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jerryking : poaching   12

How a private equity boom fuelled the world’s biggest law firm
June 6, 2019 | Financial Times | James Fontanella-Khan and Sujeet Indap in New York and Barney Thompson in London.

Jeff Hammes took the helm at a Chicago-based law firm called Kirkland & Ellis in 2010, with the aim of turning it into a world-beater, few in the industry thought he stood a chance.......known as a good litigation firm in Chicago with a decent mid-market private equity practice, in the blockbuster dealmaking world, however, the firm was largely irrelevant. Nobody took them seriously on Wall Street.....Fuelled by explosive growth in private equity, aggressive poaching of talent and most of all, a business model that resembles a freewheeling investment bank, Kirkland has become the highest-grossing law firm in the world.....This rise reflects the shift in the financial world’s balance of power since the financial crisis. Investment banks, the dominant force before 2008, have been eclipsed by private equity firms, which now sit on hundreds of billions of dollars of investment funds.

Kirkland thrived by hitching itself to this dealmaking activity. The firm presents with a relentless — many say ruthless — focus on growth, a phenomenal work ethic and a desire to up-end what it sees as a lazy hierarchy. Key questions: can its winning streak can continue? Will its private equity clients continue to prosper? how will Kirkland cope if and when the private equity boom ends? And can a firm with such a hard-charging culture survive in the long run?....Robert Smith’s Vista Equity has grown to manage assets from $1bn to $46 in a decade while working with Kirkland.....To establish Kirkland as a major player, Mr Hammes turned his attention to recruitment. ....poaching proven M&A experts and targeting all areas of dealmaking.....To entice the best lawyers to join its ranks, Kirkland managed to exploit a structural rigidity in its more traditional white-shoe and magic circle rivals. A dwindling but still significant number of elite firms remunerate equity partners using a “lockstep” model......
Kirkland sought rising stars in their late thirties who were at the bottom of this ladder, stuck in the queue for the highest share of profits. Part of its pitch was money — “With compensation, we can go as high as we want,” says one partner — but the other part was an almost unprecedented level of autonomy.
Big_Law  booming  business_development  Chicago  compensation  concentration_risk  dealmakers  deal-making  eat_what_you_kill  financial_crises  growth  hard-charging  high-end  hiring  howto  hustle  Kirkland_Ellis  law  law_firms  litigation  mid-market  organizational_culture  poaching  private_equity  recruiting  Robert_Smith  superstars  talent  turnover  Vista  Wall_Street  winner-take-all  work_ethic  world-class 
june 2019 by jerryking
Lex. London and Europe:hard-wired advantages
July 7, 2017 | Financial Times | Lex.

This hints at a wider strength. Laying cables across the sea was a high-risk venture in the 1850s. The risk was deemed worth taking because London was the financial centre of a trading empire. The city’s present-day concentration of expertise in areas like forex, trade finance, risk management, insurance and law is also a function of this mercantile history. Other European financial centres tend to have more specific strengths, such as asset management in Dublin and Luxembourg, or banking in Frankfurt.

More fibre could be installed across Europe, but that alone will not alter much. Europe’s politicians and regulators will find it harder to replicate London’s other strengths, however much they may wish to capitalise on the UK’s departure from the EU or secure regulatory oversight of euro-related clearing.

Their best hope of doing so is ham-fisted policymaking in the UK. There are precedents aplenty. President John Kennedy gifted London the Eurobond market in the 1960s. The Parti Québécois helped Toronto supplant Montreal as Canada’s financial capital in the 1980s. It is much easier to drive business away than it is to attract it — something the UK government, pondering its “red lines” over things like immigration and the remit of the ECJ, should bear in mind.
transatlantic  London  ECB  regulators  policymaking  competitive_advantage  epicenters  Brexit  poaching  red_lines 
august 2017 by jerryking
Universities’ AI Talent Poached by Tech Giants - WSJ
By DANIELA HERNANDEZ and RACHAEL KING
Nov. 24, 2016

Researchers warn that tech companies are draining universities of the scientists responsible for cultivating the next generation of researchers and who contribute to solving pressing problems in fields ranging from astronomy to environmental science to physics.

The share of newly minted U.S. computer-science Ph.D.s taking industry jobs has risen to 57% from 38% over the last decade, according to data from the National Science Foundation. Though the number of Ph.D.s in the field has grown, the proportion staying in academia has hit “a historic low,” according to the Computing Research Association, an industry group.

