FTI Consulting

Last updated
FTI Consulting, Inc.
Company type Public company
Industry Professional services
Founded1982;42 years ago (1982) (as Forensic Technologies International)
Founders
  • Joe Reynolds
  • Dan Luczak
Headquarters Washington, D.C., U.S.
Area served
Worldwide
Key people
Steve Gunby (President and CEO)
ServicesCorporate finance & restructuring, economic consulting, forensic and litigation consulting, technology, strategic communications
RevenueIncrease2.svg US$3.03 billion (2022)
Number of employees
7,600+ [1]
Website fticonsulting.com

FTI Consulting (earlier Forensics Technologies International) is a business consultancy firm founded in 1982 and headquartered in Washington, D.C., United States. The company specializes in corporate finance and restructuring, economic consulting, forensic and litigation consulting, strategic communications and technology. [2] FTI Consulting employs more than 7,700 staff in 31 countries and is one of the largest financial consulting firms worldwide. [1] [3] [4]

Contents

The firm was involved in the Lehman Brothers [5] and General Motors bankruptcies, [6] the investigation into the Bernard Madoff fraud, [7] Bush v. Gore , [8] the Major League Baseball steroid investigation, [9] and public relations works for fossil fuel industry clients. [10] [11] [12] [13] [14] [15] [16]

As of January 2020, FTI Consulting had the largest restructuring business in the US. [17] As of December 31, 2023, FTI´s clients include 98 of the world’s top 100 law firms as ranked by The American Lawyer Global 100 list, 83 out of the Fortune 100 companies, 64 of the top 100 private equity firms on the Private Equity International 300 list and 38 out of the world’s top 50 bank holding companies. In addition, they also serve a broad range of federal, state and local government agencies. [18]

History and acquisitions

Forensic Technologies International was founded in 1982 by two engineers, Joseph Reynolds and Daniel Luczak, to provide expert witnesses for litigation and visual presentations to demonstrate complex technical issues for juries. Luczak later served as FTI's chairman from 1992 to 1998. The company went public in May 1996, raising $11.1 million and debuting at $8.50 a share. It was one of the first litigation support companies to be publicly traded. [19] [8]

Forensic Technologies International rebranded itself as FTI Consulting in 1998, and in 1999 began trading on the New York Stock Exchange as FCN. [20] [21] After 1998, FTI's business focused increasingly on "financial surgery on troubled companies, either through bankruptcy proceedings or in workout situations with creditors." [8]

The company added over 1,000 employees to its Forensic and Litigation Consulting ("FLC") division since the passing of the 2002 Sarbanes-Oxley Act, which excluded auditors from providing consulting work to their public clients. FTI Consulting purchased PricewaterhouseCoopers' U.S. Business Recovery Services Division ("BRS") for $250 million in 2002, which at the time was the largest provider of bankruptcy, turnaround, and business restructuring services in the United States. [22] [23] The company purchased KPMG's Dispute Advisory Services in 2003. [24] The company purchased Chicago-based Compass Lexecon in 2003, maintaining the name as a subsidiary. [25]

FTI acquired Ringtail Solutions Group in 2005. [26] Ringtail's signature product, the Ringtail Discovery Software Suite, provides e-discovery and document management tools to assist corporations and law firms during litigation engagements. FTI acquired Attenex Corporation in 2008 [27] and merged Attenex Patterns with Ringtail Discovery Software Suite to form Ringtail 8 E-discovery Software. [28]

In 2006, the company acquired the London-based communications consultancy Financial Dynamics ("FD"). [29] FD is now referred to as the Strategic Communications Division of FTI. In 2007, FTI expanded into Latin America and reported US$1 billion in annual revenue for the first time. [21] [30]

In 2008, FTI purchased the Schonbraun McCann Group, a real estate consulting firm based in New York, and Forensic Accounting, a forensic accounting practice based in the UK. [31]

In 2009, FTI Consulting was listed by Fortune as one of the 100 fastest-growing U.S. companies. [32]

