Management Consulting Services (United States) — NAICS 54161

A rollup investor's primer. NAICS = North American Industry Classification System, the U.S. government's official scheme for sorting businesses into industries. Code 54161 is a five-digit NAICS industry that gathers the five distinct kinds of management consulting into one bucket. This primer synthesizes the five child-industry primers and our ground-truth federal statistics for this level; it does not re-research from scratch.

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1. Overview

Management consulting is the business of selling advice. An organization — a company, a nonprofit, a government agency, a utility — pays an outside expert to help decide what to do and how to do it: set strategy, redesign pay and benefits, plan a marketing push, rewire a supply chain, or modernize a telecom or utility operation. There is no product on a shelf. The inventory is people and judgment, the raw material is billable hours, and the main asset walks out the door every night.

NAICS 54161 is not one homogeneous market — it is five different service businesses filed under one code, and the single most useful thing an investor can know about it is how sharply they differ in size, concentration, cyclicality, and how you can actually own a piece:

• 541611 Administrative & General Management Consulting — the strategy-and-operations core, and by far the biggest.
• 541612 Human Resources (HR) Consulting — pay, benefits, pensions, and workforce advice.
• 541613 Marketing Consulting — advice on what to sell, to whom, and how (not the ad-making itself).
• 541614 Process, Physical Distribution & Logistics Consulting — supply-chain and operations advice.
• 541618 Other Management Consulting — the residual bucket, anchored by telecom and utilities consulting.

Two very different ways in. Public-market investors cannot cleanly buy this industry: the marquee firms — McKinsey, Boston Consulting Group (BCG), Bain & Company, and the Big Four (Deloitte, PwC, EY, KPMG) advisory networks — are private partnerships, and the listed names are all diversified companies where consulting is one slice among technology, insurance broking, advertising, or government contracting. Private-market investors meet this industry constantly: it is one of the most active private-equity (PE) roll-up areas in the market, and small consulting firms are among the most common businesses to start and sell.

Our judgment: attractive long-run demand and very light capital needs, but earnings that swing hard on consultant utilization, client budgets, talent retention, reputation, and — across every one of the five children — how artificial intelligence (AI) reshapes both what clients buy and how firms make money.

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2. What's inside — the five child industries and how they differ

The children are wildly uneven. General management consulting alone is ~61% of the level's revenue; the smallest, "Other," is under 4%. But size is only the start — concentration, growth direction, ownership, and investability differ just as much. The contrast table is the heart of this primer.

Contrast table — the five children at a glance

GDP = gross domestic product. Share of level is each child's 2022 Economic Census receipts divided by the level's $360.09B [1][2].

The three contrasts that matter most

1. Concentration is inverted from what you'd guess. The two smallest children are the most concentrated: HR (541612) and "Other" (541618) each have their four largest firms holding roughly 31% of revenue, because a few global benefits/actuarial firms (Mercer, Aon, Willis Towers Watson) and a few scaled telecom/utilities specialists tower over their niches [4][5]. The two mid-tier children — marketing and logistics — are almost atomized, with four-firm shares near 7% and Herfindahl-Hirschman Index (HHI) scores in the 20s–30s, about as unconcentrated as measured industries get [3][6]. The giant, general management, sits in the middle (four-firm share ~18%) [7]. So "who has pricing power" runs opposite to "who is biggest."

2. Defensiveness runs opposite to cyclicality. All five sell discretionary advice, but they are cushioned very differently. HR consulting is the most defensive: benefits administration, pension actuarial valuations, and compliance renew year after year regardless of the cycle [4]. Marketing is the most cyclical and most AI-threatened — budgets get cut first, and roughly six in ten marketing leaders were already cutting agency spend because of AI in 2025 [8]. Logistics is event-driven — it spikes on tariff waves and reshoring rather than tracking the broad cycle [9]. General management is mixed (transformation work is cyclical, restructuring is counter-cyclical), and "Other" tracks telecom and utility capital cycles [10][11].

3. Public investability is best where the industry is not biggest. The cleanest listed proxies sit in marketing (multi-billion-dollar advertising holding companies) and HR (large diversified insurance brokers) — the mid-sized children — while the dominant general-management segment offers only Accenture plus government contractors, and logistics offers essentially nothing focused but one small-cap. Owning "consulting" in public markets means owning a company whose other businesses usually drive the stock.

