how the best set direction, gain commitment, execute on plan and lead by personal example.
by robert j. lees, august j. aquila and derek klyhn
professional services is one of the most critical sectors in all western economies and an increasingly important one in every other world economy. but, the usual measures of scale, like revenues, the number of firms or the number of professionals, don’t adequately reflect the importance of the sector. what makes professional services so critical is the influence professional firms have on their clients’ activities.
whether the influence comes through strategic advice, legal opinion, transaction origination and support, tax minimisation, or an audit opinion, every business we know is reliant, in some form, on the opinion of a professional service firm.
in addition, and at least as important given the move away from self-regulation, there is the critical regulatory role of the accountants and lawyers tasked with ensuring the probity of the world’s financial markets. all of which makes the task of ensuring that each of the firms is a role model of its profession’s expertise, values and ethics absolutely key.
when firms were relatively small, that wasn’t a difficult task. however, as firms have increased in scale, geographic reach and service offerings, the task of running a professional service firm has become extremely complex. and that’s without considering changing client expectations, increasing competition between firms, threats to the traditional business model from offshoring and the increasing number of virtual firms, the increasing number of western economy-based firms operating in countries with social and business norms sometimes far removed from their own, the arrival of a generation with very different expectations than their predecessors, and calls for greater transparency and regulation in the light of the financial meltdown.
in our twenty year association with professional service firms (psfs), every one of the hundreds of firms we have worked with around the world has seen the number, scale and complexity of the challenges they face increase significantly. being a managing partner, never the easiest of roles, is now one of the most complex and challenging roles in any organisation in any business sector anywhere in the world.
and yet, every managing partner we know admitted that they took on the role without any real understanding of what the role entailed and without being sure if they had the capabilities to do it effectively. they also described how the typical high need for achievement culture within professional service firms, with its intolerance of perceived failure, made it almost impossible for them to ask for help when they needed it and for their colleagues to offer it.
rob lees is a founding partner of moller psfg ltd and consultant to professional service firm leaders worldwide. he is also co-author of the best-selling “when professionals have to lead.”
august aquila is an internationally known speaker, writer and consultant to professional services firms. he is ceo of aquila global advisors. he is also the co-author of “compensation as a strategic asset” and “client at the core.”
derek klyhn is a founding partner and director of møller psfg cambridge ltd and consultant to professional service firm leaders and their teams. he is chartered accountant and has an mba from london business school.
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