Assignment: Baker & McKenzie (A):
A New Framework for Talent Management
Executive Summary 3
Part I. External environment of global legal industry 4 1.1. Political 4 1.2. Economic 5 1.3. Social 5 1.4. Technological 5 1.5. Part II. Internal environment of Baker & McKenzie 6
2.1 The Hard 3S’s (Structure, Strategy, System) 7
2.2. The Soft 4S’s (Style/Culture, Staff, Skills, Shared Values) …show more content…
Other important aspects in the political (legal realm) are issues such as employment laws and compensation regulation. Baker & McKenzie is working in a highly competitive market, in which young and older star lawyers are offered very attractive compensation packages and bonuses. The global structure of the company means that they are not only competing in local labor markets but they are also competing in the global labor market. Assuming that a certain country, in which the company is operating, has restrictions on compensation, Baker & McKenzie would find it difficult to attract talent from the global labor market. From the perspective of the company, restrictive employment laws (such as in France for example), would make it difficult for Baker & McKenzie to replace old employers and attract new talent without significant costs.
Finally, it is important to notice, that in the US and many other legal jurisdictions, law firms such as Baker & McKenzie are not allowed to finance themselves via an initial public offerings (IPO). The reasons for that are clear, as the legislator wants to ensure that interests of the clients are not in conflict with interest of the