Larry Bodine highlights an interesting article (opens in pdf) from professional services firm consultants David Maister and Jack Walker called The One-Firm Firm Revisited.
Bodine's post focuses on the parts of the article that underscore the value of law firm alumni networks as a source for new clients, especially in an era of increasing partner and associate churn rates. An era that may be here to stay. Read his full post here.
The Maister/Walker article uses an earlier (1985) article from Maister called 'The One-Firm Firm'” as a touchpoint to view the changing landscape at professional services firms. The original article looked at McKinsey, Goldman Sachs, Arthur Andersen, Hewitt Associates, and Latham & Watkins. The current article seeks out these firms, assesses what became of them, and looks at whether they still held to the principles that made them stand out in 1985. In the authors' own words, "[i]n this article, we will address the issue of whether the one-firm firm principles identified in 1985 are still relevant to the continued, sustained success of these five firms. We will focus on what has been maintained, adapted, and abandoned in their management since 1985."
It is a fascinating read, and one of the better "looking back-looking forward" articles I have read in recent months.
As the authors note, "[t]he marketplace for professional services has changed in ways that were unimaginable in 1985. Clients and client relationships have become dynamic at best and fickle at worst. Shortages and mobility of talent have affected every profession. As a result, the five named firms — and their main competitors — have adapted by making dramatic and often risky changes."
And yet, they also conclude that "one-firm firm principles do indeed continue to drive success for these firms, even as their specific practices have been adapted and modified for changing market conditions." Read more about the One-Firm Firm principles at Maister's website
The more things change, the more some things stay the same?