There is a good amount of cost cutting measures, emphasis on margin, and focus on expenses. Is there something going on with the firm that us lay people need to seriously worry about?

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It's a long and complex answer, but a shorter answer is 1) Our realized rate per hour (blended) is not increasing in line with salaries. In fact, it isn't significantly higher than 20 years ago. This, which is largely a result of increased price transparency / competition, puts intense pressure on margin. 2) Controllable expenses (travel for internal meetings, etc.) have gotten much higher and need to be brought back into line.

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Well I'm trying to get a level down and see if it's actually something we should be concerned about or if it's more preventative measures. The fact is as a junior practitioner I see the outcomes of what's going on but don't know the root causes. So for instance is it a revenue issue, is it a margins issue, did we overhire , is it that costs are increasing if so why etc. Our underlying business may be solid but leadership may be trying to focus on costs to improve profits or we may be struggling as a business.

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I was worried about that too

Well if all those measures were you're recommendation to a client what do you think the issue would be?

^thanks EY2, that's helpful

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