Art of Managing Professional Services, The: Insights from Leaders of the World's Top Firms, 1st edition
Published by FT Press (October 24, 2010) © 2011
- Maureen Broderick
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- 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
The only complete, best-practice guide to building, managing, and leading high-performance professional service firms
This edition will include the powerful Pearson IT Certification Practice Test engine, complete with hundreds of exam-realistic questions. The assessment engine offers you a wealth of customization options and reporting features, laying out a complete assessment of your knowledge to help you focus your study where it is needed most.
New chapters on Peripherals and Custom Computing as well as Mobile Devices
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? Â Â 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
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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 Â Â 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
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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