West Monroe Partners

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West Monroe Partners, LLC
Private
Industry Management consulting
Banking
Credit Unions
Capital Markets
Private Equity
Insurance
Healthcare
Life Sciences
Energy
Utilities
Manufacturing
Distribution
Retail
Technology
Founded 2002
Headquarters Chicago, Illinois
Area served
North America
Europe
Key people
Kevin McCarty (CEO)
Number of employees
850 (1-25-17)[1]
Website www.westmonroepartners.com

West Monroe Partners is a multinational management and technology consulting firm headquartered in Chicago, United States. [2] West Monroe provides professional consulting services to businesses across many industries including Banking & Credit Unions, Capital Markets, Private Equity, Insurance, Healthcare, Life Sciences, Energy & Utilities, Retail, Manufacturing & Distribution, and Technology. In a unique model, all employees share equity as part of the firm's Employee Stock Ownership Plan (ESOP).

Office locations[edit]

West Monroe has ten offices in North America, including Chicago (headquarters), Columbus, Seattle, New York City, Los Angeles, Raleigh, Minneapolis, Dallas, San Francisco, and Bentonville.[2]

History[edit]

2002-2004: formative years[edit]

In April 2002 four former Arthur Andersen consultants founded West Monroe Partners at Miller’s Pub in Chicago.[3] That group — which included Dean Fischer (currently Chairman of the Board) and Kevin McCarty (currently CEO) — established West Monroe Partners LLC, with the name deriving from Arthur Andersen's address on West Monroe Street in Chicago.[4] Dean Fischer became the company’s first president and CEO.[5]

The firm began serving its first client, Equity Marketing Services, in June 2002, and went on to deliver business and technology consulting services to a variety of mostly Midwestern clients from its Chicago office.[6] In mid-2004, West Monroe Partners hired its 50th employee and launched its first website.

2005-2009: expansion years[edit]

The years between 2005 and the end of the decade marked a period of expansion for West Monroe Partners.[7] In 2005, the firm opened three new offices in Montreal (January), Seattle (October), and Columbus, Ohio (December).[8] During this year, the firm reached $10 million in revenue and hired its 100th employee, including members of West Monroe’s first university recruiting class.[9] In 2006, the National Association for Business Resources named West Monroe Partners one of its “101 Best and Brightest Companies to Work For” in Chicago.[10] Since then, it has garnered similar accolades locally in Chicago, Seattle, and Columbus, as well as nationally from Consulting Magazine and Vault.com.[6][11][12]

Expansion continued with the mid-2006 opening of a Toronto office and merger with LxLi, a consulting firm specializing in labor management and engineered labor standards.[13] In 2007, West Monroe Partners opened an office in New York City (April) and one in Dallas (September).[14][15]

West Monroe Partners established in 2007 a formal, 13-member Board of Managers. During this period, the firm started practices to serve specific industries; for example, the Energy & Utilities practice, which has worked with utilities across the country to plan and advance smart-grid strategies.[16][17] During the latter years of the decade, West Monroe Partners also began to focus on multi-faceted business transformations.[18]

2010-present[edit]

In March 2010, West Monroe Partners entered an international consulting alliance with BearingPoint, which has strong European roots.[19]

In April 2012, West Monroe Partners celebrated its tenth anniversary in business. Later that year, in September, it named co-founder Kevin McCarty as president.[20] Dean Fischer retains the role of CEO. The firm added an eighth office in Minneapolis in late 2012.[21]

At the end of 2012, West Monroe Partners reorganized as an employee stock ownership plan.[22]

In October 2014, president and co-founder Kevin McCarty was named as CEO. He replaced Dean Fischer, who retired and transitioned to the role of executive chairman of the board of managers.[23]

Global alliance[edit]

In 2010, West Monroe Partners announced a strategic consulting alliance with BearingPoint to expand their global market coverage and to better provide services to their international clients. Both firms offer business consulting services to help solve their clients’ most important and broader business issues. While BearingPoint has European roots, West Monroe Partners is active in the North American management consulting market.[24]

Industry specialization[edit]

West Monroe Partners maintains specialized capabilities in the following industries:

Competitors[edit]

West Monroe Partners’ competitors range from niche consulting firms with specific industry, functional, and technical expertise to the largest global management and technology consulting firms.[citation needed]

Recruiting[edit]

West Monroe Partners has a team of more than 500 professionals with diverse skills: strategic and tactical, business and technology, functional and process, industry and market focused.[22] It recruits a mix of experienced personnel (approximately 67 percent of new hires) and entry-level consultants (approximately 33 percent of new hires).[25]

The firm uses a variety of methods to source talent, including employee referrals, social media and networking, staffing partnerships, and campus activities.

