Heidrick & Struggles is a retained executive search and leadership advisory firm focused on placing senior executives — primarily C-suite and board-level roles — and advising clients on leadership development and organizational design. The core business is executive search, which accounts for roughly 75% of net revenue. Clients pay a retained fee — typically about one-third of the placed executive's first-year compensation — regardless of whether a hire is made. The client base spans Fortune 1000 companies, private equity firms, and nonprofits across financial services, industrial, technology, consumer, and healthcare sectors, with no single client exceeding 2% of net revenue. Beyond search, Heidrick & Struggles operates two smaller segments: On-Demand Talent, which places interim executives and project-based talent (built largely through the 2023 acquisition of Atreus), and Heidrick Consulting, which provides leadership assessment, culture shaping, and organizational design services. Both non-search segments are near breakeven today. The business is highly people-intensive, with compensation running around 65% of net revenue, making margins sensitive to consultant productivity. Management targets roughly $1.8M–$2.0M in annualized billings per consultant. Strategically, Heidrick & Struggles is investing in digital platforms — including Heidrick Navigator and digital assessment tools — to build recurring revenue streams and reduce reliance on episodic search engagements, though this effort remains early-stage.