We have categorized 4 documents as Consulting Contract. All documents are displayed on this page.

As the saying goes, "The devil is in the details," and when it comes to Consulting Contracts, it couldn't be more on point. Understanding the nuances of these agreements means determining the scope of engagement, benchmarks for success, or even the specifics of intellectual property rights. Take it from former McKinsey & Company's Managing Director Dominic Barton, who once said, "In consulting, as in all of management, the essence of strategy is choosing what not to do."Learn more about Consulting Contract.

Did you know?
The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.


Trusted by over 10,000+ Client Organizations
Since 2012, we have provided best practices to over 10,000 businesses and organizations of all sizes, from startups and small businesses to the Fortune 100, in over 130 countries.
AT&T GE Cisco Intel IBM Coke Dell Toyota HP Nike Samsung Microsoft Astrazeneca JP Morgan KPMG Walgreens Walmart 3M Kaiser Oracle SAP Google E&Y Volvo Bosch Merck Fedex Shell Amgen Eli Lilly Roche AIG Abbott Amazon PwC T-Mobile Broadcom Bayer Pearson Titleist ConEd Pfizer NTT Data Schwab




Read Customer Testimonials

  •  
    "FlevyPro provides business frameworks from many of the global giants in management consulting that allow you to provide best in class solutions for your clients."

    – David Harris, Managing Director at Futures Strategy
  •  
    "As an Independent Management Consultant, I find Flevy to add great value as a source of best practices, templates and information on new trends. Flevy has matured and the quality and quantity of the library is excellent. Lastly the price charged is reasonable, creating a win-win value for "

    – Jim Schoen, Principal at FRC Group
  •  
    "As a consulting firm, we had been creating subject matter training materials for our people and found the excellent materials on Flevy, which saved us 100's of hours of re-creating what already exists on the Flevy materials we purchased."

    – Michael Evans, Managing Director at Newport LLC
  •  
    "The wide selection of frameworks is very useful to me as an independent consultant. In fact, it rivals what I had at my disposal at Big 4 Consulting firms in terms of efficacy and organization."

    – Julia T., Consulting Firm Owner (Former Manager at Deloitte and Capgemini)
  •  
    "I have used FlevyPro for several business applications. It is a great complement to working with expensive consultants. The quality and effectiveness of the tools are of the highest standards."

    – Moritz Bernhoerster, Global Sourcing Director at Fortune 500
  •  
    "As a young consulting firm, requests for input from clients vary and it's sometimes impossible to provide expert solutions across a broad spectrum of requirements. That was before I discovered Flevy.com.

    Through subscription to this invaluable site of a plethora of topics that are key and crucial to consulting, I "

    – Nishi Singh, Strategist and MD at NSP Consultants
  •  
    "One of the great discoveries that I have made for my business is the Flevy library of training materials.

    As a Lean Transformation Expert, I am always making presentations to clients on a variety of topics: Training, Transformation, Total Productive Maintenance, Culture, Coaching, Tools, Leadership Behavior, etc. Flevy "

    – Ed Kemmerling, Senior Lean Transformation Expert at PMG
  •  
    "FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The "

    – Roderick Cameron, Founding Partner at SGFE Ltd



Flevy Management Insights: Consulting Contract

As the saying goes, "The devil is in the details," and when it comes to Consulting Contracts, it couldn't be more on point. Understanding the nuances of these agreements means determining the scope of engagement, benchmarks for success, or even the specifics of intellectual property rights. Take it from former McKinsey & Company's Managing Director Dominic Barton, who once said, "In consulting, as in all of management, the essence of strategy is choosing what not to do."

For effective implementation, take a look at these Consulting Contract best practices:

Strategic Planning & Decision Making

Before finding yourself ensnared in the intricacies of a Consulting Contract, a Strategic Planning process is fundamental. This process involves careful choice of a consulting partner, aligning your priorities, and making clear-cut decisions regarding the consultant's role and remit. IDC data shows that companies with well-defined decision-making strategies have 33% higher return on investment on their consulting projects.

