I wouldn't be *too* worried about the lack of "strategy" - the 80/20 figure quoted seems to depend on how they look at it.They work a lot for Private Equity advising on buy-outs. While that's not technically strategy, apparently they often win strategy projects post-deal, aimed at improving the performance of the acquired organisation. That is strategy, but some people still count that as non-strategy because it relates back to a PE client. So it's kind of a technical, accounting issue. So some people say it's actually more like a 50/50 split.In addition, it shouldn't be forgotten that most 'strategy consultancies' do a lot of M&A/Private Equity work - so it's not all that outlandish.Hm, I seem to have convinced myself there - what was I worrying about?