Art of Managing Professional Services, The

Name: Art of Managing Professional Services, The
Author: Maureen Broderick

Insights from Leaders of the World's Top Firms

Paperback Engels 2012 9780133353822

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Samenvatting

“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”

Specificaties

ISBN13:9780133353822

Taal:Engels

Bindwijze:paperback

Uitgever:Pearson Education

Verschijningsdatum:11-10-2012

Hoofdrubriek:Strategisch management

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Inhoudsopgave

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