Welcome to
the Autumn
issue
of HedsUP!
Risk and Reward
“The only man who never makes mistakes is the man who never does anything.”
Theodore Roosevelt
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We live in uncertain and dynamic times. Opportunities and threats abound. The competitive
landscape has changed in fundamental ways over the last ten years and that pace of change is only set to accelerate.
If we accept these three statements then, as leaders of our firms, we are duty bound to act, to innovate and to reshape our businesses to be better able to cope with the new rules of competition. Not to do so would be a dereliction; but with change comes uncertainty. And with uncertainty may come increased risk but also the potential for reward. Risk is, of course, at the heart of any business – how best to manage it in order to tap new markets, develop new products or services, ring-fence liabilities and balance investment against return is the key question. This is the way in which business operates in a free market economy. |
Law firms need to learn better how to manage their development risks, perhaps investing in skunkworks projects to test radical new approaches, adopting an iterative, incremental methodology and using feedback-loops to ensure that learning acquired is then used to inform future decision making. Importantly, we need to be prepared to get it wrong in order to advance but to manage our downside exposure.
In this sense the innovation and change process can be regarded as a baby-steps approach rather than a leap, blind-folded into a dark space! I hope that you enjoy this issue of HedsUP! If you have any questions or would like further information please do not hesitate to contact me. Best wishes, |
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