When a key partner in a large law firm moves to a competitor, do his or her institutional clients tend to leave too? The answer might depend on how much internal conflict there is at the firm left behind.
Michelle Rogan of INSEAD recently published ground-breaking research of the relationships between large, multi-unit advertising agencies and client firms. These relationships are very similar in structure to those between law firms and institutional clients, where services in several areas of professional expertise are provided through personal connections developed over time.
Most of us believe that the more ties between people at . . . [more]