The Art of Managing Professional Services

The Art of Managing Professional Services : Insights from Leaders of the World's Top Firms

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Description

Today, millions of people work at over one million professional service firms generating over $2 trillion in revenue annually. These firms face unique issues that are not fully understood by management thinkers and consultants. Making matters more complex is that many of these firms stand at a crossroads, searching for new strategies and practices to succeed in a radically new economy. In The Art of Managing Professional Services, Maureen Broderick offers the solution.



Broderick has brought together modern best practices for these and other crucial areas of professional services management:



* Building, communicating, and maintaining shared vision, values, and culture

* Recruiting, training, and evaluating people

* Crafting the right strategies, portfolio, and mix of clients

* Innovating and sharing knowledge

* Financial planning, metrics, and reporting

* Positioning: brand, marketing, and sales

* Defining effective partnerships: equity, selection, and compensation

* Ensuring responsibility and accountability

* Organizational design, structure, governance, and systems

* Leading effectively, and growing the next generation of leaders



This book reflects Broderick & Co.'s unparalleled research into professional services management, including 200+ executive interviews with leaders and innovators in organizations of all sizes and types.
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Product details

  • Paperback | 320 pages
  • 153 x 229 x 17mm | 420g
  • FINANCIAL TIMES PRENTICE HALL
  • Upper Saddle River, United States
  • English
  • 0133353826
  • 9780133353822
  • 380,751

Back cover copy

"High praise for Maureen Broderick.... Her book gives firm leaders a step up in competing on the global landscape."

-James Turley, Chairman and CEO, Ernst & Young



"Anyone involved in the management of a professional service firm will find real value here."

-David Childs, Global Managing Partner, Clifford Chance



"Maureen Broderick brings shape and clarity to the vital, but abstract, essence of professional service firms."

-Ralph Shrader, Chairman and Chief Executive Officer, Booz Allen Hamilton



"Broderick's book is filled with best practices that will help all kinds of companies-whether they are professional service firms or not-meet the challenges of doing business in the 21st century."

-Ray Kotcher, Senior Partner and Chief Executive Officer, Ketchum



"Every professional service partner-and aspiring partner-should read this book."

-Paul Laudicina, Managing Officer and Chairman, A.T. Kearney



"This comprehensive overview of best practices from the world's leading firms will resonate with leaders and managers."

-Eric Friedman, Executive Partner, Skadden, Arps



"The takeaways are fantastic!"

-Andy Cohen, Co-CEO, Gensler



"One only needs to read this book to realize that managing a professional service firm is very much an art, if not a science, worthy of its own special study and examination."

-Mike Goss, Managing Director and COO, Bain Capital



Building and managing a professional service firm is very different from running a product-based business. Infrastructure, governance, talent acquisition and retention, and compensation and financial management vary significantly from traditional corporate environments. Conventional management advice doesn't offer all the answers, and mainstream business gurus rarely address the unique challenges facing professional service firm leaders.



The Art of Managing Professional Services is one of the most comprehensive, research-based guides to firm management ever written for
the industry. Based on more than 130 in-depth interviews with leaders of the world's top firms, the book offers practical, proven, best practices on how to tackle the ten critical areas that firm leaders must monitor to build and maintain a strong organization: vision, values, and culture; people; clients; services; finance; positioning; partnership; strategy; structure; and leadership style.



Maureen Broderick draws on her 30 years of experience in professional services to explore both the art and science of running a high performance firm. She presents tangible processes and programs--including 40 featured best practices--that readers can tailor to their own organizations and cultures. Inside you will learn:



>> How to create and maintain a shared vision, values, and culture

>> Best programs to recruit, train, and retain great people

>> Strategies to develop and manage a profitable portfolio of clients

>> What it takes to innovate services and share knowledge

>> The key metrics to monitor financial health

>> Insights into effective positioning, marketing, and selling firm services

>> Proven practices for rewarding and managing the partnership

>> A guide to both long-term and annual strategic planning

>> Balancing structure and governance in a consensus-driven organization

>> Secrets for leading "incredibly smart and independent people"
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Table of contents