One firm bridges all five. Accenture is the only company that shows up as a proxy in every child primer — strategy in 541611, human capital in 541612, Accenture Song in 541613, supply-chain in 541614, and technology-led work in 541618 — which is exactly why buying it is closer to a diversified "consulting complex" bet than a pure play on any one segment [6][10].

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3. How big it is (federal figures for the level)

Our ground-truth federal statistics for NAICS 54161. Dollar figures originally reported in thousands are shown in billions. Receipts, firm counts, and concentration come from the 2022 Economic Census; establishments, employment, and payroll from 2023 County Business Patterns (CBP), the Census Bureau's annual count of employer businesses [1].

The concentration ratios (CR4/8/20/50) are the share of revenue held by the largest 4, 8, 20, and 50 firms. HHI runs from near zero (many equal competitors) to 10,000 (a monopoly); U.S. antitrust agencies treat anything below ~1,500 as "unconcentrated."

What the numbers say:

• The children reconcile cleanly to the level. Summed across the five child primers, employment (1,467,031), establishments (188,206), and annual payroll (~$158.4B) match the level totals exactly, and receipts sum to ~$360.09B [1][2][3][4][5]. This is a genuine ground-truth cross-check: the parts add up to the whole.
• A cottage industry with a few giants. About 8 employees per establishment (1.47M ÷ 188,206) and roughly one establishment per firm — nearly 179,000 small shops, not a few big factories. Average revenue per firm is about $2.0 million.
• Labor is essentially the whole business. Payroll (~$158.4B) is about 44% of receipts, and average pay works out to roughly $108,000 per employee — a high-wage, white-collar workforce. (Pay skews higher in the senior-heavy general-management and telecom/utilities segments, ~$122–125k, and lower in marketing and logistics, ~$73–83k.)
• The level looks even more fragmented than its parts — which is misleading. The aggregate HHI is just 47.5, below three of the five children measured on their own. That is because pooling five different service markets into one code dilutes concentration: a firm that dominates HR benefits work does not compete head-to-head with a marketing boutique. Read the level's 10.9% four-firm share as understating how much pricing power the leaders hold within the segments that actually have leaders (HR, "Other").

The undercount caveat — important here. These employer-based counts understate the industry at both ends. At the small end, CBP counts only businesses with paid employees and omits the vast population of nonemployer consultants — independent, one-person advisory practices filing as sole proprietors. Professional, scientific, and technical services is one of the largest nonemployer categories in the country, and solo consulting is a classic example, so the true population of "consultants" runs far beyond ~179,000 employer firms [3][4]. Our federal file contains no nonemployer count, and no industry-wide margin, utilization, billing-rate, or backlog series — those are not estimated. At the top end, NAICS classifies each establishment by its primary activity, so the giant brand-name firms spread revenue across several codes (strategy in 541611, technology in 541511, HR in 541612), and no single code captures a McKinsey or a Deloitte in full [1]. Private-sector estimates that use a broader boundary size the wider U.S. "management consulting" market well above the federal receipts figure — IBISWorld puts it above $400 billion under its wider 2025–2026 definition [12].

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4. The investable universe (where value concentrates across the children)

For public-market investors, pure exposure barely exists. The elite firms are private partnerships, and no listed company maps cleanly to any single code because each combines consulting with technology, insurance broking, advertising, or government work. Value concentrates in different listed vehicles depending on the child:

NYSE = New York Stock Exchange; Nasdaq = Nasdaq Stock Market; FY = fiscal year. Scale markers are total-company revenue, not the NAICS-code slice.

Where the industry actually sits — the private owners:

• Elite strategy partnerships: McKinsey (~$16B revenue after 2024–25 cuts), BCG (~$13.5B), Bain (~$7B), Kearney, Alvarez & Marsal — closed to outside capital [6][15].
• Big Four advisory: Deloitte, PwC, EY, KPMG — partner-owned member-firm networks running large practices across every one of the five children [16].
• PE-owned platforms: Guidehouse (Bain Capital bought it for $5.3B in 2023), Berkeley Research Group (TowerBrook, 2025), DEPT (Carlyle), Bounteous (New Mountain) — the way institutional capital owns the scaled middle [17][18].
• The tail: well over 100,000 boutiques and independents across the five codes — the true bulk by firm count.

