Succession planning for Management consulting: from engagement manager to principal
In a consulting firm the clients often belong to a partner, not the firm. Succession means growing the managers who can win and lead work, and handing client relationships over before a partner steps back.
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Share your requirementsWhy succession planning matters in management consulting
A common story: a founder or senior partner holds the top five client relationships and most of the firm's reputation. Managers deliver the work but meet the client only in project meetings. When the partner slows down or leaves, the clients follow, because they never knew anyone else well.
Succession planning here starts early and has two threads. One is a visible path from manager to principal, with skills such as proposals, pricing and client conversations added step by step. The other is a handover plan for each key client, where a second person joins the relationship long before the partner steps away.
How to set it up
1. List the key clients and who holds each relationship
Note the top clients by revenue, the partner who leads each and the second person who knows the client. Where there is no second person, mark it as a risk.
2. Name the managers who could grow into principals
Choose two or three, based on delivery, client feedback and appetite for selling. Discuss with each what they want, since not everyone wishes to chase business.
3. Add business development skills in steps
Let them co-write proposals, join pricing discussions and lead a client review meeting. Give feedback after each. Treat it as training, not a test.
4. Plan a client handover over a year
Add the second person to meetings, then have them lead part of the meeting, then lead with the partner observing. Tell the client what is happening in a positive way.
5. Agree what the firm offers a rising principal
A written view of title, responsibility, share of business and review timing, so a good manager sees the path. See compensation strategy.
Check these first
Before changing anything, find out what is true today. These take an afternoon and use your own records.
- List your top ten clients and note how many have a second relationship holder.
- Ask two managers whether they have ever led a proposal.
- Check how many managers in the last five years became principals and how many left.
- Ask partners which clients would be at risk if they stepped back this year.
GullyHR can do this with you. Read how we approach succession planning in general, or share your requirements and we will tell you where to start.
Questions owners ask
Years before it is needed. Handing over a client relationship takes a year or more, and growing a manager into a principal takes longer. Starting when a partner announces a break leaves too little time.
Respect that. Some stay excellent delivery leads and senior experts. Write a path for them too, with recognition and reward that does not depend on winning business.
Yes, and it is good for the client. A joint relationship protects the firm if one partner leaves. Agree how credit and rewards are shared so it does not become a source of friction.