Picking the right consulting firm can feel like a high-stakes decision. With so many options, it’s easy to get caught up in the shiny allure of big names and prestigious brands. After all, if a firm like McKinsey, BCG, or Bain is good enough for Fortune 500 companies, they must be the best choice for your business, right?

Not necessarily.

The reality is, prestige doesn’t always equal performance. Sure, these firms have built impressive reputations, but that doesn’t mean they’re always the right fit for every project. And here’s the kicker: many executives choose big-name firms for the wrong reasons—often because it feels like the safest option, or because they assume the brand alone guarantees results.

But consulting isn’t one-size-fits-all. The best consulting firm for your project might not be the most famous one. It’s the one that truly understands your business, aligns with your goals, and delivers the expertise and results you need. And figuring that out requires a bit more than picking the firm with the most brand recognition.

In this guide, we’ll help you cut through the noise and break down what performance in consulting really means. We’ll explore why prestigious firms aren’t always the top performers, how to evaluate consultants based on what they actually deliver, and how to choose a firm that’s aligned with your specific project—not just the one with the loudest name.

What is Performance in Consulting?

Measuring performance in consulting can feel like catching smoke. Unlike buying a product, where you can count the number of units shipped or costs saved, consulting deals in intangibles. There’s no neatly packaged result you can point to right away; in fact, it might take months—or even years—to see the full impact. So, how do you figure out whether the consultants you hired really hit the mark?

Well, the truth is, we can’t measure consulting performance directly. Instead, we use proxies—indicators that show how well the consultants delivered value during their time with you. And just like any good framework, we’ve broken it down into four simple categories: quality of delivery, talent & expertise, behavior, and impact. These are the real signs that the consultants have done more than just impress you in meetings—they’ve delivered results that last.

Quality of Delivery: Did They Get It Done?

Let’s start with the obvious—quality of delivery. No matter how complex the consulting project, there are always some basic expectations. Did they give you what they promised, on time, and at the level of quality you expected?

Here’s where you need to ask yourself a few key questions:

• Were the deliverables on time?

Let’s face it: delays can throw off your entire business. A top-performing firm respects deadlines. If they say they’ll deliver by the end of the quarter, your inbox shouldn’t be empty come deadline day. It’s a basic but essential sign of professionalism.

• Did the quality of the deliverables meet expectations?

Quality doesn’t just mean they handed over a polished deck. It’s about relevance. Were the solutions tailor-made for your unique challenges, or did it feel like they just dusted off a generic playbook from a past client? Your project deserves a solution that fits your specific needs, not just something shiny.

• Did they stick to the budget?

Look, consulting engagements aren’t cheap. But there’s a difference between paying a premium for quality and getting blindsided by unexpected cost overruns. A great consulting firm will respect the budget you’ve agreed upon, not present you with a surprise invoice at the end.

When a consulting firm nails these three aspects, you can trust that they’ve delivered real value and set your business up for success.

Talent & Expertise: Did They Bring the A-Team?

You hire consultants for their expertise, and you expect nothing but the best. After all, you’re paying for sharp minds to solve tough problems. So, how do you know if you’ve got a high-performing team on your side?

• Did the consultants have the expertise you expected?

Let’s be honest: if you’ve brought in a team to fix your supply chain issues, you’d expect them to know a thing or two about supply chains! Performance means they brought the right experience to tackle your specific challenges, whether it’s growth, digital transformation, or operational efficiency.

• Did they have the right seniority?

Some firms woo you with their senior partners during the pitch but, by the time work starts, you’re left with junior consultants figuring things out on the fly. Top-performing firms don’t pull that trick. You should be working with consultants who have the right mix of expertise and seniority—those who can make a difference, not just check boxes.

• Did they communicate effectively?

Consulting isn’t just about knowledge—it’s also about making that knowledge accessible. You need consultants who can break down complex strategies into actionable insights and engage with your team in a way that makes sense. Good consultants don’t talk circles around you; they get to the point and make sure you’re on the same page.

When you’ve got the right mix of expertise and communication, you know you’ve hired the A-team.

Behavior: Did They Earn Your Trust?

