Exhibit 99.3 - Unaudited pro forma financial information

EXHIBIT 99.3

HURON CONSULTING GROUP INC.

UNAUDITED PRO FORMA FINANCIAL INFORMATION

The following unaudited pro forma financial information reflects the estimated effect of the acquisition of Callaway Partners, LLC (“Callaway”) by Huron Consulting Group Inc. (the “Company”).

The unaudited pro forma consolidated balance sheet as of June 30, 2007 combines the respective balance sheets of the Company and Callaway as if the acquisition was consummated on June 30, 2007. The unaudited pro forma consolidated statements of income for the year ended December 31, 2006 and for the six months ended June 30, 2007 combine the respective statements of income of the Company and Callaway as if the acquisition was consummated on January 1, 2006.

The unaudited pro forma balance sheet and consolidated statements of income are based on the purchase method of accounting and the pro forma adjustments as described in the accompanying notes. Such pro forma adjustments give effect to transactions that are directly attributable to the acquisition and are factually supportable.

Pursuant to the asset purchase agreement, additional purchase consideration is payable in cash to the sellers of Callaway if specific performance targets are met over the five-year period beginning on January 1, 2008 and ending on December 31, 2012. The amount of additional purchase consideration that may become payable is not determinable at this time and therefore, the pro forma statements do not reflect the potential impact of such contingent payments.

The allocation of the purchase price is preliminary and is subject to refinement pending the completion of a valuation of the intangible assets acquired.

The unaudited pro forma financial information should be read in conjunction with Callaway’s financial statements and notes thereto, which are filed as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K/A. The unaudited pro forma financial information should also be read in conjunction with the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2006 included in the Company’s Annual Report on Form 10-K, as well as the Company’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2007 and June 30, 2007.

The unaudited pro forma consolidated financial information is not necessarily indicative of what actually would have occurred if the acquisition had been effective for the periods presented and should not be taken as representative of our future consolidated results of operations or financial position.

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HURON CONSULTING GROUP, INC.

UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2007

(In thousands)

	Company		Callaway		Pro Forma Adjustments			Note		Pro Forma Combined
Assets
Current assets:
Cash and cash equivalents	$	3,437	$	2,717	$	(2,717	)		(3)	$	3,437
Receivables and unbilled services, net		100,240		10,047		¾					110,287
Income tax receivable		1,651		¾		¾					1,651
Deferred income taxes		22,280		¾		¾					22,280
Other current assets		12,204		402		(151	)		(3)		12,455
Total current assets		139,812		13,166		(2,868	)				150,110
Property and equipment, net		32,017		725		¾					32,742
Deferred income taxes		3,029		¾		¾					3,029
Deposits and other assets		7,508		41		¾					7,549
Intangible assets, net		15,002		¾		5,000			(2)		20,002
Goodwill		137,707		¾		49,375			(2)		187,082
Total assets	$	335,075	$	13,932	$	51,507				$	400,514

Liabilities and Stockholders’/Members’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	24,396	$	1,460	$	3,404			(2)	$	28,174
						(1,086	)		(3)
Accrued payroll and related benefits		35,100		2,712		(1,256	)		(3)		36,556
Deferred revenues		6,608		¾		¾					6,608
Current portion of notes payable and capital lease obligations		1,141		¾		¾					1,141
Total current liabilities		67,245		4,172		1,062					72,479
Non-current liabilities:
Deferred compensation and other liabilities		2,737		74		¾					2,811
Bank borrowings		107,000		¾		60,000			(1)		167,000
Deferred lease incentives		10,246		131		¾					10,377
Total non-current liabilities		119,983		205		60,000					180,188
Stockholders’/members’ equity		147,847		9,555		(9,555	)		(3)		147,847
Total liabilities and stockholders’ equity	$	335,075	$	13,932	$	51,507				$	400,514

See accompanying notes.

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	Company			Callaway			Pro Forma Adjustments			Note		Pro Forma Combined
Revenues and reimbursable expenses:
Revenues	$	288,588		$	73,063		$	¾			(4)	$	361,651
Reimbursable expenses		33,330			11,721			¾					45,051
Total revenues and reimbursable expenses		321,918			84,784			¾					406,702
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses):
Direct costs		163,569			52,423			(2,325	)		(5)		213,667
Intangible assets amortization		2,207			¾			2,000			(6)		4,207
Reimbursable expenses		33,506			11,721			¾					45,227
Total direct costs and reimbursable expenses		199,282			64,144			(325	)				263,101
Operating expenses:
Selling, general and administrative		65,926			10,018			¾					75,944
Depreciation and amortization		9,201			177			200			(6)		9,578
Total operating expenses		75,127			10,195			200					85,522
Operating income		47,509			10,445			125					58,079
Other expense		(687	)		(243	)		(3,636	)		(7)		(4,566	)
Income before provision for income taxes		46,822			10,202			(3,511	)				53,513
Provision benefit for income taxes		20,133			¾			2,737			(8)		22,870
Net income	$	26,689		$	10,202		$	(6,248	)			$	30,643

