Globally confused – it's a winding road to legal globalisation
Numbers, oddly, equal emotion. One of the first things you learn in business reporting is that the seemingly scientific world of figures often comes down to all-too human feelings of ambition, fear, frustration, greed and pride. Take the Global 100 – or, for that matter, all leagues of law firm performance – beauty and ugliness remain in the eye of the beholder. Law firm leaders look into that mirror of metrics and see hugely contradictory reflections that back the strategic decisions they have bet their careers on.
October 18, 2012 at 07:03 PM
3 minute read
Numbers, oddly, equal emotion. One of the first things you learn in business reporting is that the seemingly scientific world of figures often comes down to all-too human feelings of ambition, fear, frustration, greed and pride. Take the Global 100 – or, for that matter, all leagues of law firm performance – beauty and ugliness remain in the eye of the beholder. Law firm leaders look into that mirror of metrics and see hugely contradictory reflections that back the strategic decisions they have bet their careers on.
Yet the more I look at such leagues the less certain I am that they prove or disprove the value of any particular strategy; the last 10 years have seen plenty of Global 25 firms prove to be indifferent performers on a range of measures.
That is not to come out against the rise of the global law firm. Legal globalisation is a demonstrable fact. The buying decisions of major corporates obviously give some support to the emergence of international law firms. And going global has inarguable advantages. Firms gain scale, reduce their natural competitors – a factor that has propped up some huge law firms during periods of strategic difficulty – and gain more flexibility to shift with the vagaries of the world's economy. There is also clearly a level of brand premium that comes with size.
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