On Becoming Extraordinary: Decoding Goldman Sachs and other Star Professional Service Firms

Few researchers have studied professional service firms (PSFs). But there are fascinating questions that call for an answer. Why do some professional service firms - like Goldman Sachs - 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. Nevertheless, the common traits of the best of the best are surprisingly clear and striking. On Becoming Extraordinary describes the ways whereby some of the best-known professional service firms succeed in winning. The insights and ideas that pack the pages of this book describe the realities of PSF practices. The overall lessons learned from the research project are based on an extensive analysis of successful firms: 338 Interviews with senior managers, directors, and partners of professional service firms. Interviewing these people provided invaluable insights into the voice, character, and personality of PSFs. 366 Interviews with senior officials of client organizations, primarily members of management boards, supervisory boards, and advisory boards. Understanding may also be gained by experiencing the PSF from a client’s perspective. Secondary research and archiving material. Secondary data consulted came from syndicated data sources such as Gartner, IDC, and Forrester, including 4,178 journal articles and 8,683 popular press articles. Interviews, email exchanges, and telephone conversations with knowledgeable outsiders, such as industry experts, renowned professors, academic subject matter experts, and experienced journalists. By synthesizing the findings, the book presents a set of common traits, a rich body of insights and perspectives (principles of success) and a better understanding of what essentially drives excellent PSFs.