- Cross-Generational Perspective on Succession Planning – Part Two
- Capturing the Real Value in High-Tech Acquisitions
- Cross-Generational Perspective on Succession Planning-Part Two
More on that later. Hastings has marvelous muscular control and a soulful mien, and it was fascinating, for a while, to watch her arch, stretch and contort her body into poses that morphed from heroic to voluptuous to abject. But Mr. Move did not give Ms.
Hastings enough to do, particularly in terms of interacting with the space. Once on the platform, there she stayed, and you got the feeling that the spot was chosen mainly for its fabulous East River views. Since, the firm has brought in new management and its position improved in and In , Icahn filed an unusual malpractice suit against the firm. Wachtell denies any malpractice and the case continues to play out in Manhattan court. The firm is known for being adverse to change. Their strategy, rather than seeking to reinvent Wachtell, has been to continue with the status quo in terms of the type of work Wachtell handles and how the firm functions as a law practice.
Herlihy is the same. Some are mulling who should take over post-Neff and Herlihy, though the conversations have been informal and preliminary. One partner who declined to be named to preserve relationships, says that several of its characteristics are sometimes discussed. This includes whether to tweak the lockstep pay system to better compensate productive, younger partners, or whether to increase the size of its partnership.
Such changes seem minor in an industry that has seen dramatic re-configuration.
Cross-Generational Perspective on Succession Planning – Part Two
Even extremely profitable, prestigious firms have seen some cracks surface. If that is true, then how long will it last? Staff members and lawyers acknowledged their concern that firm culture could change after Lipton retires. She hopes his generosity continues to live on in future Wachtell generations. In terms of any changes going forward, Lipton downplays the importance of his principles in their closest reading, saying they are not immutable in the future.
A number have already been challenged.
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For instance, since as far back as the s and early s, the firm considered both a London and Silicon Valley office, neither of which worked out. His principles capture the left-leaning ideals that carry over into his politics.see
Capturing the Real Value in High-Tech Acquisitions
Staff members should be valued, too, one of his principles says. And no layoffs should ever be conducted as a cost savings measure.
Gen Yers, by way of contrast, like working in teams, collaborating, and want and need a lot of management guidance. They ask a lot of questions upfront because that is what they were educated to do, and they want to feel secure that they will do things right and garner praise. Gen X finds this demand for continual attention frustrating, even annoying, and considers Gen Y to be coddled and over-protected.
Those two generations are typically different from each other.
And the fast-changing circumstances require different styles and responses. Increasingly since , a new group of partners in their lates and their 40s Gen X have decided to stop waiting to be called.
Cross-Generational Perspective on Succession Planning-Part Two
They are building new relationships and taking on work and client management that historically was handled by partners in their 50s and 60s. Abandoning the deferential culture of forwarding deals up the seniority line, the Gen X partners wanted to work on those deals themselves now and not wait. They have gone after the clients and kept them. For one thing, their compensation is not affected given the lockstep system which reaches a peak when the partners are somewhere in their 50s and then declines as they continue to age.
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The younger partners' more aggressive style means they get to make a name for themselves at an earlier age - and the older partners continue to thrive with less burden. This is essential to motivate transitioning.