Bruce “Adam Smith, Esq.” MacEwen has launched the first iteration of his Savvy Blawger Panel, a feature in which he poses important questions to a panel of, well, savvy blawgers. This edition looks into the future and the question was:
“Looking out five to ten years, what will the single most significant change be in terms of how sophisticated law firms (think AmLaw 200) are managed, on the ‘business side’?”
There are some great ideas and I highly recommend you study the answers carefully.
I’m one of the panelists and comment on the vital importance of diversification in its different forms by saying:
“The most significant change for successful firms will be the development of a diversified, portfolio approach to the various businesses of a law firm – services, products and licensing of intellectual property – in a much more diversified environment of people and outside partnerships.”
I know that some of my readers will be surprised that, for once, I have one of the shortest comments in the collection.
I’ll note that Bruce mentions “Capital Asset Pricing Model” in introducing my comment, but I’m thinking in terms of modern portfolio theory, which I’ve written and spoken about on a number of occasions.