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The Firm of the Future: A Guide for Accountants, Lawyers, and Other Professional Services
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Review
For the Back Cover: "In The Firm of the Future, Ron Baker and Paul Dunn create an intellectual challenge for firm leaders. They are truly two of the best critical thinkers today. Together they provide the reader with a wealth of thought-provoking ideas. This is an intellectual masterpiece." —August J. Aquila, Ph.D. Managing Director, American Express Tax and Business Services and Co-Author of CPAs That Sell and CPA Firm Mergers That Work "When I first received my copy of The Firm of the Future I was intimidated by its size and began reviewing the table of contents for the sections that seemed most interesting to me. But, as I am prone to do, I began at the first page. I soon found myself pouring through the book, chapter by chapter. Paul Dunn and Ron Baker have compiled a work that has incredible depth, wisdom, and insight. What I enjoyed most, however, was the conversational tone that makes this book hard to put down. I feel like I have had a personal conversation with wise counselors who understand my business." —Michael C. Knowles, Partner, Frank, Rimerman + Co., LLP, Menlo Park, California For the Front Matter of the Book: Praise for The Firm of the Future "This is an absolutely must read for any business (and that includes accounting practices) who want to be in business in the future - written in a highly readable style and laced with hundreds of practical 'how to' notes and comments this book is a prerequisite business manual for any practitioner of any professional service organization. This really is a stunning book - I've thoroughly enjoyed the philosophy as well as the practical how to and why and will further refine our approach to the business - loved the style and class of the book." —Peter Byers, Chartered Accountant, New Zealand "Excited is probably the most appropriate word for how I felt as I read the book. Excited at the learnings, excited at the possibilities that opened before me, excited at what it would be like to work in a practice with no timesheets, value pricing, passionate team members and clients more than delighted with the "concierge service" provided by every team member. Ron Baker and Paul Dunn have clearly described what the firm of the future MUST look like. They clearly debunk all the old theories and practices of managing and operating an accounting firm and clearly explains the methods and FEELINGS that must exist in The Firm of the Future." —Harry Rosenburg, BKR Rosenberg+Partners, Melbourne, Australia "For many years now, I have utilized and professed within my firm, my working theory, 'Our next new client has to have a thirst for our knowledge and the willingness and ability to pay for it.' The Firm of the Future embraces this theory and provides readers with the sound fundamentals to capitalize on their intellectual, social, and human capital." —Robert A. Gaida, Vice Chairman, BDO Seidman, LLP "Without doubt the single most important book ever written for professionals. It will force the entire profession to question, rethink, and rework everything it does. It's a book that will change your practice and your life—for the better, forever. Thanks to this book the professions will never be the same again." —Steve Pipe, Founder and Chairman, The Added Value Network (U.K.) "I have no doubt that the revelations that Paul and Ron draw run a parallel. Sometimes the answer is obvious, but only to those not already under water that if they stood on their toes they could lift their heads above water, and it needs someone from outside the pool to see it. You have done this, you have the answer, and like all brilliant business findings it is simple, it is available to all, and it is practical. It requires only a willingness to accept, to change and to grow - a willingness that some have and some will never have, as like troglodytes they cannot accept change." —Dr Chris White, Doctor of Business Administration, PhD, MBA, B.Bus, ALGA, CA, FCPA, CFP JP, Partner KPMG, Cairns "For many years Ron Baker and Paul Dunn have been wonderful drivers for change in how professional service firms can become more successful. As a result of their collective wisdom, they have now co-authored a powerful and insightful book that should require many firms to reconsider their strategy. The true benefit of adhering to their New Practice Equation will not only be a more profitable firm but one that will also have a distinct competitive advantage in the marketplace. An absolute required reading for business leaders and managers of professional firms." —Robert J. Gallagher, CPA, President - R. J. Gallagher and Associates, Inc. "Like everything that challenges conventional thinking, this book takes time to absorb. There were many parts that I just had to 'read-over' so that I could filter through the brilliant combination of evidentiary and emotional interplay that Paul and Ron do so well and reveal the truth for myself. The