Bottom line: the deepest, most durable public exposure is diversified Accenture (touches all five) plus the ad holding companies and insurance brokers that anchor marketing and HR. The dominant general-management segment and almost all of logistics are private-market games.

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5. How the money works

All five children run the same professional-services engine, so the economics generalize across the level. Revenue per consultant is roughly:

bill rate × utilization × realization, amplified by staffing leverage.

• Bill rate — what the firm charges per hour or day for a given seniority.
• Utilization — the share of a consultant's available hours actually billed to clients. Idle ("bench") time is pure cost, so a few points of utilization move profit sharply. It is the single most-watched operating metric.
• Realization — how much of the standard rate is actually collected after discounts, scope creep, and fixed-fee overruns.
• Leverage (the pyramid) — partners "find" the work and own the client relationship, managers "mind" delivery, and juniors "grind" the analysis; profit comes from billing junior staff well above their cost. General-management and delivery work runs wider pyramids (4:1 to 8:1); pure strategy runs leaner because clients pay for senior insight [15].

Pricing formats span time-and-materials, fixed-fee projects, retainers, subscription/benchmarking (Hackett's model), managed services, and — growing across every segment — value- or outcome-based fees tied to results. Fixed-price work carries execution risk; government work adds backlog visibility but exposes firms to appropriations and protests.

Because there is almost no physical capital, strong firms throw off cash — Accenture generated roughly $10.9 billion of free cash flow and booked $80.6 billion of new work in fiscal 2025 [6]. The catch is that the same lightness cuts both ways: with payroll near half of revenue and staff costs largely fixed in the short run, a hiring surge followed by weak bookings compresses margins fast.

The AI wildcard runs through all five. Generative AI (software that produces text, code, and analysis) is both a demand driver — clients pay consultants to help adopt and govern it — and a threat to the model itself: if AI automates the junior-analyst "grind," the pyramid compresses, potentially lifting margin per consultant while shrinking the headcount a firm can bill [15][8]. The exposure is uneven: marketing execution and routine research are most automatable; senior judgment, regulated actuarial work, and hard implementation are most protected.

What investors watch (public or private): organic growth, utilization, realization, revenue per consultant, bookings and backlog (book-to-bill), attrition of senior "rainmakers," recurring-vs-project mix, and cash conversion. For private firms, reported profit must be normalized for owner/partner compensation before it means anything.

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6. What drives demand

The same forces move all five children, weighted differently:

• The business cycle and confidence. Consulting spend is discretionary — bought when organizations invest in growth, restructuring, or deals, and cut first in a downturn. This hits marketing and general transformation work hardest and the recurring HR/compliance base least.
• The AI double-edge. Every segment is being reshaped by AI adoption, cybersecurity, cloud, and data work — a genuine tailwind for advisory demand and, simultaneously, a deflationary threat to routine billable hours [8][15].
• Regulatory and structural waves, segment by segment. HR rides employment-law complexity (pay transparency, AI-hiring rules), health-cost inflation, and pension de-risking [4]. Logistics rides tariffs, the ~$1.7 trillion U.S. reshoring build-out, and supply-chain resilience [9]. "Other" rides utility grid modernization, electrification, and telecom/5G/fiber buildouts [10]. Marketing rides digital transformation, first-party data, and privacy rules [8].
• Deals and distress. Mergers, carve-outs, turnarounds, litigation, and bankruptcies drive counter-cyclical specialty demand (FTI, Huron, CRA lean this way).
• Government budgets and policy. For government-heavy names (Booz Allen ~99% federal, ICF ~half), demand tracks federal appropriations — currently a headwind (Section 9).

A shared proxy: the U.S. Bureau of Labor Statistics (BLS) projects employment of management analysts — a closely related occupation spanning all five children — to grow 9% from 2024 to 2034, faster than average. That is an occupational forecast, not a revenue forecast, but it points the same direction: above-average, if uneven, growth [19].

