Please note: This is a companion version & not the original book. Sample Book Insights: #1 The dominant theory of professional firms is that they are built on the foundation of leveraging people power. The theory is that since the two main drivers of profitability are leverage and the hourly rate realization, if each partner could oversee a group of professionals, this would provide the firm with additional capacity to generate top-line revenue. #2 The We sell time mentality is not simply a wrong pricing strategy, but a flawed business model. It is a valuable accomplishment to point out defects in a theory, but it is also important to propose a better theory, a new business model for the future. #3 The old business model is suboptimal. I am not arguing that it is not profitable, but rather that it is not the best solution relative to a set of objectives, constraints, and assumptions. #4 The correspondence principle is what scientists use when comparing two theories. The new theory should be able to replicate the successes of the old theory, explain where it fails, and offer new insights.
