EXHIBIT 99.1

FOR IMMEDIATE RELEASE

November 2, 2011

Huron Consulting Group Announces Third Quarter 2011 Financial Results

CHICAGO – November 2, 2011 – Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced financial results for the third quarter ended September 30, 2011.

“Our solid third quarter results are reflective of the demand for our core service offerings amidst a challenging economic environment for our clients,” said James H. Roth, chief executive officer and president, Huron Consulting Group. “The hospital, university, life sciences, and corporate legal environments are all undergoing significant changes to the way they have historically done business. The level of uncertainty has led our clients to seek Huron’s assistance to help navigate this difficult path. As our core markets continue to evolve, we expect that there will continue to be many opportunities for us to provide value to our client base.”

Third Quarter 2011 Results

Revenues for the third quarter of 2011 were $158.9 million, an increase of 9.2% compared to $145.4 million for the third quarter of 2010. The Company’s third quarter 2011 operating income was $2.2 million, compared to $24.6 million in the third quarter of 2010. Third quarter 2011 results reflect a non-cash pretax charge of $23.9 million, or $0.65 per diluted share, to reduce the carrying value of goodwill in the Company’s Financial Consulting segment. The impairment charge is non-cash in nature and does not affect the Company’s liquidity or debt covenants. Net income from continuing operations was $0.2 million, or diluted earnings per share of $0.00, for the third quarter of 2011 compared to $11.1 million, or $0.53 per diluted share, for the same period last year. Net income was $0.5 million, or $0.02 per diluted share, for the third quarter of 2011, compared to $7.5 million, or $0.36 per diluted share, for the same period last year.

Third quarter 2011 earnings before interest, taxes, depreciation and amortization (“EBITDA”)⁽⁶⁾ was $8.6 million, or 5.4% of revenues, compared to $30.1 million, or 20.7% of revenues, in the comparable quarter last year.

In evaluating the Company’s financial performance, management uses non-GAAP financial measures including Adjusted EBITDA⁽⁶⁾ and Adjusted net income from continuing operations⁽⁶⁾ that exclude the effect of the following items (in thousands):

Adjusted EBITDA⁽⁶⁾ rose 7.3% to $33.8 million, or 21.2% of revenues, in the third quarter of 2011, compared to $31.5 million, or 21.6% of revenues, in the comparable quarter last year. Adjusted net income from continuing operations⁽⁶⁾ rose 26.9% to $16.5 million, or $0.75 per diluted share, for the third quarter of 2011 compared to $13.0 million, or $0.62 per diluted share, for the comparable period in 2010.

The average number of full-time billable consultants⁽²⁾ rose 14.3% to 1,200 in the third quarter of 2011 compared to 1,050 in the same quarter last year. Full-time billable consultant utilization rate was 76.3% during the third quarter of 2011 compared with 77.4% during the same period last year. Average billing rate per hour for full-time billable consultants was $252 for the third quarter of 2011 compared to $249 for the third quarter of 2010. The average number of full-time equivalent professionals⁽⁵⁾ totaled 1,263 in the third quarter of 2011 compared to 1,042 for the comparable period in 2010.

Year-to-Date 2011 Results

Revenues for the first nine months of 2011 rose 12.7% to $460.9 million compared to $408.8 million for the first nine months of 2010. The Company’s operating income for the first nine months of 2011 was $36.7 million, compared to $41.6 million in the first nine months of 2010. Year-to-date 2011 results reflect a non-cash pretax charge of $23.9 million, or $0.67 per diluted share, to reduce the carrying value of goodwill in the Company’s Financial Consulting segment recorded during the third quarter of 2011. The impairment charge is non-cash in nature and does not affect the Company’s liquidity or debt covenants. Net income from continuing operations was $13.6 million, or $0.63 per diluted share, for the first nine months of 2011 compared to $17.2 million, or $0.83 per diluted share, for the same period last year. Net income was $14.0 million, or $0.65 per diluted share, for the first nine months of 2011 compared to $12.3 million, or $0.60 per diluted share, for the same period last year.

EBITDA⁽⁶⁾ was $54.6 million, or 11.8% of revenues, for the first nine months of 2011, compared to $58.4 million, or 14.3% of revenues, for the same period in 2010.