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7. Regulation

Management consulting is one of the least directly regulated professional services: unlike law, accounting, medicine, or investment advice, no license is required to call yourself a management consultant, and there is no single overseeing agency — a key reason all five children have such long tails of solo operators. Regulation bites at the edges, mostly per engagement, and the pressure points are common across the level:

• Government contracting. Firms selling to Washington operate under the Federal Acquisition Regulation (FAR), General Services Administration schedules, and (for defense) the Defense Federal Acquisition Regulation Supplement (DFARS). FAR organizational and consultant conflict-of-interest (OCI) rules can bar a firm from advising both sides of a matter or bidding on work it helped shape [20].
• Anti-corruption and false claims. The Foreign Corrupt Practices Act (FCPA) bars bribery of foreign officials; government contractors face liability for false billing and misuse of confidential information.
• Auditor independence. The Sarbanes-Oxley Act and the Public Company Accounting Oversight Board restrict the Big Four from selling many consulting services to audit clients — the central reason those firms have wrestled with separating audit from advisory [4].
• Sector rules that are themselves the product. Much of the work exists because the client's world is regulated: ERISA/ACA and pay-transparency law for HR [4]; the Federal Trade Commission's truth-in-advertising, endorsement, and fake-review rules plus state privacy law (CCPA/CPRA) for marketing [8]; customs, transportation, warehouse-safety, and drug-traceability rules for logistics [9]; energy and telecom rules for "Other" [10]. Rule changes generally mean more billable work; rule simplification or automation of routine compliance can erode it.
• Reputational and legal risk is existential. The landmark case: McKinsey agreed in December 2024 to pay $650 million to resolve criminal and civil investigations into its opioid-related work with Purdue Pharma — the first time a management-consulting firm was held criminally responsible for advice that aided a client's crime [21].
• AI governance. The National Institute of Standards and Technology (NIST) AI Risk Management Framework is voluntary guidance, not a federal AI law — but it increasingly appears in client controls and is itself a source of advisory work [22].

Forward-looking judgment: expect procurement scrutiny of consultants (transparency, conflicts, value-for-money) to intensify across all five children, even as the core activity stays license-free.

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8. Competitive dynamics and consolidation

A barbell market, in five copies. Every child shows the same shape — a small number of large, branded players above a very long tail of boutiques and independents — which is why the level's aggregate concentration is so low. The moat is intangible everywhere: trusted senior relationships, sector credentials, security clearances, proprietary data and methods, recruiting and retention, and the ability to connect strategy to implementation. The asset walks out the door every night, so talent is both moat and risk.

Consolidation runs hard, from several directions:

• Serial strategic acquisition. Accenture is the industry's most active acquirer, closing dozens of deals a year (about 35+ for $3.8B+ in fiscal 2025) to bolt on capabilities across all five segments [23].
• PE roll-ups of the fragmented middle. Consulting is one of the most active PE consolidation lanes: trackers counted over 1,000 consulting-firm acquisitions globally in 2024, with PE buyers a rising share [23]. Guidehouse (Bain Capital, $5.3B) and Berkeley Research Group (TowerBrook, 2025) illustrate sponsor appetite for scaled platforms [17][18].
• Adjacent giants pushing in. In marketing, ad holding companies consolidate at the top — Omnicom completed its ~$13B acquisition of Interpublic in 2025, creating the largest marketing group with pro forma revenue over $25B [13]. In HR, insurance brokers roll up benefits consultants (Gallagher/Buck, Aon/NFP) [11]. Technology-services firms buy consultancies to add skills fast.

Integration risk — cultural fit, partner retention, client conflicts, and revenue leaving with departing talent — is the common constraint. The squeeze falls on the middle: mid-size independents caught between scaled giants, nimble AI-augmented freelancers, and increasingly capable in-house teams.

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9. Risks

Shared across the level, with the segment most exposed noted:

• Cyclicality. Discretionary spend falls fast in downturns; utilization and bookings drop sharply (marketing and general transformation most; HR compliance least).
• AI disruption. GenAI can compress the pyramid economics that generate profit and lower the barrier for clients to work in-house (marketing execution and routine research most exposed) [8][15].
• Government-spending shocks. In 2025 a federal push to cut outside consulting — via the "Department of Government Efficiency" (DOGE) initiative and GSA contract reviews — put an estimated $65 billion of future fees under review and triggered layoffs at firms including Deloitte and Booz Allen (concentrated in 541611 and 541618: Booz Allen ~99% federal, ICF ~half) [23].
• Talent risk. Departing rainmakers can take client relationships; wage inflation and attrition erode margins.
• Reputational and legal risk. Conflicts, bad advice, or a scandal can be existential for a trust-based business — the McKinsey opioid case is the cautionary example [21].
• Fixed-price and execution risk. A bad cost estimate turns an attractive project into a loss; a failed implementation invites litigation.
• Client/sector concentration for boutiques. Small firms often lean on a few clients; losing one can be existential.
• Private-market opacity, and public-market dilution. Private firms disclose little; listed "consulting" proxies are diversified companies whose share prices are driven mainly by other businesses (IT, ad cycles, insurance broking), making clean valuation unreliable.