This might sound a little soft, but behavior is a critical part of consulting performance. You’re bringing these people into the heart of your business. You need to know they’ll act with integrity, professionalism, and—most importantly—empathy. So, how can you tell if they’ve got the right attitude?

• Did they really listen?

We all know consultants love to share their expertise, but the best ones do something even more important—they listen. If they jump straight into solving problems without first understanding your specific situation, that’s a red flag. Good consultants take the time to truly hear your pain points and tailor their solutions accordingly.

• Did they build trust?

Consulting isn’t just about deliverables. It’s about building relationships. You should feel comfortable sharing your business’s most complex issues, knowing that they’ve got your back. Were they transparent in their communication? Did they involve the right stakeholders? Trust is everything.

• Were they honest and transparent?

The best consultants will tell you the hard truths, even when it’s uncomfortable. They’ll manage your expectations, offer realistic timelines, and be upfront about the challenges. They’re not there to impress you with overpromises—they’re there to solve problems with integrity.

• Did they respect everyone involved?

From the CEO to the front-line employees, respect is non-negotiable. If the consultants treated every stakeholder with the same level of professionalism, you’ve got a winning team. Respect paves the way for smoother implementation and better long-term results.

Impact: Did They Make a Real Difference?

Now for the big question: what difference did they actually make? After the presentations are over and the consultants have packed up, you should be able to see lasting impact. Performance in consulting ultimately boils down to the real-world results they helped you achieve.

• Did they help prepare you for the future?

Great consultants don’t just hand over a strategy and leave you to figure it out. They help you prepare for the transition and ensure your team knows what steps to take next. Performance is about leaving you better equipped for the future.

• Was the value for money excellent?

Consulting is a big investment, but did the results justify the cost? If you’re seeing more value than you expected—whether in terms of cost savings, increased efficiency, or long-term growth—then you’ve got a great ROI.

• Are you smarter now than before they joined?

One of the hallmarks of great consultants is the knowledge they leave behind. Did they transfer valuable insights to your team? If your employees feel smarter, more capable, and better informed, then the consultants didn’t just do a job—they empowered you to continue the work long after they’re gone.

• Can you keep up the momentum on your own?

The ultimate test of consulting performance is whether you can keep the momentum going after they’ve left. If they’ve done their job right, you should feel confident that you can sustain and build on the improvements they’ve helped you achieve.

Are the Most Prestigious Firms the Best Performers?

When you hear “top consulting firm,” names like McKinsey, BCG, and Bain probably come to mind. These firms have earned their prestigious reputations for a reason: they’re absolutely excellent at what they do best—massive, transformative projects that span continents, industries, and business functions. They’ve got the talent, the resources, and the track record to pull off some of the most complex, high-stakes projects in the world. Need to overhaul a multinational corporation’s supply chain? These are your guys.

But here’s where it gets tricky: while these firms are prestigious because they are performant, they’re not necessarily performant because they’re prestigious. In other words, just because they’ve built a global reputation doesn’t mean they’re the best fit for every type of project. Like many things in life, their success isn’t transitive.

Prestige: A Reflection of Their Performance…In Certain Areas

So, what makes these firms so prestigious? The answer lies in their sweet spot: big, transformative, global projects. They have the capacity to put hundreds of consultants on the ground simultaneously across multiple countries, all while managing an overwhelming amount of complexity. This kind of logistical wizardry is what sets them apart from smaller firms. They’ve also got senior partners with deep, specialized expertise who can steer these ship-sized projects in the right direction.

For these large-scale initiatives, prestige often aligns with performance. You’re paying a premium, but you’re also getting the value you expect: a firm that can tackle incredibly complicated business problems at a global scale. They’re able to deliver because they’ve got the right people at the top and the sheer manpower to deploy consultants on the ground—often everywhere in the world at the same time.

But—and here’s the kicker—while they’re masters of this global transformation game, that doesn’t necessarily mean they’re the best at everything.

The Limits of Prestige: Not All Projects Are Created Equal

The prestige of these big firms can sometimes act as a double-edged sword. They’ve earned their stripes on major projects, but when it comes to smaller or more specialized projects, they may not be the best option. Why? Because their model doesn’t always translate well to other types of engagements.

