Deloitte Attacks Rivals
In the wake of Accenture's initial public offering of last week, one firm stood out from the Big Five. Deloitte Consulting went public with its stand against going public.
Deloitte Consulting took out large advertisements in both the Wall Street Journal and the Financial Times last Thursday, the same day that Accenture launched its float.
The ads were part of a $10 million advertising campaign that Deloitte hopes will draw considerable attention to its consulting unit. "Deloitte Consulting is proud not to announce an IPO," read the ads.
Analysts believe the campaign is in part designed to show support for Deloitte's consulting employees who may be salivating at the huge equity interests received by partners at the firms that have gone public.
Accenture is the third of the Big Five consultancy practices to go public - KPMG Consulting went public in February 2001, and Ernst & Young took its consultancy public last year. PricewaterhouseCoopers has been considering an IPO after last year's plans to sell the consultancy to Hewlitt-Packard fell through.
"We're trying to energize our 16,000 employees," said Mark Berman, spokesman for Deloitte. As part of the campaign, Deloitte consulting employees are to be renamed "chief marketing officers," however no salary increase accompanies the change in title.