Foreword by Jay Lorsch xv

Acknowledgments xvii

About the Author xxi

Introduction 1

Chapter 1: Professional Services 9

Characteristics, challenges, and leadership model

Common Characteristics of Successful Firms 10

It's Not All Good News 13

The Broderick PSF Leadership Model 14

Chapter 2: Shared Vision, Values, and Culture 17

Building, communicating, and maintaining

Five Essentials of Vision, Values, and Culture 20

Embedding Values and Culture 22

The Reinforcement of Values and Culture Begins with Recruiting 23

Telling the Firm's Story Reinforces the Culture 24

Teams Teach You How to Live and Work in the Firm 24

Constant Communication Is Critical 25

Celebrate and Reward Good Behavior 28

Making Values Stick 28

Revitalizing Vision, Values, and Culture 31

Chapter Summary 38

Chapter 3: People 39

Recruitment, training, and evaluation

Seven Essentials of Talent Management 41

Recruiting: Refreshing the Ranks 43

Interviewing and Selection: Choosing the Best Candidates 46

Mapping a Career Path 47

Training: Fostering Connectedness and Commitment 51

Mentoring: Providing Personal and Professional Support 55

Performance Evaluations: Frequent and Thorough Feedback 60

Diversity Looms Large-and Will Continue to Pose a Major Challenge 62

Chapter Summary 63

Chapter 4: Portfolio 65

Strategy, client mix, and relationship management

Five Essentials of Client Portfolio Management 67

Mastering the Client Management Life Cycle 69

Step One: Strategically Plan and Review the Client Portfolio 70

Step Two: Onboard New Clients 75

Step Three: Sustain and Grow Accounts 76

Step Four: Solicit Client Feedback 88

Step Five: Review and Measure Results 91

Chapter Summary 94

Chapter 5: Services 95

Strategy, innovation, and knowledge sharing

Four Essentials of Successful Service Portfolio Management 97

Follow the Service Strategy Cycle 98

Step One: Review the Service Portfolio 99

Step Two: Stimulate and Capture New Ideas 102

Steps Three and Four: Select the Best Ideas, and Take Them to Market 108

Step Five: Share Knowledge 111

Four Essentials of Knowledge Management 112

Chaper Summary 119

Chapter 6: Finance 121

Planning, metrics, and reporting

How Do the Top Firms Manage Finance? 123

Financial Planning and Budgeting 124

Forecasting 126

Metrics to Monitor the Business 127

Revenue 129

Profitability 130

Utilization 131

Pricing 132

Leverage 136

Performance Efficiency 137

Early Warning Signs 138

Reporting 139

Transparency and Accountability 142

Chapter Summary 146

Chapter 7: Positioning 147

Brand, marketing, and sales

Five Elements of a Successful Market Strategy 149

The Power of Brand 151

Determine the Market and Brand Positioning 151

Embed and Build the Brand 155

Keep the Message Clear and Consistent 160

Regularly Test Brand Strength 160

Marketing 161

Sales 162

Building a Marketing and Business Development Plan 164

Firm-wide Brand Initiatives 164

Business Unit Plans 166

Master Plan, Timeline and Budget, Tracking and Measurement 167

Thought Leadership: The Most Powerful Way to Grow the Business 170

The Role of the Marketing Professional 175

Areas of Focus for the Marketing Department 177

Chapter Summary 182

Chapter 8: Partnership 183

Equity, selection, and compensation

Six Characteristics of Enduring Partnerships 184

Selecting an Ownership Structure 186

Advantages and Disadvantages of Ownership Structures 187

Public Versus Private 192

To Sell or Not to Sell 195

Equity Programs to Attract and Retain the Best 197

Rewarding the Partners: Dividing the Pie 203

Distribution Models 203

Evaluating Performance 205

Partnership Performance Criteria 208

Partnership Selection: A Pivotal Decision 211

Criteria for Promotion to Partnership 212

Partner Promotion Process 213

Chapter Summary 216

Chapter 9: Strategy 219

Process, responsibility, and accountability

Why Strategic Planning Matters 221

Five Essentials for Successful Strategic Planning 223

Orchestrating the Planning Process 226