Such moves could have a long-term impact on the number of graduates available for teaching positions because it takes three to five years to earn a doctorate in computer science. ....The squeeze is especially tight in deep learning, an AI technique that has played a crucial role in moneymaking services like online image search, language translation and ad placement,
Colleges_&_Universities  poaching  Alphabet  Google  Stanford  artificial_intelligence  Facebook  machine_learning  talent_pipelines  research  PhDs  deep_learning  war_for_talent  talent 
november 2016 by jerryking
How Stanford Took On the Giants of Economics - The New York Times
SEPT. 10, 2015 | NYT | By NEIL IRWIN.

Stanford’s success with economists is part of a larger campaign to stake a claim as the country’s top university. Its draw combines a status as the nation’s “it” university — now with the lowest undergraduate acceptance rate and a narrow No. 2 behind Harvard for the biggest fund-raising haul — with its proximity to many of the world’s most dynamic companies. Its battle with Eastern universities echoes fights in other industries in which established companies, whether hotels or automobile makers, are being challenged by Silicon Valley money and entrepreneurship....reflection of a broader shift in the study of economics, in which the most cutting-edge work increasingly relies less on a big-brained individual scholar developing mathematical theories, and more on the ability to crunch extensive sets of data to glean insights about topics as varied as how incomes differ across society and how industries organize themselves....The specialties of the new recruits vary, but they are all examples of how the momentum in economics has shifted away from theoretical modeling and toward “empirical microeconomics,” the analysis of how things work in the real world, often arranging complex experiments or exploiting large sets of data. That kind of work requires lots of research assistants, work across disciplines including fields like sociology and computer science, and the use of advanced computational techniques unavailable a generation ago....Less clear is whether the agglomeration of economic stars at Stanford will ever amount to the kind of coherent school of thought that has been achieved at some other great universities (e.g. Milton Friedman's The Chicago School neoclassical focus on efficiency of markets and the risks of government intervention and M.I.T.’s economics' Keynesian tradition)
economics  economists  empiricism  in_the_real_world  Stanford  MIT  Harvard  Colleges_&_Universities  recruiting  poaching  movingonup  rankings  machine_learning  cross-disciplinary  massive_data_sets  data  uChicago  microeconomics  Keynesian  Chicago_School 
september 2015 by jerryking
Uber’s Secret Agents: When Poaching Becomes Unethical - NYTimes.com
AUG. 27, 2014
Continue reading the main story
Continue reading the main story
RELATED COVERAGE

Uber and Lyft Have Become Indistinguishable CommoditiesAUG. 28, 2014 Continue reading the main story
RECENT COMMENTS

Chris 28 August 2014
The article posits this is a question of ethics. Perhaps. It may also be an example of tortious interference with contract. If the...
WimR 28 August 2014
This article is too cynical for my taste. There are also general norms of decency that rule human behavior and the reported tactics of Uber...
Vinny 27 August 2014
Good analysis, but why, oh why, choose "cricket" as an adjective. Unlike another commenter, I've lived in NY and SF most of my life and the...
SEE ALL COMMENTS
Neil Irwin
Lyft  Uber  ride_sharing  sharing_economy  ethics  poaching 
november 2014 by jerryking
Getting Started in ‘Big Data’ - The CFO Report - WSJ
February 4, 2014 | WSJ |by JAMES WILLHITE.

executives and recruiters, who compete for talent in the nascent specialty, point to hiring strategies that can get a big-data operation off the ground. They say they look for specific industry experience, poach from data-rich rivals, rely on interview questions that screen out weaker candidates and recommend starting with small projects.

David Ginsberg, chief data scientist at business-software maker SAP AG , said communication skills are critically important in the field, and that a key player on his big-data team is a “guy who can translate Ph.D. to English. Those are the hardest people to find.”

Along with the ability to explain their findings, data scientists need to have a proven record of being able to pluck useful information from data that often lack an obvious structure and may even come from a dubious source. This expertise doesn’t always cut across industry lines. A scientist with a keen knowledge of the entertainment industry, for example, won’t necessarily be able to transfer his skills to the fast-food market.

Some candidates can make the leap. Wolters Kluwer NV, a Netherlands-based information-services provider, has had some success in filling big-data jobs by recruiting from other, data-rich industries, such as financial services. “We have found tremendous success with going to alternative sources and looking at different businesses and saying, ‘What can you bring into our business?’ ” said Kevin Entricken, the company’s chief financial officer.
massive_data_sets  analytics  data_scientists  cross-industry  recruiting  howto  poaching  plain_English  connecting_the_dots  storytelling  SAP  Wolters_Kluwer  expertise  Communicating_&_Connecting  unstructured_data  war_for_talent  talent  PhDs  executive_search  artificial_intelligence  nontraditional 
june 2014 by jerryking
Law Firms Pursue Growth by Poaching - WSJ.com
JANUARY 31, 2012 |WSJ |By JENNIFER SMITH

Law Firms Pursue Growth by Poaching in Tough Climate

Other firms aren't bashful about their goals. "We look for superstars," said John Quinn, managing partner at Quinn Emanuel Urquhart & Sullivan LLP, which recently lured trial lawyer Bill Burck from Weil, Gotshal & Manges LLP. "Our approach is sort of like the NFL draft."

