Climbing the ranks to partner at a Big Four firm has long offered clout, money, and prestige. AI is disrupting the consulting industry, prompting a growing number of senior executives to depart Big Four and MBB firms for midsize firms and startups. Leavers cite a faster pace, better promotion opportunities, and greater influence at new firms. Midsize firms and startups are benefiting from private-equity investment and AI innovation, enabling them to attract high-profile talent. Large firms face a tighter market and pressure to innovate amid slow, bureaucratic procedures. Several notable hires and new startups illustrate the trend.
Climbing the ranks to reach partner at a Big Four firm has long been one of the corporate world's most coveted career paths - offering clout, money, and prestige. For senior figures in consulting, leaving for a lesser-known firm or even a startup wasn't generally seen as a prudent move. Now, as AI shakes up the industry, a growing number of executives are rethinking.
Business Insider spoke to three former senior figures at top consulting firms who have left to join smaller businesses in what analyst James Ransome said was part of an "exodus" of talent from traditional consulting power players. The leavers cited a faster pace, better promotion opportunities, and a greater feeling of influence in how their new firms worked as key reasons for making the switch.
Smaller firms like Alvarez & Marsal, Teneo, FTI Consulting, and Annex Partners are taking "really impressive individuals," in a way they wouldn't have been able to a few years ago, said Ransome. Examples of high-profile Big Four departures are numerous. In 2024, FTI Consulting, a midsize firm, hired Jeff Wray and Brian Salsberg, the global leader and head of M&A, respectively, at EY-Parthenon, the firm's strategy consulting wing.
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