In 2010, FS Asia Advisory Limited was acquired in Hong Kong, expanding FTI's activities in Asia. [33] In January 2014, FTI Consulting acquired London-based TLG Partners, which produced a series of annual thought leader indexes. [34] [35] [36] In the same month, Steven H. Gunby was named the firm's new president and chief executive officer. [37]

In 2015, The Deal named FTI Consulting the world's top restructuring adviser to distressed companies. [38]

In 2017, the company acquired the CDG Group, a leading restructuring advisory, turnaround management, value enhancement, and transaction advisory firm in New York. [39]

Criticism and controversies

In 2023, the company was hired by Johnny & Associates to manage a press conference addressing sexual abuse by its late founder Johnny Kitagawa. The Japanese public broadcaster NHK reported that the consulting firm had a 'blacklist' of journalists to avoid calling on during the event. [40] [41] FTI admitted the existence of the 'blacklist' as well as a list of reporters who should preferably be given a chance to ask a question. [42] [43] The firm also admitted the lists were given to the conference modulator. [43] Their concern about some reporters who would spend long periods talking about their own opinions or ask thoughtless questions (or remarks) that could be unnecessarily stressful and painful to the victims watching the press conference was given as a reason to prepare the list. [43] FTI told the press that their press conference policy was confirmed with the talent agency. [43] On whether it is a good system to prepare such lists, Akihiro Nojiri, Senior Managing Director of Strategic Communications at FTI Consulting Japan Office, said, "Well, I don't think I am in a position to judge whether it is good or not." [44]

See also

Related Research Articles

<span class="mw-page-title-main">Protiviti</span> Consulting firm

Protiviti Inc. (Protiviti) is a global consulting firm headquartered in Menlo Park and San Ramon, California, that provides consulting in internal audit, risk and compliance, technology, business processes, data analytics and finance. It is a subsidiary under Robert Half. Protiviti and its independently and locally owned Member Firms serve clients through a network of more than 85 locations in over 27 countries.

Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a British multinational professional services network. Deloitte is the largest professional services network by revenue and number of employees in the world and is considered one of the Big Four accounting firms, along with EY, KPMG, and PwC.

<span class="mw-page-title-main">Johnny & Associates</span> Japanese talent agency

Johnny & Associates, Inc. was a Japanese talent agency formed by Johnny Kitagawa in 1962, which managed groups of male idols known as Johnny's. The company had a significant impact on pop culture with male idols and boy bands in Japan since the 1980s. Until 2019, the company was known for its strict policies regarding music distribution abroad and its strict control over the right of publicity to using the likeness of idols under its management.

Kroll is a financial and risk advisory firm established in 1932 and based in New York City. In 2018, Kroll was acquired by Duff & Phelps. In 2021, Duff & Phelps decided to rebrand itself as Kroll, a process it completed in 2022.

<span class="mw-page-title-main">Hill & Knowlton</span> Public relations consulting company

Hill & Knowlton is an American global public relations consulting company, headquartered in New York City. The firm has over 80 additional offices in more than 40 countries. The company was founded in Cleveland, in 1927 by John W. Hill and is now owned by the WPP Group.

<span class="mw-page-title-main">RSM US</span> Tax, accounting and consulting firm based in Chicago

RSM US LLP is an audit, tax, and consulting firm focused on the middle market in the United States and Canada and is a member of the global accounting network RSM International. RSM US has been ranked as the 7th most prestigious accounting firm in the US as voted on by accounting professionals. It employs more than 16,800 professionals across 81 cities nationwide and in Canada. RSM US also maintains offices in India and El Salvador.

Morgan, Lewis & Bockius LLP is an American international law firm with approximately 2,200 legal professionals in 31 offices across North America, Europe, Asia, and the Middle East. Mergers with other law firms stimulated global growth and led to a ranking of eighth on The American Lawyer's 2018 top 100 firms by gross revenue list. It is also the largest law firm chaired by a woman and represents "three-quarters of the Fortune 100 companies."

