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Consultancy Is Not a Profession

In: Business and Management

Submitted By egyeyu
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CONSULTANCY NOT A PROFESSION

By

Henry Egyeyu

Bellying Consultancy

P.O Box 1234,

Kitgum

30th March, 2010

RE: CONSULTANCY MEETING PROFESSION OR NOT - A CASE OF BAIN & COMPANY

1.0 Background information

Bain & Company was established in 1973 by a group of seven former partners and managers from the Boston Consulting Group headed by Bill Bain. The company was originally headquartered in Lexington, Massachusetts on Militia Drive. By the end of the decade, the firm's headquarters were in Faneuil Hall Marketplace in downtown Boston.

Under Bain's direction, the firm implemented a number of unconventional practices in its early years. Notably, Bain & Co. would work with only one client per industry to avoid potential conflicts of interest. Partners did not carry business cards and clients were referred to by code names to enforce client confidentiality. The company won clients by boardroom referrals rather than marketing, and claimed its consultants worked on increasing a company's market value rather than simply handing clients a list of recommendations. To win business, Bain demonstrated the increase in the price of their clients' stocks relative to the Dow Jones Industrial Average.

The firm's founding was followed by a period of growth in the late 1970s and early 1980s as the firm opened offices in Menlo Park, California, London, Munich, Paris, and Tokyo.

Another consulting approach used at Bain & Co. was accepting equity in lieu of fixed fees. An estimated 10% of Bain's revenue is derived from this equity participation or "success fees". For example, the firm took an ownership stake in fruit processor Del Monte Foods while working to revamp the company's strategy. "Coming into a leveraged buyout situation is never easy", said Del Monte CEO Richard Wolford. "Knowing Bain and...

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