Case 5 - Case 5-5 McKinsey Company Managing Knowledge and...

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MD-Managing Director -> “knowledge is the lifeblood of McKinsey” The Founders’ Legacy - founded in 1926 by James MyKinsey as the firm of “accounting and engineering advisors” - 1932: Marvin Brower was hired and became manager of the the recently opened New York office - in 1937 Brower outlined his vision: - adhering to the highest standards of integrity - professional ethics and technical excellence - able to attract and develop young men of outstanding qualifications - committed to continually raising its stature and influence - firm dedicated to the mission of serving its clients superbly well - New Engagement Guide: every assignment should bring something more than revenues, f.i. experience or prestige - was elected Managing Partner in 1950; major changes that turned McKinsey into an elite consulting firm unable to meet the demand for its services A Decade of Doubt - almost overnight McKinsey’s reservoir of internal self-confidence began to turn to self- doubt and self-criticism Commission on firm aims and goals - 1971: commission on firm aims and goals concluded the firm had been growing too fast -> one central proposal was that the firm had to recommit itself to the continuous development of its members -> emphasis should be placed on the development of what it termed “T-Shaped” consultants: those who supplement a broad generalist perspective with an in-depth industry or functional specialty Practice development initiative - Ron Daniel became Managing Director in 1976 -> appointed one of the firm’s most respected and productive senior partners as McKinsey’s first full-time director of training - also believed some structural changes were necessary: created industry-based Clientele Sectors in consumer products, banking, etc. cutting across geographic offices that remained the primary organizational entity
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Case 5 - Case 5-5 McKinsey Company Managing Knowledge and...

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