The point that you touch on multiple times is the importance of internal networks inside large consulting firms - esp. for helping land megadeals (rather than just keeping your direct team feed). Internally promoted partners typically have those networks. Lateral hires have to build them from scratch. Naturally the Network Alchemists will have the skills to do this. But they need to recognize that they need to maintain an external network and build an internal network at once.
If the lateral hire was an exec in one company for a long time, they also need to recognize that they are moving to a different culture. And from being an insider to an outsider. They have gone from being the school captain to the new kid in the cafeteria.
Just commenting to say that this is my first time reading (or seeing) Consulting Intel and this article alone made me instantly subscribe. Extremely relatable and a good guide on what to look our for.
Having been involved in helping many lateral hires from industry make the move into being in practice, the ‘selling themselves’ bit often brings the biggest level of fear. It can make or break you. Many people are often broken by this bit.
Being in industry brings so much sector knowledge. It should literally be your path to success. But as you say, if you don’t recognise the challenges that come with being a business owner - i.e. player, manager, coach, you will struggle to build that strong foundation within a practice.
Sep 10·edited Sep 10Liked by The Management Consultant
Very interesting perspective, thanks for taking the time to share.
When possible I like to chat with the partners of consulting/auditing firm we work with: I am curious about the entrepreneurial angle of their job.
In fact I believe that you describe not just a consulting firms dynamic but the problems of transition to entrepreneurship in general.
I think archetype [1] can be an especially difficult transition for those that somewhat were pushed out from the corporate ladder at some point, because of the humbling factor.
Profile [2] could still represent a good entrepreneurial “exit” but more to become a “consultant to consultants” ?
I don't have experience in auditing so that world is a bit of a black box to me.
A consulting partner has to act as an entrepreneur to be successful: you have to do everything in your control to find, and then deliver, business.
When I say "everything", I really mean "everything", even tasks that you would think are beneath you... My experience is that corporates don't train that aspect well.
I agree with you on #2: they typically fit better than #1 in a consulting firm but not as well as #3.
The world of auditing has one big advantage over consulting… gross recurring fees. I.e. when a firm is appointed as an auditor they know - as long as they don’t muck up - that they will get the audit for many, many years. How many other professionals have that luxury of a business model?
In fact, partners are often made up in audit practices to facilitate the rotation of audit partners to help satisfy good governance practices.
The point that you touch on multiple times is the importance of internal networks inside large consulting firms - esp. for helping land megadeals (rather than just keeping your direct team feed). Internally promoted partners typically have those networks. Lateral hires have to build them from scratch. Naturally the Network Alchemists will have the skills to do this. But they need to recognize that they need to maintain an external network and build an internal network at once.
If the lateral hire was an exec in one company for a long time, they also need to recognize that they are moving to a different culture. And from being an insider to an outsider. They have gone from being the school captain to the new kid in the cafeteria.
Outstanding observations!
Thank you 🤝
The piece reminded me why I opted to write books on branding to share my knowledge instead of joining a consulting firm.
Fair enough!
Just commenting to say that this is my first time reading (or seeing) Consulting Intel and this article alone made me instantly subscribe. Extremely relatable and a good guide on what to look our for.
Thanks for the nice words!
Thank you for sharing this.
Having been involved in helping many lateral hires from industry make the move into being in practice, the ‘selling themselves’ bit often brings the biggest level of fear. It can make or break you. Many people are often broken by this bit.
Being in industry brings so much sector knowledge. It should literally be your path to success. But as you say, if you don’t recognise the challenges that come with being a business owner - i.e. player, manager, coach, you will struggle to build that strong foundation within a practice.
Fully agree, that's why in my experience I find the archetype #3 to be the most successful. They can sell - both projects and themselves.
Very interesting perspective, thanks for taking the time to share.
When possible I like to chat with the partners of consulting/auditing firm we work with: I am curious about the entrepreneurial angle of their job.
In fact I believe that you describe not just a consulting firms dynamic but the problems of transition to entrepreneurship in general.
I think archetype [1] can be an especially difficult transition for those that somewhat were pushed out from the corporate ladder at some point, because of the humbling factor.
Profile [2] could still represent a good entrepreneurial “exit” but more to become a “consultant to consultants” ?
I don't have experience in auditing so that world is a bit of a black box to me.
A consulting partner has to act as an entrepreneur to be successful: you have to do everything in your control to find, and then deliver, business.
When I say "everything", I really mean "everything", even tasks that you would think are beneath you... My experience is that corporates don't train that aspect well.
I agree with you on #2: they typically fit better than #1 in a consulting firm but not as well as #3.
The world of auditing has one big advantage over consulting… gross recurring fees. I.e. when a firm is appointed as an auditor they know - as long as they don’t muck up - that they will get the audit for many, many years. How many other professionals have that luxury of a business model?
In fact, partners are often made up in audit practices to facilitate the rotation of audit partners to help satisfy good governance practices.