And when we sold it, I thought that if every big project is going to take eight years then I am not going to do many more big projects in my working life. Consulting seemed an attractive, stimulating option again. When Asher joined PA in April 1998, it was in the final throes of buying out its major shareholder, effectively returning ownership to the staff. It was a seminal moment for the firm, Asher says. Professional firms thrive more naturally in private hands than under the pressure of public shareholders.
Public listing can be a very awkward tightrope to walk.
Hagler Bailly was listed. And it is not the first consulting firm to have fallen off that ownership tightrope. If you look at the history of consulting firms and public markets, it is pretty chequered. Hagler Bailly, Proudfoot, Cambridge Technology Partners, the list goes on. Even Booz Allen Hamilton went public and then bought themselves back.