Professional services firms account for 14% of UK employment, making them crucial to the success of the UK economy
However, two-thirds of law firms think the pace of change in the industry today is increasing, presenting new challenges for this highly skilled sector.
Baby boomers who traditionally filled professional roles are now reaching retirement age, making talent attraction and development a major challenge for top firms. 50% of professional services firms struggle with a lack of skilled employees, making it critical for companies to attract and upskill staff as quickly as possible to meet growing demand.
The rise of the internet has left many professional services firms battling against do-it-yourself online solutions, placing additional emphasis on the need to provide customer service and value-add services. In fact, attracting and retaining new business is a challenge for 70% of accounting firms, meaning it is important that companies adapt fast to the changing expectations of clients.
Leadership and internal change is also an issue for a third of accounting firms, and globalisation is requiring professional services firms to be more agile and to reach further with their services.