While not many fi rms would have reason to celebrate the sort of economic downturn seen of late, specialists in corporate turnarounds operate in a very different universe, actually benefi ting from increased business as companies begin to struggle. A&M certainly falls into that category, and is nothing if not opportunistic—a fact amply demonstrated by its launching the fi nancial industry advisory services (FIAS) group in the midst of the worldwide credit-crunch in June 2008. (In the U.S., this group is now known as fi nancial industry regulatory advisory, emphasizing the regulatory and compliance expertise of this dedicated unit.) The unit offers clients in the fi nancial services industry counsel from former bankers and bank regulators, turnaround managers, real estate advisers, forensic accountants and IT strategists, who are led by Samuel P. Golden in U.S., a former senior offi cial with the U.S.
Offi ce of the Comptroller of the Currency, and Ann Cairns in London, a former ABN-AMRO and Citigroup executive.
The fi rm’s real estate advisory services practice has also been making out well recently, working with the owners, investors, lenders and corporate users of real estate—many of whom are still reeling from the sub-prime mortgage crisis—to improve operations, add value to their businesses and minimize risk.
GETTING HIRED
References are a big deal at Alvarez & Marsal. Likewise, heavy emphasis is placed on a candidate’s personal character. Although the interview Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
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Much of the fi rm’s recruiting is carried out directly by each of the businesses, so recruits should expect to meet with senior practitioners during the interview process. “It is not uncommon to be interviewed by either Bryan Marsal or Tony Alvarez,” one mid-level consultant reports. But one potential diffi culty a prospective hire might encounter is the fi rm’s preference for candidates with internal references.
OUR SURVEY SAYS
Corporate Atmosphere
Vault’s Verdict: If A&M consultants aren’t heaping praise on their fi rm, they’re probably just being cheeky. But the secret is out: Alvarez & Marsal offers an enviable quality of life, including one of the most fl exible work/life balances in the business.
Overall Satisfaction
• “I have developed professionally exponentially faster than I would have in industry, and much faster than I feel I could have in other consulting environments. When I summarize my project experiences with colleagues or clients, I am always impressed with what I have had the
opportunity to achieve.” – Houston consultant
• “I can’t imagine working anywhere else or fi nding better opportunities to advance myself and my career.” – Mid-level staffer
• “I enjoy the fl exible, and constantly changing, work environment. I also enjoy the challenging nature of the work, which provides for fast professional growth. However, this fi eld can be demanding on your personal life, as you must be very fl exible and willing to work long hours when necessary.” – Tax consultant
Firm Culture
• “Culture is a big part of our business. Not just in who we attract and how we interact, but how we serve our clients. Our culture is a meritocracy, where those who excel are recognized and rewarded.” – Operations consultant
• “My fi rm is excellent at hiring hardworking, outgoing, like-minded people with a common goal. There are very little offi ce politics at work at A&M, which affords a much more pleasant work environment than other fi rms I’ve worked at.” – Canadian consultant
• “The main reason I joined Alvarez & Marsal is the people. I respect my colleagues immensely, but also enjoy hanging out—it is a special group.” – Mid-level strategist
• “With professionals traveling so much, it is tough to establish a strong offi ce culture. The other business units that are in the offi ce more seem to have a more complete offi ce culture experience.” – Dallas insider
Supervisor Relationships
• “My supervisors have, to this point, been awesome, without exception. They have shown a high level of concern for their staff, and have been extremely pleasant and easy to work with.” – Chicago mid-level
• “A&M is very fl at. A consultant can speak with an MD at any time. The fact that MDs have chargeable hour goals and are assigned deliverables is tremendously positive.” – Experienced insider
• “Relationships with supervisors are ideal. I feel that my work is taken seriously and my time is respected.” – Restructuring consultant
Interaction with Clients
• “Our clients trust us and view us a part of their solution, working on things that are urgent and they can’t do for themselves, so they are usually complimentary and grateful.” – San Francisco executive
• “Client relationships tend to be long-term and very deep.” – Mid-level consultant
• “Clients are appreciative of our work, and for the most part have been very supportive. Some clients resist change, but I always feel like we have a good relationship by the end of a project.” – Atlanta consultant
Hours & Pay
Vault’s Verdict: Similar to most other top fi rms, travel and long hours are simply intrinsic to any profi table consulting schedule. That said, A&M’s responsive leadership goes well out of its way to make consultants feel valued and not overwhelmed.