West Monroe Partners was recognized by Consulting Magazine as one of the Best Firms to Work for in their September 2016 edition.[26]

Publishing[edit]

West Monroe Partners publishes a quarterly newsletter for clients, as well as several industry-specific newsletters for companies in the energy and utilities, banking, and insurance industries. These ongoing newsletters highlight key industry trends and issues facing C-level executives.

In addition, West Monroe Partners conducts industry-specific surveys around the energy and utilities, mergers and acquisitions, cybersecurity, and healthcare industries to produce three original data studies each year.

  • Keeping the Lights On: Addressing the challenge of distributed energy resource growth (April 15, 2016)[27]
  • Testing the Defenses: Cybersecurity Due Diligence in M&A (July 12, 2016)[28]
  • No More Waiting Room: The Future of the Healthcare Customer Experience (November 28, 2016)[29]

References[edit]

  1. ^ http://www.westmonroepartners.com/People
  2. ^ a b "Company Overview of West Monroe Partners LLC". Bloomberg BusinessWeek. Retrieved 19 April 2013. 
  3. ^ Staff (1 June 2009). "Chicago's Best Places to Work". Crain's Chicago Business. Retrieved 19 April 2013. 
  4. ^ Staff (November 28, 2011). "In Brieft". Chicago Real Estate Daily. Retrieved 19 April 2013. 
  5. ^ "Top 25 Consultants of 2010". Top 25 Consultants of 2010. Kennedy Information. Retrieved 19 April 2013. 
  6. ^ a b Vault. "Vault Rankings 2013". Vault.com Inc. Retrieved 19 April 2013. 
  7. ^ Staff. "Inc Company Profiles". Inc 5000. Mansueto. Retrieved 19 April 2013. 
  8. ^ BusinessWire (14 August 2012). "West Monroe Partners Named one of Washington's Best Workplaces". Retrieved 19 April 2013. 
  9. ^ Staff. "West Monroe Partners Named Finalist for ITA CityLIGHTS Award". PressReleasePoint. Retrieved 19 April 2013. 
  10. ^ "Chicago's Best and Brightest Companies to Work For". National Association of Business Resources. Retrieved 19 April 2013. 
  11. ^ Staff Report. "West Monroe Partners". Best Firms to Work For. Retrieved 19 April 2013. 
  12. ^ Buchanan, Doug (30 September 2011). "Best Places to Work finalists announced". Business First Columbus. Retrieved 19 April 2013. 
  13. ^ "West Monroe Partners and LxLi Announce Merger Agreement". Information Management. 17 April 2006. Retrieved 19 April 2013. 
  14. ^ "West Monroe Partners Continues Growth With Sixth Practice Opening; Will Focus On Financial Services". PRNewswire. 5 May 2007. Retrieved 19 April 2013. 
  15. ^ "West Monroe Partners Opens Dallas Office". The Free Library. 7 May 2007. Retrieved 19 April 2013. 
  16. ^ "Alameda Smart Grid" (PDF). PDF. Retrieved 19 April 2013. 
  17. ^ "The Smart Grid Journey: Embarking on Utility Transformation". Marcus Evans. Retrieved 24 April 2013. 
  18. ^ "West Monroe Drives Business Transformation Program for Prominent Dental Payer". West Monroe Drives Business Transformation Program for Prominent Dental Payer. Creds. Retrieved 19 April 2013. 
  19. ^ "BearingPoint and West Monroe Partners in Global Alliance". Big 4. 15 April 2010. Retrieved 19 April 2013. 
  20. ^ "Kevin McCarty Promoted to President at West Monroe Partners". 4 May 2012. Retrieved 19 April 2013. 
  21. ^ "West Monroe Partners Opens Office in Minnesota". A Generation of New Technology. 12 December 2012. Retrieved 19 April 2013. 
  22. ^ a b "The Business and technology consultancy has restructured as an Employee Stock Ownership Plan trust". The Daily Herald. 5 February 2013. Retrieved 19 April 2013. 
  23. ^ "Crain's Company Profiles". Crain Communications. Retrieved 19 April 2013. 
  24. ^ "BearingPoint and West Monroe Partners enter into Strategic Consulting Alliance". BusinessWire. 24 March 2010. Retrieved 19 April 2013. 
  25. ^ "West Monroe Partners". Glassdoor. Retrieved 19 April 2013. 
  26. ^ [1]
  27. ^ http://www.utilitydive.com/news/how-utilities-and-regulators-differ-in-their-approaches-to-distributed-ener/412612/
  28. ^ http://www.hstoday.us/briefings/industry-news/single-article/cybersecurity-due-diligence-critical-amid-rise-in-data-breaches/8ace5f3f83a7bce570e48bd6d305bf72.html
  29. ^ http://www.healthitoutcomes.com/doc/the-future-of-healthcare-visits-going-mobile-0001