The structure and practices of professional services firms go back hundreds of years, and they have been well-suited to an era of individual expertise.
Previously, firms themselves consisted of buildings, brands, and a common understanding of how to work in a given specialised area, but individual professionals held most of the cards and extracted most of the value they generated.
Now, in the era of networked technology, we see models emerge that allow for more scalable business models and more retained value, such as networked firms, professional services platforms, and artificial intelligence products.
At the same time, fewer talented professionals are opting for careers based solely on the path to partnership.
What does this mean for the future of the professional services firm, and what can leaders within the professions do today to address these challenges?
In October we are hosting an exclusive breakfast event in London called “Reimagine the Firm: From Pyramids to Platforms” and to celebrate this event we have curated a selection of extremely helpful links that look at the fascinating transformation of law and accounting firms.
Link 1: RPC Managing Partner Jonathan Watmough on Innovation In Legal | VIMEO.COM
Clients don’t just want firms to innovate; they expect it. RPC Managing Partner Jonathan Watmough shares his thoughts and approach on innovation for competitive advantage.
Link 2: Exploring the Future Accounting Firm | FUTUREFIRMS.NET
Future Firms is a joint project by ICAEW’s AuditFutures Programme & Shift*Base to explore the contours of the accounting firms of the future. FutureFirms.Net contains a host of resources on new structures and models for the firm.
Link 3: Why tech competence is becoming a “must have” skill for lawyers | LEGAL-TECH-BLOG.DE
An odd question, you might think. However, it’s one that you’re going to have to ask yourself more often as technological competence becomes an increasingly important factor in deciding whether you as a lawyer can take on a case.
Link 4: The Audit of the Future | WWW.ACCOUNTINGTODAY.COM
In this virtual roundtable, experts from EY and the American Institute of CPAs, among others, discuss how new technology capabilities and tools can be more usefully applied to audits.
Link 5: The jobs of the future – and two skills you need to get them | World Economic Forum – WWW.WEFORUM.ORG
Could a robot do your job? Yes. Millions of people who didn’t see automation coming will soon find out the painful way. The good news: technological advances will create millions more.
If you would like to learn more about how to drive successful digital transformation in professional services then join us at Reimagine The Firm: From Pyramids to Platforms on 18 October 2016.