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Partnering with the Partners: Surviving to Thriving in Professional Services
November 15, 2023
Derwent , in partnership with Lighthouse Group , were proud to host a panel event this week which focused on how Business Services (Corporate Function) leaders can be better business partners in professional services firms.
The session was facilitated by Warwick Bowd who leads Derwent’s Professional Services executive search practice. Our panel of experts included Peter Nankervis , CEO of leadership and transformation consultancy Lighthouse Group, and Brad McBean , currently a Partner with ESG Partners and formerly Global MD Advisory for Aurecon and a Partner with PwC/Strategy&.
Insights were shared around the challenges and opportunities of being a leader and trusted advisor when you’re not necessarily client-facing or an owner of the firm.
According to the panel, in a climate of economic headwinds, increasing competition, rapid innovation and a war for talent, the bar has been raised for Business Services leaders who now need to focus on the following in order to retain their rightful seat at the table:
- Understanding that competitive advantage in professional services stems from having superior IP and expertise, being able to build rock-solid client relationships, and hiring and retaining stand-out people. Business Services leaders and their teams must therefore help to build capability in one or more of these three areas.
- Being effective communicators and managing multiple stakeholders, both across the partnership and across the various Business Services functions. Being aligned to the firm’s strategy and also aligned as separate but connected corporate functions is critical to success.
- Being strategic and deliberate in your planning, but also recognising that effective execution is usually the key determinant of success. “Strategy can be overrated,” so focus on executing a manageable number of well-thought through projects, so as to avoid initiative overload.
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