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10. How to invest and the outlook

Public routes — evaluate by actual exposure, not by the word "consulting." No listed company is a clean bet on this industry, and the sensible starting point differs by segment:

• Diversified/whole-complex: Accenture (ACN) is the only name touching all five children — the closest thing to a "consulting index," though heavily technology-weighted [6].
• Marketing: the advertising holding companies (Omnicom, Publicis, WPP, Stagwell) offer the deepest listed exposure, but trade on the global ad cycle and M&A more than the strategy niche [13].
• HR: Korn Ferry is the closest operating match; Marsh/Mercer, WTW, Aon, and Gallagher give diversified benefits exposure inside insurance-brokerage stories [11].
• General management / government / specialty: Booz Allen and ICF for federal exposure (and right now, federal cost-cutting risk); FTI, Huron, and CRA for counter-cyclical restructuring, litigation, and healthcare advisory [10].
• Logistics / Other: the Hackett Group is the only focused small-cap; otherwise exposure is diffuse inside IT-services names [14].

Key diligence questions apply across all of them: How much revenue is genuinely consulting versus technology/broking/outsourcing? Is growth organic or acquired? Are utilization, realization, attrition, bookings, and backlog improving? How concentrated are customers and government contracts? Reserve valuation work (price-to-earnings, enterprise-value-to-EBITDA — earnings before interest, taxes, depreciation and amortization — dividend yields) for security selection; these are people businesses with thin balance sheets, so cash generation and organic growth matter more than assets, and a labor-heavy consultancy should not get a software multiple.

Private routes — where the fragmented middle actually lives.

• Private equity is the primary way to own the scaled middle across every child; buyout and growth funds are actively rolling up boutiques (Guidehouse, BRG, DEPT and many more) [17][18].
• Direct ownership / founder economics: small consulting firms are among the most common businesses to start and sell; valuations key off recurring revenue, senior-team retention, and client concentration, with profit normalized for owner pay.
• The elite strategy partnerships (McKinsey, BCG, Bain) and Big Four advisory arms remain closed to outside capital [15][16].

Outlook (forward-looking judgment). The long-run demand story — complexity, technology waves, regulation, deal activity — is intact, and the level has grown ahead of GDP for years. But it is entering a genuine transition, and the five children will diverge:

• HR (541612) looks steadiest, cushioned by recurring compliance and actuarial work.
• Logistics (541614) should grow with the rewiring of global trade, but with more volatility.
• "Other" (541618) has durable niche tailwinds in grid modernization, 5G/fiber, and cybersecurity.
• General management (541611) keeps the best long-run demand but absorbs a real near-term federal spending shock and the sharpest AI question for its pyramid.
• Marketing (541613) faces the most pressure — AI deflation plus in-housing — even as it offers the deepest public proxies.

The strongest firms in every segment will pair trusted advice with implementation, proprietary tools, and recurring revenue; commodity staff-augmentation and easily automated research are the most exposed to price pressure. Treat NAICS 54161 as a portfolio of five different business models, not one sector: public investors get the cleanest, most durable exposure through diversified Accenture and the ad-holding and insurance-broker vehicles that anchor marketing and HR, while the dominant general-management segment and almost all of logistics remain a private-market game.