For starters, these firms tend to operate with a pyramid structure: a few senior partners at the top, with deep specialization and tons of experience, and a whole lot of junior consultants doing the bulk of the work on the ground. The problem? Those junior consultants tend to be generalists, often fresh out of business school, tasked with learning the ropes while they handle the day-to-day project execution.

So, if you’re working on a niche project—something that requires deep expertise from start to finish—you might not get the senior attention you need. While their senior partners are top-tier specialists, they’re often not the ones in the weeds. The day-to-day work tends to fall on junior consultants, who may not have the experience or subject matter expertise necessary for more focused or nuanced problems.

The Sweet Spot: Where Prestige Meets Performance

Here’s the thing: these big firms are absolutely performant in their sweet spot. If you’re a global company in need of a massive transformation, they’re likely the best in the game. They can move mountains, mobilize hundreds of people in multiple countries, and bring in senior partners who are experts in large-scale strategy. This is where prestige and performance align.

But that model doesn’t necessarily translate well to smaller, more specialized projects. For example, if you’re a mid-sized company looking to fine-tune your operations in one specific market, you might find that the firm’s prestigious name doesn’t always mean you’re getting the best value. Their global scope and large teams may feel like overkill for a project that really needs a more focused, expert-driven approach.

That said, if your project is complex—and especially if it requires multiple subject matter experts in fields that aren’t adjacent, such as digital transformation combined with supply chain overhaul—they can also be a good choice. These firms are well-positioned to tap into their deep expert pools across various domains. Need an expert in sustainability, supply chain logistics, and cutting-edge tech innovation all in one project? These firms have the global reach and the talent to pull it together seamlessly.

In short, these firms aren’t performant because they’re prestigious—they’re prestigious because they’ve proven themselves in the right kinds of projects. The key takeaway is that even though they say they can do it all, their sweet spot lies in large, complex, transformative projects or those that require the orchestration of diverse areas of expertise. If your project falls outside that realm, it might be worth looking elsewhere.

McKinsey and the French Senate: A Case Study in Overreliance and Procurement Failures

The McKinsey Gate scandal wasn’t just a blip in the world of consulting. It was a wake-up call, exposing the deep-rooted issues surrounding how governments and large organizations interact with prestigious consulting firms. While McKinsey bore the brunt of the public outrage, the scandal raised questions about overreliance on big consulting firms, flawed procurement processes, and the political forces that shape these relationships.

The Roots of the McKinsey Controversy

It all started in 2022, when the French Senate launched an inquiry into the growing influence of consulting firms on public policy. The resulting report, “A Tentacular Phenomenon: The Growing Influence of Consulting Firms on Public Policy,” didn’t just highlight McKinsey’s significant role in shaping French government projects—it revealed a much larger issue.

The scandal wasn’t about tax evasion, as some might have thought. Yes, McKinsey was accused of tax optimization, billing through Delaware entities to reduce its corporate tax burden in France. But this was perfectly legal (if ethically questionable), and far from the central issue.

The real controversy revolved around McKinsey’s role in advising the French government on critical public sector projects during the pandemic. The public was shocked to discover the sheer scale of consulting spending: nearly €1 billion on consulting in a single year, with McKinsey responsible for just 2% of that—but 8% of the government’s management consulting spend.

This sparked a debate: Is the government too reliant on big consulting firms like McKinsey? And if so, what are the consequences of that reliance?

Overreliance on Consulting Firms: The True Cost

The overreliance on consulting firms—especially the prestigious ones—has become a common issue for governments and large organizations around the world. In the French government’s case, the McKinsey scandal exposed how much the public sector depends on outside expertise for strategic and implementation support.

It’s not just about cost. When governments continually hire big consulting firms for essential projects, they become dependent on external expertise. This raises questions about institutional knowledge—are governments losing their ability to manage large projects internally? The scandal showed that this wasn’t just a McKinsey problem; it was a systemic issue across multiple governments and institutions worldwide.

The controversy also highlighted how hiring big-name firms can create a vicious cycle. Prestigious firms are chosen because they’re seen as the best, but because they’re hired so frequently, smaller, more specialized firms don’t even have a chance to compete. This results in homogeneous solutions, high costs, and limited competition—all while potentially neglecting better-suited alternatives.

