The golden age for CEO whisperers may be coming to an end
briefly circled the web in March. The authors, who claimed to be former partners at McKinsey, rebuked the illustrious strategy consultancy for its pursuit in recent years of “unchecked and unmanaged growth”, and chastised its leadership for, of all things, a “lack of strategic focus”. With humility typical of McKinseyites, they warned that “an organisation of genuine greatness” was at risk of being lost.
Since then, however, growth has been soggy for this “great eight”, slowing to around 5% in 2023, according to estimates from Kennedy Research Reports, an industry-watcher, and calculations by, based on company filings. Clients grappling with inflation and economic uncertainty have cut back on splashy projects. A dearth of mergers and acquisitions has led to a slump in demand for support with due diligence and company integrations.
The consulting industry has made it through choppy waters before, including during the dotcom crash and the global financial crisis. Yet its recovery this time will be complicated by three issues. The first is geopolitics. The consulting giants, all of which are based in the West, have benefited from decades of globalisation during which they spread their tendrils into every corner of the globe.
Now China is also starting to squeeze foreign advisers out of its market. Last year Dentons, a global law firm, unwound its tie-up with Dacheng, a Chinese one, in response to new cybersecurity and data-protection rules that made the combination unworkable. Although China is yet to produce a homegrown consulting powerhouse, it has already begun to make life difficult for foreign ones. Staff in Bain’s Shanghai office were questioned by Chinese authorities a year ago, for reasons unknown.
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