At a recent meeting with the founding attorney of a successful law firm, the lawyer lamented "the trouble with my business is that my key assets all go home at night!"
His point underscores the challenge facing service firms.
Traditionally we think of the key assets of a business as the capital assets (such as the factory and equipment), or the operational assets (such as their inventory). But if you're a law firm, a web design company, a literary agent, or …. shall I go on? …any kind of firm where human capital is the key driver, the term "key asset" has a different meaning. For so many of these firms, their key assets breathe oxygen, drive their own cars, and break down from non-mechanical reasons.
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