The Battle for Partners: Who Will Actually Build the Business?

Oct 12

6 min read

By Christopher ED Graham FCIPD, ACTP — By Christopher ED Graham *FCIPD, ACTP*

Ryan wants 100 more Partners across the UK and Europe. Grant Thornton has already announced more than 100 appointments this year. KPMG is rebuilding its restructuring business. The competition for commercial leadership is intensifying, but the strategies behind these moves tell a more interesting story.

The consulting industry has spent much of the past few years discussing cost reduction, artificial intelligence, changing client expectations and the future of professional services. Yet some of its most ambitious firms are returning to a rather traditional method of gaining market share: investing in Partners.

US tax advisory firm Ryan reportedly plans to hire or promote 100 Partners across the UK and Europe over the next three years. Grant Thornton UK announced in September that it had made more than 100 Partner appointments during 2026, as part of its ambition to add 160 Partners by the end of 2027. Meanwhile, KPMG UK is re-establishing its restructuring advisory capability, appointing Chris Hogg, formerly of Alvarez & Marsal and FTI Consulting, to lead the initiative.

Three announcements, three different strategies and a considerable amount of investment in senior leadership.

They also raise a question that deserves more attention: with so many firms pursuing expansion, where will the next generation of commercially successful consulting leaders come from?

A changing competitive landscape

The Big Four Deloitte, PwC, EY and KPMG retain substantial advantages in international coverage, established client relationships and multidisciplinary delivery capabilities. Those strengths remain important for organisations requiring complex advisory services across multiple markets.

However, specialist firms have demonstrated that clients do not always need the largest organisation in the room.

Alvarez & Marsal, FTI Consulting and AlixPartners have developed strong positions in restructuring, transactions and performance improvement. Their propositions often emphasise senior expertise, practical execution and specialist knowledge rather than the breadth of a global professional services network.

At the same time, McKinsey & Company, Boston Consulting Group and Bain & Company continue to compete for high-value strategic advisory work, while technology-led consulting organisations such as Accenture operate across increasingly interconnected areas of technology, transformation and business performance.

These firms are not interchangeable. Their operating models, commercial priorities and client propositions differ considerably.

What they share is a dependence on experienced leaders who can maintain senior client relationships, identify commercial opportunities and develop profitable businesses.

That competition is becoming more interesting as firms invest in overlapping markets, particularly financial services, technology transformation, restructuring, private equity advisory and specialist risk consulting.

Expansion is taking several forms

Ryan's European strategy illustrates how acquisitions can accelerate international growth.

In September 2026, the firm completed its acquisition of Svalner Atlas Advisors, adding an established European advisory platform with more than 450 professionals and 50 Partners. This provides an existing network of expertise, client relationships and local market knowledge upon which further expansion can be built.

Grant Thornton is pursuing a different approach, combining external appointments with internal promotions. Its growth programme, supported by its partnership with private equity investor Cinven, reflects an ambition to increase capacity across multiple service lines rather than concentrating on one specialist discipline.

KPMG's restructuring initiative is different again. Having sold its former UK restructuring business in 2021, the firm is now returning to a market where established competitors have continued to develop their capabilities.

Each strategy creates a distinct leadership requirement.

An acquisition requires leaders who can integrate businesses and retain clients while developing opportunities across a larger organisation. Rapid partnership expansion places demands on collaboration, governance and the development of future leaders. Rebuilding a specialist practice requires entrepreneurial judgement, market credibility and the ability to assemble a competitive team.

Recruiting an impressive Partner is only one element of each proposition.

The more difficult task is ensuring that the individual appointed has the experience and commercial temperament appropriate to the particular stage of growth.

The market for Partners is no longer straightforward

For experienced consulting Partners, the range of opportunities has expanded.

An individual who might once have considered moving between two large professional services firms can now evaluate specialist advisory platforms, privately backed businesses, international expansion opportunities and organisations offering different approaches to ownership and compensation.

This changes the dynamics of senior recruitment.

