Senior figures from the legal, accounting, corporate finance and consultancy professions rose early on 10 July to attend a “Breakfast of Technology Champions” in Bishopsgate, London. The seminar was hosted by Z/Yen Limited, the leading risk/reward management firm, and Jaffe Associates, pre-eminent providers of business development services to professional services firms. As well as breakfast, attendees also ate food for thought and humble pie, as speakers highlighted complacency in the professions’ approach to the technology sector.
Michael Mainelli, Chairman of Z/Yen Limited, pulled no punches. “UK professionals frequently fail to achieve a basic understanding of the technology in the businesses they seek to serve – such lack of understanding would be unthinkable in the US. With reduced deal flow, which provided easy access to the tech sector and economic tightening in the sector, the more complacent accountants, consultants and lawyers are increasingly finding themselves on the bench. Yet the potential of the technology sector to professional services firms is enormous and growing, accounting for 10% of the value of global stock.”
Robert Pay, MD of Jaffe in Europe, added, “many UK law firms in particular have failed to get close to their technology sector clients. Clients increasingly demand that professionals demonstrate their ability to deliver for them rather than simply assert their core competences. Our practical experience of business development with professional firms in the US shows us that to add value they have to do more to understand technology businesses.”
Other key issues arising from discussion included an assessment of “global” professional services. Buyers of professional services insisted that they seek (but frequently do not receive) local competence together with international quality of professional services through global firms.
The seminar was heavily over-subscribed and will therefore be run again in the autumn.
For further information please contact:
Michael Mainelli
Telephone: (020) 7562-9562,
E-mail: michael_mainelli@zyen.com.
Robert Pay
Telephone: (020) 7562-7655,
E-mail: payr@jaffeassociates.com
Z/Yen Ltd specialises in risk/reward management, an innovative approach to improving organisational performance. Z/Yen clients include blue chip companies in banking, technology and professional services as well as charities and care organisations.
Jaffe Associates provides business development support and services to professional services firms and know-how businesses based in the North America and the UK and continental Europe.