Explore related management topics: Strategic Planning Return on Investment

Scope of Engagement

One of the most pivotal aspects of consulting contracts is defining the Scope of Engagement. Deciding what work is to be done is as important as specifying what isn't. According to McKinsey, data reveals that contracts that accurately define the scope result in 28% more successful projects.

  • Be explicit about the goals and objectives for the consultant.
  • Decide on the deliverables - what will be the tangible result of the consultancy.
  • Discuss and note down the methodology for achieving these objectives.

Benchmarks for Success

Identifying Benchmarks for Success can sometimes be challenging in a consultancy arrangement. Performance Management should be woven into the consulting contract, with clearly defined metrics for success stipulated upfront. A survey by KPMG revealed that having clear performance metrics in place increases client satisfaction by up to 27%.

Explore related management topics: Performance Management

Confidentiality and Intellectual Property

Bringing an outsider on board invariably brings with it the issue of Intellectual Property rights and confidentiality. A PwC survey unveiled that 23% of failed consulting engagements were related to Intellectual Property disputes. To avoid this:

  • Build a strong Confidentiality agreement into your contract.
  • Be clear on who owns the rights to any material, systems, or processes developed during the consultancy.
  • Include non-disclosure agreements to safeguard proprietary business information.

Dispute Resolution Mechanism

When disagreements arise, it's important to have a clearly outlined Dispute Resolution Mechanism in place. According to Deloitte's survey, strategic management consulting engagements with a clear dispute resolution clause reported a 19% lower incidence of disputes.

Exit Strategy

Finally, an often-overlooked element in Consulting Contracts is a clear Exit Strategy. No matter how successful the partnership, a point may come when you need to part ways. A professional and hassle-free exit demands careful planning from the start. EY's research indicates that contracts with defined exit strategies have 24% fewer complications upon termination.

In the complex maze of strategic management consulting, a well-crafted Consulting Contract serves as a compass. It guides everyone involved towards a clear goal while defining the dos and don’ts of the engagement. Risk Management might appear more intriguing than these intricate contract details, but remember the mantra, "A stitch in time saves nine." Or, put another way, as the late Peter Drucker succinctly put it, "The best way to predict the future is to create it."

Explore related management topics: Risk Management

Consulting Contract FAQs

Here are our top-ranked questions that relate to Consulting Contract.

What strategies can be employed to ensure a Consulting Agreement supports digital transformation initiatives effectively?
Crafting a Consulting Agreement for Digital Transformation success involves defining clear objectives, ensuring flexibility and scalability, and aligning with the organization's Strategic Vision and Culture for sustainable outcomes. [Read full explanation]
How should companies approach the renegotiation of Consulting Agreements in response to significant changes in project scope or objectives?
Renegotiating consulting agreements due to significant project scope or objective changes requires a strategic approach, clear communication, mutual understanding, and alignment with evolving business needs. [Read full explanation]
How can executives ensure alignment between the consulting firm's proposed methodologies and the company's internal capabilities and culture?
Executives can ensure alignment by understanding and communicating their company's Culture and Capabilities, jointly developing Customized Methodologies, and preparing the organization for Cultural Adaptation and Capability Building. [Read full explanation]
In what ways can Consulting Agreements be structured to foster innovation and creativity within the consulting engagement?
Consulting agreements that promote Innovation and Creativity should include Flexibility, Shared Goals, Incentive Alignment, and Knowledge Transfer to drive transformative results. [Read full explanation]

Recommended Documents

Related Case Studies

No case studies related to Consulting Contract found.

Explore all Flevy Management Case Studies




Flevy is the world's largest knowledge base of best practices.


Leverage the Experience of Experts.

Find documents of the same caliber as those used by top-tier consulting firms, like McKinsey, BCG, Bain, Deloitte, Accenture.

Download Immediately and Use.

Our PowerPoint presentations, Excel workbooks, and Word documents are completely customizable, including rebrandable.

Save Time, Effort, and Money.

Save yourself and your employees countless hours. Use that time to work on more value-added and fulfilling activities.



Receive our FREE whitepaper on the Top 101 Consulting Frameworks

Download our 200+ page guide summarizing the Top 101 Management Consulting Frameworks. Each framework provides a structured approach to analyzing and solving a common business problem.