To: jeevacation©gmail.comfjeevacation©gmail.com] From: Sent: Sun 1/23/2011 12:44:09 PM Subject: Fw: Good stuff Sent from my BlackBerry19 wireless device Original Message From: "Benjamin Wegg-Prosser" Date: Sun, 23 Jan 2011 10:34:44 To: Peter Mandelson Reply-To: Subject: Helpful Sent from my BlackBerryv6 wireless device Original Message From: "James Palumbo (MSHK)" Date: Sun, 23 Jan 2011 09:36:20 To Subject: Benjameen, I've had another quick skip through your materials. Overall, I think you've made a remarkable start for a new business, Mr.Grumpy is very lucky to have you. The question I'd ask going forward is; Is Global Counsel trying to be all things to all people? From your impressive 'lead list' it seems that you're able to advise pretty much anyone who comes through the door, with the first tranche of fees averaging around £200,000. Now it might well be that this is the case, but it does seem a bit indiscriminate. The best bankers/advisers usually adopt a less is more approach and have a handful of higher value clients - say, £400,000 pa - to whom they add significant value on an on going basis. I slightly have the impression that you're going to run these exercises with the current client roster, then some might not necessarily renew. There's also a fantastic geographic and industry sector diversity - Russia, China, South America, Africa, oil, banking, governments, professional services. I'd be inclined to take a step back and think through where this is all going from a strategic and manpower point of view. You've got the raw material, but somehow it all seems too much, breathless and I'd be concerned about medium term servicing issues. A possible,tougher, business model might be to require a minimum fee of, say, £400,000 and if that means forgoing sending BAE country reports then so be it. To the objection that new businesses need to build towards minimum fee levels, I'd strongly counsel that the way you set ou