According to the neoclassical view, the establishment and operation of institutions and organizations do not involve costs for economic actors. Contrary to the theory, Coase (1937) took the position, arguing that both their creation and operation involve costs that he calls transaction costs. Transaction costs include the costs of making available, maintaining, and using institutions (Arrow, 1969; Falahati, 2013). The transaction cost approach explains the existence of market and non-market institutions and the state by the fact that actors act reasonably to minimize transaction costs (Williamson, 1975; Williamson, 1985; Kipping & Clark, 2012). The theory of transaction costs has come a long way from the beginnings of Coase’s (1937) work to the maturation of Williamson’s work, and to further development in the work of various contemporary scholars. It started as a simple conclusion and evolved into a truly successful, empirically testable theory that can be used to analyze many economic sectors, from factory production to the real estate market. It was agreed that all transactions would lead to additional costs that were not directly related to production costs. Thus, the demand for management consulting can also be explained by transaction cost theory. In acquiring the necessary knowledge and expertise, companies behave according to transaction cost theory. The rational transaction cost paradigm is based on the assumption that the cost of acquiring knowledge from outside is lower than building one’s own capabilities (Steiner, et al., 2018). If the required expertise can be provided from an external source at a lower cost, or when it comes to solving an ad hoc task that is not related to the day-to-day operations of the company, companies are likely to opt for procurement. Transaction cost theory provides an answer to the most common reasons for using consulting services. These are namely: