[8] Bain has been the subject of recent controversy related to its involvement with the South African Revenue Service.

[10][11] In 1970, BCG CEO Bruce Henderson decided to divide his firm into three competing mini-firms: blue, red, and green.

[10][11] Around this time, he is quoted to have said to feel like "a consultant on a desert island, writing a report, putting it in a bottle, throwing it in the water, then going on to the next one.

[10][11] However, in 1973, three years after Henderson's competing team decision, Bill Bain resigned to start his own consulting firm.

[12][a] Most of the senior members of the "blue team" followed him to his newfound company, which was started from his apartment in the Beacon Hill neighborhood of Boston.

[16] Some of the firm's largest clients in this period were National Steel and Chrysler, each of which reduced manufacturing costs with Bain's help.

[16] During this time, Bain made an exception to company policy by allowing a consultant to serve as an interim board member and head of finance for Guinness.

[12] Romney left again in December 1992 to pursue a career in politics,[10] but not before he organized an election the following year that lead to the appointment of Orit Gadiesh as chairman and Thomas J. Tierney as worldwide managing director in July 1993.

[12][23] Gadiesh improved morale and loosened the firm's policy against working with companies in the same industry to reduce its reliance on a small number of clients.

[25] In February 2000, Gadiesh was elected for her third consecutive term as the firm's chairman, and Tom Tierney was replaced by John Donahoe as managing director.

[28] Bain maintained a "generalist" approach to management consulting but created a separate specialist business unit for IT and technology.

[34]" In February 2022, Bain announced the acquisition of ArcBlue, a procurement consulting firm active in the Asia-Pacific region.

[36] In January 2024, the Financial Times reported that Bain had chosen Christophe De Vusser, the head of its European private equity advisory business, to become the firm's global chief executive.

[9] It found that in 2015 Bain & Company billed $11 million for consulting projects, where the firm gave bad advice.

[9] After interviewing just 33 employees over six days,[9] Bain provided a restructuring plan that included downsizing the SARS Business Centre, which produced one-third of the tax agency's revenues.

[41] The inquiry recommended that the South African National Director of Public Prosecutions (NDPP) institute criminal proceedings in connection with the award of the consulting contract to Bain & Company.

[38] The Judicial Commission of Inquiry into Allegations of State Capture, Corruption and Fraud in the Public Sector including Organs of State (better known as the Zondo Commission) found that Bain & Company worked together with then President Zuma and Tom Moyane to facilitate the take over of SARS; and that this takeover was at least partially motivated to prevent SARS from using its powers to investigate incidents of corruption.

[43][46] Bain & Company denied the commission's findings of "wilfully" facilitating state capture within the SARS[45][47] and claimed that they had "offered full cooperation to enforcement authorities.

[50] The decision was overturned and the ban was lifted in March 2023, with Bain now once again able to bid for public contracts in the UK.

[10] The firm advises on issues such as private equity investments, mergers & acquisitions, corporate strategy, finance, operations, and market analysis.

[10] Bain & Company also maintains an in-house social impact practice and pledged in 2015 to invest $1 billion in pro bono consulting by 2025.

Organizations that Bain has supported through pro-bono work include UNHCR, the World Childhood Foundation, and Teach for America.

[26] In early 2006, Bain started selling its Net Promoter Score system, which tracks customer sentiment.

[68] Employees must sign nondisclosure contracts, promising not to reveal client names, and are required to adhere to a "code of confidentiality.

[53] According to Fortune, were Bain & Company a person, "it would be articulate, attractive, meticulously well groomed, and exceedingly charming.

[70] Bain has an active LGBT employee group called Pride (formerly BGLAD), and has been highly ranked as a firm for LGBT people[71] Bain hires many people with MBAs from business schools,[11] and was one of the first firms to hire consultants with a bachelor's degree.