1970-1979
1970

Economic growth slows somewhat, but consulting firms prosper by globalizing. Many firms which had opened offices overseas earlier begin to staff up European, Latin American and Asian offices. This trend continues today. Significant penetration of imports into U.S. market spurs interest in becoming more competitive. Simultaneously, computerization of business is rising rapidly after the introduction of IBM/360 in the decade before. Demand for systems consultants, especially from CPA firms and hardware manufacturers, booms.

1973

William W. Bain Jr. leaves BCG to found Bain & Co. Where BCG specialized in strategic planning and writing reports on theories, Bain sent dozens of consultants into companies for months at a time. This heavy client focus and relationship building was very new at the time and allows Bain to grow very rapidly.

Late-1960s

Consulting becomes an embedded part of Boston. The business is thriving! Within two blocks of the State and Congress street intersections, the homes of Bain, BCG and Strategic Planning Associates can be found. According to one observer: "You couldn't throw a brick without hitting a consultant!"

1976: George Bennett leaves Bain to found Braxton Associates. Braxton grows quickly and improves many of Bain's business practices.

1977: Richard L. Nolan and David P. Norton start Nolan, Norton & Co, a company that specializes in information technology management consulting.

1978: Consulting firms hire 22% of the Harvard Business School MBA class at an average salary of $30,000 per annum. Consulting is increasingly seen as the fast-track to good corporate positions.

1979: Chrysler Corporation teeters near bankruptcy. Federal government bailout in the works. Booz Allen is instrumental in achieving a turnaround.

1976-1980: Alfred Rappaport, a professor at Northwestern and William Fruhan Jr., a professor at Harvard Business School, heavily influence consulting practice by promoting the idea that firms should attempt to create shareholder value by maximizing wealth created. Brings in financial models of risk and return into consulting practice.


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