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The Art of Managing Professional Services


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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

Promotional Information

Today, millions of professionals 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. This book is the solution. Maureen 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.

About the Author

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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