Information asymmetry. “Legal departments have one very strong advantage over their law firms when it comes to determining alternative billing rates: legal departments know what other law firms charge for work, while most law firms are only familiar with their own pricing structure…” Counsel to Counsel, Jan. 2006 at 16 (See my post of Dec. 23, 2005.).
Morale. According to Princeton professor of psychology, Daniel Kahneman, our personal sense of happiness has three components. Our immediate “Affective Experience” depends mostly on how we use our time (what we do and whether we enjoy it) while our “Global Evaluation” has to do with our circumstances, such as age, affluence, health, race, profession. Mediating both immediate satisfaction and life-position satisfaction is our personality. (See my post of Dec. 22, 2005.)
SWOT analysis. I had not realized SWOT analysis (See my post of Aug. 28, 2005.) has been around since the 1960’s, when Edmund Learned, C. Roland Christensen, Kenneth Andrews and others developed this model of analysis. It is “useful for making decisions when time is short and circumstances complex,” Harvard Bus. Rev., Vol. 84, Jan. 2006 at 39.