Broken Procurement Processes: Why Big Firms Always Win

One of the most significant revelations from the McKinsey controversy was the broken procurement processes that allowed large firms to dominate public sector consulting contracts. The Senate report revealed that many consulting contracts lacked proper oversight or competitive bidding. This problem isn’t exclusive to France—around the world, procurement processes favor big consulting firms, locking out smaller players.

In France, this overreliance on big names is partly due to inefficient procurement systems that don’t properly assess the value or appropriateness of hiring large firms. Government contracts are often written in ways that make it nearly impossible for smaller firms to compete, further entrenching the dominance of the big names.

Additionally, the use of framework contracts, like the UGAP (Union des Groupements d’Achats Publics), exacerbated the problem. In theory, these contracts were designed to streamline procurement by formalizing conditions and setting standardized rates. But in practice, they limited competition and led to over-reliance on firms like McKinsey, as ministries could select services without any need for a new tender process.

This oligopoly of top consulting firms means the government may not always get the best value for money—paying top-tier prices for work that could be done by smaller firms at a fraction of the cost.

The Political Dimension: How Prestige Became a Scapegoat

And then, of course, there’s the political dimension. The McKinsey scandal broke in the middle of the French presidential campaign, turning it into a political firestorm. Critics of the government seized the opportunity to accuse the sitting administration of being overly reliant on outside consulting firms—a potent line of attack, given the public’s growing frustration with spending during the pandemic.

But let’s be clear: McKinsey wasn’t the only firm involved. The focus on McKinsey came not just because of their involvement but because they represented a convenient scapegoat. Other large firms—like BCG and Deloitte—played significant roles in the same projects, but McKinsey’s prestige made them an easy target for political opponents and the media.

This political focus on McKinsey overshadowed the real issue: the French government’s lack of internal expertise, its flawed procurement processes, and the absence of proper project management oversight. In reality, McKinsey was just one piece of a much larger puzzle.

What Does This Mean for Clients?

In the world of consulting, big firms and small firms each bring something unique to the table. The key is understanding what your project needs and where different types of firms excel. While large consulting firms have faced criticism and scandal, they continue to provide value in specific areas where their size and reputation play a crucial role. At the same time, smaller firms offer a more focused, personalized approach that may better suit certain projects. So, how do you decide which firm is right for you?

Assessing Your Needs: Prestige, Performance, and Political Value

When deciding between a large, prestigious firm and a smaller boutique firm, one of the key considerations is political value. This concept goes beyond the technical expertise consultants bring to the table—it’s about their ability to navigate organizational politics, unite stakeholders, and help leadership sell decisions internally or externally. Large firms, in particular, excel at creating this kind of value.

What Exactly Is Political Value?

Political value can take many forms, but at its core, it’s about how consultants help you manage relationships and gain buy-in from key stakeholders. Large firms bring credibility and a stamp of approval to high-stakes decisions. Whether it’s securing board approval for a major strategic shift or helping executives sell difficult restructuring plans to the organization, big-name consultants can be instrumental in validating decisions that might otherwise be met with resistance.

For example, during cost-cutting or restructuring projects—often the toughest calls for executives to make—consultants from firms like McKinsey or BCG can act as external advisors, offering recommendations based on industry standards and global benchmarks. Their reports become a powerful tool for leadership: “It’s not just us; McBoston says this is the best course of action.” This scapegoat effect can help leaders avoid internal friction, as they can point to the consultants’ recommendations as the reason for difficult changes.

But political value isn’t just about deflecting blame. It’s also about soft power. Consultants often wield their influence to unite stakeholders, build consensus, and align leadership teams around difficult decisions. They help navigate the cultural and political landscapes of organizations, smoothing the path for executives by mediating between competing interests and ensuring that everyone is on the same page.

As the saying goes, “It’s lonely at the top.” Consultants can provide senior leaders with a sounding board, offering an outside perspective on strategic decisions. They can act as advisors, offering counsel on not just what should be done, but how to execute those decisions in a way that keeps everyone—boards, employees, investors—on board.

