Law.com - The 2008 Global 100: The English Advantage
I have a strong bias towards a well developed and maintained "Best Friends" network, either ad hoc or formal, such as Lex Mundi to which my firm belongs. This article certainly challenges that view. Notably, success from foreign branch offices comes from strong investment, strong management, and strong controls. So, I guess that, if a firm is willing to do those things, it can achieve superior performance. However, there is still the mobility issue. If a regional economy is lagging, a firm with a presence there will have to be diligent about adjusting quickly so that the presence does not become a serious economic burden. For the moment, it looks as if the Magic Circle firms have guessed right about where the big revenues will come from. However, the market is dynamic, and it will be interesting how long the current configuration will be sustainable and what will have to happen when, as will be inevitable, the current offices face hard times to prevent a serious drag on the firm as a whole.
Thursday, October 2, 2008
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