What Is a New Firm?
It’s a Radical Revolution!
Accounting is changing faster than ever before. Those legacy firms — you know the ones still clinging to billable hours and transactional relationships — are on shaky ground thanks to the “new firm.” These are firms that operate with a fresh, forward-thinking approach that’s flipping the script on how we work, deliver value and connect with clients.
A new firm isn’t just a rebrand; it’s a total mindset shift. These firms are built for speed, adaptability and delivering value at every touchpoint. They're not afraid to ditch outdated practices (bye, timesheets!) and embrace the modern principles that today’s clients crave. Let’s explore what makes a new firm tick.
The DNA of a New Firm
Nobody cares how long it takes you to do something — they care about the results. That’s why new firms are done with hourly billing. Instead, they focus on pricing based on the outcomes clients actually want. These firms aim to align with outcomes. They are clear with clients about what they are getting and why it matters. This is done with transparent pricing that builds confidence from the get-go, too.
All this puts the focus on efficiency. You’re rewarded for working smarter, not longer, to provide real value to the client. Value-based pricing is a win for your bottom line and the foundation of better client relationships.
Productized Services
New firms don’t reinvent the wheel for every client. They’ve figured out what works, standardized it and turned their services into consistent, scalable offerings.
This is beneficial because it leads to:
Predictability - clients know exactly what they’re getting
Efficiency - your team isn’t spinning its wheels on custom solutions
Profitability - repeatable processes mean higher margins
For example, instead of billing hourly for tax prep or consulting, a new firm might offer a fixed-price package tailored to specific industries. This helps clients feel confident, and you get to streamline your work.
Tech-Savvy Operations
If you’re still buried in manual processes, you’re doing it wrong. New firms are powered by technology, from automation to real-time analytics. They are saying goodbye to repetitive tasks and hello to time for high-value work thanks to automation.
This translates into real-time insights where clients get data they can actually use, not last month’s numbers. And information is a collaboration made easy thanks to cloud-based tools. Everyone’s on the same page, wherever they are.
Tech isn’t just a tool — it’s the backbone of a new firm. And no, you don’t have to be a tech genius to make it work.
Clients as Partners
In a new firm, clients aren’t just numbers on a spreadsheet — they’re partners in success. These firms go all-in on understanding what clients need, what obstacles they face and how to deliver solutions that move the needle. It starts with a deep dive into discovery to learn their goals, challenges and pain points.
This is then used to identify the services offered that matter most to them.
The focus is on the long term. You want to build trust that turns one-off projects into lasting partnerships. When clients see you as a partner — not just a service provider — they stick around.
A Growth Mindset
The old-school firms fear change. New firms embrace it. They know the only way to thrive in a world of AI disruptors and tech-savvy competitors is to stay flexible and keep evolving. It requires quick adaption; pivoting when the market shifts. The solutions delivered are future-ready. It’s not about reacting. These solutions keep clients ahead of the curve.
This mindset includes the need for continuous improvement, too. These firms do set it and forget about it. They are staying ahead of the curve. New firms aren’t just surviving—they’re leading the way.
Why New Firms Are Crushing It
Clients are over the old way of doing things. They want transparency, efficiency and value. These are all things legacy firms struggle to deliver. New firms? They’re built for this. They are able to provide consistent value by aligning pricing and services with real client outcomes. They standardize processes to scale for growth without the growing pains. They build stronger relationships with client-first models that create loyalty that lasts. New firms are the future!
How to Become a New Firm
Thinking about making the leap? Here’s how to start:
Rethink your pricing - shift from hourly billing to value-based or fixed pricing
Standardize your offerings - find your repeatable sweet spots and productize them
Invest in tech - automate the grunt work and focus on what matters
Focus on outcomes - build your services around what clients actually value
Embrace change - experiment, learn and keep evolving.
The new firm isn’t just an idea — it’s the blueprint for thriving in a world that demands more. By focusing on value, technology and client relationships, these firms are rewriting the rules and creating a future where everyone wins.
So, who’s ready to step up and become a new firm? The time is now.
Don’t Miss My Session!
I’m moderating a session on 2025 tax and HR compliance updates for. My guests include:
Amy Miller - Senior Director of Government Affairs, ADP
Kelly Phillips Erb - Tax Counsel, Erblaw
Ronald Ulrich - Retirement Services Executive, ADP
It’s a rockstar panel that, I’m sure, will have a wealth of information to share. Be sure to check out and register for the Accountant Connect Summit in January.