I've worked in and around the London Insurance Market for over 20 years and enjoy being in the middle of a vibrant marketplace where brokers and underwriters ply their trade. The market has traditionally traded face-to-face and technology is generally seen as a threat to that method of negotiation.
At the start of 2007, Tyco International reduced the number of its external legal providers across Europe, the Middle East and Africa from 250 to one; Eversheds. 12 months on, Nina Goswami of TheLawyer.com reports that Eversheds has become the sole provider to six other companies including Samsung and Akzo Nobel.
If there's one lesson from the failure of Lehman Brothers, et al, it's that ignorance is not bliss and what you don't know can hurt you. This seems especially true when you're handling financial weapons of mass destruction. Because playing with WMDs is risky business, and miscalculating the risks can bring a multi-billion dollar business to its knees.
Only a crazy bank would try to innovate during a recession, right?
Wrong, according to Clayton Christensen’s firm Innosight. It might be tempting to batten down the hatches, cut spending, and focus on incremental improvements to your core business. But a failure to keep innovating will hurt your ability to compete in the longer term. In the words of Amex CEO Ken Chenault, “A difficult economic environment argues for the need to innovate more, not to pull back.”
Legal In house lawyers are back in vogue. For the first time in years, more GCs plan to hire extra in-house lawyers than not. Indeed, just under half of all GCs surveyed (49%) in the latest Altman Weil Chief Legal Officer Survey (2008) are planning to beef up their internal legal teams. Which is great news for corporate counsel.
Today marks the release of Exari 5.2, which proves that little things can make a big difference. Rather than one or two headline-grabbing new features, 5.2 tweaks and enhances a wide range of existing features, all of which add up to a better user experience and better business outcomes.
From time to time we like to remind people that formatting matters. And what better way to scare you into paying attention than to burn down your house? Not because you left the heater too close to the drapes. But because a windstorm ripped the power cables off the front wall, set fire to your favorite shrub, which then set fire to your house.
I'm sure the horse business looked great in the 20 years leading up to the arrival of the motor car. And the photographic film business probably grew very nicely in the 20 years prior to the arrival of digital cameras. Which is why law firm partners should think twice before buying that tropical island with the landing strip for the private jet.