Forget the appointment news (nothing personal, Tim!) but look at how BLP are reacting to the changes in the legal market.
For anyone who is 40+ the UK, there is an interesting parallel with what British Airways did with their budget airline called “Fly Go”. The quick version of the story is that they set up a sideline business to compete with the low cost airlines that had popped up e.g. Easyjet, Ryanair.
It quickly started to cannibalise the real British Airways business, was sold in an MBO, who the – irony of all ironies – sold it to Easyjet. Wiki does a good job of telling the full tale. http://en.wikipedia.org/wiki/Go_Fly
Back in the land of Law, firms are going to find it hard to run two-culture operations; one being the old, high cost, high value version, the other being the new, light, nimble version. Many organisations have tried to do the same dual-speed approach and failed.
Truly, I wish BLP well as they are doing the right thing. They just need to be aware of how difficult that is to pull off and that, maybe, just maybe, they really are creating a great asset that will thrive even more under a different owner.