Professional Services Firms in Transition: Challenges and Opportunities for Improving Performances.
ABSTRACT The article identifies the challenges and opportunities for improving the performance of professional services firms (PSF). PSFs are facing unprecedented challenges. These challenges emanate from changes in their market for clients and their market for talent. The increased pressure for global service provision has forced PSFs to expand their offerings and office locations in response to client pressures to deliver more comprehensive and integrated services across the many countries in which multinationals conduct business. One response to global growth and profit pressure has been consolidation via mergers and acquisitions, alliances, and joint ventures, as PSFs seek to take advantage of economies of scope and scale. The nature of PSF work requires the PSF to be actively and continuously in two markets: the market for clients and the market for talent to serve clients. Globalization is having a profound impact on the provision of professional services and is creating challenges for the leadership of PSFs. Services possess attributes that present distinctive challenges for those managing a services firm.
|Main Author:||Stumpf, Stephen A.|
|Other Authors:||Doh, Jonathan P., Clark, Kevin D.|