Charles D. Ellis - What It Takes: Seven Secrets of Success from the Worlds Greatest Professional Firms

Afterword

The pleasure of exploring the great firms and learning their seven secrets of success must, of course, be balanced by the sadness of knowing how few aspiring firms will truly excel. Still, all can strive to be their best. Having devoted a long career to consulting with and studying professional firms, Ive learned firsthand how terribly difficult it is for a human organization to go beyond very good and achieve and sustain excellence. Most organizations in law, medicine, finance, investment, auditing, and consultingand most leadership teams at corporations, universities, schools, museums, hospitals, and the militarymay never achieve excellence, and most of those that do will not long sustain excellence. Still, we can all enjoy observing the true exemplars just as we can all learn from them how we can be better.

Ive also learned to respect and admire those remarkable organizations of all kinds thatlike Olympians who won medals, but not quite the goldmade themselves finalists. Had we more time together, they, too, would warrant study, because they, too, have lessons for all of us who lead organizations large and small businesses, governments, universities, churches, and military organizations.

In consulting, Booz Allen, Bain, BCG, and AT Kearney have, at different times, been leaders, but none has surpassed or long rivaled McKinsey.

Of 200 or more major investment management organizations, Capital excels, but other strong firms include BlackRock, Dodge & Cox, Pimco, Primecap, T. Rowe Price, Vanguard, and Wellington.

Among 1,000 large law firms, several are excellent. Davis Polk, Debevoise Plimpton, Skadden Arps, OMelveny & Myers, Sullivan & Cromwell, and Wachtell Lipton are remarkable. Still, most lawyers agree that Cravath is clearly outstanding.

Among several hundred health-care organizations, Johns Hopkins, Mass General, Kaiser Permanente, Intermountain, and Cleveland Clinic are outstanding, but Mayo Clinic is supreme at achieving its chosen mission: The needs of the patient come first.

Of nearly 100 securities firms that have risen to prominence at one time or another over the past century, only Goldman Sachs is currently recognized as the best of its kindeven as it now faces great challenges, particularly from within. It is also challenged competitively by the formidable JPMorgan Chase.

Of course, many smaller, newer firms aspire to become leaders. But we know from history that only a very few will excel. There is no way to predict which specific newcomers will have the unrelenting combination of inspiring mission, disciplined culture, extensive and rigorous recruiting, intensive and continuous training, persistent innovation, and the servant leadership to bring increasing strengths in these many disciplines together and correct the inevitable troubles to ensure continuing excellence.

Meanwhile, we can celebrate the great firms and encourage all contenders because those that excel provide their clients with superb service, provide their professions with high standards, and provide individual professionals with profoundly meaningful careers.

We all know the advertising tagline Wheaties, the breakfast of champions. But do all champions eat Wheaties? Are all those who eat Wheaties champions? No and No. There is no direct causal connection between eating Wheaties at breakfast and becoming a champion. Similarly, proving causation in professional fieldsexactly why a few firms rise to and sustain professional excellenceis impossible. However, the characteristics of the truly great professional firms are stunning in their consistent repetition. Every great firm is clearly strong on every one of the vital strengthseach in its own wayand superb on several. Thats why they excel.

Individual and organizational excellence is always deliberate. Champion athletes share a compelling determination to do their very best in every competition. For a certain few of the most talented and driven people, being part of a great firm is so important, fulfilling, and rewarding that they could not accept less any more than a great musician could always be flat or a great dancer out of step. They want to excel more than they can explain or others can understand. They need to excel. Thats who they are. For the superbly capable professional, something special comes with being part of the very best: the satisfaction of knowing you belong there as a member of a championship team and that you are meeting the high internal standards that keep you striving to exceland the quiet confidence that nobody does it better.