Information Cascades and Law Firm Strategy
1 Comments - Posted By Rob Millard In Strategy 101 , The Strategy Process , , , , , , - Permalink -
Much law firm strategy, especially in smaller to medium sized firms where the partners all know each other, is crafted in strategy meetings or at strategy retreats. Typically, such meetings consist of some preparatory information being presented and then, quite quickly, the meeting moves on to consideration of a number of alternatives. It is here where the phenomenon of an “information cascade” can rear its ugly head.
In 2005, behavioral economist Robert Shiller and Karl Case conducted a survey among San Francisco home buyers, measuring their perception regarding likely house price movement in their market. The median expected price increase, over the next decade, was nine percent per year!
Obviously, history has proved them to have been badly wrong. According to Shiller & Case, their baseless optimism was based on two factors: salient price increases in the recent past and the apparent, and contagious, optimism of other people. In effect, an information cascade.
September 2008 Newsletter - Killing a Strategy
0 Comments - Posted By Rob Millard In Strategy 101 , Tools for Strategists , , , , , , - Permalink -
Herewith our Edge International September 2008 Law Firm Strategy Newsletter
We have two items for you this month. Firstly, some tips on how to execute (as in kill-off, annihilate and utterly destroy) a firm’s strategy. Secondly, news about and an invitation to participate in an exciting new research project on globalization and its likely impact on the US legal profession.
We hope that you find them both diverting and useful. Feedback, as always, is most welcome.
Our best regards,
Rob Millard & Gerry Riskin
Roots and Wings
0 Comments - Posted By Rob Millard In "Off the Wall" Insights , Culture , , - Permalink -
Frequent readers of this blog will know by now that I have a particular interest in differences in culture across different countries or social groups; the alignment of culture and strategy; and the proactive evolution of culture in professional service firms to support and drive strategy.
Here's a quick quiz that illustrates one of the key variables in culture, especially internationally e.g. between east and west. I'm sure that you'll find it fascinating.
Continue ReadingThe Dangers of MultiTasking
1 Comments - Posted By Rob Millard In Inter-Generational Issues , , - Permalink -
Anastasia Goodstein's blog Ypulse, which provides "daily news & commentary about Generation Y for media and marketing professionals," has a posting called The Madness of Generation M, that references a Time Magazine cover story called The MultiTasking Generation. It makes important reading for anyone trying to understand the generation of professionals entering / poised to enter our firms; how they will view their work; and in this case, possible impacts on quality.
A key characteristic of Gen Ms (aka Millennials / Gen Ys) is an extreme ability to multitask. Or so we think. The article suggests that there is actually no such thing, because the brain doesn't work that way. When "multitasking," the brain actually focuses superficially on different things in sequence, back and forth, rather than simultaneously doing several things well. This has critical implications, especially in precision driven professions like law and accounting, where deep thought and accurate conclusions are paramount.
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