This document discusses key performance indicators for professional service firms. It defines important concepts like business models, value logic, and the roles of principals. It then analyzes a case study consulting firm using these concepts. Three scenarios are modeled to explore how changing how principals spend their time could impact the firm's performance. The base case shows a focus on utilization over health factors like fees and leverage. Shifting principals' focus to customer development in scenario 2 increases leverage but not enough. Standardization also needs focus to fully address health factors.