In legal and tax management? Is this true?
6 replies (most recent on top)
@ 1tje+1nnkOMZl - thanks! This is a high quality post and very accurate to what I experienced from the low levels of the company.
And corporate clients aren't the same as either Legal clients or Tax clients. Legal departments and Tax departments are overhead. If there's cost-cutting to be done, their budgets will be hit first since they don't generate revenue. Law firms and Tax Firms can try and build into the costs (to the extent competitive pressures dictate) the costs of TR products. An in-house law firm or in-house accounting doesn't have that option.
Yes, the legal and TAP customers are so incredibly different! Legal leadership in TAP are clueless and choose to stay ignorant to this, and as a long time TAP employee it’s very frustrating. We cannot treat customers the same, when basics like data and security are so fundamentally different.
@1zob+1nnkOMZl - Before the "Change Program" and before "Project Lotus," there was a serious move from independent operating organizations to a "one enterprise" organization. They used to be Legal, Tax, and F&R. Then they spun off F&R and it became Refinitiv. When that happened in 2018, the remaining TR business morphed into Legal, Tax, Corporates and Reuters, which wasn't part of the F&R divestiture. Then the changes to leaders just below the ELT level began. Somehow, with the constant leadership changes, the idea that Legal execs could run Tax came about. What this ignores is that Tax customers and Legal customers are different customers with significantly different product needs. And in this all, attorneys and accountants working in the corporate environment have very different needs and constraints than their peers in legal and tax firms.
I wondered why majority of TAP leadership came from legal...
It would be excellent if the leadership in TAP that came from Legal was let go. They’re terrible leaders.