The Future of the Firm in Professional Services

At the low end, we will surely see the rise of self-service platforms, perhaps in some cases tapping directly into flows of client data for accounting and audit, and this will open up a lot of competitive innovation as clients realise they can shape the offering provided by professionals, rather than just accept the customary service. But at the higher end, there is a good chance that small teams of entrepreneurial professionals who know how to get the most out of their AI systems will be able to handle large and complex transactions or matters for their clients. Whilst it is reasonably straightforward to think of positive futures for professionals, the question of what this means for the firm is a slightly different one. Where firms can aggregate analytical power and develop a platform to extend their value proposition both internally and externally, or develop compelling brands and service delivery models that clients trust, then there remains a strong case to be made for their continued existence. But it is unlikely that they will continue with the current model or way of working, which does not add sufficient value to the work of individual professionals, except perhaps in the most complex of matters where co-ordination of various internal disciplines is needed.