Professional Services Industry

The global industry made up of occupations in the service sector that require specialized training in the liberal arts, pure sciences or professional development, divided broadly into regulated professions requiring formal degrees and licenses, such as architects, accountants, engineers, physicians and attorneys, and specialist business support services such as tax guidance, accounting assistance, information technology support, public relations and management consulting. A widely used taxonomy divides professional service firms into four types by knowledge intensity and capital requirements: classic firms such as law and accounting practices, professional campuses such as hospitals, neo professional service firms such as management consultancies, and technology developers such as research and development or biotechnology firms. Major hubs such as London and New York serve as leading global centers for professional services firms, which operate as sole proprietorships, partnerships, corporations and specialized structures such as barristers' chambers in the legal field.