Work Hours
• “You are expected to complete your assigned work. Management is conscientious about not overloading employees.” – First-year staffer
• “Management is fl exible with work hours. Knowing that sometimes we would need to work longer hours to service the client, our managing director sometimes releases staff members when the workload is minimal.” – Consultant
• “Hours are not excessive and fl exible subject to client needs.” – Houston executive
• “Hours fl uctuate drastically depending on the nature of engagement and variables such as timing. Could be as high as 90, but as low as 40.” – New York adviser
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Work/Life Balance
• “There is a great culture of fl exibility related to time not spent on a billable client engagement. Additionally, the fi rm actively responds to specifi c home-life situations (i.e., newborn baby) to ensure that consulting engagements impact the home life in as small a way as possible.” – Mid-level respondent
• “It is acceptable to perform work from home when possible. We don’t have to be at the offi ce just to put in face time. The vacation policy is very generous and I am yet to be told ‘no’ when I ask for time off.” – Entry-level adviser
• “When we are on a project, it is a fi restorm. The work load for a couple months can be very crazy with no work/life balance—fi ve-day-a-week travel, working on the weekends, etc. This is partially offset by being completely ‘on the beach’ in between projects—very little business development requirements or face time.” – Experienced business adviser
Travel Requirements
• “We have consultants who have never traveled in fi ve years with the fi rm. Others travel every week. Regardless, personal needs are heard and the fi rm tries to accommodate if business conditions allow.” – Operations consultant
• “Travel is dependent on the individual, their skills and the work available in their home city. Houston is a very large market for A&M, and therefore there are a number of in-town projects requiring minimal travel. Other cities have higher travel requirements because of the size of the market.” – Texas consultant
• “Partners could be more proactive about eliminating unnecessary travel by starting travel negotiations with the client at three days instead of four on site.” – Experienced adviser
• “If you don’t like traveling, don’t apply.” – Atlanta mid-level
Compensation
• “I am happy with my pay. During the economic downturn, my pay did not suffer. I also received a sizable bonus and contribution to my 401(k).” – Entry-level staffer
• “Heavily incentive-based compensation model. Pay for performance—based on service delivery, sales, and fi t to culture. Surprisingly high emphasis on fi t-to-culture component.” – Executive business consultant
• “Pay for play. It’s a very results-orientated pay structure. I like it.” – Midwestern advisor
Professional Development
Vault’s Verdict: The fi rm’s A&M University sounds academic, but its quality is dubious at best. Luckily for the fi rm, most of its consultants have graduated from well-respected schools and are able to pick up the essentials on the job. The fi rm is out to remedy the situation, however, and is in the midst of rolling out a new string of training programs for all levels in 2010 and 2011.
Formal Training
• “Most training is on the job, but the fi rm is gradually increasing the amount of formal training. For example, we are going into our fi fth year of holding A&M University.” – Operations consultant
• “Training is not as frequent and structured as I would want.” – D.C. junior staffer
• “Offi cial training has been implemented, but it’s mostly self-study, qualitative-type (think Emotional Intelligence, 7 Habits) books and hasn’t been widely adopted.” – Entry-level strategist
• “If you want to be truly mentored and trained, I would recommend going to another fi rm.” – Restructuring consultant
Promotion Policies
• “There’s no formal up-or-out policy. Consultants seem to advance at a pace mostly consistent with their abilities.” – Public-sector specialist
• “There are three legs to the stool: Delivering solid work, developing staff and making rain. When all three are fi ring, you are promoted.” – New York partner
• “Because A&M has few titles, promotions are not as quick compared to the Big Four.” – Business consultant
• “[The career path is] somewhat opaque. With the infl ux of senior talent lately, career paths are not properly defi ned.” – Los Angeles analyst
Diversity
Vault’s Verdict: The fi rm’ takes a hands-off approach to diversity, stating that it hires only on merit. Diversity is quite simply a nonfactor in recruitment. While this outlook is in line with the fi rm’s entrepreneurial spirit, it does result in a lack of heterogeneity within the ranks.
Diversity Issues With Respect to Women, Minorities, and GLBTs
• “Overall, we’ve always been a diverse fi rm. We don’t have any active recruitment of any group of people based on gender, race or sexual Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Alvarez & Marsal
consultant
• “I like to think we’re colorblind when it comes to how we treat everyone, but at the same time, I acknowledge that there are unique differences that need unique solutions.” – Higher-up in New York
Overall Business Outlook
Vault’s Verdict: The fi rm’s outlook is boldly underscored by its consultants’ dogmatic admiration for their leaders, Tony Alvarez and Bryan Marsal.
While it’s the consultants themselves doing the legwork on the ground, the charismatic duo continue to gather a wealth of accolades for the fi rm’s many successes.
Overall Business Outlook
• “A&M is well hedged against a downturn stutter or a strong upturn with both healthy-company and troubled-company consulting businesses.” – Dallas staffer
• “2010 should be much better than 2009. We have repositioned our service lines to better serve our key accountants and private equity clients.
We have seen a signifi cant increase in market traction accordingly. Utilization is up, and the pipeline is full of prospects.” – Mid-level consultant
• “Our fi rm’s outlook is favorable. In the recent recession, our restructuring arm has provided large amounts of referral work, while in better economic times we have a great deal of tax consulting and compliance work.” – Seattle fi rst-year
• “The regional structure will provide different stories. My region is struggling to sell business, while others are nearly staffed out.” – Operations consultant
Confi dence in Firm Leadership
• “Tony Alvarez & Bryan Marsal are the absolute best in their fi eld—both in the industry as well as in guiding their fi rm and its people. I have absolute faith in my fi rm’s leadership.” – Canadian fi nancial consultant
• “Our leaders are constantly pursuing ways to diversify, grow and strengthen A&M’s brand and internal culture. Furthermore, they are open-minded to new ideas and practices, highlighting their ability to adapt to the current turbulent market situation.” – Health care specialist
• “There is virtually fi rm-wide confi dence in A&M’s leadership.” – Restructuring consultant
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230 Third Avenue
Waltham, Massachusetts 02451 Phone: (781) 577-6300 Fax: (781) 487-7301 www.trinitypartners.com www.trinitypharmasolutions.com www.akutacorp.com
LOCATIONS
Waltham, MA (HQ) New York, NY
PRACTICE AREAS
Consulting Group
Advanced Analytics • Brand Planning • Corporate Strategy
• Forecasting • Licensing & Acquisition • Market Analytics • Pipeline & Portfolio Optimization • Primary Market Research
• Promotional Effectiveness Data Group
Dashboards & Analytics • Field Sales Data Reporting Solutions • Incentive Compensation Systems • Sales Force Deployment
THE STATS
Employer Type: Private Company President: John E. Corcoran
Managing Partner: David B. Fitzhenry 2010 Employees: 100+
2009 Employees: 95+