Date: April 12, 2013 Topic: The Shrinking ... - Georgetown Law

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personnel or hours worked. We deal with this limitation by including a number of control variables and employing a dynamic panel data estimator. Future research may see more information available on the identities of such outside law firms permitting a closer matching of internal and external personnel and hours. A third limitation relates to sampling and generalizability. We think our framework and evidence can be generalized to other large, established firms in the US, the UK and to other such firms domiciled elsewhere but with substantial business and or secondary share listings in the US or UK. But this leaves many other firm types where we are reluctant to generalize and advise additional study on make and buy strategies. The discount consumer services purchasing giant, Groupon, was founded in 2008, but did not have a full-time inhouse counsel until 2011 when it already operated in 48 countries generating $1.6 billion in annual revenue 7 . Groupon’s history suggests that explanation of plural sourcing strategies for legal services in entrepreneurial firms may require quite different framework assumptions and empirical methods to account for confounding effects related to organizational newness and management professionalization. Conclusion We began this study by asking how firms develop plural sourcing strategies important to their survival and success. We end it with a call for strategy researchers to continue developing plural sourcing frameworks and evidence relevant to different organizational forms and different product and service producing activities. We chose legal services and demonstrated how such frameworks and evidence could help us understand the relative size of in-house legal departments, an exercise quite different from what Shakespeare’s character, 7 ABA Journal. 2011. The new normal: Make or buy in the age of the free-agent lawyer. ABA Journal.com. October 26. Available electronically at: http://www.abajournal.com/legalrebels/article/inhouse_lawyers_make_or_buy/ 32
Dick the Butcher, wishes for lawyers in Henry VI, Part II, Act IV, Scene 2. 8 Even so, we think the counting exercise important for understanding make and buy strategies for professionals including not only lawyers but also accountants, financial analysts, consultants, engineers, and marketing specialists, who have a choice between working in corporate functions or at professional service firms. Hitherto, strategy scholars have undervalued the analysis of what Porter (1980) and others refer to as “support activities” to the firm. Our study suggests that they can be essential to the firm’s strategy for gaining and maintaining competitive advantage. In this context, we should count all the inside and outside professionals as part of the search for an optimal make and buy mix in corporate functions. Research on firm boundaries will be enriched by placing plural sourcing decisions in corporate functions on a par with vertical (dis)integration decisions for the primary activities of the firm. REFERENCES Adelman MA. 1949. The Large Firm and Its Suppliers. The Review of Economics and Statistics 31(2): 113-118. Adner R, Helfat CE. 2003. Corporate effects and dynamic managerial capabilities. Strategic Management Journal 24(10): 1011-1025. Alonso-Borrego C, Arellano M. 1999. Symmetrically normalized instrumental-variable estimation using panel data. Journal of Business & Economic Statistics 17(1): 36-49. Arellano M. 1987. Computing robust standard errors for within-groups estimators. Oxford Bulletin of Economics and Statistics 49(4): 431-434. Arellano M, Bond S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies 58(2): 277- 297. Arellano M, Bover O. 1995. Another look at the instrumental variable estimation of errorcomponents models. Journal of Econometrics 68(1): 29-51. Argyres N. 1996. Evidence on the role of firm capabilities in vertical integration decisions. Strategic Management Journal 17: 129-150. Arora A, Ceccagnoli M. 2006. Patent protection, complementary assets, and firms' incentives for technology licensing. Management Science 52(2): 293-308. Azoulay P. 2004. Capturing Knowledge within and across Firm Boundaries: Evidence from Clinical Development. American Economic Review 94(5): 1591-1612. Bagley CE. 2008. Winning legally: the value of legal astuteness. academy of Management Review 33(2): 378-390. 8 Dick suggests to Jack Cade, the leader of a popular revolt against Henry VI in 1450, that “[t]he first first thing we do, let's kill all the lawyers.” 33
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Date: April 12, 2013 Topic: The Shr
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2011 General Counsel with Power
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Date: April 12, 2013 Topic: The Shrinking ... - Georgetown Law

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