I remember in the go go years of the late '60s, the '70s and even into the '80s, AA was perhaps the most conservative of the then Big 8 accounting firms. It was probably the most prestigious, and it certainly was the most arrogant. I've done many deals with AA representing one side or the other over the past 20+ years, and I've generally been reasonably happy with their work.
That said, I think the very conservatism of the firm in former days, combined with the firms hubris (which included lobbying along the lines of "you should accept this position because we, Arthur Andersen, the top firm, are putting it forward") and internal culture of self-satisfaction enabled the cowboys who have run AA for the past 5-10 years to get away with a lot of things that if any other big 5 firm did them, they'd have been hauled up short.
Now, they're all going to pay, the partners perhaps most of all: their capital accounts, which were most of their net worth, are worthless given the lawsuits, and they are losing clients left and right. With the reduced payouts that will endure for years as a result of the litigation and the loss of clients, it will be impossible to keep good juniors and hire. They would be better of if it dies.
None of these firms are monoliths. Not even Wal*Mart. They all have different segments, real people with real concerns...that's my point.
The constant lament that "The Sheriff will save us" just isn't my cup of tea...
I will agree, all the big five (and others) have the hubris and self-importance of which you speak, but all such businesses are prone to that. When people talk to me in my field, I even get more pontifical than I do on FR if that can be believed.....LOL
Big time! They are also the most demanding of their staff. While with Ernst & Young I worked under a Vietnam War chopper tail gunner who became a partner in E&Y Healthcare IT. He said that after his discharge he was approached by Anderson. He told them that after 4 years in the Army he'd be damned if he'd join the Marines.
I had limited experience with them, but I understand than they tend to be very structured in their methodologies and discipline in IT. (Which is of course very good for very large projects.) One client that I worked with disparagingly called them Anderson Androids.