book reads like the early conversations I was privileged to be privy to, and will be touted through the ages as a seminal work on the new evolution of the profession." —Jason Johnson, CEO, Kipara Consulting "The Firm of the Future imparts the accumulated wisdom of two key people who are helping to shape the profession, in a readable, and memorable manner. And wisdom a plenty Paul and Ron have to impart. The profession has a vital role to play if our capitalist system is to continue its enormous record of success, and to prove to the doubters that is universally the best system man has invented for improving the well being of all people on earth, not just those in the wealthy developed nations. Paul and Ron chart the course by which the profession can regain its significance and, more importantly, help achieve the bigger goals, both for the benefit of its own members and the wider world. I heartily recommend The Firm of the Future as a 'must have' guide for anyone in practice." —David Hartley, Director, ElanElan Ltd. "Between the covers of this book are more good ideas than you typically find in a dozen business books. Take notes: you'll want to remember these ideas for a long time." —David Maister, author and consultant "Paul and Ron have brought together their business philosophies under one cover of a book that should be the practice manual in every professional office. It truly is the answer of having the business do the things the professional used to do in a more effective and profitable manner. Who wouldn't want to work in the firm of the future described here?" —Nicholas Newton CA, CMA, Creative Director, Frouin Group "Ron Baker and Paul Dunn have put together the modern almanac of best business practices. Their firm of the future focuses on its intellectual, networking, cultural, and customer-focused capital to build wealth. They demonstrate over and over how making meaning, not just money, is the key to a leader's success. The book is an excellent read for those who want to learn the best-of-the-best business practices proven in the past decade." —Sheila Kessler, Ph.D., President of Competitive Edge and author, Measuring and Managing Customer Satisfaction "The Firm of the Future brings a huge number of great ideas together in one place to provide a road map of what a professional service firm must do to position itself for the future. The book provides key success factors any firm can follow in creating a customer-driven firm." —William Cobb, Cobb Consulting, Houston, Texas "Finally! A book that catapults professional firms to a more sophisticated, more effective approach to management, leadership, and providing value. Any firm that follows the theory and practical advice advocated by Ron and Paul can retain happy and qualified team members, assure growing and loyal clients, reduce the stress of public practice, and reap the benefits of significant profitability." —Martha Sawyer, president of Hudson Sawyer, publisher of Bowman's Accounting Report "It's refreshing to see a book that focuses the accounting practice on who we truly are - and more importantly, who we should be. We didn't learn this trade to have our services discounted and be held to a minute-by-minute gauge of value. Ron and Paul keep your focus on the ball rather than the scoreboard and clearly define our role as 'Intellectual Capitalists,' not bean counters!" —Mark J. Koziel, CPA, Director, Dopkins & Company, LLP "Ron Baker and Paul Dunn have done it again. Living up to their reputation for challenging conventional wisdom, Baker and Dunn present a new paradigm for the professions to understand the dynamic forces at play in the professional practice of the 21st century. The Firm of the Future is a brilliant work that adds a new dimension to the old formula for success in a professional service firm. Baker and Dunn 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 & CEO, AccountingWEB "Sometimes, this book takes your breath away with its ambition. Not content with burying a fundamental paradigm of the professions, it offers a new one that challenges all who think about, and care about, their profession to re-evaluate what they do—and why they do it. Brimming with ideas, Baker and Dunn constantly challenge accepted wisdom, but thankfully provide cogent alternatives for your choice. Quotes, illustrations and examples from all sorts of sources drive home points to ensure the book is a fantastic read and will have profound effects on your business—and the rest of your life. The future of the firm you inhabit will undoubtedly be shaped by The Firm of the Future. Ambition fulfilled." — Paul O'Byrne, Partner, O'Byrne and Kennedy, Chartered Accountants, United Kingdom
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From the Inside Flap
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. Topics covered include: Intellectual, human, structural, and social capital Converting tacit know-how to explicit knowledge Total Quality Service Value Pricing Strategic planning Financial model reform 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.
