What do professionals in law, banking, accounting, and consulting all have in common? Besides wearing suits, it’s project management. Even though many of them don’t like the “project manager” label, their daily work involves managing clients, hitting deadlines, and staying on budget. They're often "accidental project managers", using project management skills without formal training. This means they miss out on the big benefits of structured project management.

Today, more than ever, project management is crucial for success in professional services. Clients have higher expectations, deadlines are tighter, technology is changing fast, and projects are getting more complex. Plus, many teams are working remotely or across different time zones.

In this context, we’ll explore how project management can help professionals and organisations succeed.

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What is a Project?

The Project Management Institute (PMI) defines a project as “a temporary endeavour undertaken to create a unique product, service, or result”.

What does this mean?

A project is a one-time job with a clear goal, like building a house, launching a new app, or planning a wedding. It has a start, an end, and a plan to get things done. Unlike daily work, a project is temporary—it finishes when the goal is met.

Project management is the art of making sure the project runs smoothly. It’s about planning, organising, and leading a team to get things done on time, within budget, and without chaos. A project manager keeps everything on track, solves problems, and makes sure everyone knows what they need to do.

A project is a lot like a road trip. You have a destination (project goal), a map (project plan), and a budget. You decide who’s coming (project team), what to pack (resources), and how long it’ll take. Project management is making sure you don’t run out of petrol, get lost, or blow all your money on snacks before you reach the finish line.

For more information, check out our article about the elements of a project here.

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Examples of Professional Services Project Management

Professional services project management involves planning, organising, and overseeing professional services projects from start to finish. For instance:

• Consultants: Consultants work on projects to improve business operations. They might review a company’s processes, find issues, and suggest ways to make things run more smoothly. As project managers, consultants help businesses manage change, such as implementing new technology or restructuring. They guide companies through transitions to keep things running smoothly and help employees adjust.
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• Lawyers: Transactional lawyers, like those working on mergers and acquisitions, manage legal processes when companies merge or buy others. This includes handling due diligence, drafting contracts, getting regulatory approvals, and managing legal risks—all while sticking to a timeline and budget. Litigators, on the other hand, manage court cases, gathering evidence by managing witnesses and presenting it in court.
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• Accountants: Accountants handle tax planning projects for individuals and businesses. Their projects involve helping clients comply with regulations, minimise taxes, and prepare financial statements. They make sure everything is submitted by government deadlines.
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• Engineers: Construction engineers manage the design and execution of projects like buildings, metro stations, or highways. They ensure designs meet regulations and are completed on time and within budget. Product engineers, on the other hand, work on developing new products or improving existing ones, like creating new smartphones or medical devices. Their projects involve designing prototypes, testing, and refining the product.
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The Impact of Poor Professional Services Project Management

Almost every professional has had to approach a client for a fee increase or an extension of time. Often, they don’t realise that the cost or time blow-out may have resulted from poor professional services project management. When professional services projects go off-track, it leads to delayed deliverables, overspending, and dissatisfied clients. This problem is not unique to professional services – the Australian Institute of Project Management reports that only 42% of projects are likely to be delivered on time, and only 40% are likely to be delivered on budget.

For instance, a law firm may struggle with poor professional services project management when trying to deliver a complex legal case on time. Missing deadlines, understaffing, mismanagement of lay and expert witnesses, or not effectively monitoring progress can cause damage to client relationships and reputation. However, it’s not just clients that bear the consequences of poor project management. Australian courts have – on many occasions – determined a lawyer was liable for costs where:

• The lawyer caused unnecessary costs by tendering irrelevant evidence.
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• The lawyer caused delays by raising untenable defences.
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• The lawyers caused delays because they were unprepared.

These circumstances can usually be avoided with effective project management.

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Key Benefits of Effective Project Management in Professional Services

• Time Efficiency: Good project management ensures projects are finished on time, avoiding delays.
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• Better Resource Allocation: Planning properly helps ensure that the right people are doing the right tasks, preventing some from being overworked or others from having too little to do.
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• Better Budget Control: Managing the budget well is important, especially in industries where there isn’t a lot of extra money to spare. It helps meet clients’ needs while staying competitive.
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• Risk Management: Project management helps spot potential problems early - whether legal, financial, or other - and find ways to deal with them.
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• Client Satisfaction: The goal is to meet client expectations. Good project management helps deliver high-quality work on time and within the budget, keeping clients happy.

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7 Common Challenges in Project Management for Professional Services

Despite its clear benefits, many organisations face challenges in implementing effective project management. Some common issues include:

Challenge 1: Lack of organisational awareness and proper training

It was traditionally less common for professionals to receive formal project management training, compared to, for example, construction project managers or IT project managers. In professional services, project management is often delegated to senior professionals who are experts in their fields but do not have formal project management training. Without organisational awareness of the benefits of well-trained project managers, projects can quickly go off track.

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Challenge 2: Inadequate project management material

Without the right templates, managing multiple tasks and resources can become chaotic and overwhelming.

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Challenge 3: Communication barriers

A lack of clear communication between team members, clients, and stakeholders can lead to misunderstandings and delays.

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Challenge 4: Unclear Scope

A common issue in professional services is the lack of a clear and well-defined project scope. Without a detailed understanding of the project’s objectives, deliverables, and timelines, teams can easily deviate from the original goals, leading to confusion, scope creep, and missed deadlines. If a client is unclear on their project scope at the outset, project management can provide professionals with the communication skills to revisit scope (and fee uplift) conversations at the right time and in an appropriate manner.

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Challenge 5: Client Expectations and Communication

Managing client expectations can be challenging. In many professional services, the client’s vision or requirements may change over time, making it difficult to keep the project on track. Miscommunication or failure to set realistic expectations early in the process can result in clients being dissatisfied with the outcome, even if the project was completed on time and within budget.

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Challenge 6: Resource Constraints

Many organisations operate with limited resources, and project managers may have to juggle multiple projects with the same personnel. Overworking staff or not having the right mix of skills can hinder the project’s success. In sectors like law and accounting, where work is often knowledge-based, finding the right skill set for specific tasks can be particularly difficult.

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Challenge 7: Complex Stakeholder Management

Many professional services projects have multiple stakeholders, including clients, internal teams, contractors or consultants, and government regulators. Balancing needs and keeping all stakeholders informed can be overwhelming. Stakeholder conflicts, shifting priorities, or delays in decision-making can create barriers to progress.

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Professional Services Project Management: More Crucial Than Ever

Effective project management is crucial for success in professional services. It helps improve efficiency, manage resources better, and keep clients happy, all while ensuring projects are completed on time and within budget. As Australian businesses continue to recognise the benefits of good project management, those who don’t adopt these practices may struggle to stay competitive in a demanding market.

To stay ahead, think about gaining formal qualifications in project management. Taking an online certification course can give you the skills and tools needed to lead successful projects. Whether starting in professional services or looking to improve your career, project management expertise is a game-changer.

Want to learn more about professional services project management ? Join our free Project Management Community here.