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

by Paul Dunn and Ronald J. Baker

Book Overview

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...

• Format: Hardcover
• Language: English
• ISBN: 0471264245
• ISBN13: 9780471264248
• Release Date: April 2003
• Publisher: Wiley
• Length: 360 Pages
• Weight: 2.00 lbs.
• Dimensions: 1.2" x 7.3" x 10.3"

Customer Reviews

The Essential Reference for Law Firm Leadership

I first read this book about 2 years ago. I keep it within arm's reach of my desk and refer to it often, still. I've read one reviewer who stated that this book was the modern almanac of best business practices. I agree completely. I run my own small law firm. We have implemented many of this book's practices with great success and profitablilty. Primary among them is fixed fee agreements. Yes, we are a law firm that has trashed its time sheets, due in large part to the inspiration and impetus of this book. And, we will never go back. An earlier reviewer suggested that this book would be more useful for CPA's and not for lawyers. I disagree. Though I'm certain the message of this book is critical for CPA's, I think that any person in law firm leadership must read this book. I think it is particularly suited to small firms and solos who will have the ability to immediately take action in implementing these ideas and making them a reality in their practice. However, if you are one of my competitors forget everything I said above and do not touch this book. My firm and my family will thank you.

Permission to Believe

The Firm of The Future coordinates both the theory and practical application of pricing concepts AND business service models in such a complelling manner that Baker & Dunn give Professional services organizations permission to believe that there is light at the end of the tunnel. While the Firm of The Future is geared to the legal and accounting professions the message and vision is applicable to Advertising agencies, Consulting Organizations, Marketing service firms and professional service providers of all shapes and sizes. Cost plus pricing is short sighted and intellectually flawed.The intense pressure on increasing billable hours and driving down costs is destroying the creativity and core capabilities of Professional Service companies.Baker & Dunn explain the flaws of cost plus and hourly schemes and identify a road map which outlines how to move a professional services organization and it's customers to a healthier, happier, more productive and more mutually profitable business process A great read---Inspirational and practical Tom Finneran Executive Vice President American Association of Advertising Agencies

Must reading for the professional service provider!

After reading this book, you'll need to place it alongside your desktop dictionary, Thesaruas and Ron's first book "The Professional's Guide to Value Pricing. This is how strong of an impact their message has made on me.After reading the first two editions of Ron's book, I didn't think he would be able to improve much on the message of switching to Value Pricing. Boy, was I wrong! He and Paul Dunn have done an amazing job of getting the reader to think differently. As with the radical theme of trashing the timesheet in "The Professional's Guide to Value Pricing", they do a masterful job of convincing you why the old "Revenue Equation" must be replaced with the forward-thinking "Profit Equation". They go on to introduce other new topics not found amongst professional services firms such as developing your Intellectual, Structural and Social Capital, emphasizing effectiveness over efficiency and of course Value Pricing. As is typical of Ron's writing style, and complemented by Paul, their reasoning for making this paradigm shift is well supported and well reasoned.I've been using practicing Value Pricing for about 5 1/2 years now and I can tell you that it works. In my own firm, I've slowly begun implementing some of their new concepts but with a new perception. I'm convinced these principles will work for me and they can for you as well.After reading this book, you'll definitely want to keep it handy as a useful reference guide!

challenges the old paradigms

Paul Dunn & Ronald J Baker's new book "The Firm of the Future and the Future of the Firm" challenges the old paradigms of the professional firm and clearly shows the way forward.Although aimed at the professional firm, the book is relevant to all service businesses.If you attended Paul Dunn's seminars and read Ronald J Baker's books, then this will be a useful refresher. If you haven't - then oh boy what a ride! Let the journey begin.In addition this book introduced to me the concept of Intellectual Capital, a framework that I'll certainly use in the future.

Do clients want to buy hours?

Expanding on the principles discussed in Value Pricing, Ron Baker has teamed up with Paul Dunn to share their theories, insights and ideas on how professionals (in particular CPAs) view and price their services. The Firm of the Future is written around major themes and includes individual commentary from Ron and Paul. Are you creating value for your clients and charging for the value you provide, or are you charging your clients based on the time you spend? If you are not thinking about the value you are creating for your clients, watch out! Every professional who reads this book will be thinking about the value they can add not only to their clients, but yours. What about fees? Do you think that you can match or beat my price? "Any firm can compete on price; it is truly a fool's game. In contrast, competing based on Total Quality Service, positive customer experiences, and transformations requires more thought, creativity and investment." This book could be your first investment in achieving Total Quality Service and differentiating yourself from the competition.