2024/12/20
🎯 Very insightful article on some milestone development of legal industry: https://lnkd.in/gEYPU5gi
➡️ //… Contingency plans are wise.
They often demonstrate a desire to remain strong in a region and indicate an understanding of the importance of the Chinese market in the grander scheme of things.
And so, to the firm leaders who are doing exactly that, give yourself a pat on the back.
Here's my "A" for your effort. I can only reward effort at this stage because it will take years to determine whether such moves have been successful.
It might feel strange to look for positives here, but here are three cases where we can see some silver linings for the firms involved.//
✅ But I beg to differ a bit on the conclusion on the first case study. The political, social and economic circumstances have changed drastically in the last 15+ years.
✅ It is no longer the time when we could still rest on one's laurels (食老本) by, say, making use of the old “glorious” brand to win business.
✅ Nowadays we all talk about cost and return. So all depend on the ability, devotion, dedication and, no doubt, the costs.
➡️ //JSM read the room and took its chance, almost instantly seizing the seat as Hong Kong's top domestic law firm, pushing those that have pledged independence for decades to the side. Its launch as an independent Hong Kong firm also helps shed some of the tar it carried from its unfortunate scandal in 2021.//
✅ Is this really the case? Good point here:
➡️ //Of course, whether JSM today will share the glory of its former self depends very much on its succession plans. After all, many of its senior partners are close to retirement and the rest of its younger partners have spent little to no time in JSM before Mayer Brown came into the picture.//
✅ Apparently the author has very good observation and is aware of the inconvenient truth that most partners there aging with most of them have reached (or are about to reach) the retirement age. Can the next generation sustain and survive without the big umbrella ☂️ of international brand?