<span class="mw-page-title-main">Marsh McLennan</span> Global professional services firm

Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

<span class="mw-page-title-main">WE Communications</span> Public relations and integrated marketing communications firm

WE Communications and commonly known as WE is a global public relations and integrated marketing communications firm often associated with its largest client, Microsoft. The firm was founded in 1983 by Melissa Waggener Zorkin.

<span class="mw-page-title-main">Houlihan Lokey</span> American investment bank and financial services company

Houlihan Lokey, Inc., is an American multinational independent investment bank and financial services company. Houlihan Lokey was founded in 1972 and is headquartered at Constellation Place in Century City, Los Angeles, California. The firm advises large public and closely held companies as well as institutions and governments. Its main service lines include mergers and acquisitions, capital markets, restructuring and distressed M&A, fairness opinions, and financial and valuation advisory. As of March 2024, Houlihan Lokey employs more than 2,600 employees worldwide.

Guidehouse, Inc. is an American consulting firm for businesses and government entities. It is the successor to PricewaterhouseCoopers LLP’s public sector business and it was acquired in 2018 by Veritas. The head office is in Tysons, Virginia.

Jonathan Marc Orszag is an American economist and former government official. He is a Senior Consultant at and Co-Founder of Compass Lexecon, LLC, an economic consulting firm. Until November 2023, he served as a Senior Managing Director at Compass Lexecon. Orszag sold Compass to FTI Consulting, Inc. in 2006. His work has been recognized in The International Who's Who of Competition Economists and Global Competition Review. During the Bill Clinton administration, Orszag served within the National Economic Council (NEC) as an economic policy advisor.

Forvis Mazars, LLP ranks among the U.S. top 10 public accounting firms, providing assurance, tax, and consulting services. In June 2024, Forvis Mazars Global network was formed between FORVIS and Mazars.

<span class="mw-page-title-main">CRA International</span> American consultancy firm

CRA International, Inc. is a global consulting firm headquartered in Boston. The firm provides expert testimony and litigation support, strategic advice, and analysis to law firms, corporations, accounting firms, and governments.

<span class="mw-page-title-main">Bain & Company</span> Global management consulting firm

Bain & Company is an American management consulting company headquartered in Boston, Massachusetts. The firm provides advice to public, private, and non-profit organizations. One of the Big Three management consultancies, Bain & Company was founded in 1973 by former Group Vice President of Boston Consulting Group Bill Bain and his colleagues, including Patrick F. Graham. In the late 1970s and early 1980s, the firm grew rapidly. Bill Bain later spun off the alternative investment business into Bain Capital in 1984 and appointed Mitt Romney as its first CEO. Bain experienced several setbacks and financial troubles from 1987 to the early 1990s. Romney and Orit Gadiesh are credited with returning the firm to profitability and growth in their sequential roles as the firm's CEO and chairman respectively.

AlixPartners is a financial advisory and global consulting firm best known for its work in the turnaround space. Jay Alix founded what became AlixPartners LLP in 1981. The firm has advised on some of the largest Chapter 11 reorganizations including General Motors Co., Kmart, and Enron Corp. The firm has since moved into a more traditional consulting space, and grown to a staff of over 1000. AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world. They were also involved in the Bernie Madoff scandal, identifying 13,000 investors affected by the scandal for the prosecuting team.

Teneo is a public relations and advisory company. The company was founded in June 2011 by Declan Kelly, Paul Keary, and Doug Band, and currently has more than 1,450 employees located in 40 offices. In 2019, Teneo sold a majority stake to CVC Capital Partners, at a total valuation of around $700 million. Today the company is led by Chairwoman Ursula Burns and CEO Paul Keary.

