Investment bank Goldman Sachs Group Inc. went public in May 1999. Yet Mr. Gupta is adamant that McKinsey won't go that route soon. In his view, he adds, partnerships are still the best professional-services model. He thinks McKinsey can handle balancing its traditional business with New Economy accounts. McKinsey has long prided itself on being a relentless meritocracy where consultants historically have had to make the ascension to partner or be winnowed out.
Consultants make it a point of pride to try to return all their voice-mail messages every day.
Now, however, McKinsey has many satisfied online customers, he says. A firm spokesman says it is consulting with clients on more than 1,000 e-commerce assignments around the world this year alone. McKinsey also is stepping up recruiting efforts. McKinsey now takes employment applications over its web site. Some of its best recruits, McKinsey is finding, are people who have left the firm in recent years and now want to return.