offered by bay street group llc in partnership with the marcus letter
for the full 12-page white paper, click here for an instant download (pdf).
executive summary
in an environment driven by four key factors – competition, regulation, radically new technology, and shortages of talent — and in which the regulation of accounting and law firms is more stringent than ever before — survival becomes increasingly difficult.
for a great many firms these are boom times. thanks to sarbanes-oxley and other such regulation, the profession is soaring. too many other firms, however, are drowning under the same burden.
but boom times can be dangerous times. growth for the successful firm can be too rapid and lead to burnout, and, as times change, to rapid deceleration. in the less successful firms, it can mean being unable to cope with the new regulation and its demands upon clients, and, in turn, upon the firms. these firms are too often being swamped, struggling for survival, or merging in shotgun weddings. nor can many of these overburdened firms compete well in this dynamic environment.
moreover, when today’s success is driven by conditions in the marketplace, then control of that success is in the arbitrary hands of outside forces, and not in the hands of the firm itself, further endangering continued success as the regulatory situation matures.
for the full 12-page white paper, click here for an instant download (pdf).