I had the pleasure of attending the Managing Partners Forum - Professional Services Growth Conference 2026. The theme of the day was External Investment and Business Development.  I sat in on several of the sessions and have written the key takeaways from each.

The barbarians are already inside – and doing quite well. 

Jeff Zindani (Acquira Professional Services)

External capital is no longer a future disruption, it is already embedded in the sector and actively changing how firms compete and grow. Investors are not chasing prestige or complex advisory work, but instead focusing on scalable, repeatable, process-driven areas.

Key takeaways:

• Growth is being driven by private equity and global capital, now active even in local markets
• The most important consolidation is often invisible, happening in smaller regional firms and not reported in the press
• Capital is highly selective, favouring:
  • Predictable revenue
  • Scalable models
  • Repeatable services
• This is a structural shift, not just increased deal activity

Jeff argues the biggest risk for firms is not making the wrong move but not moving at all.

Meet the players: Fundraising; investment criteria; adding value; governance; and exit

Panellists: Tom Green (Inflexion); Gareth Hunt (KBW-Stifel); and Richard Mayers (MML)

Investment readiness is less about perfection and more about clarity. Investors are backing firms with strong leadership, clear direction, and a credible plan for growth.

What investors look for:

• Clear vision and strategy
• Evidence of organic growth
• Strong, aligned leadership teams
• A clear reason for raising capital (e.g. tech, M&A, succession)

Common red flags:

• No clear plan or direction
• Misalignment within leadership
• High staff churn
• Partners looking to cash out and exit

Preparing a firm for external investment

Panellists: Gordon Stark (Murgatroyd); Pauline Caldwell (Momentum Business Consulting), Leor Franks (Kingsley Napley). In conversation with: Sir Nigel Knowles (DWF)

The core message: investment is a partnership, not a transaction. Success depends on alignment, trust, and shared ambition.

Preparing for external investment is about far more than getting the numbers right. This session focused on the need for firms to be strategically, operationally and culturally ready with aligned leadership, clear governance, strong communication, and a compelling case for why investment will make the business better.

Key takeaways:

• Investment should be seen as an enabler, not just a transaction
• Firms need more than financial readiness they also need:
  • leadership alignment
  • governance clarity
  • cultural awareness
  • stronger executive capability
• Communication is critical:
  • who needs to know, when they need to know, who should tell them
• Leaders often underestimate the emotional reaction inside the business
• Internal audiences and clients matter more than media headlines
• Treating investment as a change process, not just a deal process, leads to better outcomes

The strongest firms are the ones that prepare the whole business, not just the balance sheet!

Acquiring firms, teams and individual talent

Panellists: Neil Lloyd (Adeptio); John Munday (Colliers); and Daniel King (Azets). In conversation with: Neville Eisenberg

Growth through acquisition can be powerful but only when driven by strategy, not opportunism. M&A should be a tool, not the strategy itself.

What works:

• A clearly defined strategic direction
• Discipline around what to pursue, and what to avoid
• Funding structures that maintain alignment (not just upfront cash-outs)

Critical success factors:

• Due diligence beyond numbers: Culture, client base, leadership
• Trust and transparency in negotiations
• Strong focus on post-deal integration

The real value is not created in the deal, it’s created after it, through execution.

Systems and authority needed by professional managers

Panellists: Rod Harrington (Norton Rose); Julie Berry (Saffery) and John Rockel (Knight Frank). In conversation with: Sonam Verma (Barclays)

Professional services firms are shifting from traditional partner-led models to more professionalised management structures.

What’s changing:

• Move toward dedicated executives and subject matter experts
• Less reliance on partners managing “on the side”
• Increased use of data-driven decision-making

Key tensions:

• Balancing partnership culture with corporate-style management
• Keeping partners engaged while freeing them to focus on clients

Emerging priorities:

• Stronger governance frameworks
• Investment in AI and technology
• Adapting to changing workforce expectations

Sustainable growth now requires firms to operate more like modern businesses, not just partnerships.

Enhanced relationships and referrals between frontline advisors and internal experts as key drivers of profitability

Panellists: Rachel Holmes (Matrix Chambers) and Carole O’Neil (Cundall). In conversation with: Richard Chaplin (Managing Partners’ Forum)

The final session brought a human lens to growth, focusing on how knowledge, culture, and strategy actually play out day to day.

What drives effective knowledge sharing:

• Moving away from formal training toward “just-in-time” learning
• Creating multiple channels: short content, peer discussions, informal access to experts
• Maintaining a culture where people feel safe to ask and contribute

Key barriers:

• Lack of time
• Hierarchy and seniority dynamics
• Imposter syndrome (especially among juniors)

On strategy:

• It cannot be imposed top-down
• It requires broad engagement and ownership across the firm

Firms that succeed will align culture, knowledge, and strategy, treating them as interconnected, not separate.