It's important to remember what these firms do, and a good analogy is a hospital ER. These firms often get involved when a company is very distressed. So they have to quickly assess the situation, stop the "bleeding", stablize the "patient", and when the company is stabilized, work on "turning it around". In cases where the company is too sick and the creditors are howling at the door, they may decide to take the company into bankruptcy.Think about what kind of people these firms are looking for. For the most part, they're looking for experienced, and relatively senior consultants. Unlike strat houses or Big 4, they can't afford to have junior consultants "learning on the job". Hence, you probably never hear of an analyst or associate leaving their firm to join them. What you hear is sr. associates, managers, principals, directors, partners, etc.