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Art of Managing Professional Services, The: Insights from Leaders of the World's Top Firms 1st Edition
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Today, millions of people 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. In The Art of Managing Professional Services, Maureen Broderick offers the solution.
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.
- ISBN-100133353826
- ISBN-13978-0133353822
- Edition1st
- PublisherFT Press
- Publication dateOctober 24, 2010
- LanguageEnglish
- Dimensions6 x 0.6 x 9 inches
- Print length320 pages
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Editorial Reviews
Review
From the Inside Flap
The Art of Managing Professional Services is one of the most comprehensive, research-based guides to firm management ever written for the industry. Based on more than 130 in-depth interviews with leaders of the world's top firms, the book offers practical, proven, best practices on how to tackle the ten critical areas that firm leaders must monitor to build and maintain a strong organization: vision, values, and culture; people; clients; services; finance; positioning; partnership; strategy; structure; and leadership style.
Maureen Broderick draws on her 30 years of experience in professional services to explore both the art and science of running a high performance firm. She presents tangible processes and programs--including 40 featured best practices--that readers can tailor to their own organizations and cultures. Inside you will learn:
- How to create and maintain a shared vision, values, and culture
- Best programs to recruit, train, and retain great people
- Strategies to develop and manage a profitable portfolio of clients
- What it takes to innovate services and share knowledge
- The key metrics to monitor financial health
- Insights into effective positioning, marketing, and selling firm services
- Proven practices for rewarding and managing the partnership
- A guide to both long-term and annual strategic planning
- Balancing structure and governance in a consensus-driven organization
- Secrets for leading "incredibly smart and independent people"
From the Back Cover
-James Turley, Chairman and CEO, Ernst & Young
"Anyone involved in the management of a professional service firm will find real value here."
-David Childs, Global Managing Partner, Clifford Chance
"Maureen Broderick brings shape and clarity to the vital, but abstract, essence of professional service firms."
-Ralph Shrader, Chairman and Chief Executive Officer, Booz Allen Hamilton
"Broderick's book is filled with best practices that will help all kinds of companies-whether they are professional service firms or not-meet the challenges of doing business in the 21st century."
-Ray Kotcher, Senior Partner and Chief Executive Officer, Ketchum
"Every professional service partner-and aspiring partner-should read this book."
-Paul Laudicina, Managing Officer and Chairman, A.T. Kearney
"This comprehensive overview of best practices from the world's leading firms will resonate with leaders and managers."
-Eric Friedman, Executive Partner, Skadden, Arps
"The takeaways are fantastic!"
-Andy Cohen, Co-CEO, Gensler
"One only needs to read this book to realize that managing a professional service firm is very much an art, if not a science, worthy of its own special study and examination."
-Mike Goss, Managing Director and COO, Bain Capital
About the Author
Product details
- Publisher : FT Press; 1st edition (October 24, 2010)
- Language : English
- Paperback : 320 pages
- ISBN-10 : 0133353826
- ISBN-13 : 978-0133353822
- Item Weight : 14.4 ounces
- Dimensions : 6 x 0.6 x 9 inches
- Best Sellers Rank: #1,332,959 in Books (See Top 100 in Books)
- #2,211 in Strategic Business Planning
- #3,206 in Systems & Planning
- #11,291 in Business Management (Books)
- Customer Reviews:
About the author
Maureen Broderick is founder and CEO of Broderick & Company, one of the few consulting firms that focuses exclusively on professional services. She has spent 30 years directing strategic marketing programs for many of the world’s leading professional service firms.
Before launching Broderick & Company in 1996, Maureen spent close to 20 years working in-house for industry leaders ranging from Booz Allen Hamilton and Price Waterhouse to the law firm Brobeck, Phleger & Harrison and the research institute SRI International.
Maureen has spoken at professional service industry forums and client firm-wide meetings and retreats, and has published numerous articles on the topics of strategy and marketing in professional services.
She lives in Tiburon, California with her husband of 27 years and their three children.
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Although the book presents some survey data, the survey process does not seem to have been particularly scientific. The firms were selected on the basis of being "acknowledged and respected by their peers", being amongst "the top-rated firms", and being cited by trade associations, rating companies and publications. Thus the content is better approached as a useful compilation of ideas, rather than as a rigorous analysis of industry best practices.
The book contains chapters on organizational values and culture, human resources, client relationship management, service offerings, financial management, marketing and sales, partnership and ownership structures, strategic planning, governance, and leadership style. Different professional services firms do things in vastly different ways, and I suspect that the author had difficulty in formulating a clear consensus on many of these issues.
Many of the firm managers interviewed described their professionals as "highly intelligent" and "extremely smart". Perhaps that is what you tell an outsider when asked about your firm, but the privately held views of those experienced in professional services firm management are rarely so effusive. This leads to a suspicion that there may be some systematic bias in the responses. For example, 92% of firms gave themselves high marks for how well they managed equity and compensation; clearly the responses were coming from the managers, rather than from those who were being managed.
Notwithstanding these issues, the book does contain some very interesting insights. The chapter on finance contained some revelations about different ways in which firms do financial planning, and different metrics which they use. The chapters relating to partnership and governance structures are also likely to be of considerable interest, as these can be contentious issues and it is always helpful to see how other firms approach them.
The book confirms the widely-held impression that professional services firms tend to do their own strategic planning very poorly, and do not recognize how increasingly critical a role good information systems play in a firm's profitability. Professional services firms also do very poorly with diversity, being strongly dominated by white males.
The author is correct in asserting that there is very limited information available on the best ways to run professional services firms, and for that reason this book will be essential reading for managers and leaders in such firms.
still slow to change,
focused on the short term, and
still totally clueless about marketing
None of the above will change. If you were expecting some priceless insights or new practice models you will be disappointed. A compilation of best practice is by nature not innovative. This book does not displace the great work done by David Maister, it goes to show that these companies are not even implementing his ideas.