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Analysis by the Financial Times revealed 123 partners left the firm last year, more than double the annual average since 2002. This exodus coincides with a slowdown in consulting demand post-pandemic, impacting the firm’s £1 million per partner profit pool.

In addition to partner departures, PwC has halted recruitment for its “flying start” technology apprenticeship. Furthermore, contrary to previous practice, 27 out of 91 apprentices due to graduate this year will not be offered permanent roles, citing “market conditions” and “changes in clients’ needs”. This decision has left some apprentices, who had relied on securing a position, scrambling for alternative opportunities.

The firm’s graduate and school-leaver recruitment has also declined. In 2024, PwC hired approximately 1,500 individuals, down from 1,793 the previous year. This trend aligns with a broader reduction in recruitment across the Big Four, with KPMG also reporting a significant decrease.

PwC has implemented other cost-saving measures, including voluntary severance schemes and the creation of a “managing director” title to retain senior staff without partnership promotion. These actions follow a period of high partner earnings, which peaked in 2022 at over £1 million, but have since fallen to £862,000 in 2024.

A notable surge in partner exits occurred in December, with 74 departures, coinciding with Marco Amitrano’s appointment as senior partner. Despite these reductions, PwC maintains the largest partner pool among the Big Four, with 987 equity partners.