How to Choose the Right Consulting Partner

When choosing between a large, prestigious consulting firm and a smaller boutique firm, the decision isn’t about which is inherently better or worse—it’s about finding the right fit for your project. While prestige often plays a role in these decisions, it’s important to separate credibility from brand power, and focus on what actually matters: expertise, approach, and fit with your team.

Executives often default to big brands because of a perceived lack of risk. The logic is simple: “If I choose McKinsey or BCG, no one can blame me if something goes wrong.” This is where risk aversion comes into play—leaders think that opting for a large, prestigious firm is a safe choice, especially when they’re unfamiliar with the broader consulting landscape. This idea mirrors Akerlof’s market for lemons: when buyers (in this case, executives) have limited information, they avoid risk and stick to what seems like a safe, credible option.

But credibility and prestige aren’t the same thing. Just because a firm is prestigious doesn’t mean it’s the right choice for your project. To make an informed decision, you need to evaluate a consulting firm on factors that go beyond name recognition.

Here are the key questions you should ask yourself:

• Do they have the right expertise?
  This is about ensuring the firm has both the capabilities and industry experience relevant to your project. Look at the depth of their knowledge in the specific area you’re working on—whether it’s a digital transformation, market entry strategy, or operational improvement. Don’t be swayed by a firm’s general reputation; make sure they have real expertise in the areas that matter to you.
• Is their approach aligned with what I’m looking for?
  Every consulting firm has a slightly different approach. Some are more hands-on, others more strategic. Some prioritize process improvements, while others focus on innovative solutions. Review their methodology: does their approach match the style of engagement you need? Are they focused on implementing change or simply providing strategic direction? A firm’s ability to align with your expectations is critical to ensuring a successful partnership.
• Is their delivery model in line with what I need?
  Large firms often deploy a pyramid structure, with senior partners guiding the project from the top and junior consultants handling day-to-day work. This can be effective for complex, large-scale projects, but may not be ideal for smaller, more specialized engagements. In contrast, smaller firms tend to have senior consultants more heavily involved on the ground. Does the firm’s delivery model fit your project’s scale and complexity? Make sure you’re getting the right level of expertise and hands-on involvement for your needs.
• Can my teams work with them?
  Cultural fit is often overlooked, but it’s essential. Can your team collaborate effectively with the consultants? Do their communication styles, working habits, and values align with your organization? A great consulting project requires more than just technical expertise—it requires teams that can work together harmoniously. Make sure you’ve thought about the relationship dynamic as well as the skills on offer.

The decision isn’t about prestige or size—it’s about what your project truly requires. If you need the political weight of a big firm, or the ability to handle sensitive organizational dynamics, go for the larger firm. If you need specialized expertise, flexibility, or cost efficiency, a smaller firm might be your best bet. The key is to make a decision based on the specific needs of your project—not just the size or prestige of the firm.

Conclusion: Don’t Confuse Brand Awareness with Performance

So, what makes a top consulting firm? If you’re thinking it’s all about the brand, think again. We often equate brand awareness with performance, assuming the most famous names are also the best performers. But here’s the reality: consulting rankings and lists of “top firms” are often just measuring who’s most well-known, not who’s actually best suited for your specific needs.

Many executives fall into the trap of choosing big-name firms simply because they seem like the safest option—no one ever got fired for hiring McKinsey, right? But prestige doesn’t always equal performance, and in many cases, you could be paying a premium for the name alone, not for the expertise your project actually requires.

So, don’t be that guy who blindly hires the most famous firm without doing his homework. Instead, make the smart move: take the time to evaluate your options. Look beyond the big brands and flashy logos, and really dig into what each firm can offer. Does their expertise match your needs? Is their approach aligned with how you want to work? And can your teams collaborate effectively with them?

The truth is, there’s no one-size-fits-all answer. The right consulting firm for you depends on the specific challenges and goals of your project. But by doing your homework, comparing firms based on what they can actually deliver, and working as a team to avoid biased decisions, you’ll find the right fit—whether it’s a global powerhouse or a niche boutique.

In the end, a top consulting firm isn’t the one with the loudest name. It’s the one that helps you get the results you need.