Turnover at one-firm firms is clearly more carefully managed than it is among competitors. Those one-firm firms that do enforce an up-or-out system (McKinsey and Andersen) work actively to place their alumni in good positions, preferably with favored clients. McKinsey’s regular alumni reunions, a vivid demonstration of its success in breeding loyalty to the firm, are held two or three times a year. In part, due to the caring approach taken to junior staff, one-firm firms are able to achieve a very profitable high-leverage strategy (ie., high ratio of junior to senior staff) without excessive pressures for growth to provide promotion opportunities.<\/p>\n\n\n\n