If the economy slows, how do you think management consulting will perform? Can consultants expect layoffs?

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Consulting firms typically do well in a downturn. There will be shocks to the system, but companies get aggressive in preserving market share or making opportunistic M&A move, with cost take-out, sales performance, etc. and need advisors to help.

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Consulting firms make money in an up market and a down market. Only difficult times are sideways markets.

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Amen

In my experience from 2009-2011 and what I heard about 2002-2004... There will be a couple years of difficult with very reduced hiring or layoffs... Clients will focus on cost cutting or looking for weaker firms to acquire. After that it's generally healthy growth again.

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If you want to be super conservative and cautious, identify a regulated area in your field of expertise and learn enough to be able to do it.

Regulatory areas don't go away based on the economy (outside of BT), and would probably be a plus to have.

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