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DOUBLE DIGIT GROWTH EXPECTED TO CONTINUE IN CONSULTING AS CLIENTS ACROSS THE GLOBE TURN TO THE UK FOR EXPERTISE: Management Consultancies Association (MCA) Reports
- Consulting sector grew 23% in 2022 with a further increase of 13% expected in 2023 as clients turn to management consultants for their expertise in digital technology, AI and business transformation
- Global clients continue to turn to the UK’s leading sector for expert advice with over £5.6 bn of services exported overall
- Number of MCA member firms collecting diversity and inclusion data improves while there are advances in the number of female partners (28%) and/or identifying as coming from a non-white background (17%) however, more to be done in a number of areas
- Increase of 35% of graduates joining the profession as well as 11% more trainees, school-leavers and apprentices as firms increase headcount by 16% to help meet client demand
LONDON, July 3, 2023 /PRNewswire/ — The consulting sector in the UK is expected to grow this year following record growth of 23% in 2022. The latest research from the Management Consultancies Association (MCA) also revealed an increase in headcount and more graduates, trainees and apprentices joining the profession from across the country. The MCA Annual Industry Report 2023, conducted with the independent research firm Savanta, showed strong growth by MCA member firms as clients turn to management consultants during uncertain times. Industry leaders in the sector also expect this double-digit growth to continue in 2023 with a forecast of 13% increase in services. Overall, the UK total management consultancy fee income for last year was £18.6bn in 2022, compared to £14.4bn in 2021 and £12.5bn in 2020, reflecting the 4.5% growth in 2020 and 18% in 2021. Firms of all sizes experienced an increase led by medium sized firms (26%), followed by large (23%) and small (19%) as both the private and public sector used the services of consultants to help drive digital transformation, transform operations and put in place plans for meeting sustainability targets.
Contributing to this success is the increased use of UK consulting firms by clients from across the globe. The uplift in the exporting of services, first seen during the pandemic, has continued as 31% of UK fee income now comes from overseas, bringing in an extra £1.4bn in consulting services per year. Fee income from Europe has seen a significant increase (15%, up from 6% in 2021) while the majority of income beyond Europe comes from North America (9%) and Asia Pacific (3%). Popular markets include the US, Saudi Arabia and UAE as well as China, Singapore, Canada and Australia. Businesses are not seeing the absence of a UK base or link as a barrier and are turning to the expertise and experience of the sector to help.
Tamzen Isacsson, MCA Chief Executive, said:
“Over the next few years, we expect our industry to experience double digit growth assisting clients with some of their greatest challenges during a period of significant global disruption from seizing the advantages of working with new technologies, to making real impacts on confronting climate change.
“The UK consulting sector is forecast to increase in size by around 13% in 2023 while the number of people we employ has jumped by 16% with 25% more graduates and 11% more school leavers and apprentices joining our industry. Part of that growth is because our profession is widening the services we offer to clients, increasingly in the digital space with more demands placed on us by firms from tackling cybersecurity threats to providing critical support on adopting artificial intelligence. Our responsibility on AI will be helping our clients with the appropriate use of this technology managing data and confidentiality and upholding the highest ethical standards and integrity so that we can help society deploy this emerging and powerful technology.”
Nusrat Ghani MP, Minister for Industry and Investment Security, added
“It is great to see the continued strength and growth of the vibrant UK consulting sector. Growing demand in areas such as digital transformation and sustainability advice is creating thousands of new jobs across the UK, including opportunities for school leavers and young apprentices, advancing the latest technologies and helping grow the economy.”
Consulting in Financial Services and Government and Public Sector remain the largest areas as they have been for many years. Manufacturing (43%), Infrastructure (36%) and Retail and Leisure (28%) sectors saw the largest growth in 2022 and were all sectors that were significantly impacted by the pandemic. Digital and technology consulting and programme and project management continue to be the two largest services for businesses as they look to re-evaluate their strategies, including procurement and plan for the future. Especially pertinent is the impact of AI as rapid technological progress impacts on both clients and consulting firms themselves. This is in addition to the increasing component of sustainability across all service lines as businesses look to achieve their green goals.
