Professional services firms face complex challenges and risks, including evolving client expectations, private equity firms investing in the sector, cyber security, safety of employees and the rapid adoption of new technologies. We help your professional services firm find opportunities to grow by improving risk management, cultivating talent and exploring new ways of working.
Opportunities and risks facing professional services firms
In a complicated business environment where many of your clients may be rethinking their business models, you have plenty of opportunities to help organizations lead through a challenging environment. Notably, your clients have new tools at their disposal to manage client relationships as they increasingly develop use-cases for artificial intelligence (AI).
However, professional services firms face several important risks, including:
- Cyber: Cybersecurity threats from new technology and digitalization will continue to evolve. There is significant investment in AI, machine learning, quantum computing and data analysis.
- Work transformation: Client demand is shifting, with clients looking to reduce spending and move work to lower-priced firms.
- Economic uncertainty: Lingering inflationary pressures and uncertain monetary policies have led many companies to reduce spending on professional services.
- Regulatory: Regulation is increasing in complexity and scrutiny. Firms that don’t keep up have been thrust into the regulatory spotlight.
- Global instability: Geopolitical tensions and polarizing elections across the globe have far-reaching impacts. Professional services firms with a global footprint are watching them closely.
- Environmental, social and governance (ESG) principles: Firms have a heightened focus on the governance of risk — the “G” in ESG. As diversity, equity and inclusion (DEI) initiatives come under attack, there is increased legal risk for firms that have a high diversity initiative profile (i.e., the “S” in ESG).
Professional services firms we serve
The world is facing unprecedented changes that require new ways to manage employees and risk. To help you navigate this changing world, our professional services business can address your people and risk management needs. Our team has specialist knowledge of all leading professions:
- Accounting
- Consulting
- Law
- General professional services
We aim to develop solutions that empower you to better manage your unique risk and people issues efficiently and effectively.
Risk transfer services and solutions for professional services firms
We have the resources necessary to provide your professional services firm with insurance brokerage, risk analytics and risk management consulting. In an industry where people are paramount, we serve as a hands-on extension of your risk management department. We recognize that every professional services firm has different risk financing and risk control needs. We can tailor the right cover for your firm. Our risk management offerings include:
- Financial, executive and professional risks (FINEX)
- Professional indemnity
- Cyber insurance
- Directors’ & officers’ liability
- Employment practices liability
- Network privacy/cyber risk liability
- Property and casualty insurance
- Captives
- General insurance program reviews
- Reputational risk
Human capital services and solutions for professional services firms
In professional services, your greatest asset is your talent. We can help you develop HR programs to attract and retain the critical talent you need to succeed. Whether it is full-time professionals or contingent workers for a specific project, we understand that every professional services firm has distinctly different human capital needs. We can help you tailor HR programs to your unique requirements. Our offerings include:
- Benefits administration and outsourcing
- Change management
- Compensation strategy and design
- Contingent workforce management
- Executive compensation
- Work transformation
- Health and benefits
- Diversity, equity and inclusion
- Mergers and acquisitions
- Retirement
- Employee experience
- Total rewards
- Employee wellbeing
Gaining competitive advantage in professional services
Amid uncertainty, we can help you identify how to manage risk, cultivate talent and explore new work models that'll set your professional services firm apart from the competition. Our dedicated team of experts can help you address your people and risk needs, so you can meet your goals and seize new opportunities.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
