The huge $900 billion dollar professional services marketplace has become a dog-eat-dog battleground, where you need more than a big bark. The winners—the hugely profitable few—are getting richer while the rest—the vast majority of firms—struggle to maintain margins and growth. As a result, double-digit profitable growth for most professional service firms has become a distant dream.
Even practices such as the elite law firms once seen as immune to market forces are finding the going tough. A McKinsey Quarterly analysis of the world’s largest law firms warns, “all but the most profitable are in peril.”1
The high-profit winners ...