Why Big Four Partners Are Heading for the Exit
Partnership at Deloitte, EY, PwC or KPMG has long been the pinnacle of a consulting career. But a growing number of senior leaders are choosing to leave. Business Insider interviewed three former Big Four executives now at smaller firms, revealing a steady flow of top talent into mid-tier consultancies and AI-focused startups.
Analyst James Ransome, who specialises in senior-partner recruitment, says private-equity investment and AI innovation have made mid-tier rivals newly attractive—firms such as Alvarez & Marsal, Teneo, FTI Consulting and West Monroe are now winning talent that would have been unthinkable a few years ago. Casey Foss, CCO at West Monroe, reported a 25% increase in interest from Big Four professionals over the past year. Recent moves include EY-Parthenon global leader Jeff Wray and M&A head Brian Salsberg joining FTI, while former EY UK chair Steve Varley and ex-PwC COO Marissa Thomas founded their own startup, Unity Advisory. Deloitte US AI chief Gert de Geyter left for AI startup Teragonia, citing the speed a smaller firm can offer.
The exodus is driven by several forces. Post-pandemic, consulting demand has softened, making it harder for partners to sell work. Slower growth has raised promotion hurdles and squeezed compensation. Meanwhile, PE-funded competitors can offer faster paths to partnership—six to eight years versus the Big Four’s typical 20—and more lucrative packages. Rapid AI adoption is also reshaping the industry, pushing leaders toward environments where they can innovate without bureaucratic delay. Industry analyst Tom Rodenhauser says the departures reflect a bet on which organisations will be the true winners in AI.
How Mid-Tier Firms and AI Startups Are Winning Big Four Talent
Private Equity Arms Mid-Tier Rivals
PE investment is giving mid-tier consultancies the firepower to offer higher compensation and a compressed path to equity partnership. James Ransome notes that someone can now reach partner in six to eight years at an Alvarez & Marsal or Teneo, compared with two decades at a Big Four firm. That financial and promotional advantage, coupled with active recruitment, is drawing rainmakers who were previously tied to the prestige of the global giants.
AI Startups Pull Technical Leadership
The rapid evolution of AI is a powerful pull factor. Gert de Geyter’s move from Deloitte to Teragonia shows how technical leaders are leaving mega-firms for startups where they can move at the pace of the technology. Tom Rodenhauser frames these moves as a career bet on which firms will truly lead in AI—something that appeals to ambitious professionals who feel the Big Four cannot iterate fast enough.
Structural Friction Inside the Big Four
Beyond compensation, the sheer bureaucracy of large organisations is pushing talent out. EY’s Nargis Yunis, who became a partner in 2019, describes feeling like she was at the bottom of another hierarchy with limited access to advancement. Ransome adds that some partners are simply “carried” by large client mandates, while ambitious leaders increasingly recognise that smaller firms offer more meaningful influence and the ability to shape company culture.
A Symptom, Not a Blip
While departures of senior partners are not new, the current wave reflects a structural shift rather than a temporary reaction to the pandemic. Ransome believes it could be a healthy slim-down for the Big Four, but if they fail to adapt to faster, more agile competitors, they will continue to lose market share. EY, for its part, says it still attracts top talent directly into partner roles, but the trend suggests the Big Four brand alone may no longer be enough to retain the best.
What the Talent Shift Means for the Consulting Industry
- Big Four leadership should accelerate the path to equity partnership and streamline AI decision-making to retain rainmakers; West Monroe’s 6–8-year partner track and the move of leaders like de Geyter set a competitive benchmark.
- Investors and clients of Deloitte, EY, PwC and KPMG should monitor attrition of senior partners with key-client relationships, as rivals such as Alvarez & Marsal and Teneo are actively recruiting this talent, creating a potential revenue risk.
- Mid-tier and PE-backed consultancies can capitalise by highlighting faster growth, equity stakes and the ability to drive real change—West Monroe’s 25% increase in Big Four interest shows the current window of opportunity.
- Professionals inside Big Four firms should assess whether a move to a smaller, more agile organisation could accelerate career progression and offer equity participation that has become scarcer within the larger partnerships.
Risk & Opportunity Assessment
| Commercial Risk | High | Losing senior partners who are primary revenue generators—such as EY-Parthenon’s global leader and M&A head—can directly weaken client relationships and future sales pipelines. |
| Competitive Risk | High | Mid-tier firms like West Monroe and Alvarez & Marsal are attracting top talent with faster promotion and PE-backed rewards, intensifying competition for both clients and talent. |
| Regulatory Risk | Low | No regulatory changes are driving the talent shift; the movement is driven by market and technological forces. |
| Reputation Risk | Medium | High-profile exits, such as a former UK chair of EY and a PwC COO founding a rival startup, may signal to clients that the Big Four are less innovative or agile, potentially harming their brand. |
| Technology Disruption | High | AI is a key driver of departures, as leaders like Deloitte’s AI head move to startups to work at the speed of technology; failing to adapt could leave Big Four lagging in a critical growth area. |
| Commercial Opportunity | Medium | The Big Four have an opportunity to restructure and slim down non-performing partners, while mid-tier and startup competitors can build formidable practices by capturing exiled talent. |
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