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BLG chief exec: Clydes deal is no rescue merger

The hard truth is, like it or not, the Jabba is the face of future law firm management. He does not appear to care two hoots about BLG's history or what its staff think. He has gone into BLG and salvaged a business that had lost its way for 15 years. In private equity terms, this merger is a 'liquidity event' for the senior partners of BLG. The future will be all about people like him being able to come into ailing law firms, turn them around and negotiate the best possible exit for the owners of the business. That will be the world of private equity. People who think it is failure not to make BLG a world beater on its own really live in cloud cuckoo land. There are too many dusty old management teams in law firms pursuing the myth that their firm has the right to exist independently for ever. Many of them are in the insurance sector. They should have a look at their clients and ask themselves how many times there has been merger activity involving their key clients over the last 10 years.

6-Jun-2011

6:48 pm