For some Partners, the attraction is greater autonomy and the opportunity to influence commercial strategy. Others value the international resources, established infrastructure and client access that come with a larger organisation.

Private capital adds another dimension. It can provide the funding required for acquisitions, technology investment and expansion, but it also brings expectations around performance, profitability and returns.

The challenge for employers is understanding what genuinely motivates the people they want to attract.

A larger financial package may open a conversation, but it will not necessarily overcome concerns about governance, investment commitments, organisational culture or the ability to build a successful business.

For a senior Partner considering a move, the question is rarely just what the new firm will pay. It is whether the opportunity offers a credible platform for the next stage of their career.

The commercial risk behind a high-profile appointment

One of the more expensive mistakes a consulting firm can make is confusing an established revenue producer with an experienced practice builder.

Both are valuable, but they are not necessarily the same person.

A Partner responsible for substantial annual billings may have developed excellent client relationships within a well-established business. Their success may also depend on the firm's reputation, international network, specialist colleagues and delivery infrastructure.

Move that individual into a smaller or less developed organisation and the commercial environment can change considerably.

Equally, somebody who has repeatedly established new practices, recruited strong teams and developed previously untapped markets may offer greater long-term value than their historical personal billings initially suggest.

The distinction becomes particularly important when firms are entering new geographies or developing specialist capabilities.

Building a financial services risk practice, for example, requires more than a senior individual with an impressive network. It also demands technical expertise, delivery capacity, regulatory knowledge and sufficient investment to support growth.

Without those capabilities, even an accomplished Partner can find themselves spending more time explaining why the firm cannot deliver an assignment than winning the next one.

That is hardly the entrepreneurial opportunity most senior executives had in mind.

For Managing Partners, the critical assessment therefore extends beyond reputation, compensation expectations and historical revenue. It involves understanding how the individual generated business, what support they required and whether their experience translates into the organisation's intended operating model.

The next challenge is making the investment work

Announcing a Partner appointment is relatively straightforward. Delivering the commercial returns expected from that investment is considerably more complicated.

Some appointments are intended to strengthen existing relationships and expand a mature practice. Others are expected to create entirely new revenue streams, develop markets or establish capabilities that did not previously exist.

Those objectives require different investment horizons.

A newly recruited Partner entering an established business may be able to contribute quickly. Someone building a specialist practice from the ground up could require several years before the full commercial value becomes apparent.

Problems arise when organisations expect the economics of the former while recruiting for the responsibilities of the latter.

The challenge also becomes greater as firms recruit multiple senior leaders. Individual commercial ambition must be balanced with collaboration, client ownership, succession planning and the wider interests of the partnership.

For organisations expanding internationally, these questions are particularly important. What works in London may not translate directly into Switzerland, Singapore, Hong Kong or the Middle East, where client relationships, market structures and commercial expectations can differ significantly.

Successful expansion requires leadership decisions grounded in the realities of the markets being entered, rather than assumptions based on performance elsewhere.

Who will actually build the business?

The recent developments at Ryan, Grant Thornton and KPMG suggest that professional services firms remain prepared to invest substantially in senior leadership where they see opportunities for profitable growth.

That is a positive signal for an industry frequently portrayed as facing an uncertain future.

It also creates an increasingly competitive environment for the individuals capable of delivering those ambitions.

Some firms will expand through acquisition. Others will recruit established Partners, develop their internal leadership pipelines or combine all three approaches.

The strongest strategies will recognise that each route requires different capabilities, investment commitments and expectations.

For Managing Partners, CEOs and practice leaders, the question is not simply how many Partners they intend to recruit. It is whether the people they appoint can create the business they are investing to build.

A successful lateral appointment can transform a practice. An expensive one can spend several years demonstrating the difference between an impressive career history and a viable growth strategy.

In a market where firms are competing aggressively for experienced commercial leadership, understanding that distinction before making an appointment may prove to be one of the most important decisions of all.

Christopher ED Graham, FCIPD, ACTP

Founder & Managing Director CGC

Retained Executive Search & Leadership Advisory

www.cgrahamconsulting.com

Sources and further reading