Your Decision-Making Ability is Worse Than You Think
Jul 13, 2021As an aside, a lucky break that didn’t seem lucky at the time – in the distant past now -- was many years of depressing purgatory at a couple of major law firms where I was on the ‘loser track.’ And if you are a lawyer reading this, you know what I mean. There is nothing like having some humility whipped into you when you are young enough to learn from it. Consider the most obvious decision for a law firm, namely, how many lawyers to hire. If you hire too many, you have overcapacity, and if you don’t hire enough, you have under capacity – either of which can be tragic. However, when you are making hiring decisions, you don’t know how much work will come in the door in the coming year, i.e., will it be a Global Financial Crisis year or a COVID year coming up, or a robust year. So you do the best you can. Interestingly, I have been wrong almost every year in making this kind of decision.
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