This demand from clients has understandably led to a requirement for more staff across firms of all sizes. Overall, there has been a 16% increase in headcount with medium sized firms in particular hiring more employees from across the UK. One in three (35%) of consultancy jobs were created outside London, with the North West and South West having the highest proportion of staff based in regional offices while Manchester, Leeds, Bristol and Edinburgh were the most common locations. Hybrid working continues to evolve with each consultant spending on average two days in the office or two days client site – but there are vast differences across different client sectors.
Due to hybrid-working and as part of this increased headcount, MCA member firms hired 2,809 graduates and 795 trainees, school-leavers and apprentices in 2022, a 35% and 11% increase respectively from 2021.The opening up of the talent pool is positive news and coincides with more experienced professionals also joining the consulting sector after careers in the private sector.
More firms than ever are collecting diversity and inclusion statistics to help ensure that their workforce reflects the clients and society that they serve. Although the overall gender split has been declining, at partner level, there were 28% identifying as women compared to 21% in 2019 showing gradual progress but at least in the right direction. 29% of consultants come from a minority ethnic background while at partner level, 17% identify as coming from a non-white background, an 8% increase since 2021. There continues to be under representation though on the number of partners and senior leaders identifying as Black African, Caribbean or Black British.
Tamzen Isacsson, MCA Chief Executive, added:
“It is encouraging to see that more member firms than ever before are tracking their data and analysing their progress on diversity and inclusion however the results show we have more to do.
We are making some progress in some areas and in others we are not. As a growing sector, bringing in tens of thousands of people each year into our industry we have a huge opportunity to move the dial now on diversity and inclusion.”
The MCA’s Annual Industry Report 2023 provides an unrivalled assessment of the performance of the leading consulting firms in the UK which are part of the trade body the Management Consultancies Association. The report examines fee income data provided by member firms over recent years to identify the size, diversity, and growth trajectory of consulting activity of MCA members, as well as the wider consulting industry. Independent market research agency Savanta, partnered with the MCA to collect and analyse industry data for the 2023 report.
Notes to Editors: The Management Consultancies Association (MCA):
The MCA is the representative body for the UK’s leading management consulting firms. For over 65 years, the MCA has been the voice of the consulting industry, promoting the value of consulting to business, the public sector, media commentators and the public. The MCA’s mission is to promote the value of management consultancy for the economy and society. The MCA’s member companies comprise over 50% of the UK consulting industry work with the vast majority of the top FTSE 100 companies and almost all parts of the public sector. The UK consulting industry is amongst the best in the world and a vital part of the business landscape. Click to see the full list of current MCA members see link.
Compliance with the MCA’s tough entry criteria and adherence to the principles of Consulting Excellence means that MCA member companies are widely acknowledged to provide high quality services to their clients. Many of their achievements are recognized in the annual MCA Awards.
Savanta
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SYDNEY, Nov. 25, 2024 /PRNewswire/ — Protecht Group, a global leader in enterprise risk management solutions, has released its innovative controls management solution. This cutting-edge tool empowers organizations to design, implement, and maintain a robust controls framework, streamlining compliance and enhancing operational efficiency.
Protecht’s controls management solution addresses the challenges faced by risk and compliance leaders in managing controls across complex regulatory environments. By integrating controls management into the organization’s broader ERM framework, the solution provides a centralized approach to mitigate risks, achieve compliance, and enable organizations to focus on strategic growth.
As organizations face increasing regulatory pressures, the need for a unified, efficient approach to controls management has never been greater. Many businesses struggle with fragmented processes, duplicated efforts across frameworks, and limited visibility into controls effectiveness. Protecht’s controls management solution simplifies these complexities by providing a single source of truth for controls assurance activities.
Key features of Protecht’s controls management solution
- Centralized controls library: Offers a single repository for all control data, tailored to align with organizational needs and regulatory frameworks.
- Simplified control testing: Streamlines the testing process with pre-built templates, automated scheduling, and real-time tracking of progress and results.
