"pretty typical of PA and one of the reasons why they have failed to grow and expand. Lack of ambition and balls to do something."Last time PA had a pile of cash it bought another consultancy company, that ended up a pretty stupendous waste of cash after most of the acquired staff left. The other alternative - return the money to shareholders - is also an option, but given all the biggest shareholders are evidently partners I actually admire PA for not just sticking a huge wedge at partners to go and buy a Ferrari or whatever it is that makes their life happy now their wife has left them and the kids hate them. You could argue that PA should have done something with its cash before now, but as it is it's very lucky to have a pile in the bank. In every sector, the winners (or the "least losers") will be those who have cash at hand in the next year, for many other consultancies, their only cash management strategy is to manage the main overhead - headcount.