Doing Business Differently - Could Prestigious Management Consulting Be Dying?

"Is consulting dead/dying ? At least it seems to be, due to the 2008-2022 QE era coming to an end. I have talked with colleagues across multiple consultancies and even many partners seem to be somewhat concerned ? " - Posted on Fishbowl Consulting, August 27, 2023

Of course, the jury is out on that one, as it should be. The craziness of the 21st century shamed the experts who had been so smug about predictions and such busy bees with what must be done. 

Eseentially, though, the postings and responses on Fishbowl Consulting lean into no resurrection of a golden age of consulting. Some of us alumni of the Fortune 100 vividly recall those consultants from brandname firms prancing around the corridors sniffing around about what strategies were an anachronisms and, therefore, what jobs would be cut. Now, more and more of that sizing up is being conducted in-house through internal resources.

In general, here's the representative opinion that the management-consulting niche will be smaller and less influential:

Other sectors such as Big Tech are moving in to conduct the same kind of work. Their edge is that they can cross-sell. 

A few greats will survive and thrive. The rest will struggle and probably die off.

There will be a continuation of bringing that work in-house.

Of course, generative AI will do lots of the research. Those skilled with the prompting on bots such as ChatGPT could also pry loose solutions. Skip the case studies. Go directly to the unique solution. 

Although some will still have the bucks to pay for the pricey consulting services more and more will balk.

As for other professional services - law, finance, public relations and more - their pain is palpable.  Those which are still on a growth trajectory have to be aggressively proactive. The meme is: Do business differently. 

Before our eyes law firm Paul Weiss is mutating. Leader Brad Karp has transformed into an architect. 

Alternative investment management firms like Apollo steal the show from traditional banks. The M&A for expansion is eye-popping. 

And top dog in public relations Edelman had decided it had to cut loose more than 200 seasoned professionals to regroup. Richard Edelman saw the future and it isn't being configured in the present. 

In my coaching, clients are fully aware that eveything has changed and more of that is on the way. Expect accelerated upheaval in professional service post-Labor Day. The usual fall surge in demand is unlikely to happen.

Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 202-468-8579, janegenova374@gmail.com).