Dilution of talent continues; Morale remains very low
Pros
I've personally been staffed on very interesting projects - quintessential pure growth strategy projects. Of course, experiences may vary, so take mine as a single data point. It's generally well-known internally that Booz consultants get better projects than our peers at McKinsey and BCG. (Bain doesn't often even compete with us on strategy projects.) PwC, being so well-connected, has helped us land pretty big new clients as well. Believe it or not, a lot of senior management at Fortune 500 companies either aren't too concerned with or aren't aware of consulting brands. They're much more pragmatic, and won't choose somebody because of the name of the firm. (How else would there be a market for boutique firms?) Even though the BBA/MBA recruiting world thinks of "MBB" - probably solidified by Victor Cheng and Marc Cosentino - it's probably undeservedly so, and the post-consulting world seems to recognize that. I get plenty of head hunts, even as early as a few months into the job. I have no concerns whatsoever about my exit opportunities should I choose to leave one day.
Cons
I'm aware of some Senior Associates who have been let go before even starting their first project. I think that's a very highly unethical employment practice. Morale has probably improved in the past year or two, but is still pretty low, and when anybody is on the beach for more than a week, they get really nervous. For Associates, Senior Associates, and Managers, this should never happen - it is completely out of their hands. There is absolutely no culture or firm identity anymore. The old Booz days had a much better office culture, and the integration of some PwC management consulting folks was definitely a mistake - they are obviously not capable of managing a strategy project, resulting in a greater burden placed on the rest of the team. I haven't had the pleasure of working with many good Managers, and many of those who are considered "good" by Partners and Directors are really only good at project administration (i.e. dealing with PwC's bureaucracy), but with no real ability to see the bigger picture or really drive the project forward. This is likely due to a lack of real mentorship, despite the "relationship partner" model.
