PricewaterhouseCoopers LLP kept its pay almost flat for partners at its U.K. and Middle East business as consulting firms continued to weather a challenging environment.
Partners at the unit of the Big-Four consulting firm were paid an average £865,000 ($1.18 million) in the year to June 30, just slightly up from £862,000 in the prior 12 months, the company's latest annual report showed.
The broader consulting services industry has been battling a slowdown in demand for its traditional services, with many of them cutting jobs to tide over the slump. A slowdown in deals over the past couple of years has also compounded the situation, prompting them to reduce costs further. Average partner pay at PwC topped £1 million in 2022 just as an M&A boom aided by low interest rates was slowly starting to fizzle.
Some PwC partners in the U.K. and the Middle East were dismissed in a reorganization during the financial year. In a video on the firm's website accompanying results,
"Making sure we have the right people, in the right places, with the right skills has seen some partners and people leaving our business during the year," he added. "That's never easy."
The firm's total revenue ticked up slightly to £6.35 billion in 2025, from £6.33 billion the previous year, the annual report showed. Consulting contributed £1.98 billion, roughly 3% less than the prior year. Both its audit and deals businesses grew, but its tax unit led the way, rising about 6% to £1.22 billion.
The firm's U.K. and Middle East revenues broadly stayed flat at £4.2 billion and £1.98 billion, respectively.
PwC was temporarily banned from consulting contracts by Saudi Arabia's Public Investment Fund in February, Bloomberg News
