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I worked at BearingPoint full-time (More than 3 years)
Because of KPMG's solid reputation, BearingPoint didn't have to prove itself as a viable vendor to buyers of Management Consulting services and Systems Integration services. Entrepreneurial culture allowed for, and supported, development of new service offerings.
BearingPoint executives failed to understand that, by going public, the financial performance expectations/demands of Wall Street would be significantly different from the financial performance expectations of Partners. Horrible internal systems prevented reliable monitoring of financial performance at all levels - from the individual project level to the overall firm level.
Advice to Management
BearingPoint went bankrupt so there's no one to give advice to.