16 May 2024
International expert and consultant David Maister offers a brilliant and accessible guide to every management issue at play in professional firms.
Professional firms differ from other business enterprises in two distinct ways: first, they provide highly customized services and thus cannot apply many of the management principles developed for product-based industries. Second, professional services are highly personalized, involving the skills of individuals. Such firms must therefore compete not only for clients but also for talented professionals.
Drawing on more than ten years of research and consulting to these unique and creative companies, David Maister explores issues ranging from marketing and business development to multinational strategies, human resources policies to profit improvement, strategic planning to effective leadership. While these issues can be complex, Maister simplifies them by recognizing that “every professional service firm in the world, regardless of size, specific profession, or country of operation, has the same mission statement: outstanding service to clients, satisfying careers for its people, and financial success for its owners.”
Professional firms differ from other business enterprises in two distinct ways: first, they provide highly customized services and thus cannot apply many of the management principles developed for product-based industries. Second, professional services are highly personalized, involving the skills of individuals. Such firms must therefore compete not only for clients but also for talented professionals.
Drawing on more than ten years of research and consulting to these unique and creative companies, David Maister explores issues ranging from marketing and business development to multinational strategies, human resources policies to profit improvement, strategic planning to effective leadership. While these issues can be complex, Maister simplifies them by recognizing that “every professional service firm in the world, regardless of size, specific profession, or country of operation, has the same mission statement: outstanding service to clients, satisfying careers for its people, and financial success for its owners.”
Even if you don’t read any other books on the list then you must read this one - David Maister provides a comprehensive guide for leaders in the professional service industry. Maister draws on his experience as a consultant and offers practical advice on topics such as leadership, strategy, client management, and employee development. He emphasizes the importance of creating a strong organizational culture that values excellence and focuses on the needs of clients. Maister also provides insights into the unique challenges of managing knowledge workers and offers strategies for motivating and retaining top talent including the challenging issue of partner remuneration.