This was the first thing that came to my mind again when I read the company’s earnings report once more. To start with a stupid question: if there has been a lot of cross-border cooperation within the company and this is purely internal/elimination, why is it being reported in the growth percentages of the countries? In other words, what would the growth have been without this elimination in each country? Finland at zero percent, something like that?
Most likely, however, I misunderstood. Next, the same old tune about LDaaS from me as well; I don’t really understand why this pig, if not dead then at least lying there gorged, is still being fed. A nice idea and concept for sure, but made for a market that perhaps “doesn’t exist” or simply isn’t growing—at least for Fondia. Unless the market exists as an investable one or is going to be an attractive investment target/growth path, the question arises as an owner and investor: why are company resources and money being wasted on this instead of on the actual money-making business?
It is absolutely great and awesome that the CEO had and still has plenty of time to invest in investor relations, which one would wish to see more widely in listed companies! But as someone who has followed Fondia for a long time, I inevitably get the feeling that they have tried to force something far too complex out of such a delicious but (extremely) conservative industry. Or is the problem solving, or in other words, the failure to extract real potential, due to poor operating methods and culture that are very difficult to change?
Why not just focus on employee incentive bonuses, commitment, benefits, etc., and get the utilization rates in order? That is, as a question: is the LDaaS continuous service/product more profitable financially than the traditional business model, and by what metrics? And what has it been for the company over the last, say, five years?
What is the prevailing image of Fondia among customers and employees? How is this measured, and how is it monitored and trackable from the outside? If it is good and/or better than the industry average, why isn’t the company making more money with it/why are profitability and growth lagging compared to the industry’s very attractive numbers?
Why is Fondia’s profitability significantly lower than its peers? What are other law firms doing better than Fondia?
What is Legora, in practice, for Fondia, how much is it used, and is it a product that cannibalizes its own LDaaS?
How many of the recruits are, so to speak, juniors/seniors? If/when Legora makes the work of juniors redundant, why hire juniors at all?
I’ll probably bother you with more stupid questions later, @Juha_Kinnunen and @timolappi 
As a disclaimer, Fondia accounts for a 3-5% share of my portfolio.