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My take is that PwC has a very strong assurance and tax practice (maybe even transactions), but they have no idea how to run an advisory business. This is even before they bought Booz & Company. You just can't expect to grow an advisory business inorganically over night by buying out companies. The cultures are just too different. We saw that with PRTM, with Diamond and now with Booz.
Comments made by the PwC leadership just do not inspire confidence.
I agree with what Slalom 1 said above
PwC5 you are an example of what is wrong with PwC. You keep going on the defensive about PwC without making proper arguments.
Let's talk about C1 conflicts for example. At least in R&C about 60% of our clients were lost overnight because PwC either audit them or want to sell audit work to them. As a result we've had to start from scratch. Literally from nothing. Strategy consulting clients don't get built over night. It takes years of relationship building, investments and proven value before C-suites start to trust you with their most challenging problems.
Instead of trying to truly understand how a strategy business should be run you focus on nonsense like partner utilization. Utilization as a primary (note primary) target works well for a commodity business like IT implementation but not for a strategy business. Ask any of the people from MBB if they even know what their utilization is.
Anyway there is very little point trying to explain as most of us are on our way out anyway. Adios!!!
In a sign of the very opaque way in which the broader PwC world is run, I can't really discern the ways in which ways the legacy Booz partners "failed." Did they fail because they missed reasonable metrics on profitability and revenue, or are the metrics used to rate partners skewed to begin with (e.g., an outsized focus on utilization)? Did they fail because they lost volume (of clients), pricing power, or both? (For that matter, did they even lose either?). Or, considering the purchase price, did they feel that PwC partners fail to reap the cash returns quickly enough? (This is, of course, not even to mention the skewed incentive structures of the firm). I really don't have a strong basis for judging, other than that 3 years is an usually short time to be giving up on an acquisition (and more broadly, the investment thesis started by the firm with its BearingPoint purchase, to which PRTM, Diamond, and Booz were bolt-one). It is really tough to tell, and the sudden focus on profitability during the last quarterly all-hands call surprised me more than a little.
I would say pwc advisory is struggling from the lack of a coherent strategy. It's acquisitions should be driven by its strategy, along with its talent mgmt stategy. From what i saw from my time there...pwc did well the last few years because consulting was growing across the board. Growing consulting sales was as easy as having people and a brand name. Now that things are tight....the flaws in pwcs strategy are showing.
I agree. Pockets are doing fantastic. Well oiled and managed. Others are a me too add on. It shows.
RA identity problem is that they want to be all things to all clients. No client needs a general store attitude.
@pwc7.....i thought it was just me that thought that way. Pwc partners hate new ideas....they love talking about how they are a 180 yr old organization. Ugh...they all sucked
To be honest, I think that if we spun off S& and MC together, you would almost overnight have a very lean, competitive firm. (You'd probably also want to through in Corporate Finance and Deals for good measure). If only we were publicly traded so that some shareholder activist could make the partners take their own medicine and create value by splitting up...
Heard the same.
Happened last week already
Dang they kept that quiet if they did!
Alternative facts?
I'm curious how long it will take ELT to own up to that decision, fold it in and deprecate the partial birth abortion of a brand that got created.
Any names?
Yup heard the same
This is the first year S& partners will be accountable for PwC targets. Last year there was a global review of S& partners, and folks on the bubble were notified so it's natural that some will be let go this year if they didn't perform.
P3, yup that's kinda what is happening. Whoever is remaining from the legacy Booz days are actively working on other opportunities
What practices though?
Pwc needs to have a reckoning....they have been making bad bets for years. I agree that they need to drop losing practices...shrink and come back stronger
My perspective is that legacy Booz didn't have the first f'ing clue how to run a consulting business, and the partnership at pwc only saw this after it was too late. Dump the Booz acquisition and move on ... its an anchor of highly paid folks with limited value outside of 3 industries.
P7 .... not always the case
Again, not always. Agreed that they have an identity problem ... but there are a select group that know what they do well and act more as facilitators. They are actually really good to work with