In professional services, for example law or accountancy, the term managed firm denotes an organisation in which individual autonomy of partners is selectively surrendered to a dedicated team whose sole or major function is management of the firm.
This practice stands in contrast to traditional models of the professional firm in which responsibilities for operational and strategic issues are divided up amongst partners and carried out alongside their professional duties, competing with them for attention.
The managed firm model may be more closely followed in the accountancy sector than amongst law firms and amongst larger, particularly internationally-oriented, organisations than smaller ones, necessity dictating that partners compromise between personal control and efficiency.
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