Analysis of matter profitability demonstrates that professional service firms typically lose more profit during the execution of projects or matters than during the up-front pitching or fee negotiation. There is a strong interaction between the pitching, price setting, negotiation and management stages of a project. Critical to successful fee management are a number of drivers including the ability to define the work (scope), to monitor progress and to manage the delivery team, the clients and third parties.
Successful fee management has a direct link to profit for a professional service firm (PSF).
The Møller PSF Group fee management programme is designed to raise profitability during the execution phase of an assignment. It focuses on drivers of profitability rather than work flow process and builds on key learning points raised in our pricing and fee negotiation programmes.
The programme has been shown to raise profitability immediately, to have a positive impact on the commercial management of projects and other ongoing work and to contribute to building client relationships.
The focus of the programme is to raise participants ability to increase a firm’s profitability by:
- Planning and preparing effectively
- Giving critical issues appropriate time and attention
- Understanding the key activities required for effective profit management of assignments
- Valuing the task(s)/empowering others to do this
- Sharing know-how
- Getting involved in developing or using supporting tools and processes
- Practicing/implementing a number of approaches
- Acting as a role model
- Strengthening a consistent, firmwide approach to fee management
The programme is aimed at partners and others leading or supporting PSF project teams.
Facilitator Ori Wiener is a partner at Møller PSF Group and Head of the Business Development Practice. Ori shares his professional knowledge and the insights he has gained from working with management teams and partners at a broad range of leading professional service firms worldwide.
Ori is a partner of the Møller PSF Group and head of the business development practice group. He works with the management teams of global and domestic professional services firms and with individual partners, in the development of business development, client relationship and profit generating competencies and strategies.View profile