The Mindful Lawyer and Legal Profession
Dr Linda Spedding
Life’s pressures, pace and resilience
The life of the legal professional has changed hugely in recent years: indeed, life has speeded up in many respects through manifold pressures. Resilience is vital in order to enjoy a happy, healthy experience through the life cycle of the individual career, whether one opts for private practice, in-house work, academia, the voluntary or non-profit area or the public sector. The pace has major impacts on one’s health and ability to fulfil all of the requirements and timelines that are continuously driving the practitioner. In addition, the level and extent of client demands, regulatory requirements and administrative overload are often overwhelming. In order to withstand these, inner peace and strength are needed as a priority. An individual structure that honours and includes time to be, to think, to relax, to restore and to thrive is of considerable assistance.
Assets family firms can leverage to make successful acquisitions
In the 35 years that I have been advising family controlled companies, now, more than ever, these enterprises are growing by acquisition. Many corporate finance professionals, and the lawyers who advise them, view family firms as inventory for their deals, and low-hanging fruit at that. In my judgement, this view is both obsolete and dangerously myopic to private equity partners and business development executives as strategic players in the acquisition market.
In the first instance, most of the low-hanging [family business] fruit that did exist has been harvested by the ever-increasing tide of private equity firms. Fifteen years ago, in the US, there used to be hundreds of such firms; now there are thousands. But more significantly for the future of the private equity industry in its never-ending search for deal targets, what is left of the family business sector in the US is largely too small and too weak to be worth acquiring, or too strong and too sophisticated to be purchased at a bargain.
That is to say that family controlled companies that used to be targets for acquisition are now competitors of both financial and strategic buyers. And, most intriguing, is the entry into the acquisition business of single-family offices with both substantial liquidity and deep expertise in the world of family enterprise. Both family controlled operating companies and single-family offices bring to the business of acquisition assets that non-family controlled buyers can’t match.