Recently read The Firm: The Story of McKinsey, by Duff McDonald (affiliate link). Before I do a write up, please find a 16 min video by CNBC which highlights some of the strengths (reputation, history, alumni, 17,000 over-achiever consultants), and controversies (Enron, Valeant, MIO, South Africa)
In the end, McKinsey excels at what it does.