Leading a Consulting Firm, Law Firm or Accountancy Firm

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Leading a Consulting Firm, Law Firm or Accountancy Firm

🔥 Leadership in a professional service firm requires more than energizing followers around a vision. According to Professor Laura Empson, leading a law / accountancy / consultancy firm should be seen as a collective process in which the designated senior partner (leader) must balance three interactive dynamics:

1. ESTABLISH LEGITIMACY: Have the ability to generate lots of revenue (i.e., to be a rainmaker). This means working harder and longer at earning fees than your colleagues. Peers will see you as a role model and are willing to cede authority to you.
2. MANEUVER POLITICALLY: Build consensus among peers and offer them incentives in private to get their support in public. For this possess good networking skills, interpersonal influence, social astuteness and appear sincere.
3. NEGOTIATE PERPETUALLY: Strike a balance between allowing plenty of autonomy / entrepreneurship, while also asserting control at appropriate moments and circumstances.

Source: Laura Empson, "How to Lead your Fellow Rain-makers: Collectively, dynamically - and very carefully", HBR Mar-Apr 2019, pp.114-123

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		2 Sam Cookey Jr CEO, Nigeria
	Leading a Consulting Firm Thanks for this: in practice these three modes are difficult to find in one person. Even if juggled to the best of one's ability. Poor juggling can lead to leadership and management lapses which set a poor precedent for the professionals. Taking the 'collective process' further, having at least two, or better still, multiple partners with dominant inclinations in these areas should yield more reliable results. Designating or rotating a 'managing partner' from time to time should allow the partnership team/unit to integrate these as a whole and achieve the necessary functions.

		2 Jaap de Jonge Editor, Netherlands
	Partners of Professional Services Firms @Sam Cookey Jr: Thank you for your comment. From what I have seen, as Prof. Empson argues, all 3 capabilities are needed for partners in PS firms. Having only 2 of these skills is just not enough. The combination is probably rare as you say, but on the other hand professional services firms are typically able to attract very talented people.

		1 David Stehlik Professor, United States
	Partners in PS Firms $olve Problem$ IMO, #1 makes the foundational point upon which the others can be propped up. If you do #1 well - ethically and effectively - then you'll automatically carry more weight in mission-crafting. And, softer padding in the cash flow department ensures negotiating for top talent and retaining them isn't impossible. Without revenue success, people listen less enthusiastically and with less expectation that you can help them achieve their own goals. The only way around this is after you've succeeded and secured succession-talent WHO RESPECT YOU VISIBLY to the rest of the company and emulate your values in doing great work.