We are a recent and newish small firm of Chartered Certified Accountants. Lots of unique and fresh ideas for any firm of accountants or professional service firm. Looking forward to implementing their ideas to our practice in the future.
When the endorsements page of a book reads like a who's who of the experts in the profession it addresses, it tells a story about the book's content before you even get to the introduction.
Firm Of The Future, written by the leading voice on value pricing in the accounting profession, Ron Baker and Paul Dunn, the man many accounting firms credit for inspiring their epiphany about how to develop their practices, is a serious and comprehensive study.
Written in an unorthordox two person conversational style, it tackles the critical issues that the majority of Partners in professional service firms are unwilling to confront, hampered as they are by both in-firm politics and the indoctrination of their technical training.
The text examines the differing types of capital (intellectual, social, human and structual) that form the cornerstones of a firm's value and therefore a justification of their fees.
Therein lies the problem however, for professional service firms don't typically charge based on their client's perceived value of the service delivered, but rather by the time it took to deliver the service.
This forms the basis of a key argument put forward by the authors, for cultural and operational change within professional service firms entitled the 'new practice equation' (an original working title for the book itself.)
In 2011, as we face the inevitable commoditization of compliance work, the firm of the future is going to have to increasingly develop its forms of value-creating capital or simply face extinction.
The findings of this seminal work concerning the fate of professional service firms are as valid today as they were when first published a decade ago.
It is not a book to be read. It is a book to be read, re-read and understood.