Methods used by Big 6 partners in practice development

In a mail survey, 308 Big 6 partners provided information on the activities they believe to be most important in their development of professional service, often called practice development (PD). With regard to making contacts, the surveyed partners ranked client referrals and recommendations as the most important source, followed by referrals from within their own firms, business contacts, their reputation for expertise, referrals from former colleagues, and contacts made through nonbusiness organizations. As to the development of contacts, formal business settings were perceived as more valuable than personal entertaining and participation in nonbusiness and professional organizations. Audit, tax, and consulting partners differ significantly in the value they place on approaches to making contacts. Consultants place more value on referrals from within their firms, while audit and tax partners value contacts from outside sources.