An article in Sloan Management Review, Fall 2011 at 66, explains the term “value in use.”
The notion is a measure of “value in terms of how a given asset provides benefits to a specific owner under a specific use.” Assets themselves have no inherent value; they generate value only when they offer specific benefits to their users.
This speaks to the much-discussed topic of value delivered by law firms. Value in use instructs us that the value of what a law firm does depends completely on the particular company it counsels and the particular time and circumstances of that advice. Absolute value has no meaning; only circumstantial value.
A still small voice whispers to me that there is not much value in further talk about law firm value.