McKinsey is promoting around 200 employees to partner this year, a significant drop from 250 in 2023, reflecting a challenging environment for professional services.
Many view achieving partner status at major consulting firms as the pinnacle of success, with the role allowing input in the firm's direction and a share of profits.
As McKinsey's global workforce surged to 45,000, the number of partner promotions continued to decline, highlighting the dual challenges of staff expansion and market demand.
Partner payouts are decreasing across major consultancies, evidenced by EY's drop in UK partner payouts by 5%, indicating economic pressures affecting earnings.
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