-
Arthur D Little
Created the fisrt Management consultent firm -
Edwin G. Booz,
The first to serve both industry and government clients. -
First Growth wave
Triggered by the Glass-Steagall Banking Act. It was driven by demand for advice on finance, strategy, and organization. -
World Wide
More firms started to open in Europe, later in Asia and South America. -
Foundation
Booz Allen Hamilton developed the tools and approaches that would define the new field of strategic management, setting the groundwork for many consulting firms to follow -
Early wave of growth
Driven by demand for strategy and organization consultancies -
More Growth
Gaining considerable importance in relation to national gross domestic product. -
IT
The big accounting firms entered the IT consulting segment. -
Growth rates
Growth rates of the industry exceeding 20% in the 1980s and 1990s. -
Growing
More than 30 large firms world wide. -
Wave of growth
Driven by both strategy and information technology advice -
Pricing
A shift to more results-based pricing, either with fixed bids for defined deliverables or some form of results-based pricing in which the firm would be paid a fraction of the value delivered. -
Types
Currently, there are three main types of consulting firms. Large, diversified organizations, Medium-sized management consultancies and boutique firms. -
Current trends
Favor a hybrid with components of fixed pricing and risk-sharing by both the consulting firm and client.