The management consulting industry has undergone profound transformation over the past three decades, driven by globalization, technological advancement, shifting client expectations, and increasing scrutiny of value creation. Once characterized by opaque expertise and relationship-based legitimacy, consulting has evolved into a complex, highly competitive, and increasingly transparent professional service ecosystem. This research article develops an integrative, theory-driven analysis of contemporary management consulting by synthesizing insights from service design, business model innovation, pricing logic, and market dynamics. Drawing strictly on established academic literature, industry reports, and authoritative practitioner insights, the article examines how consulting firms conceptualize value, structure service offerings, and adapt to disruption caused by digitalization, commoditization, and changing buyer power. The study adopts a qualitative, conceptual research methodology, relying on extensive secondary data analysis and theoretical interpretation to construct a holistic framework of consulting transformation. Findings indicate that consulting value is no longer derived primarily from proprietary knowledge but from co-created outcomes, contextual intelligence, and adaptive problem framing. The results further suggest that tools such as the Business Model Canvas and Value Proposition Canvas have become central cognitive devices for consultants seeking to align internal capabilities with evolving client needs. The discussion highlights enduring tensions between standardization and customization, expertise and commoditization, and trust-based relationships versus data-driven accountability. Limitations include reliance on secondary sources and the absence of firm-level empirical testing, while future research directions include micro-level studies of consultant identity, pricing ethics, and digital consulting platforms. The article contributes to management theory by integrating service-dominant logic with consulting practice and offers practical implications for consultants, clients, and policymakers navigating the future of professional services.