Interesting stuff I came across this week:
Who will invest in Law Firms; Not Private Equity it Seems – Law firm partners needn’t think about a golden goodbye just yet. According to Richard Susskind, private equity don’t want the hassle of managing law firms based around the billable hour, so instead their money is headed towards legal process outsourcers and fixed-fee lawyer boutiques.
The Collapse of Complex Business Models – Clay Shirky on what happens when business models stop adding client value and just add cost. Be sure to read the ATT anecdote about a third of the way through. The ATT approach precisely reflects what I am hearing from one law firm after another that tell me they don’t want to do commodity, process driven work. Shirky concludes “When ecosystems change and inflexible institutions collapse, their members disperse, abandoning old beliefs, trying new things… it is the people who figure out how to work simply in the present, rather than the people who mastered the complexities of the past, who get to say what happens in the future”