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July 1, 2004

More "Strong on Strong" Mergers?

With the publication of the 2004 AmLaw 100 this week comes the inevitable desire for prognostications about the future.  The American Lawyer has obliged with a piece predicting, among other things:

  • increasing pressure for "strong on strong" mergers (Wilmer-Cutler/Hale & Dorr and the rumored Coudert/Squire-Sanders, for example);
  • approaching and backing off from resistance at the magic $1,000/hour billing rate (a psychological barrier but not an economic one, in my opinion);
  • the increasing visibility and importance of practice group leaders, as the fundamental connection between a firm's strategic management objectives and their implementation; and lastly
  • the importance of "people skills."

"People skills" is one of those phrases, like "pro-active" or "[I have some] concerns" that puts my BS detectors on stun, but the author of the article wasn't trying to be articulate, he was only trying to say lawyers aren't generally good at something (to wit, massaging expectations of clients, those you report to and those who report to you).  I agree, and I also agree that cultivation of that human ability is paramount to succeeding exceptionally, not just moderately.  Easier said than done.

Posted by Bruce at July 1, 2004 1:28 PM | TrackBack
Posted to M&A

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