Not So Much Howdy, Partner at PwC - Signal that Consulting Isn't Bouncing Back Fast (and other things to think about if you're white-collar)

 "PricewaterhouseCoopers is looking to shrink its new class of U.S. consulting partners by more than 50% compared with last year as demand for advisory services continues to slow and the firm reorganizes its business lines." - The Wall Street Journal, April 19, 2024

Last year the partner class numbered 174. This year it's 85. Incidentedly, in 2022, it was at 200.

Obviously, PwC isn't confident that the consulting sector is going to return to normalcy in demand any time soon.

Read the professional anonymous network Fishbowl Consulting and what's palpable is the employment insecurity. Some are fearful of getting laid off or forced out. Those who have already been axed are struggling to be hired in comparable roles. For those complaining about the stress of the work, the advice is suck it up, don't quit, there's not much out there.

As industry keeps more work in-house there is doubt that consulting will return to its earlier demand or status.

That pall hangs over much of professional services. 

There are practices in law firms which remain slow.

Overall, growth has slowed in public relations. 

To boost profits banks have been laying off. 

Sure, the meme is about freelancing. But with so many out there chasing assignments it's a dog fight. Just register with global freelance platform UpWork goes the dominant platitude. However, when bidding for assignments on UpWork you are competing with talent from undeveloped nations who likely will expect way less compensation than those in the US.

As a career coach, I hear the rage of the white-collar. Underneath it is fear. And further down is shock that they had played by the rules and now this ...

Over and over I recommend developing multiple sources of income. If the day job falls through you won't wind up homeless. You also will have more confidence when going after the Next or Nexts. As for optimism, consider this: It was The Great Depression and still some became quite wealthy. Don't limit yourself in how to search for opportunity and learn to calculate how much risk you can handle. Meanwhile, you have to hone coping skills for the rawness of current capitalism. 

Limiting beliefs? Self-defeating? Stuck? Complimentary consultation with Coach Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com) 


Comments

Post a Comment

Popular posts from this blog

Akin Gump Julia Ghahramani's March 2021 Cocaine+ Death - So?

   It had been way back more than a year ago that first-year associate at law firm Akin Gump Julia Ghahramani died from cocaine laced with fentanyl. Yet that story keeps resurfacing.  This week  RollonFriday  revisits it. And  Reddit Big Law  considers the issue if the energy from cocaine is what's making possible those 2,500 hours billed in law firms.  Is what's keeping this on the radar the hunch that use of the illegal substance cocaine is common among those practicing law? After all, in addition to being an energy-booster, it provides a nice reward for such hard-working lawyers. Also, they have the earnings to afford it. Most of the rest of gunners have to stick with boozing. So, why not?  The reality might be setting in that the death could simply have been an aberration. Think about it this way: Ghahramani had bad luck in her alleged choice of dealers. Others might be able to exert more scrutiny in overseeing the content of the illegal drugs they sold. The message c
Read more

Up-or-Out: McKinsey Raises the Pressure, In Contrast Some Law Firms Ease It through Nonequity Partner Tier

" McKinsey & Co.  warned some US consultants last week they are running out of time to win promotion, raising the 'up or out' pressure on staff as the global consulting industry struggles." - Abovethefold Article in Bloomberg , March 27, 2024 This is yet another sign that once-iconic McKinsey is a professional services firm in trouble. One challenge is overcapacity of manpower. It has also warned about 3,000 consultants about "concerns" regarding their performance.  In addition to the overall slowdown in management consulting, McKinsey faces scrutiny from myriad sources about its client list including assignments with China and Saudi Arabia. There also has been that hatchet-job book "When McKinsey Comes to Town." The most damning aspect of the expose is that former employees dump on it. Posts on the professional anonymous network Fishbowl Consulting aren't optimistic about a turnaround at McKinsey or at other players in that sector. In cont
Read more

Down Memory Lane - There Was Actually a Time in When $70k for New JDs Was Big Money

  Let's cut to the chase. The year was 1987.  On a Monday in October the stock market crashed.  Corporate downsizing, made an art at GE by Jack Welch, was purging the system of middle-aged middle managers. Staples caught the wave of accidental entrepreneurs forced out of corporate careers. It created the new category of office supplies for small business. We the purged agonized at Staples about what color business stationary.  It was the worst of economic times, at least since The Great Depression.  Meanwhile, large law firms were getting a lot of attention because they were paying inexperienced law-school graduates starting salaries of up to $70k.  Cravath got the ball rolling on that. The phenomenon was enough to attract a major article by The Washington Post.   The kicker was this: The money wasn't enough for young lawyers to stay with those jobs which they found long in the hours and short on stimulating assignments. Often they were locked into proofreading documents at the
Read more