I recently had an intriguing discussion with a U.S.-based management-level partner of a large Global 200 law firm about the firm’s market position and Asia strategy.

The firm by no means has it figured out, and the partner wasn’t at all trying to convince me otherwise. Instead, there was a willingness to talk about the firm’s shortcomings, conceding that perhaps it had headed in the wrong direction or did not have any direction at all for a while now.