Difference between revisions of "Specialization"
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(Created page with ''''From Vault's Career Guide to Consulting''' ''Italic text''<br> * Boutique firms support their clients with highly-specialized expertise. These firms choose to focus on a smal…') |
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(M&A, economics and litigation, turnaround) or methodologies (real options, | (M&A, economics and litigation, turnaround) or methodologies (real options, | ||
EVA). <br> | EVA). <br> | ||
* common misconceptions about boutique firms. <br> | |||
not the case. A boutique is determined not by size, but by focus. L.E.K. | not the case. A boutique is determined not by size, but by focus. L.E.K. | ||
Consulting (which was founded by a handful of former Bain partners) now has | Consulting (which was founded by a handful of former Bain partners) now has | ||
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would turn to Strategic Decisions Group, which has the best reputation in the | would turn to Strategic Decisions Group, which has the best reputation in the | ||
business for these sorts of problems. <br> | business for these sorts of problems. <br> | ||
Because boutiques offer such depth in particular areas, it is increasingly common | * Because boutiques offer such depth in particular areas, it is increasingly common | ||
to find a boutique firm (and potentially a very small one with just a few employees) | to find a boutique firm (and potentially a very small one with just a few employees) | ||
as the consultant of choice for a Fortune 500 company. These highly-regarded | as the consultant of choice for a Fortune 500 company. <br> | ||
specialist firms are extremely appealing employers for prospective consultants | * These highly-regarded specialist firms are extremely appealing employers for prospective consultants | ||
who are interested in developing a true expertise, and who are not obsessed with | who are interested in developing a true expertise, and who are not obsessed with | ||
working at a firm more well-known among the general public. | working at a firm more well-known among the general public. <br> | ||
*All this said, we should note that many boutiques are indeed small, ranging from | |||
All this said, we should note that many boutiques are indeed small, ranging from | |||
upwards of 200 employees down to a single consultant. Often, boutique consulting | upwards of 200 employees down to a single consultant. Often, boutique consulting | ||
firms grow from the expertise and client relationships of one to five founding | firms grow from the expertise and client relationships of one to five founding | ||
partners, and unless it sells a consistently large flow of work, the firm has no | partners, and unless it sells a consistently large flow of work, the firm has no | ||
compelling reason to grow quickly. Also, smaller boutiques can deliver services | compelling reason to grow quickly. <br> | ||
at lower costs than the larger consultancies because a smaller firm requires less | Also, smaller boutiques can deliver services at lower costs than the larger consultancies because a smaller firm requires less | ||
more attractive to prospective clients than those of the more expensive firms. | more attractive to prospective clients than those of the more expensive firms. | ||