For many consulting firms, the bifurcation of the consulting industry into two distinctbusiness models—one low-cost, one high-value—leads to a choice about the part of the market in which they want to operate. But for the world’s biggest firms, the challenge is a bit different: It’s about how they do both.

This is not a report about what good branding looks like; rather, we’re interested in how differences in business models drive decisions about the creation of sub-brands, and what are the implications of those decisions.