On Becoming Extraordinary: Star Professional Service Firms

'On Becoming Extraordinary - Star Professional Service Firms' is a close-up, real-life look at the art of leading professional service firms (also referred to here as PSFs). Few researchers have studied PSFs. But there are fascinating questions that call for an answer. Why do some PSFs prosper in extraordinary fashion, while others fail to do so? What do these ‘special’ firms do that makes them excellent? These are challenging questions because most 'star' firms remain big mysteries to the general public. The overall lessons learned from the research project are based on an extensive analysis of 116 successful firms:

I. Accounting firms: Baker Tilly International; BDO International; Deloitte; Ernst & Young (EY); Grant Thornton International; KPMG; PwC.

II. Advertising agencies, market research/advisory firms, PR/marketing communication firms: BBDO; Brainjuicer; DDB; Dentsu; Edelman; Forrester; Gartner; GfK; Harris Interactive; Havas; Hill+Knowlton; International Data Corporation (IDC) ; Ipsos; Nielsen; Publicis; TBWA; WPP.

III. Executive search/assessment and leadership advisory services/consulting firms: Egon Zehnder International; Heidrick & Struggles; Korn/Ferry International; Russell Reynolds Associates; Spencer Stuart.

IV. HR advisory services/consulting firms: Aon Hewitt; Hay Group; Mercer; Towers Watson.

V. Investment banks, investment advisory services firms, investment management services firms, M&A boutique firms: Bank of America Merrill Lynch; Barclays Investment Banking / Barclays Capital; BNP Paribas Corporate & Investment Banking; Centerview Partners; China International Capital Corp.; Citi Corporate and Investment Banking; Credit Suisse; Deutsche Bank; Evercore; Goldman Sachs; Greenhill & Co.; HSBC; Jefferies; J.P. Morgan; Lazard; Morgan Stanley; Nomura; Perella Weinberg Partners; Piper Jaffray; SEB Merchant Banking; UBS; VTB Capital.

VI. Private equity firms, investment firms: Advent International; Apax Partners; Apollo Global Management; Bain Capital; Blackstone; Cinven; Clayton, Dubilier & Rice; CVC Capital Partners; Doughty Hanson & Co.; Hellman & Friedman; Maddison Dearborn Partners; KKR; Kleiner Perkins Caufield & Bryers; PAI Partners; Permira; Providence; The Carlyle Group; TPG.

VII. IT advisory services/consulting firms: Accenture; Atos; Capgemini; CSC; IBM; Infosys; Oracle; SAP; Tata Consultancy Services (TCS); Wipro.

VIII. Law firms: Allen & Overy; Baker & McKenzie; Bird & Bird; Cleary Gottlieb Steen & Hamilton; Clifford Chance; Covington & Burling; Cravath, Swaine & Moore; Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; Herbert Smith Freehills; Jones Day; Latham & Watkins; Linklaters; Simpson Thacher & Bartlett; Slaughter and May; Skadden; Sullivan & Cromwell; Wachtell, Lipton, Rosen & Katz.

IX. Management advisory services/consulting firms: A.T. Kearney; Arthur D. Little; Bain & Company; Booz Allen Hamilton; Booz & Company (currently Strategy&); Boston Consulting Group; L.E.K. Consulting; Marakon; Oliver Wyman; McKinsey & Company; Monitor / Monitor Deloitte; OC&C Strategy Consultants; Roland Berger Strategy Consultants; Simon-Kucher & Partners; Stern Stewart & Co.

I surveyed the 116 firms in-depth and built detailed case histories of selected success stories. The practices of the ‘peak of the pyramid’ are streets ahead of other firms. Success principles aren’t just one aspect of the game; they are the game.