At the pinnacle of the knowledge management hype, international consulting firms were widely viewed as the undisputed champions of the discipline. They were the ones that pioneered the development of innovative knowledge management systems, they were at the forefront of creating knowledge management cultures and they recognized the productive potential of knowledge workers. While knowledge continues to be prominent on the strategic agenda of leading consulting firms, several knowledge management challenges remain unsolved. To shed light on this matter the paper aims to investigate how knowledge management is really embedded in their organizations and with which critical issues these firms still struggle.