The Firm of the Future : A Guide for Accountants, Lawyers, and Other Professional Services

Provides accountants in small and medium sized firms the tool to expand services beyond attest and compliance functions.* Shows how to transition to other professional services that clients value. * Provides a pro-forma business plan for mapping a three to five year plan for the transition to a successful practice. * Positions consulting as an extension to traditional services, not just an alternative. * Includes many real world examples of accountants who have made a successful transition to new services, discussing the challenges and the results achieved. * Focuses on quality of life issues and how to get there. The professional service accounting firm is being threatened by a variety of factors: new technology, intense competition, consolidation, an inability to incorporate new services into a business strategy, and the erosion of public trust, just to name a few. At the same time, most experts agree that morale in the financial services industry is at an all-time low -- an astonishing number of professionals respond in surveys that, if they had to choose their career over again, they would choose another line of work. What happened? How have the once distinguished and proud professions become so beleaguered, and is there any relief for those professionals who refuse to worship the capricious god of the almighty billable hour?There is relief. And promise. And hope. In The Firm of the Future: A Guide for Accountants, Lawyers, and Other Professional Services, visionaries Paul Dunn and Ron Baker confront the tired, conventional wisdom that continues to fail its adherents, and present bold, proven strategies for restoring vitality and dynamism to the professional service firm. A cornerstone of Dunn and Baker's program is conducting successful transitions to new services that customers value, treating functions such as consulting as extensions, not alternatives, to traditional services. This, however, is only part of a framework aimed at liberating professionals from mechanically pursuing billable hours ad infinitum. Dunn and Baker provide proven strategies for pricing in accordance with value and develop leading Key Performance Indicators that measure success the same way customers do. The authors articulate a new theory of the professional service firm that focuses on the real factors of leverage for the firm of the future, and which tosses the antiquated theory of leveraging people and hours onto the ash heap of history.Readers will learn how knowledge has slowly but steadily evolved to become the most precious factor in creating wealth, and how firms can leverage this intellectual capital to their benefit. The authors include many real-world examples of firms that successfully transformed their operations from the traditional model into a variety of old and new services that customers value. Take up the mantle. The Firm of the Future dares its readers to not only assume responsibility for improving their own careers, but also for restoring their profession to its former glory. In The Firm Of The Future: A Guide For Accountants, Lawyers, And Other Professional Services, Paul Dunn And Ron Baker Confront The Tired, Conventional Wisdom That Continues To Fail Its Adherents, And Present Bold, Proven Strategies For Restoring Vitality And Dynamism To The Professional Service Firm. A Cornerstone Of Dunn And Baker's Program Is Conducting Successful Transitions To New Services That Customers Value, Treating Functions Such As Consulting As Extensions, Not Alternatives, To Traditional Services. This, However, Is Only Part Of A Framework Aimed At Liberating Professionals From Mechanically Pursuing Billable Hours Ad Infinitum. Dunn And Baker Provide Proven Strategies For Pricing In Accordance With Value And Develop Leading Key Performance Indicators That Measure Success The Same Way Customers Do. The Authors Articulate A New Theory Of The Professional Service Firm That Focuses On The Real Factors Of Leverage For The Firm Of The Future, And Which Tosses The Antiquated Theory Of Leveraging People And Hours Onto The Ash Heap Of History.--book Jacket. 1. Introduction -- 2. A Flawed Theory -- Analyzing The Predominant Practice Equation -- Summary And Conclusions -- 3. A Paradigm Worthy Of A Proud Profession -- Why Are Professionals Successful? -- Cognitive Dissonance -- Why Are We In Business? -- Study Success: It Leaves Clues -- What Business Are You In? -- Where Do Profits Come From? -- Summary And Conclusions -- 4. Intellectual Capital : The Chief Source Of Wealth -- The Physical Fallacy -- The Scarcest Resource Of All -- The Three Types Of Ic -- Is All This Stuff Good? -- Summary And Conclusions -- 5. Human Capital: Your People Are Not Assets, They Are Volunteers -- Becoming A Lighting Rod For Talent -- Retaining Your Firm's Human Capital -- The Importance Of Continuing Professional Education -- Rewarding Your Firm's Human Capital Investors -- When Human Capital Turns Negative -- Summary And Conclusions -- 6. Structural Capital: If Only We Knew What We Know --^ Paul Dunn, Ronald J. Baker. Includes Bibliographical References (p. 309-316) And Index. Praise for The Firm of the Future "In The Firm of the Future, Paul Dunn and Ron Baker create an intellectual challenge for firm leaders. They are truly two of the best critical thinkers today. Together they provide the reader witha wealth of thought-provoking ideas. This is an intellectual masterpiece."--August J. Aquila, PhD Managing Director, American Express Tax and Business Services Coauthor, CPAs That Sell and CPA Firm Merger Strategies That Work "Paul Dunn and Ron Baker have done it again. Living up to their reputation for challenging conventional wisdom, Dunn and Baker present a new paradigm for the professions to understand the dynamic forces at play in the professional practice of the twenty-first century. The Firm of the Future is abrilliant work that adds a new dimension to the old formula for success in a professional service firm. Dunn and Baker clearly lay out a new road map to help leaders understand the differences between leveraging people and leveraging knowledge; between billing for time and pricing for value; and between doing things right and doing the right things. This new paradigm for the firm of the future will help professionals more accurately plan and structure their firm in a way that acknowledges and capitalizes on today's marketplace, technological opportunities, customer expectations, and human capital needs. Any practice leader who wants to ensure success for their organization should be compelled to read The Firm of the Future." -Michael Platt President and CEO, AccountingWEB In the comedy Raising Arizona, Holly Hunter and Nicholas Cage play a couple that cannot conceive a child and so decide to steal one.