A client is a person, company, or organization that uses the professional services of another. In the advertising context, a client is the manufacturer, owner, or provider of a product or service who desires to advertise that product or service utilizing the help of a qualified specialist; also called an 'account.' The client is the customer for whom the advertising agency works.
Commerce Clearing House (CCH) is a prominent publisher of tax services and a range of other business-related publications, providing essential resources for professionals in various sectors.
A contingent fee is a payment to a lawyer for legal services that depends, or is contingent, upon winning the case. Often indicates a percentage of the awarded amount.
Deloitte is one of the 'Big Four' international professional services firms providing audit, consulting, financial advisory, risk management, tax, and related services globally.
Disbursement refers to a payment made by an agent, often a professional such as a solicitor or banker, on behalf of a client. This amount is typically claimed back when the client receives an account for the professional services.
Ernst & Young (EY) is a multinational professional services firm providing advisory, assurance, tax, and transaction advisory services. EY is recognized as one of the 'Big Four' accounting firms globally.
EY is one of the Big Four accounting firms, providing assurance, tax, transaction, and advisory services internationally. Founded in the early 20th century, it rebranded to EY in 2013 and operates in over 150 countries.
A fee can refer to complete ownership in real property or the cost of professional services.
An honorarium is a voluntary payment given to a professional for services for which fees are not legally or traditionally required, often for cultural, social, or academic contributions.
KPMG is one of the Big Four international professional services networks, providing audit, tax, and advisory services across over 150 countries.
A letter of engagement is a formal agreement between a professional service provider and a client outlining the terms and conditions of the service engagement.
Malpractice insurance provides coverage for professionals against claims of negligence, mistakes, or failure to perform their professional duties, protecting them from potential legal and financial repercussions.
A management consultant is an individual or organization acting in a professional management advisory capacity for the purpose of assisting managers in analyzing management problems. Working on a fee basis, consultants make practical management recommendations and provide actual services for the employing organization.
An international network of professional services firms recognized as one of the Big Four, alongside Deloitte, Ernst & Young, and KPMG. PwC offers assurance, tax, deals, and consulting services globally.
PricewaterhouseCoopers (PwC) is one of the world's largest professional services networks, offering auditing, assurance, tax, consulting, and advisory services.
Professional liability arises when an individual, presenting themselves as an expert in a particular field, is alleged to have committed negligent acts or omissions while rendering their professional service. This form of liability is prevalent among professionals such as physicians, attorneys, and Certified Public Accountants (CPAs).
Individual who brings significant amounts of new business to a company, such as a law or accounting firm.
Representation involves professional assistance or fiduciary advocacy in a transaction or negotiation, ensuring that the interests of a party are effectively promoted and protected.
A retainer is a payment made in advance to a service provider, entitling the client to specific services or guaranteeing the provider's availability for service needs at a future time. Commonly used by attorneys and consultants.
An economic good consisting of human worth in the form of labor, advice, managerial skill, etc., rather than a commodity. Services to trade include banking, insurance, transport, etc. Professional services encompass the advice and skill of accountants, lawyers, architects, business consultants, doctors, etc. Consumer services include those given by caterers, cleaners, mechanics, plumbers, etc. Industry may be divided into extractive, manufacturing, and service sectors. The service industries make up an ever-increasing proportion of the national income.
A Standard of Care outlines the level of competence, diligence, and adherence to best practices that are expected of a professional in their field. It is a crucial component ensuring accountability and quality in professional services.
Established in 2008, Thomson Reuters is a global provider of essential information to businesses and professionals, born from the merger of the Reuters Group (dating back to 1851) and the Thomson Corporation (whose origins trace back to 1934).
