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Consulting’s foundation has always been built on the partnership model. I had two reminders this week that cracks to that model are becoming more pronounced.

First, I reconnected with an old colleague who had been at a boutique firm when we first met — he is now leading significant practices for one of the global firms. The essence of our discussion centered on a concept that’s been more than 20 years in the making.

Back in the late 1990s, I prognosticated that management consulting would bifurcate into two worlds. Mega firms would push blob-like to the outer realms of professional services. Specialists, meanwhile, would establish borders and maintain a Utopian order by doing a few things exceptionally well. Far from being back-water bastions in the broader industry, boutiques would become havens for those who tired of mega-firm treadmills.

Much of that schism in consulting has come to fruition. The 10 largest firms constitute almost 70% of the market. Meanwhile, thousands of boutiques and specialists are proliferating at an accelerated pace, due in large part to the knowledge universe and gig economy.

My second lightbulb moment occurred Monday evening when I was serving as guest lecturer for a management consulting class being taught by another colleague at Carnegie Mellon University. Students are wonderful barometers for consulting’s relative relevance based on the questions being asked in such settings.

Most queries relate to how certain firms compare, and the inevitable work-life balance vs. compensation tradeoffs. One questioner, though, took a different tack. “Have you ever encountered a partner who regretted his/her decision to becoming a partner?”

Hmmm, that one caused me to pause. In the 20-plus years of covering this industry, I can honestly say I’ve never encountered a single partner who expressed remorse over his or her chosen vocation. In fact, quite the opposite. Most partners wear their status with pride, and even those who have moved outside consulting prominently mention their former status in CVs and professional bios.

But in explaining this to the students, I thought about one of the implications of bifurcation and its effect on partnerships. Among the mega firms, there is a whole generation of partners whose status has faded as the result of mergers and consolidation. In fact, my old colleague had actually lived/survived/thrived through two such deals. The original firm exists mostly as a memory, as does the partnership that first proved enticing.

Further, bifurcation has fundamentally constrained the opportunities for those who care to follow that partner path. Simply put, the mega firms cannot offer nearly enough partnership opportunities for those climbing the pyramid.

So the natural outlet would be boutiques, right? No, the reality is that many specialist firms suffer from control and succession issues that also curtail partner opportunities — namely, owners who wish to tightly retain said ownership. There are only so many seats at the table for those desiring a significant equity stake.

Like I said, these are cracks. The partner model will continue to prevail as the industry’s dominant structure for the near term. But the paucity of opportunity is already fostering disinterest from this next generation. And for an industry that differentiates itself based on people and culture, apathy to the partner track is a scary proposition.