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Why was Parthenon-EY rebranded EY-Parthenon?
So about those many PwC farewell emails...
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Booz partners leaving: As a condition of the sale to PwC, they took a deferred payout. A lot of those are coming due so their golden handcuffs are coming off
Unprofitability: In low CoL cities a Management Consulting Senior Associate makes ~$90k base (no MBA), Strategy& Senior Associates make ~$150k base. With the difference in salaries there's a corresponding increase in internal cost to the firm. If that difference can't be recouped then they won't be very profitable. Imagine if you're Client XYZ and you pay $300/hr for Johnny who is 5 years out of school at PwC then next week Strategy& comes to orals and pitches $500/hr for Billy who is also 5 years out of school. You'd probably balk. In short, PwC being cheaper is hurting Strategy&'s ability to sell (you'd never pay $100,000 for a Kia would you?)
Culture divide: To continue the car analogy, Volkswagen owns Porsche but you'd never see a guy in his $100,000 911 want that comparison to be made with a $20,000 VW Beetle. Similarly, Strategy& views itself as better than the rest of Advisory. Not exactly right or wrong (there's merits to both arguments).
Lack of collaboration: Not that I've seen. Sales credit in my practice is spread equitably so there's no incentive to hoard opportunities but it could definitely happen
Toxic culture: Disagree. There are dicks everywhere but a solid 85%+ of the Strategy& guys I've worked with have been great.
P1 - well articulated, you should move over to S&
Re: Toxic culture. I enjoy working on PwC projects and have nothing but respect for them and think most PwC colleagues will cite pleasant experiences in joint work. Similarly I love my S& colleagues and really do feel like I’m part of great teams. Where the ugly culture pops up is internally - especially to Associates and Senior Associates - who, due to firm dynamics cited above - are sometimes thrown under the bus when it comes to staffing on quality projects, utilization metrics, etc. Firm leadership is trying a bit to undo the gaslighting culture but it’s still a huge problem. The truth is different depending on who you ask, and at any point stated “policies” can be overturned for political reasons. Finally, you are told repeatedly that doing 2-3 years of PMO on one client is good for your career and highly discouraged from seeking other things, but then told at review time that you didn’t diversify enough or have enough skills. These are just some examples....
SM1- I'd argue the reason why Monitor went better than Booz is because Monitor was literally bankrupt and needed to be acquired to survive. Booz had their choice of suitors; and while they weren't amazingly positioned financially, they could take their time and extract concessions from whatever firm was willing to pay up..
S&1- Thought about it. I am part of a team of Ex PRTM guys who were initially aligned to S& but moved back two years ago. I'm good in MC for the timebeing
Monitor is dead and meanwhile completely integrated into Deloitte S&O. There is no distinction in branding or operating model anymore. Not the case for Strategy&!
We had the highest growth in advisory this year and are very profitable
Pwc1 yep, I also think the whole construct of S&O at deloitte leaves less room for hurt feelings. If that construct existed at pwc it would swallow up Strategy&, PwC DDV, all the ex prtm, etc. and unite them under a broader umbrella rather than somewhat arbitrary segregations that with big salary differentials which naturally piss people off. Yes, there’s a talent and expectation difference between broader MC and S&, but even within MC you have ivy grads that work 60 hour weeks doing similar work, from M+A to market entry assessments.
P1, what's the alternative? What's the new model? What are we not clue'd in on? Please tell us, as a professional courtesy, so that we can sell around this.
Spill the 🍵
P1 - well said. We are getting better at story telling. However, a few nits - most Billy(s) did not go to the same school as most Johnny(s). Most Billy(s) also have a lot more experience than Johnny(s). Problem is also that Billy has to be differentiated from Johnny but the Volkswagen salesman who now has the relationship with the client (as all the other Porsche salesmen left for Mercedes) is not convinced that Billy is the Porsche .. he thinks that everyone is 5 years out of the same school with the same experience
^ I’ve asked that about 45 times before. I don’t think there is an answer yet. I figure it’s a placeholder for the next acquisition !
What is the drama
Probably and Bain
I’m in the Deals practice. Joined out of MBA. I’ve personally been incredibly impressed with the quality of people and work. Pipeline is very strong and work is for top PE groups. They grew the right way in both how they go to market (as Strat& but through PWC’s Deals platform) and how they recruit talent (top schools for junior levels, acquiring DD senior talent mostly externally). A few kinks to be worked out, but it’s been much stronger than I imagined.
If recruiters interest is a good gauge, exit ops are also strong, and include a range of mid market to upper mid market PE. No mega fund exits yet but the group is young and I wouldn’t be surprised if we land a few in the next few years.
Lay it out bare
Come to Jesus
Did they really think this merger was going to work out? Booz talent never wanted to work at Big 4 and then you give the new group a dumb name. That’s why no consultancy is going to buy LEK. I’d say Deloitte + Monitor was somewhat successful but lots of that talent has also left
Strategy, and what?
Oh boy consulting culture is showing its age.
P1- please explain
Principal 1 - can you tell more?