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Former US partners hire lawyers in fight for bigger share of the proceeds from New Mountain deal
Accounting firm recently agreed to sell a majority stake to New Mountain Capital
...private equity group Hellman & Friedman to fund an acquisition spree, and is likely to further intensify competition in a sector that has been fast expanding beyond traditional tax and accounting into consulting...
Hellman & Friedman-led deal is largest in a sector reconsidering its partnership model
...While spinning out divisions into separate entities frees them from conflict of interest restrictions within the Big Four audit and consulting firms, some partners are sceptical of the benefits when weighed...
...The firm’s largest business, consulting, continued to be its fastest growing, posting revenues up 19.1 per cent in local currency, to $29.6bn....
...Consulting firms increase pressure on low performers Twenty-something-year-olds with Ivy League pedigrees have historically been able to rely on a well-trodden path to success: work for a top-tier consulting...
...Plus ça change....
...“We’re a large enterprise consulting business, which means we get into solutions and technology in a fairly heavy way,” explains Phil Spring, UK sustainability services leader at IBM Consulting....
Plus, a potential paper bidding war reignites M&A optimism and Sweden’s Fortnox attracts short seller scrutiny
Plus, the life of a Rothschild and the leveraged finance world sweats it out at JPMorgan’s confab in Miami
...“Tax and audit work is being replaced by technology and the lowest price is winning, hence the transformation to consulting and advisory services....
Plus, Nadal signs up with Saudi Arabia’s push into tennis
...In October, the Financial Times reported that Deloitte was planning to axe about 150 junior consulting roles as part of its initial redundancy round....
...The Big Four accounting and consulting firm first launched the internal tool, called “PairD”, in the UK in October, in the latest sign of professional services firms rushing to adopt AI....
...concerned’ by Swiss capital proposals, says chair Colm Kelleher (FT) Boeing burns through $4bn in first quarter after door plug blowout (FT) McKinsey under criminal investigation over opioid-related consulting...
...Plus, global stock market concentration has risen to its highest level in decades....
...The short answer, according to Errol Gardner, EY global vice chair, consulting, is that “leaders who focused on human emotions — not dashboards — were better able to predict and spot the need to make a change...
...Until last November, he was a top executive at Compass Lexecon, a division of management consulting firm FTI Consulting....
...In its complaint, the FTC argued — as expected — that the tie-up would lead to higher prices, plus lower product quality and services for consumers....
...Scott Shleifer, the head of Tiger’s $30bn-plus private equity business who was instrumental in the firm’s growth, announced late last year he would step down from his role at the hedge fund....
...Hundreds of unsecured creditors including consulting firms Accenture and the Boston Consulting Group were owed a total of £44.6mn, according to the administrators’ proposals finalised this week....
...Genesis Global Capital LLC agreed to pay a $21mn civil penalty to settle charges that it engaged in the unregistered offer and sale of securities through its Gemini Earn program, the SEC announced on Tuesday...
...That was the case for Ann-Kathrin Tulies, a German MBA alumna from Sasin School of Management in Thailand who now works for Boston Consulting Group....
...News round-up CVC expresses interest in EY’s Italian consulting arm (FT) Nordstrom family weighs taking retailer private (Wall Street Journal) Hedge fund Brevan Howard cuts 10% of staff amid poor performance...
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