The Importance of Management Structure in a Highly Leveraged Firm

I see what really changes is managing people more than anything, not so much the revenue. I think you get to a certain size headcount-wise and built into the model of a highly leveraged firm with lots of people running around are some sort of restriction on how much you can actually reasonably earn on an FTE basis. When you're under, say, 30 or so, you're not really tied to those numbers. It's just sort of a weird function of how we think, I think.