How did your firm handle the recession back in 2008? Layoffs? Pay-cuts? etc

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Sold the largest project in firm history. Kept basically everyone. Tightened up promo requirements.

Partner who sold that project is now CEO.

From what I understand, ‘02 was rougher. We rescinded campus offers... and greatly regretted the lack of capacity and broken pyramids during recovery

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prob not that big.. just big for BCG

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Deloitte had a huge contract with the FDIC to assist with bank closures...that worked out very well. They also did layoffs. They did an across the board pay cut in the dot bomb recession. Back in those days, Sarbanes-Oxley was new and every public company wanted a risk assessment and often needed controls work to “implement” SOX, so when consulting got slow they trained people to do SOX audits, so the tie to audit helped weather that storm to an extent.

Since then they moved a higher percentage of comp to bonus—now the pay cut doesn’t need to even be called a pay cut. Deloitte also runs about 5-10% higher average utilization vs. a decade ago, so there is less “fat” to cut.

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ACN offered buyouts.

every big 4 firm did. projects with 700+ ppl were common. ppl were getting bonuses

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