Management Consulting is one of the oldest and most well-established professional services across the world. Consultants have developed subject matter expertise and competency in a variety of areas such as General and Strategic Management, Financial Management, Marketing & Distribution Management, e-Business, Operations Management, Human Resource Management, Knowledge Management, Enterprise Performance Management, Business Transformation, Quality Management, and Information Technology. Information Technology as a discipline has evolved rapidly in the last three decades with software development paradigms and the advancement in artificial intelligence (AI) and machine learning (ML) technologies. The space of AI & ML technologies is rapidly evolving, impacting the way insights are arrived at, how decisions are taken, organization models, and organization structures. This article explores the challenges, new opportunities and potential changes to the ways of working for management consultants given the developments in AI, particularly with large language models.