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Product details
Hardcover: 360 pages
Publisher: Wiley; 1 edition (April 18, 2003)
Language: English
ISBN-10: 0471264245
ISBN-13: 978-0471264248
Product Dimensions:
7.3 x 1.1 x 10.1 inches
Shipping Weight: 1.6 pounds (View shipping rates and policies)
Average Customer Review:
4.8 out of 5 stars
18 customer reviews
Amazon Best Sellers Rank:
#527,169 in Books (See Top 100 in Books)
I met Paul Dunn this past August and he blew my mind. Not only did he inspire me to rewrite the proposals we use in our business, he inspired me to bring him to Madison to speak to our business community. As I read this book recently, my eyes were opened as to what is possible in the world that was based on the billable hour. Now when a prospect says "That's over 650/hr!" I know exactly what to say. Now when someone says I only want to work with the owner of the firm, I know exactly what to say. And more important even than those is the fact that I have learned my place as the owner of a service based professional business. Not to "do the work" but to inspire a great team to provide explicit value to our customer community. If you are in the services and don't read this book, you're simply not paying attention to the value you can provide to your market.
I am a mere law student right now so my opinion can't be informed by years of practicing the principles in this book. Still, I think this should be required reading at every law school. That's a cliche statement but I mean it. Having worked for 10+ years before coming to law school, I have to say I found the billable hour to be obscene when I first encountered it. It just makes no business sense. I am amazed that clients have agreed to it for as long as they have. But countless "experts" have given the billable hour chat in an overpriced $80 ABA book - this goes well beyond that. Once Dunn and Baker get you past the billable hour nonsense, they open your mind to the possibilities. Using knowledge to build multiple streams of income is just brilliant. This book even goes so far as to drop pointers on the interview process. The Firm of the Future is packed with information. It's worth reading slowly and taking notes. I'll be happy to model my own firm on the points in this book. I suspect I won't regret it.
Baker and Dunn certainly get it. This thouroughly researched and insightful book had me breaking out my highlighter, dog-earing pages, reading aloud to my wife. Firm of the Future got me fired up, and dreaming again.Baker and Dunn occupy the same real estate on my bookshelf as George Gilder, Peter Druker,Walt Disney, Harvey MacKay, and Michael Gerber. Baker and Dunn apply the science of economics and the wisdom of GOOD BUSINESS SENSE to professional services in a way that could revolutionize the professional services industries in a dramatic fasion.I apologize for the following trite blurb: "If there is one business book the professional must read, it's Firm of the Future" - but it is true. If you consider yourself "forward thinking" and want to regain joy from your professional service business, this is your book.I sincerely hope that my competition avoids this book; or at best, reads it, forms a committee, and organizes a task force to look into the issues of "value billing." While my competition arrogantly holds thier client's hand, a quiet revolution will be occurring; and the customer will seek a better experience- with professionals who are forming the Firms of the Future. I've read hundreds of business books, from the popular to the technical, economic theory, touchy-feely, to chainsaw management....This book got me excited about being a CPA again! valuable at a time when the profession is going through a credibility crisis.
This book exposes what the authors consider to be an archaic and counterproductive approach to traditional "revenue" based accounting versus would-be "profitability" based accounting. This is a prescription for how accounting can become collaboratively vital to a company's profitability, rather than remain an adjunct transactional function. What's profound about this prescription is that it is based on the same understanding of value delivery so many B2B companies lack: The message of reform, by way of achieving a deeper understanding of purpose and potential, is not just a message accounting firms need to comprehend and act on, it is a message for any company that is out of touch with its marketplace and its own business potential.
This is a very well-documented guide for any service firm. It's also very well written, very insightful and very well researched. It's real deep, complete and full of advice and wisdom from several great minds. I run a corporate reputation consulting firm in El Salvador and this is the most advice-rich book I've encountered in the last five years. I also recommend "the trusted advisor" by David Maister and specially "Managing the Profesional Service Firm" also by Maister.
If you are an accountant, and are somehow blessed with an open mind (which is rare in and of itself), this book will change your practice, your team will love you for implementing it, and your clients will love it! I have tried it and it works!
Great book by Paul & Ron. Really appreciated this at the start of the second year as a firm - with many more to come!
The most practical guidance for practitioners to build and develop a professional firm I have ever seen.The clarity of the text makes the reading very attractive.
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