Are there management challenges unique to professional service firms?
JL: What separates professional service firms from other businesses is that the employees are their most important assets. Yet professionals in any field—independent-minded, creative individuals—can be difficult to manage. In LPSF, we use an old analogy that likens managing professionals to herding cats. It’s a funny image that touches the underlying anxiety some firm leaders express about managing and maximizing human resources. When their people get on the elevator at night, there’s no guarantee they’ll be back the next day. More than in any other industry, professional service firms must create an environment in which employees are constantly motivated and can effectively balance their commitment to the firm and to the client, as well as to themselves. EE: What are the factors that make professional service firms successful? JL: The two essential keys to success in the professional service industry are human talent and alignment. The work of professional service firms depends exclus
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