicago’s Seyfarth Show, with Northwestern’s Kellogg School of Management, have now followed Reed Smith and DLA Piper in initiating formal long-term collaborative efforts to train their...
by Bruce | July 20, 2005 | Articles, Compensation, Cultural Considerations, Finance, Globalization, Leadership, Partnership Structures, Practice Group Management, Strategy
"Equilibrium" is a term that has special meaning in economics, although its definition can seem somewhat tautological: It’s the state of affairs where there is no impetus or force for change. The textbook example is where the price in a...
by Bruce | July 17, 2005 | Articles, Strategy
In more evidence of what it’s nice to have more evidence of, The Legal Intelligencer reports that the marketplace for lateral moves is twice as active in Philadelphia so far this year vs. last year. Various hypotheses are trotted out, from headhunters and firm...