Timothy C. Lynch
Welcome to the Autumn 2023 edition of the GGI FYI Best Practices News, produced by the GGI Best Practices for Professional Service Organisations Practice Group (PG). The mission of this PG is to create a forum where GGI members can share their best practices with one another so that we can learn from each. We have so many smart and innovative members that this edition is a must read.
There is something for everyone in this edition. In our lead article, Craig Seddon (Westcourt Family Business Accountants, Australia) explains how some professional services providers are moving to a model where timesheets are no longer relevant as professionals are moving a fixed fee billing model that focuses on value based billing and client satisfaction ratings. This article is certainly relevant to our Best Practices session in Lisbon at the GGI World Conference this month as we have a panel that will address how art of charging fees to clients will evolve from the current hourly-based model to one that is closer to that described in this article.
We also have a very relevant article jointly written by Ashu Malhotra and Pratichi Avinash (R.N. Marwah & Co. LLP, India) that explains the importance of annual strategic plans and provides an insightful blueprint and roadmap that GGI members can follow to develop their own plan.
Another timely article contributed by Mathieu Maes (DALDEWOLF, Belgium) reinforces signs the importance that DEI plays in creating value by tapping into a deeper talent pool and by harnessing the power of cultural nuances while serving our client needs.
We have two articles that address the emerging importance of AI. The first, written by Stephen Grant (Wright, Johnston & Mackenzie LLP, Scotland, UK) is an informative article that all lawyers should read to consider the pitfalls for the unwary who are using AI as they serve their client needs. Next we have an insightful guest article by Mark Jankowski, (Amplified Learning) that provides incredibly useful advise on how all GGI members should be thinking about how to use AI and what to consider when deciding whether and when to employ resources when it comes to implementation of AI.
To close out this edition, we have an appropriate article by Raf Uzar (Penteris, Poland) that addresses the importance of helping our firms build a resilient workforce in light of the “polycrisis” that we are facing. A polycrisis is a situation where many catastrophic things happen at once – war, pandemic , economic uncertainty, technological changes and the list goes on. It has never been more important for employers to be mindful of the needs to support our internal teams and employees.
I am continually impressed by the insights and wisdom of the GGI membership. I thank all of our contributors for sharing their expertise and I encourage all of you to follow up with them if you have questions or want to learn more about the information in their article. If you have interest in joining this practice group or if you have a best practice that you would like to share with the group via the next newsletter or at one of conferences, please let me know.
Kind regards
Timothy C. LynchResponsible Editor & Global Chair of the Best Practices for Professional Service Organisations (Best Practices) PG
GGI member firmOffit Kurman, Attorneys At LawMore than 10 offices throughout the UST: +1 410 209 6400
Advisory, Corporate Finance, Fiduciary & Estate Planning, Law Firm Services
Timothy C. Lynch is the President of Offit Kurman. He is also a member of the firm's Executive Committee. As such, he is responsible for all of the lawyer operations at the firm and he is heavily involved in the daily operations and strategic planning for the firm. Before moving into these roles, he chaired the Commercial Litigation Practice group at the firm. Tim Lynch is Global Chair of the GGI Practice Group Best Practices for Professional Service Organisations. Contact Tim.
DisclaimerThe information provided in this newsletter came from reliable sources and was prepared from data assumed to be correct; however, prior to making it the basis of a decision, it must be verified. Ratings and assessments reflect the personal opinion of the respective author only. We neither accept liability for, nor are we able to guarantee, the content. This publication is for GGI internal use only and intended solely and exclusively for GGI members.
