What are your guys expectations for the M&A Market in 2025? Will the lay offs continue in the deals department at Big 4 or will they start hiring?

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At PwC, seeing an uptick in activity and there’s definitely some large corporate deals happening. We are increasing our goals and back to hiring full time campus hires (vs simply converting interns).

Performance-based terms will still happen as we continue to weed out bad hires from the pandemic and people we promoted too quickly in effort to retain.

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Private credit is doing good. Strangely enough it sounds like the TRx guys also doing well. PE deals - DPIs are still down, undersubscribed fund raising and there are bags of excrement from 2021 that are waiting to be exited: see Thoma Bravo, Vista, Clearlake. Strategics - record profits, and good position to do stock deals and will be way more competitive than PE vs the last couple of years...PE LPs keeping a watchful eye on "dumb" 2021 valuations for the sake of deploying capital. What it means for consulting:
(good) PE sell side projects, (good) Strategics DD and post close, (meh to bad, so same as 2024?) PE buy side

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Plenty white papers on 2025 M&A market issued by each big 4. Maybe go read them in LinkedIn?

you can look at the white papers for stats and charts, those are usually pretty good (I like the BCG and EY M&A reports). Ignore all the text in there bunch of filler and biased circlejerk consulting jargon

We are hiring.

We’re busy. We’re hiring. Clients are very active.

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