Korn Ferry acquires search firm Lucas Group

22 October 2021 Consulting.us 2 min. read
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Korn Ferry, a global organizational consulting firm, has acquired Lucas Group, an Atlanta-headquartered professional search and contract staffing firm.

Founded in 1970, Lucas Group provides services in direct hire search, retained search, and contract solutions to mid-market companies. The firm helps clients fill roles in the areas of accounting and finance, sales and marketing, IT, HR, legal, and manufacturing operations. Lucas Group has particular expertise in military veteran transitioning and recruitment.

The firm has approximately 530 employees across 11 offices in the US. Lucas Group was ranked No. 8 on Forbes’ list of America’s Best Professional Recruiting Firms and No. 9 on America’s Best Executive Recruiting Firms. It is the fourth consecutive year the company has cracked the top ten on both lists.

Korn Ferry’s acquisition of Lucas Group will significantly expand its professional search and contracting capabilities in the US.Korn Ferry acquires search firm Lucas GroupThe move is part of the Los Angeles-based public company’s strategy to capture additional share of the fragmented, multi-billion-dollar global search and staffing market.

“This combination is the right move at the right time,” said Gary D. Burnison, CEO of Korn Ferry. “Today’s workscape is being transformed before our eyes – people working anywhere, everywhere and at any time. Professionals are on the move, Boomers are retiring and career nomads are looking for change – early and often. We are seizing this opportunity to help clients find the right talent who are highly agile with specialized skills and expertise to help them drive superior performance.”

Korn Ferry has more than 7,500 employees in 50+ countries. Aside from its talent acquisition practice – which delivers executive search, recruitment process outsourcing, and professional search services – the consulting firm also has offerings in organizational strategy, rewards and benefits, assessment and succession, and leadership development.

Randy Marmon, president and CEO of Lucas Group, said, “We are excited about what the future will bring from this acquisition in terms of anticipated synergistic offerings for our clients as well as career opportunities for our employees.”

Korn Ferry initiated significant job cuts, furloughs, and pay cuts during the pandemic. The firm launched a $300-million cost savings program in April 2020 as the Covid-19 pandemic spread and stifled demand for consulting services. The firm’s headcount remains at a lower level than it did before the pandemic.

However, rebounding economies and tight labor markets in areas such as technology and healthcare are lifting the fortunes of search and HR consultancies. Korn Ferry reported its Q1 fiscal year 2022 (quarter ended July 31, 2021) revenue increased 70% to $585.4 million, rebounding from a particularly poor Q1 FY21 which bore the heavy initial thrust of the pandemic downturn and registered a 29% decrease to $344.1 million.