Leverage and morale
Susan Ward quotes Adam Smith in her blog posting today.
I respectfully disagree with his assertions. This is what I said in response to Susan's comments:
It's hard for me not to disagree more. Leverage always has been, and will continue to be, a motor for profit. Whether that leverage comes from associates or from non-equity partners (another form of associate) is not clear, nor important, for this discussion. Time will tell. And Susskind's conversation merely discusses another form of leverage, technology, just not the human form.
In China, years ago (I can't speak for today because it's been many years since I was there), the leverage the economy used was people. They couldn't use machinery because they had so many people who needed work.
Yes, experience is important. But, it is also teachable. Perhaps the more progressive law firms will wake up to how important continuing education is for their lawyers (partners and others) as well as their staff.
Morale is low. Agreed. But, that in part is because of failed expectations. Expectations in BigLaw must be brought in line with economic reality; the business model needs to be adjusted a bit ... then morale (with good leadership) will rise.
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