<span class="mw-page-title-main">Alvarez and Marsal</span> Global professional services firm

Alvarez & Marsal Holdings, LLC (A&M) is a global professional services firm notable for its work in turnaround management and performance improvement of a number of large, high-profile businesses both in the US and abroad such as Lehman Brothers, HealthSouth, Tribune Company, Warnaco, Interstate Bakeries, Target, Darden Restaurants and Arthur Andersen.

West Monroe is a digital services firm headquartered in Chicago, Illinois. West Monroe provides traditional management consulting, creative and product engineering services to businesses across many industries, including consumer and industrial products, energy and utilities, financial services, healthcare, life sciences, private equity, retail, and software and high tech. West Monroe is consistently recognized as a best place to work and a top consulting firm. West Monroe’s tagline is "Don’t Do Digital. Be Digital."

Declan Kelly is an Irish-American business executive, entrepreneur, and philanthropist. He is the founder, Chairman and CEO of The Consello Group, a specialized investing and financial services platform. Kelly is best known as the founder, former chairman and CEO of Teneo, an international consulting company based in New York City.

References

  1. 1 2 "Office Locations - FTI Consulting Offices". fticonsulting.com.
  2. ↑ "About | FTI Consulting". www.fticonsulting.com. Retrieved 2023-03-29.
  3. ↑ "The Top 50 Consulting Firms In 2019 By Revenue, Prestige, Growth & Employee Satisfaction". consulting.com. Archived from the original on 2019-09-02. Retrieved 2019-05-15.
  4. ↑ "America's Best Management Consulting Firms". Forbes. Retrieved 2019-05-15.
  5. ↑ "Lehman Creditors Panel Hires FTI Consulting, Houlihan Lokey" Bloomberg News 18 September 2008.
  6. ↑ FTI Consulting chairman: West Palm Beach is good for business South Florida Business Journal 27 Jan. 2012.
  7. ↑ "Lawyers make millions off Madoff mess" CNNMoney 16 Feb. 2011
  8. 1 2 3 "It's a Grand Time to Be a Workout Artist". Washington Post. Retrieved 2016-05-21.
  9. ↑ Kiplinger's Personal Finance. Kiplinger Washington Editors, Inc. 2008-06-01.
  10. ↑ Paul D. Thacker (2019-12-18). "Fossil Fuel Giants Claim To Support Climate Science, Yet Still Fund Denial". HuffPost. Retrieved 2023-10-09.
  11. ↑ Hiroko Tabuchi (2020-11-11). "How One Firm Drove Influence Campaigns Nationwide for Big Oil". New York Times. Retrieved 2023-10-09.
  12. ↑ Billy Nauman (2020-11-16). "FTI Consulting faces client backlash over oil industry work". Financial Times. Retrieved 2023-10-09.
  13. ↑ Billy Nauman; Attracta Mooney; Chris Flood (2020-11-22). "FTI axed by clients in fallout over oil industry work". Financial Times. Retrieved 2023-10-09.
  14. ↑ "Chair Grijalva, Rep. Porter Send Second Request Letter to Fossil Fuel Public Relations Firm FTI Consulting, Threaten Subpoena". U.S. House Committee on Natural Resources. 2022-08-17. Retrieved 2023-10-08.
  15. ↑ Nick Cunninghamon (2022-08-26). "House Committee Poised for Potential Subpoena of PR Firm for Climate Disinformation". DeSmog. Retrieved 2023-10-09.
  16. ↑ Nick Cunninghamon (2022-11-30). "The PR Industry Has Been a 'Major' But 'Overlooked' Influence in Climate Politics for Decades, Says Study". DeSmog. Retrieved 2023-10-09.
