Sublime

focusing the collective efforts of the firm’s principals around carefully chosen areas of experience would…

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Leo Melamed, Man of the Futures: The Story of Leo Melamed & the Birth of Modern Finance

“activity trap”:

many practice groups continue to maintain expertise-based approaches to running their affairs when their marketplace is probably closer to the efficiency stage.

The individual’s incentives must be aligned with the group’s goals.To

every aspect of a practice group’s affairs, from practice development to hiring, from economic structure to governance, will be affected by its relative positioning on this spectrum.