Consulting or agency · 14 min
From solo to a firm
A firm makes money on the gap between what a client pays for someone's hour and what that hour costs. Hire well and the gap pays you. Hire on one client's promise, and losing that client can put you out of business.
Ticket 01 · The guess
Where does a consulting firm's revenue go?
Words to know
Sources and every number (3)
Sources
- CRA International, Inc. Form 10-K for the fiscal year ended January 3, 2026 (fiscal 2025) · CRA International, Inc. (filed with the U.S. SEC), 2025
- Huron Consulting Group Inc. Form 10-K for the fiscal year ended December 31, 2025 · Huron Consulting Group Inc. (filed with the U.S. SEC), 2025
- Accenture plc Form 10-K for the fiscal year ended August 31, 2026 · Accenture plc (filed with the U.S. SEC), 2026
Every number
- 69.1%
sec.gov ·2025 · CRA International, fiscal 2025: costs of services (mostly its consultants' pay and benefits, plus project costs) as a share of net revenue. - 959 consultants
sec.gov ·2025 · CRA International's consultants at the end of fiscal 2025 (early January 2026): officers, senior and junior staff together. - 67.5%
sec.gov ·2025 · Huron, 2025: direct costs as a share of revenues before reimbursable expenses. - 32.0%
sec.gov ·2026 · Accenture, fiscal 2026: gross margin, what's left of revenue after the cost of services (people, subcontractors, travel and the rest of doing the work).