Alleviating managerial dilemmas in human‐capital‐intensive firms through incentives: Evidence from M&A legal advisors

@inproceedings{Chatain2015AlleviatingMD,
  title={Alleviating managerial dilemmas in human‐capital‐intensive firms through incentives: Evidence from M&A legal advisors},
  author={Olivier Chatain and Philipp Meyer-Doyle},
  year={2015}
}
Research summary: We examine how human-capital-intensive firms deploy their human assets and how firm-specific human capital interacts with incentives to influence this deployment. Our empirical context is the UK M&A legal market, where micro-data enable us to observe the allocation of lawyers to M&A mandates under different incentive regimes. We find that law firms actively equalize the workload among their lawyers to seek efficiency gains, while “stretching” lawyers with high firm-specific… CONTINUE READING

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