Every week a business school professor, an expert in his or her field, defines a key term on FT Lexicon, our online economics, business and finance glossary. Our professor this week Professor Laura Empson is director of the Centre for Professional Service Firms at Cass Business School, part of City University London. She also teaches the MBA elective Managing Professional Service Firms. Prof Empson has spent the past two decades researching professionals and professional service firms. She has published numerous articles in leading international academic journals, as well as translating her research for a practitioner audience, most notably in her 2007 book, Managing the Modern Law Firm (Oxford University Press), and is currently editing the forthcoming Oxford Handbook of Professional Service Firms, which will also be published by Oxford University Press.

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