Earnings per share:
Basic	$	1.63										$	1.87
Diluted	$	1.54										$	1.77

Weighted average shares used in calculating earnings per share:
Basic		16,359											16,359
Diluted		17,317											17,317

	Company			Callaway		Pro Forma Adjustments			Note		Pro Forma Combined
Revenues and reimbursable expenses:
Revenues	$	234,275		$	30,330	$	¾			(4)	$	264,605
Reimbursable expenses		20,945			4,135		¾					25,080
Total revenues and reimbursable expenses		255,220			34,465		¾					289,685
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses):
Direct costs		133,411			19,555		¾					152,966
Intangible assets amortization		4,544			¾		¾					4,544
Reimbursable expenses		20,931			4,135		¾					25,066
Total direct costs and reimbursable expenses		158,886			23,690		¾					182,576
Operating expenses:
Selling, general and administrative		49,433			6,605		¾					56,038
Depreciation and amortization		8,219			169		800			(6)		9,188
Total operating expenses		57,652			6,774		800					65,226
Operating income		38,682			4,001		(800	)				41,883
Other income (expense)		(3,125	)		38		(1,818	)		(7)		(4,905	)
Income before provision for income taxes		35,557			4,039		(2,618	)				36,978
Provision benefit for income taxes		15,645			¾		581			(8)		16,226
Net income	$	19,912		$	4,039		(3,199	)			$	20,752

Earnings per share:
Basic	$	1.19									$	1.24
Diluted	$	1.11									$	1.16

Weighted average shares used in calculating earnings per share:
Basic		16,784										16,784
Diluted		17,881										17,881

HURON CONSULTING GROUP INC.

NOTES TO UNAUDITED PRO FORMA FINANCIAL INFORMATION

(1)	In connection with the acquisition, the Company borrowed $60.0 million under its bank credit agreement. Such borrowings bear a current interest rate of 6.06%. Also, pursuant to the stock purchase agreement, the purchase price will include a working capital adjustment.

(2)	The purchase price was allocated, based on a preliminary valuation, as follows (in thousands):

Net assets purchased	$	11,064
Liabilities assumed		(2,035	)
Working capital adjustment		(3,404	)
Intangible assets identified		5,000
Goodwill		49,375
Total purchase price	$	60,000

(3)	This adjustment is to eliminate the assets and liabilities that the Company did not acquire or assume.

(4)

For the year ended December 31, 2006, one client accounted for approximately 43% of Callaway’s revenues. For the six months ended June 30, 2007, this same client accounted for approximately 17% of Callaway’s revenues. The Company expects the revenues generated by this client to continue to decline as the engagement winds down.

(5)	This adjustment is to record contractual obligations pursuant to an employment agreement entered into between the Company and a Callaway employee in connection with the acquisition and to reverse the employee’s respective salary and bonus recorded on Callaway’s financial statements.

(6)

This adjustment is to record estimated amortization expense for identifiable intangible assets as presented in the table below (in thousands). Amortization expense for customer contracts and non-competition agreements are recognized on a straight-line basis. Amortization expense for customer relationships is recognized based on projected discounted cash flows in each of the year beginning in 2007.

Intangible Asset	Value		Estimated Useful Life		Year Ended Dec 31, 2006		Six Months Ended Jun 30, 2007

Customer contracts	$	2,000		5 months	$	2,000	$	¾

Customer relationships	$	1,800		36 months	$	¾	$	700
Non-competition agreements	$	1,200		72 months		200		100
					$	200	$	800

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	Year Ended Dec 31, 2006			Six Months Ended Jun 30, 2007
Salaries adjustment (see note 5 above)	$	(2,325	)	$	¾
Intangible assets amortization expense (see note 6 above)		2,200			800
Interest expense (see note 7 above)		3,636			1,818
Income before taxes, before pro forma adjustments		(10,202	)		(4,039	)
Subtotal income		(6,691	)		(1,421	)
Tax rate		40.9	%		40.9	%
Provision for taxes	$	2,737		$	581

	Year Ended Dec 31, 2006			Six Months Ended Jun 30, 2007
Borrowings	$	60,000		$	60,000
Interest rate (on acquisition date)		6.06	%		6.06	%
Interest expense	$	3,636		$	1,818