Architectural firms can be regarded as creative professional service firms. As such, architects need to navigate creative, professional and commercial goals, while simultaneously attempting to fulfil client, user and societal needs. This complex process is becoming increasingly difficult, as the historically established role of architects has become more blurred, contested and heterogeneous. While attempting to reclaim their role or to take on new roles in collaborations with other actors, architectural firms are challenged to develop business models that are financially viable and professionally satisfactory. These business models need to facilitate firms in capturing both financial and professional value in co-creation processes, and they must also suit the project-based structure of the firm. This research contributes insights into how firms might capture multiple dimensions of value in project-based work. It generates new perspectives on processes of organizational value capture and business model design, and provides concrete, practical insights into the difficulties of and opportunities involved in value capture by creative professional service firms.