In the latest HBS time series study, quality of HR practices was the best indicator of the effectiveness of the wider organisation. It's a more important indicator the more knowledge and intelligence-intensive the industry - banking was the main example given in the report I read, but I'd imagine consulting fits the bill too.Anecdotally, organisations that treat their support functions (their PA's, finance, IT, HR, etc.) poorly also have little respect for their consultants.Setting aside who does the managing of human resources (dedicated HR staff, line managers, business partners, etc.) unless the firm manages its resources it's running a high downside risk without upside potential for returns. The same goes for financial resources, or for physical resources. Simple economics - a firm that wastes labour or capital puts itself at a commercial disadvantage - which shows up in your pay (even if not the partners' in the short term).