True value. A practice based definition of value co-created in professional firms.

Value proposition is a critical means by which professional service firms compete in their markets. A clear value definition is essential to convey the professional firm’s value proposition. Prior research has shown that value is a multifaceted construct contingent on value creation practices, circumstances and points of view. Still existing literature tends to prefer firm level analyses that do not fully account for value’s contingent nature. This paper proposes a conceptual model to help practitioners in professional service firms and their clients define and assess value, taking into account their value co-creation practices. Value is defined in terms of coexistence of diverse capital forms and currency variations. The model is tested empirically in two cases.