Weil executive partner Barry M. Wolf said his firm hired 18 lateral partners last year, expanding several practice groups.
law_firms  lawyers  talent  talent_management  war_for_talent  poaching  superstars 
march 2012 by jerryking
Foreign scholarships and the risky business of innovating - The Globe and Mail
Nov. 16, 2010 / Globe and Mail / Editorial. Neil Turok,
director of the Perimeter Institute for Theoretical Physics in Waterloo,
Ont., which sets out to attract some of the world’s top scientific
minds, told The Globe and Mail’s editorial board yesterday, “Because the
rest of the world is in relative difficulty financially, now is the
time to attract global talent. Canada has an amazing opportunity.” A
good case, a difficult sell. Innovation means trying something that
can’t be proven in advance, as Roger Martin, dean of the University of
Toronto’s Rotman School of Management, says. The foreign scholarships
are a investment with a strong upside, and a high risk that is mostly
political.
Colleges_&_Universities  innovation  Ontario  scholarships  risks  talent_management  Rotman  editorials  Perimeter_Institute  political_risk  poaching  Kitchener-Waterloo  upside  high-risk  Roger_Martin  foreign_scholarships  war_for_talent 
november 2010 by jerryking
No time like bankruptcy for squeezing competitors
July 13, 2009 |The Globe & Mail | George Stalk Jr.

In bankruptcy, your competitor's major issue is a shortage of cash - which is what led it into bankruptcy in the first place. Take advantage of it.

You can put pressure on that shortage by further straining your rival's ability to generate cash, or boost the cash it needs to run its business, forcing your competitor to yield market share, customers, product and service offerings. It is fight versus flight for the bankrupt competitor.

How to raise the cash ante? Consider some of the following tactics:

Introduce extended terms. Offer your competitors' customers longer payment terms. Your rival will either lose the business of customers that bite, or be forced to do the same, thus reducing its ability to generate much-needed cash.

Consignment pricing, where the customer pays only after the product is sold, is the ultimate extended term and will be difficult for a competitor in bankruptcy to match.

Boost marketing expenditures. Raising your advertising and point-of-sale spending will have a similar effect: Either your competitor will also have to spend more, or risk losing customers that you attract.

Lengthen the "tail" of the revenue stream. Add more after-sale services and spiffs - if your competitor has to do the same, it will raise the cash costs of getting and keeping customers.

Launch more products. New product development and introduction eats up a lot of cash - and a cash-short competitor is unlikely to be able to do the same. If you go all out, introducing many more new products than a bankrupt competitor possibly can, you could make your rival's offering obsolete in the minds of customers, forcing it into fire sales in a panic to raise cash.

Pursue your competitor's most profitable customers (perhaps identified via geofencing). Good management teams know where their company makes and doesn't make money. Great management teams know this about their competitors.

This insight can be used to target customers, geography, products and services of the bankrupt competitor to gain market share.

The competitor will be hesitant to counter your move against its most profitable customers because it needs the cash these customers generate. It will be more likely to maintain the status quo with these customers in the hopes the cash will keep coming.

Lawsuits. Now is the time to file the lawsuit you've always wanted to. Your bankrupt competitor will not have the discretionary resources to fight and will likely come to terms quickly.

There are also broader strategies to consider. Among them:

Sell against the competitor. When companies are in trouble, customers may worry that they won't be around to service products or provide future upgrades.

This fear can be a powerful weapon: These customers may be persuaded to take their business to companies on a sounder footing.

Go after the best talent (poaching). Anxiety about the plight of the competitor will be just as rampant among your rival's employees and suppliers as it is among customers. You can leverage that angst by going after top talent and strong suppliers - and offer terms and conditions that your competitor will have a tough time matching.

Force the sale of attractive assets held by your bankrupt competitor. A competitor in protection is not its own boss. The creditor committee is likely to care more for the cash it can get from an asset sale than who buys the assets.
bankruptcies  BCG  competition  competitive_advantage  consignment_pricing  geofencing  George_Stalk_Jr.  hardball  lawsuits  marketing  new_products  offensive_tactics  poaching  product_development  supply_chain_squeeze  tough-mindedness 
july 2009 by jerryking

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