Abstract
Professional services firms (PSFs) are an increasingly important component of the global economy. Yet research on PSFs is rarely published and the inner workings of PSFs are poorly understood. Recent events highlight some of the problems facing PSFs, many of which emanate from their management and governance structures. We describe the characteristics of these structures, PSF officer incentives, and the management and control systems of PSFs that differentiate them from more traditional organisational forms. These observations suggest that historical conceptions of management and governance need to be revised so as to be relevant to PSFs. We argue that several core concepts in governance research, if properly respecified, can lend insight into the challenging conditions facing PSFs and provide the basis for identifying solutions to these challenges.
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