Synopses & Reviews
With increasing pressure on margins, growing international competition and a rise in tough procurement practices, the pressure on professional service firms has never been higher. This book teaches lawyers, accountants and other professionals how to apply a powerful, consistent approach ensuring that the setting, getting and keeping the price works in their favor.
Ori Wiener explains how to develop a strategy to enhance the profitability of engagements through pricing, fee structuring, scoping, and negotiating, as well as the steps to take to embed supporting processes and the appropriate culture. Offering the skills, tips and techniques that will work in the professional services industry, his book covers the specific contexts and issues faced by law, accounting, consulting and coaching firms.
Review
"Every partner and professional in a professional services firm should have a copy of this book and read it in detail." Harmut Papenthin, Managing Director Operations
Review
<div>"Provides professionals with invaluable guidance in a key area of their relationships with clients."</div> CMS Hasche Sigle
Review
"On the surface, so many professional services firms look the same to buyers. And when they all look the same, the deciding factor is price. With the advice Ori Wiener provides in High Impact Fee Negotiation and Management for Professionals, firms can escape from that commodity trap. Following his strategies, professionals will learn how to get the fees they deserve while also developing strong, long-lasting client relationships." Michelle Davidson, Editor - RainToday.com
Review
<div>"A really useful addition for partners in any professional services firm."</div> Michelle Davidson, Editor - RainToday.com
Review
Professional services firms and their owners, partners, executives or employees Mike Mister, Director, Executive Development - Ernst - & - Young Global
Synopsis
Professional services firms and their owners, partners, executives or employees
Synopsis
"A really useful addition for partners in any professional services firm."
About the Author
AcknowledgementsIntroduction
The rising importance of fee management
Joining the dots - the ‘golden triangle
The world of PSFs is changing
Structure of the book
01 What is different about buying professional services?
The implications for fee management and fee negotiation
02 Why professional service firms are different
What are professional service firms?
Why professional service fees are different
Challenges of pricing a service
Impact and importance of strategy, market position and business development
Navigating the golden triangle for greater profi tability
03 The challenge of pricing PSF work
The basic challenge of pricing PSF work - intangibility
Theory of value/price
Determining value
Moving from value to price
Pricing as a jigsaw puzzle
04 Generating value with fee structures
The structure menu
The persistence of time-based rates
05 How to deal with procurement - the importance of scope
Is procurement really the enemy?
Understanding procurement
Dealing with procurement - effective counter-tactics
Why scope matters
Scope management techniques
06 Raising the institutional game
Key elements
Motivation
07 Preparing for fee negotiations
General mindset
Assumptions and inner saboteurs
When to negotiate
08 Critical first steps: planning
Understanding all relevant issues and infl uencing factors
Determining potential negotiation items - clarifying what can be negotiated
Pre-negotiation activities
Information gathering and information strategy
Veto setting
Target setting
Importance of ambition
09 How to raise your negotiation success: deliver a credible opening
Structure of a negotiation
Act 1: Finding the gap
10 Act 2: Managing the fl ow of concessions to capture value
The rules
11 Act 3: Locking in gains through effective closing
Techniques
12 Creativity - the ultimate negotiation skill
Benefi ts of using creativity
Barriers to creative negotiation
Sources of creativity
Methods and techniques to facilitate creativity
13 Having another go at squeezing the lemon: advanced techniques and approaches
Manipulative Tactics
Advanced techniques
14 Managing a PSF project profitability
The second golden triangle
Manage the client
Manage the timetable
Manage the team
Manage yourself
Manage the process
Applying the RULES of PSF projects
Summary
Change is upon professional services firms
Change is hard but easier than it at first appears
References
Index
Table of Contents
Chapter 1- Overview and context
Chapter 2- Drivers of profitability/ connection with a firm's strategy/ connecting to BD and CRM
Chapter 3- Pricing: issues: What do clients want and what are they willing to pay for
Chapter 4- Fee Structures: getting risk and reward right for both sides' issues
Chapter 5- Scoping: Why defining the work upfront matters
Chapter 6- Embedding good practice: how PSF Management can make a difference
Chapter 7 Negotiating PSF fees: How to prepare
Chapter 8- Delivering a credible opening offer
Chapter 9- Delivering a credible opening offer - How to manage the flow of concessions
Chapter 10- How to reach a good agreement
Chapter 11- Fee matter management: How to keep the fees you've negotiated/ running assignments profitably
Chapter 12- Law firm issues
Chapter 13- Accounting firm issues
Chapter 14- Consulting firm issues
Chapter 15- Coaching firm issues