On the size of the firm.

We get asked, regularly, when we plan to grow. The honest answer is: slowly, and not by much.

There is a size at which a consultancy stops doing the work and starts selling the work. The leverage model demands it. Once the partner-to-associate ratio crosses a certain threshold, the partner is no longer in the room — they are managing the people who are.

We have decided that the work is the product. So we are staying the size at which the partner is in the room, every meeting, every memo. That is a ceiling on how many clients we can take. It is also the thing clients are paying for.

If you want a hundred-person firm, there are good ones. We are not trying to be one of them.