Long-Term Planning 227

Annual Planning 231

Review, Monitor, and Update 232

Accountability 234

Chapter Summary 236

Chapter 10: Structure 237

Design, governance, and style

Why Getting It Right Is So Challenging 239

Seven Essentials for a Successful Infrastructure and Governance Model 240

Organizational Structure: The Scaffolding That Supports the Firm 243

Board of Directors: Composition and Selection 244

Chairman: Selection and Role 247

CEO: Selection, Role, and Succession 248

Management Committee: Composition and Selection 253

Business Units: Structure and Seat of Power 254

Other Functions/Special Initiatives 257

Administrative Support 257

Changing the Structure 258

Governance Style 259

Chapter Summary 263

Chapter 11: Style of Leadership 265

Characteristics, grooming, and advice

Essential Characteristics of a Successful Leader: Emotional Intelligence and People Skills 267

Good Influencer/Builder of Coalitions 268

Inspirational and Passionate 268

Visionary 268

Good Listener 269

Good Communicator 271

Understands the Business 274

To Bill or Not to Bill 274

Grooming a Global Leadership Corps: Finding and Nurturing Future Leaders 278

Some Parting Advice for Leaders 284

Author's Note 286

Index 287



Lessons from Leaders

Chapter 2: Shared Vision, Values, and Culture

Teaming at Cravath 26

Booz Allen Hamilton Core Values 29

Edelman Revisits Vision and Values 32

Korn/Ferry Changes Its Vision and Culture 34

Chapter 3: People

Recruiting at ghSMART 48

Career Development at Booz Allen Hamilton 50

Latham & Watkins Multistage Career Training 53

Training at Bain & Company 56

Plante & Moran's Team-Based Mentoring 59

Chapter 4: Portfolio

Grant Thornton Client Experience Program 77

Black & Veatch Client Portfolio Mix 81

Account Management at Burson-Marsteller 83

Client Management at Ernst & Young 87

Edelman's Client Feedback Program 90

Chapter 5: Services

Deloitte Australia's Innovation Program 104

CSC's Office of Innovation 107

Knowledge Management at Grant Thornton 116

Chapter 6: Finance

Black & Veatch Forecasting Process 128

Metric Management at Gensler 141

ghSMART's Budget, Dashboard, and Review Process 144

Chapter 7: Positioning

Brand Management at Skadden, Arps 156

Euro RSCG Life Culture Scan 158

Growing an Industry Program at Ernst & Young 168

Thought Leadership at Booz & Company 174

Chapter 8: Partnership

Slater & Gordon Becomes the First Law Firm to Go Public 193

The Acquisition Process at Baker Robbins & Company 196

Gensler's Principal Evaluation Process 207

Compensation Criteria at Eversheds 210

Making Partner at Egon Zehnder International 215

Chapter 9: Strategy

Planning at Peppercom 225

Hewitt's Planning Process 229

Annual Planning at Ernst & Young 233

Chapter 10: Structure

Clifford Chance Offshoring Program 242

Election Process at Skadden, Arps 250

A.T. Kearney Revamps Structure and Governance 261

Chapter 11: Style of Leadership

Ogilvy Public Relations Worldwide: Leading Growth 270

KPMG: Leading Through a Crisis 272

Clifford Chance: Leading Through Transition 275

Cultivating Leadership at O'Melveny & Myers 281

Emerging Leaders Program at Dewberry 283
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About Maureen Broderick

Maureen Broderick is founder and CEO of Broderick & Company, one of the few consulting firms that focus exclusively on professional services. Broderick & Company provides strategy, research, and thought leadership services to many of the world's leading firms. Before founding Broderick & Company in 1996, Maureen spent close to 20 years working in-house for industry leaders ranging from Price Waterhouse and Booz Allen Hamilton to the law firm Brobeck, Phleger & Harrison and the research institute SRI International.
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58 ratings
3.58 out of 5 stars
5 17% (10)
4 40% (23)
3 31% (18)
2 9% (5)
1 3% (2)
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