We’re currently at the IBA Conference in Madrid, an annual gathering of eminent lawyers from around the world. It’s proving to be a very worthwhile conference for us, with a great deal of interest from prospective member firms in countries where we are looking to strengthen our coverage.
Interestingly, rumour has it that the IBA got their planning seriously wrong for this particular conference. Concerned by the state of the global markets, they budgeted on only 3,000 delegates attending – and have ended up with roughly 5,000. So they may have got it wrong, but it’s got to be good news for the IBA finances!
The real question is why did they get it so wrong. It seems that they are experiencing the same counter-cyclical tendencies that we are noticing here at MSI Global Alliance (www.msiglobal.org) When the going gets tough, a few weaker, more conservative firms batten down the hatches and cut expenditure ruthlessly.
But stronger, entrepreneurial firms take a more measured view and, whilst still looking carefully at all aspects of cost, they also recognise the growing importance that should be attached to the broader aspects of firm management, not least the importance of developing strong relationships with other professionals around the world.
Where these dependable, strong relationships can be developed by the enhancement of good personal contacts whilst at the same time maintaining the independence of the local firms, everyone is a winner. Which is probably why the IBA and MSI are not only weathering the current storm, but really looking forward to an exciting future.
James Mendelssohn (jmendelssohn@msiglobal.org)
Chief Executive, MSI Global Alliance
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