Bright Space study, ‘Missing the Point of Purpose’, reveals a significant gap between firms claiming to have a purpose and those effectively implementing it.
Only 52% of top law firms and 44% of leading accountancy firms have established purpose statements, with just half of these supported by meaningful narratives and context, according to our new research.
Of firms with purpose statements, our 'Missing the Point of Purpose' study uncovers that only 26% of accountancy firms and 28% of law firms have developed supporting narratives that make their purpose relevant and meaningful to stakeholders.
Using our proprietary Spotlight auditing tool, we analysed how the Top 50 accountancy firms (Accountancy Age's Top 50+50 2023) and Top 50 law firms (The Lawyer's UK 200 2023) communicate value across five key business pillars: Products and Services, Financials, Environmental Impact, Society Engagement, and Governance.
Additional key findings include:
"These findings reveal a critical gap in how professional services firms approach purpose," said Ingrid Brown, Principal at Bright Space Communications.
"While many recognise the importance of having a purpose statement, most struggle to translate this into meaningful narratives that guide operations and resonate with stakeholders. This represents a significant missed opportunity in an era where corporate clients increasingly demand alignment with their own ESG commitments and talent seeks meaning beyond compensation."
The research demonstrates that firms with well-articulated and embedded purpose statements show stronger client relationships, better talent retention, and more resilient performance during market uncertainties.
Simon Slater, Specialist Adviser for Legal and Professional Services at Bright Space and former law firm CEO adds:
“This study provides not just a diagnosis of our current shortcomings but a roadmap for how professional service firms can better articulate and embed purpose in their operations.”
The full report is available here. For more information about measuring your firm's value communication effectiveness, contact letstalk@brightspacecomms.co.uk.