Managing the Professional Service Firm

Additional Managing the Professional Service Firm Information

Professional firms, he shows, are different from other business enterprises in two ways. First, they are in the business of providing highly customized services, and hence cannot apply many of the management principles developed for the mass production industrial world. Second, professional services are highly personalized and involve the skills of individuals. Firms must compete not only for clients, but also for talented professionals. Drawing on ten years' research amid consulting to these unique and creative institutions, Maister explores issues ranging from marketing and business development to multinational strategies, from human resource policies to profit improvement strategies, from strategic planning to the effective behavior of practice leaders. His concepts and practical advice have already become gospel to accountants, consultants, lawyers, public relations agencies, executive search, and many other professions.

Maister simplifies management issues by observing that "every professional service firm in the world, regardless of size, specific profession, or country of operation, has the same mission statement: outstanding service to clients, satisfying careers for its people, and financial success for its owners." Professional service firms, he shows, must practice "balance sheet" management by learning to develop their two key assets: client relationships and their stock of skill, talent, knowledge, and ability.

"David Maister's name is synonymous with the latest thinking in professional service firm management. This book suggests why."

--James L. Heskett, Professor, Harvard Business School
Co-author of Service Breakthroughs

What Customers Say About Managing the Professional Service Firm:

I'm a fan of David Maister's work.having read most of his books. This is a foundational text in building a consulting or advisory firm. Kenneth H Marks, Founder & Managing Partner, High Rock Partners, and lead author of The Handbook of Financing Growth: Strategies, Capital Structure, and M&A Transactions (Wiley Finance)

This is one of the best written books on professional services best practices, management and strategies. Author gives well written overview of what it is to be a part of the professional services firm, what are the best ways to create stratgy for the firm, pick and develop talent and still keep clients on board.What I find amazing about the book is if anyone reads it more carefully, this book is valuable to professionals of all backgrounds because it outlines important rules of engagement wehn it comes to one's personal career development, appreciation of one's skills, diversification of the skills and professional success criteria.I plan to have this book as a part of my profesisonal library that I can use as a reference manual and a refresher course on how to continue to be successful in what I do.

Even if you're not managing and just working in a services-based organization you *need* to get this book. It explains everything about professional services and more. Fantastic, fun read and all very good information.

I first purchased this in 1994 while working as senior consultant at Price Waterhouse. From the basic business model of professional services to the need to focus relentlessly on clients to the challenges of marketing intangible advice, this book has remained unsurpassed.Maister nailed one of the biggest issues in professional services years ago, that is, how to manage talent. It soon became a dog-eared copy as my partners and colleagues borrowed it and used it often as a reference. I, myself, have re-read it numerous times and drawn on specific content more frequently. Specifically, recognizing that people make the firm, how to motivate and manage stars, and how to make partnerships function when dysfunction can rule. It also introduced his notion of the "one-firm firm" which he revisited recently and I know personally has been adopted by many firms spanning the legal, accounting, consulting, architecture, and communications industries.Now having spent 15 years branding and marketing professional services, I have appreciated and drawn on Maister's seminal work and been awed by how much remains absolutely relevant today.

Anyone in a professional services firm looking for sales resources has experienced what I experienced in my 15 years in sales and sales management - Many of the sales resources available on the market focus on closing techniques and processes more applicable to high-pressure product-based selling. You find yourself constantly reading and filtering out content that you know is not relevant.Maister lays out a blueprint written from a law firm's perspective but broadly applicable to service industries. In particular, he gives a great overview of how the services selling process is a "soft" sell that requires patience and skillful dialog. It also demonstrates the importance in understanding that a "salesy" approach can undermine your ability to build trust with potential clients.A real gem that will connect with professional service firms and providers.Selling the Fuzzy Widget: Secrets of Selling Professional Services