  17. ↑ "The Deal: Power Rankings".
  18. ↑ https://ir.fticonsulting.com/shareholder-services/investor-faqs [ bare URL ]
  19. ↑ "A CASE FOR COURTROOM PRESENTATIONS". Washington Post. Retrieved 2016-05-20.
  20. ↑ "FTI Consulting, Inc. - Company Profile, Information, Business Description, History, Background Information on FTI Consulting, Inc". referenceforbusiness.com. Retrieved 2016-05-21.
  21. 1 2 "Company History | Business Growth | FTI Consulting EMEA". fticonsulting-emea.com. Retrieved 2016-05-21.
  22. ↑ "FTI Consulting raises profile". Washington Post. Retrieved 2016-05-21.
  23. ↑ FTI Consulting To Acquire U.S. Business Recovery Services Division ("BRS) Of PricewaterhouseCoopers
  24. ↑ FTI Consulting Completes Acquisition of KPMG's Dispute Advisory Services
  25. ↑ "Lexecon To Be Acquired by FTI Consulting". Compass Lexecon. September 25, 2003. Archived from the original on September 23, 2015. Retrieved May 5, 2015.
  26. ↑ FTI Consulting. "FTI Consulting to Acquire Ringtail Solutions". prnewswire.com.
  27. ↑ FTI Consulting. "FTI Consulting, Inc. to Acquire Attenex Corporation". prnewswire.com.
  28. ↑ "FTI to Launch Ringtail 8 E-discovery Software". FTI Technology. Retrieved 2016-05-23.
  29. ↑ "FTI Consulting to Acquire Financial Dynamics". PR Newswire. September 11, 2006.
  30. ↑ Plunkett, Jack W. (2008-03-01). Plunkett's Companion to the Almanac of American Employers 2008: Mid-Size Firms. Plunkett Research, Ltd. ISBN   9781593921071.
  31. ↑ "FTI Consulting Inc. (FCN): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report". NASDAQ.com. 2013-12-02. Retrieved 2016-05-20.
  32. ↑ "100 Fastest-Growing Companies 2009 FTI Consulting - FCN - from FORTUNE." CNNMoney June 2012.
  33. ↑ "FTI Consulting (FCN) Completes Acquisition of FS Asia Advisory Limited". StreetInsider.com. Retrieved 2016-05-20.
  34. ↑ Farey, Daniel (2013-11-08). "FTI Consulting in advanced talks with TLG Partners". PR Week. Retrieved 2014-01-24.
  35. ↑ Farey, Daniel (2014-01-15). "FTI Consulting finalises acquisition of TLG". PR Week. Retrieved 2014-01-24.
  36. ↑ "TLG". Tlgpartners.com. Retrieved 2014-01-24.
  37. ↑ Ember, Sydney (31 July 2014). "FTI Consulting Names New C.F.O." DealBook. Retrieved 2016-05-21.
  38. ↑ TheStreet. "The Deal Announces Q4 2015 Out-of-Court Restructuring League Tables". prnewswire.com (Press release). Retrieved 2016-05-23.
  39. ↑ "Our History | About | FTI Consulting". www.fticonsulting.com. Retrieved 2023-03-15.
  40. ↑ Benoza, Kathleen; Kaneko, Karin (2023-10-04). "Johnny's news conference had journalist 'blacklist,' reports say". The Japan Times. Retrieved 2023-10-04.
  41. ↑ "Johnny & Associates denies involvement in blacklisting journalists". NHK. 2023-10-04. Retrieved 2023-10-04.
  42. ↑ "Consulting firm apologizes for Johnny's news conference journalist blacklist". NHK. 2023-10-05. Retrieved 2023-10-05.
  43. 1 2 3 4 "ジャニーズ会見ＮＧリスト、コンサル会社「配慮に基づく進行は事務所側も了承」…「指名候補記者リスト」も作成". The Yomiuri Shimbun (in Japanese). 2023-10-05. Retrieved 2023-10-05.
  44. ↑ "「この"NG"という言葉がね、非常に…」"ジャニーズ茶番会見"NGリスト作成の責任者を独占直撃！「発案したのは誰か…それは」《チームリーダーは元大蔵エリート官僚》". Bunshun Online (in Japanese). 2023-10-06. Retrieved 2023-10-07. Nojiri said "まあ、いいかどうかというのは私自身は判断する立場じゃないと思ってますので。" in Japanese.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.