In this third revised edition, professor Lowendahl discusses the following issues: To what extent are professional service firms (PSFs) different? When is a service (not) professional? What are particular challenges in managing PSFs? What are important strategic issues for PSFs? Hiring, training and keeping the right people; Competing for, gaining, delivering, and learning from the "right" client projects; Delivering the "right" kind of services the "right" way; Balancing the "right" mix of individually and organizationally controlled resources (especially competence, reputation, and client relationships); Figuring out the "right" size of the firm; Going international/global or not; and Avoiding the dangers of a "fuzzy" strategy - if you deliver everything a client wants, nobody will know what you're good at. The book is written for and has received praise from practitioners and academics/students alike. The third edition is updated and slightly expanded.