- Framework library: Enables seamless mapping between controls and multiple regulatory standards to eliminate redundancies and simplify compliance efforts.
- Advanced reporting and dashboards: Provides real-time insights into control effectiveness and areas requiring improvement, ensuring confidence in decision-making and risk management strategies.
“Protecht’s Controls Management solution simplifies the way organizations handle compliance and risk assurance,” says Damien Stevens, Chief Product & Marketing Officer at Protecht. “By integrating controls into the broader enterprise risk framework, we provide our customers with the tools they need to mitigate risks, optimize efficiency, and align their control environments with their strategic objectives.”
Supporting resources
To help organizations maximize the benefits of the new solution, Protecht offers a range of resources, including:
- Live webinars showcasing the solution’s capabilities for risk and IT professionals alike
- Product tours showing how the solution lets you solve specific controls-related problems
- A comprehensive eBook on building effective controls frameworks
- Opportunities to book a demo and see the solution in action
Find out more and download a brochure at www.protechtgroup.com/solutions/controls-management
About Protecht Group
Headquartered in Sydney, Australia, with offices in London and Los Angeles, Protecht Group provides innovative risk management solutions, including the Protecht ERM platform. Trusted by organizations across government, financial services, education, and other industries, Protecht empowers businesses to manage risk holistically, transitioning from spreadsheets and manual processes to efficient, integrated systems.
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View original content:https://www.prnewswire.co.uk/news-releases/protecht-launches-advanced-controls-management-solution-302315104.html
Fintech PR
Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia
NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.
Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income.
Robert will oversee the sales, trading, and research business globally for Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.
Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.
Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”
Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”
Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”
He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”
About Dinosaur Group Holdings
Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.
Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.
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View original content:https://www.prnewswire.co.uk/news-releases/robert-rahman-joins-dinosaur-group-holdings-to-head-its-new-global-corporate-credit-securities-market-unit-in-the-us-europe–asia-302315687.html
BIRMINGHAM, England, Nov. 25, 2024 /PRNewswire/ — Each year 32% of small businesses experience a legal issue but only 25% of these are able to access professional help. Of those who did engage lawyers, many had to draw on personal savings just to meet fees. The current legal system is unaffordable with the balance tipped against those without vast financial resources.
GitLaw.co, launching this week, is looking to change that. GitLaw has published hundreds of legal document templates which are entirely free to download or customize through its platform. GitLaw is built by a group of tech entrepreneurs including Nick Holzherr who previously founded Whisk.com, a software platform acquired by Samsung in 2019.
GitLaw’s name is inspired by Git technology and open source software development. This collaborative model allows legal documents to be freely available to use, modify or share, with complete version history transparency. GitLaw’s vision is to create a collaborative open source community for legal documents. GitLaw’s specialized features help users efficiently customize and finalize legal templates. Users can submit templates as well as suggest changes to existing documents, resulting in free community-driven standards for legal documents.
The service is initially targeted at small businesses in the US and UK. “As a startup founder I have first hand experience of having to navigate legal battles without budgets for lawyers and I wish I’d had something like GitLaw – a reliable repository of free legal documents” said Nick Holzherr, one of the founders of GitLaw. “We already have 300 documents that cover key contract types like NDAs (Non Disclosure Agreements), Employment Agreements and Privacy Policies, and we hope the community will continue to provide more documents”. Most of the documents on GitLaw today are created and contributed by reputable law firms, lawyers, investors and organizations.
While the platform targets the 400m global small businesses first, the company has a mission to bring GitLaw to wider audiences. “In the medium term I hope we’ll be able to cover a lot more areas of law like civil law.
Longer term, I can envision GitLaw being used to support the creation of national laws, enabling citizens to contribute, provide feedback, and transparently track every change made to their legislation.” said Holzherr.
GitLaw is free to use and available at www.gitlaw.co
Pictures available at https://gitlaw.co/press
View original content:https://www.prnewswire.co.uk/news-releases/new-gitlaw-platform-makes-creating-legal-documents-free-and-fast-302315630.html
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