Many companies are being forced to set a new direction in the post-crisis environment, and these new mandates mean a regenerated need for consultants. However restricted budgets and the continuation of the challenging business environment mean that many corporations are reconsidering their relationships with consultancies and many feel this may lead to significant changes in the consulting industry overall.
With a slow return of positive global economic indicators, numbers for the consulting industry are coming back up to pre-recessionary levels: billing rates are increasing again, as they did for years before economic disaster struck in 2008, pipelines are bulging and recruiters are busy.
Even with a downturn in public sector business, reports show that private sector growth is positive fueled primarily by the financial services industry. Overall, fee income from banking in the U.K. grew by 35 percent in 2010 as compared with an overall fee growth in the private sector of 10 percent. Consulting demand from other service lines such as TMT, energy & utilities, pharmaceuticals & life sciences and retail & consumer goods are all strong, with most of the demand driven by supply chain and logistics work, whereas risk, regulation and broader operational consulting is fueling the demand in financial services.
