- The Big Four firms reported revenue growth in 2024 but consulting lagged behind other services.
- The firms reported more growth in tax and legal services while demand for consulting has slowed.
- PwC cited market factors and political uncertainty as reasons for slower growth in consulting.
The Big Four professional services firms — PwC, Deloitte, EY, and KPMG — all reported revenue growth this year, but growth in their consulting arms lagged compared to their other services.
After experiencing a boom during the pandemic, the consulting industry has faced economic headwinds and slowing demand over the past couple years. Major firms have conducted layoffs, delayed start dates, and cut partner pay.
Financial reports released by the Big Four professional services firms throughout the year showed their consulting arms grew slightly, but by less than their legal, tax, and assurance businesses.
In its financial report released in October, PwC cited a number of factors contributing to the slower growth in consulting.
“A continuing slow market for mergers and acquisitions, sluggish economic growth in a number of key markets and political uncertainty holding back investment in some key projects meant that the growth of our advisory operations slowed over the last twelve months,” the report said.
KPMG, which was the last Big Four firm to report its 2024 financials this month, reported the highest overall revenue growth at 5.1% year-over-year.
Here’s a breakdown of how the Big Four firms performed this year.
Deloitte
PwC
EY
KPMG
Have a news tip or a story to share? Do you work in consulting? Contact this reporter at kvlamis@businessinsider.com.
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