The big four consulting firms would be forced to cut their partnerships to a maximum of 400 equity partners and separate the management of their audit and non-audit practices under sweeping reforms that would strike at the heart of their lucrative business models.

The recommendation to cap partnerships of Deloitte, EY, KPMG and PwC to 400, bringing them in line with law firms, will cause outrage across the firms and upend the career plans of tens of thousands aspiring partners across the country.