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Sources

1. U.S. Census Bureau, ingested federal statistics for NAICS 54161 — receipts, firms, establishments, employment, annual and Q1 payroll, CR4/8/20/50, HHI (2022 Economic Census and 2023 County Business Patterns). Histometrics ground-truth file. See also https://data.census.gov/ and https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau, "2022 Economic Census — Establishment and Firm Size (Concentration) Statistics," receipts and concentration by NAICS. https://data.census.gov/table/ECNSIZE2022.EC2200SIZECONCEN
3. U.S. Census Bureau, "County Business Patterns Methodology" and "Nonemployer Statistics" (coverage exclusions: self-employed, nonemployers, most government). https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
4. Child primer 541612 (Human Resources Consulting Services) — receipts, concentration, ownership, regulation, and demand drivers, with underlying Census, SBA, ERISA/ACA, and company sources.
5. Child primer 541618 (Other Management Consulting Services) — receipts, CR4/8/20/50, telecom/utilities scope, and PE ownership, with underlying Census and company sources.
6. Accenture plc, "Fourth-Quarter and Full-Year Fiscal 2025 Results" ($69.7B revenue; $80.6B bookings; $10.9B free cash flow). https://newsroom.accenture.com/
7. Child primer 541611 (Administrative & General Management Consulting Services) — receipts ($219.1B), CR4 17.8%, HHI 118.4, ownership mix, with underlying Census sources.
8. Child primer 541613 (Marketing Consulting Services) — receipts ($77.5B), HHI 24.1, AI/in-housing pressure (~60% of marketing leaders cutting agency spend), advertising-holding-company universe, with underlying FTC, IAB, and company sources.
9. Child primer 541614 (Process, Physical Distribution & Logistics Consulting Services) — receipts ($26.0B), HHI ~30, tariff/reshoring demand, with underlying Census, McKinsey survey, and company sources.
10. ICF International, "Fourth Quarter and Full Year 2024 Results" ($2.02B); see child primers 541611/541618 for the government/specialty listed complex (Booz Allen, FTI, Huron, CRA). https://investor.icf.com/
11. Marsh (formerly Marsh McLennan), Willis Towers Watson, Aon, and Arthur J. Gallagher segment disclosures (Mercer ~$5.7B 2024; Buck/NFP acquisitions), via child primer 541612. https://www.sec.gov/
12. IBISWorld, "Management Consulting in the US" (NAICS 54161 group; market size $400B+ under wider definition), 2025–2026. https://www.ibisworld.com/united-states/industry/management-consulting/1421/
13. Omnicom Group, "Omnicom Completes Acquisition of Interpublic" (~$13B; pro forma >$25B), 2025, via child primer 541613. https://www.omc.com/newsroom/
14. The Hackett Group, "Fourth Quarter 2024 Results" (FY2024 revenue $307.0M), via child primer 541614. https://www.businesswire.com/
15. Management Consulted and consulting-economics sources — top-firm revenue (McKinsey ~$16B, BCG ~$13.5B, Bain ~$7B) and leverage/utilization/realization model, via child primers 541611/541618. https://managementconsulted.com/revenue-of-top-20-firms/
16. Big Four network structure (private member-firm networks): Deloitte, PwC, EY, KPMG, via child primer 541612. https://www.deloitte.com/
17. Guidehouse, "Guidehouse Completes Transaction with Bain Capital" ($5.3B, 2023), via child primers 541611/541618. https://guidehouse.com/news/corporate-news/2023/guidehouse-completes-transaction-with-bain-capital
18. TowerBrook Capital Partners, "Strategic Investment in Berkeley Research Group" (2025), via child primer 541618. https://www.towerbrook.com/
19. U.S. Bureau of Labor Statistics, "Management Analysts: Occupational Outlook Handbook" (+9% employment, 2024–2034). https://www.bls.gov/ooh/business-and-financial/management-analysts.htm
20. Acquisition.gov, "FAR Subpart 9.5: Organizational and Consultant Conflicts of Interest" and DFARS 209.572, via child primers 541611/541618. https://www.acquisition.gov/far/subpart-9.5
21. U.S. Department of Justice, "Resolution of Criminal and Civil Investigations into McKinsey & Company's Work with Purdue Pharma" ($650M total), Dec. 2024, via child primer 541611. https://www.justice.gov/opa/pr/
22. National Institute of Standards and Technology, "Artificial Intelligence Risk Management Framework (AI RMF 1.0)" (voluntary guidance), 2023. https://www.nist.gov/itl/ai-risk-management-framework
23. Fortune / Middle Market Growth (Equiteq data), "DOGE consulting-contract cuts" and "consulting PE roll-ups / Accenture acquisitions" (>1,000 consulting deals in 2024; ~$65B federal fees under review; Accenture ~35+ deals/$3.8B+ FY2025), 2025, via child primer 541611. https://fortune.com/2025/04/03/doge-private-contract-crackdown-deloitte-consultancies/