O'Shea,J. Madigan,C. Dangerous Company. 1997

O'Shea, James and Madigan, Charles. Dangerous Company: The Consulting Powerhouses and the Businesses They Save and Ruin. New York: Random House (Times Business), 1997. 356 pages.

The authors, senior editors and writers at the Chicago Tribune, take a close look at the elite companies that offer consulting for businesses in exchange for fat fees. These mainly include McKinsey & Company, Bain, Boston Consulting Group, Andersen Consulting, Deloitte Touche, and Gemini. There are a couple of success stories that benefitted from consulting. One is Sears, and another is a small pharmaceutical company.

And then there are the disasters. Andersen got a contract that was directly tied to the number of jobs that were eliminated. More jobs cut meant bigger bonuses, and few or no jobs cut meant cash penalties. Another consultant was into high-tech babble, and caused a company to pour huge sums into systems that were delivered late, and didn't work as well as the old system. A consultant at a super-secret firm, Bain & Company, turned state's evidence based on knowledge he gained while helping a British client, Guinness brewery. The most powerful firm is McKinsey. Self-aggrandizing McKinsey insiders believe that they're a combination of Jesuits and U.S. Marines. The authors leave the impression that business consulting pushes too many philosophical fads, is frequently unsuccessful, and demands high fees that ought to be more contingent on performance.
ISBN 0-8129-2634-X