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

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Title: The Firm of the Future: A Guide for Accountants, Lawyers, and Other Professional Services
by Paul Dunn, Ronald J. Baker
ISBN: 0-471-26424-5
Publisher: John Wiley & Sons
Pub. Date: 04 April, 2003
Format: Hardcover
Volumes: 1
List Price(USD): $45.00
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Average Customer Rating: 4.67 (6 reviews)

Customer Reviews

Rating: 5
Summary: Must reading for the professional service provider!
Comment: 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!

Rating: 4
Summary: Old Schoolers will cringe at some of the suggestions
Comment: This book champions many of the beliefs I've held for years at working at Big 4, regional, and small public accounting firms. Mainly, that time sheets, hourly rates, billable hours, etc. is a completely misguided and outdated manner to try to capture costs and price services.

I just resgined from a firm to start my own practice. While there, I was discussing this book with one of the firm's Partners. When I suggested the radical idea of no timesheets, he replied, "how will you know the people are working." As this book effectively points out and analyzes, firms just aren't hiring the right people!

The book does get a bit redundant at times, and does put forth some ideas that seem a bit crazy (such as 100% money back gaurantees in your engagement letters if the client doesn't like the service). However, I think that overall the book does make some very excellent points. Firms that are courageous enough to make changes based on ideas generated from this book may be the "firms of the future"

Finally, despite the title, this book is for CPAs and CPA firms. Lawyers and other service providers will not get as much out of it. For those starting firms, or for those looking for ideas to improve their current firms, this book should help.

Rating: 5
Summary: challenges the old paradigms
Comment: 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.

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