Reviews of 'must get' books
In their latest books, David Maister and Stephen Mayson, each a prominent thought-leader in professional services, bring fresh insights to the challenges and opportunities facing professional services firms (psfs).
David Maister
Strategy and the Fat Smoker
© The Spangle Press 2007
In the inimitably titled 'Strategy and the Fat Smoker', the professional services guru David Maister provides a frank and insightful look at why so many psfs embark on strategy and fail. He maintains that successful strategy is foremost about people changing their behaviour. He uses the analogy of the fat smoker who knows he needs to lose weight and give up smoking, and even knows how to do it (a strategic plan), but fails nonetheless because he doesn't have the motivation. He reminds us that strategy is as much about change management and leading through shared values as it is about a brilliant plan.
For those who have never read any of David Maister's work, this is a great book to become familiar with his insights gained from years of working with professional services organisations. If you are familiar with Maister, you will find the humanistic element in this latest book both compelling and insightful. You will enjoy the book as you laugh at and relate to his many pithy anecdotes that are sure to remind you of your own challenges as a manager and leader.
This book is not about how to build a strategy. Rather, it is about how to take the strategy you have developed and make it work in the real world of human interaction.
David's book may be ordered in e-form at Bookmasters
The hardback is available at discount prices from Amazon.com, as well as local bookstores.
Stephen Mayson
Law Firm Strategy – Competitive Advantage and Valuation
© Oxford University Press 2007
In his second book, Stephen Mayson builds a rigorous framework for valuing professional services firms. He highlights the emerging trend towards outside equity ownership of legal firms. Drawing on his deep knowledge of private practice in the legal profession, he adapts widely accepted corporate finance capital valuation models to psfs.
The book begins with an update of strategy from his seminal book 'Making Sense of Law Firms'. However, in this book, Mayson ties strategy to a firm's valuation by linking the drivers of value that strategy seeks to develop to the economic value of the firm.
Mayson then provides a detailed method for adjusting the financial statements of knowledge- and service-based organisations to which he adds techniques for considering the various non-financial forms of capital value present in a typical psf.
Although his book discusses the UK market, it is nowhere more relevant than in Australia which has the world's first publically listed legal firm. Those working in other types of psfs will find that his thinking applies equally.
This is an essential book for your library – one to which you will refer again and again. Don't expect a light read as this is a treatise on a critical subject facing many firms. The book provides an excellent template for any psf looking for new capital sources, merging, divesting, or acquiring another practice.
Available from amazon.com.
Beaton Consulting is pleased to bring these books to your attention
Through different styles, David Maister and Stephen Mayson offer deep insights into the challenges that face all psfs. Maister's book will appeal to most practitioners. It is a quick and enjoyable read from which you will pick up fragments of advice germane to your immediate circumstances. Do not expect heavy analysis and hard data – this is a book built on personal experience. Mayson's book is a serious academic treatise to which you will come back on numerous occasions. It is a book to be studied.
The contrasting styles of both authors give the reader different perspectives on issues common to psfs. Both books are important additions to the literature on professional services firms.
Review by Mark Stoermer, Joel Barolsky and George Beaton.
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