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All of MBB, T2, B4, and ACN, are so large, doing so many things in so many countries, that you cannot definitively say what they stand out in relative to everyone else. You have to filter your criteria somehow.
Obviously MBB have on average a better reputation in consulting than T2, who have a better reputation on average than B4/ACN. But there are countries and sectors where MBB are the laggards instead of the leaders. Even setting aside obvious things like Accenture being better than MBB at tech implementations or B4 being better than MBB at transfer pricing, you could well argue that OW is better than Bain in the Middle East, or like An1 said there may be areas of life sciences where LEK or maybe ZS are better than MBB.
If you have a choice between MBB and LEK/other T2 and you don't know what you want to do, choose MBB every time. If you have a very specific goal in mind, then you have to think a little harder about your options.
This is spot on.
To provide more color as it relates to LEK in the US - agree it is fair to say that it has specific industries and services that it has strong positions in with a sizeable partner group, but many areas that MBB or others cover where it has no coverage or maybe one partner focused in it. For example, we don’t touch any government work whereas that’s pretty significant for others. We don’t work with real estate players. We don’t work with mining companies. And so on.
In terms of services, firm is mostly focused on growth strategy and CDDs, and I think the mix is fairly even. Part of the reason LEK has the (fair) reputation for sweaty hours on this app is that it’s like taking just the PEG / PEPI ringfence and sections of the Strat & Corp Fin practices of MBB / other T2 firms and making that >75% of the business. They can be very interesting, but those projects tend to have some of the highest burn across firms. To be clear - there is no PE ringfence - the ‘typical experience’ at LEK will yield about an even mix of time across CDD and growth strategy, unless you self select into specializing in other services. For those, It also has a group it calls “Organization & Performance” that covers PMI, org / op model, commercial excellence, performance improvement, supply chain, etc. - which is growing fast but is a fraction the size of Strat / CDD, whereas for most firms including MBB it would be the inverse. There are other services but they are newer / smaller.
As far as industries, the rep on this forum is LS / Healthcare focused which is not wrong, it is just dated as it was the area LEK first built a reputation in like 20 years ago. But today it’s more diversified. The strength areas would be: life sciences / pharma as still largest area, especially strategy work with biotechs and pipeline strategy for large biopharma, but also Pharma services & equipment. Then the Industrial practice is large and very strong in building products strategy and CDD, but also covers industrial equipment / tech, packaging, energy, environmental, etc. Consumer practice follows and covers wide range but is strongest in Food & Beverage. Medtech is strong with lots of CDD and growth strategy. Firm also covers other healthcare spaces (payers / providers / tech) but my sense is that is smaller share of market and more CDD focused. Same with TMT practice. Financial Services practice is new in US having just brought in a bunch of partners from other firms.
In general, everyone is whip smart, motivated, hardworking, and pretty low ego. Most people exit to grad school, PE / VC, or corporate strategy or BD roles, though I have seen a range of others over time.
Their only reputation pertains to working their people to death.
LEK still has a fair presence in LS&H and it’s a dominant firm for CDD, I think they used to do way more and they just decided to specialize.
Everyone there is really smart though and even though we meme that they get worked to the bone people there are genuinely nice most of the time
I genuinely really like it - the hours can be tough but we work with a lot of high-profile clients on interesting problems and the people in my start class are some of my closest friends
Blink twice if you need help
Strong in mid market DD, LS, healthcare. Long hours. Close to MBB pay, fast progression, high burnout, moderately weaker benefits. Good at sourcing hard to find external experts in niche markets. Good at market sizing for clients that are sharp / work the pencil with them.
Life sciences and L/MM PE
Not well known with exception to CDD
Pro
They used to be strong in media & entertainment but I haven’t seen them anywhere else. Remember that fishbowl biases toward negative views so if you’re interested in LEK, you should talk to them and get to know them. They might be as awful as fishbowl suggests or might be the perfect fit for you.
Lifesciences
LS powerhouse especially if you leave consulting into venture, BD, and corporate strategy roles across life science
Isn’t that just a sweatshop for low value DDs?
The Elite Botique/Evercore of Consulting; especially in Life Sciences and CDD.
Pro
I heard Accenture is the new Jane Street
*Shudders as I think back to my LEK days*
Say more. I would much rather work somewhere with actual growth opps.