Why Do Large Firms Dominate The Best Of The Best This Year? Time, Leadership And Innovation May...

Why was FY2004-05 such a great year for large firms vying for Best Of The Best honors? IPA's criteria and scoring systems had no substantial changes. The same proportion of large and small firms

So why is the 2005 Best Of The Best dominated by large firms? Why are no firms under $10 million on the list - a first in the history of Best of the Best? One answer may be that big ships take longer to change course, and we're finally seeing pay-off on efforts large firms have made over the last few years to make their ships leaner, meaner and tighter. But we also believe that the large firms among this year's Best Of The Best break the mold of traditional accounting firms and their leadership in a number of ways. Here are some examples, and they are traits that other firms can emulate:

* They're developing a better sense of their own value. Fees are higher, realization is better, and services are more innovative and value-driven.

* They're more likely to differentiate management and leadership. In many cases, the 2005 Best Of The Best firms are led by visionary, entrepreneurial managing partners who leave the day-to-day firm management to a COO or high-level administrator.

* They're less afraid of their clients. In general, they have stringent client acceptance criteria, are willing to fire clients who don't provide value to the firm, and are less likely to indulge fee-sensitive clients with write-downs. They seek and attract clients who want and will pay for high-value services.

* Partners aren't afraid to be rich. Their fathers might have been afraid to drive nicer cars than their clients had, but those days are over. The new attitude? "Like my Aston Martin? Stick with me, and you'll soon be driving one of your own!"