In evaluating the Company’s financial performance, management uses non-GAAP financial measures including Adjusted EBITDA⁽⁶⁾ and Adjusted net income from continuing operations⁽⁶⁾ that exclude the effect of the following items (in thousands):

Adjusted EBITDA⁽⁶⁾ was $84.8 million, or 18.4% of revenues, in the first nine months of 2011 compared to $68.8 million, or 16.8% of revenues, in the comparable period last year. Adjusted net income from continuing operations⁽⁶⁾ rose 32.4% to $35.6 million, or $1.65 per diluted share, for the first nine months of 2011 compared to $26.9 million, or $1.30 per diluted share, for the comparable period in 2010.

Reconciliations of the aforementioned non-GAAP financial measures to comparable GAAP measures are provided in the financial schedules accompanying this news release.

The average number of full-time billable consultants⁽²⁾ was 1,170 in the first nine months of 2011 compared to 1,054 in the same period last year. Full-time billable consultant utilization rate was 75.4% during the first nine months of 2011 compared with 72.2% during the same period last year. Average billing rate per hour for full-time billable consultants was $248 for the first nine months of 2011 compared to $243 for the same period last year. The average number of full-time equivalent professionals⁽⁵⁾ increased 18.7% to 1,176 in the first nine months of 2011 from 991 in the comparable period of 2010.

Operating Segments

Huron’s results reflect a portfolio of service offerings focused on helping clients address complex business challenges. The Company has three operating segments: Health and Education Consulting; Legal Consulting; and Financial Consulting, representing 65.1%, 26.2%, and 8.7% of year-to-date total revenues, respectively.

Financial results by segment are included in the attached schedules and in Huron’s forthcoming Form 10-Q for the quarter ended September 30, 2011.

Goodwill Impairment Charge

In connection with the preparation of the Company’s financial statements for the quarter ended September 30, 2011, the Company performed an impairment analysis with respect to the carrying value of goodwill in the Financial Consulting segment. Based on this analysis, the Company determined that the fair value of the Financial Consulting segment was less than its carrying value and recorded a $23.9 million non-cash pretax charge to reduce the carrying value of goodwill in the Financial Consulting segment. The impairment charge is non-cash in nature and does not affect the Company’s liquidity or debt covenants.

Sale of Accounting Advisory Practice within Financial Consulting Segment

On November 1, 2011, the Company entered into a definitive agreement to sell its Accounting Advisory practice (“AA”) specializing in complex accounting matters within the Financial Consulting segment. The decision to sell this practice enables Huron to focus resources in other areas of its business. The transaction is subject to certain customary closing conditions and is expected to close by the end of 2011. The sale is not expected to have a material impact on the Company’s results of operations.

Outlook for 2011⁽⁷⁾

Based on currently available information, the Company revised guidance for full year 2011 on a continuing operations basis excluding the anticipated results of its AA practice. The Company anticipates revenues before reimbursable expenses in a range of $590.0 million to $600.0 million, EBITDA^(8)(10) in a range of $75.6 million to $80.1 million, Adjusted EBITDA^(8)(10) in a range of $105.5 million to $110.0 million, GAAP diluted earnings per share⁽⁸⁾ in a range of $1.00 to $1.10, and non-GAAP adjusted diluted earnings per share^(8)(10) in a range of $2.05 to $2.15.

Third Quarter 2011 Webcast

The Company will host a webcast to discuss its financial results tomorrow, November 3, 2011, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). The conference call is being webcast by Thomson and can be accessed at Huron Consulting Group’s website at http://ir.huronconsultinggroup.com. A replay will be available approximately two hours after the conclusion of the webcast and for 90 days thereafter.

About Huron Consulting Group

Huron Consulting Group helps clients in diverse industries improve performance, comply with complex regulations, reduce costs, recover from distress, leverage technology, and stimulate growth. The Company teams with its clients to deliver sustainable and measurable results. Huron provides services to a wide variety of both financially sound and distressed organizations, including leading academic institutions, healthcare organizations, Fortune 500 companies, medium-sized businesses, and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com.

Use of Non-GAAP Financial Measures⁽⁶⁾

In evaluating the Company’s financial performance and outlook, management uses EBITDA, Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, adjusted net income from continuing operations and adjusted diluted earnings per share from continuing operations, which are non-GAAP measures. Management believes that such measures, as supplements to operating income, net income from continuing operations and diluted earnings per share from continuing operations and

other GAAP measures are useful indicators for investors. These useful indicators can help readers gain a meaningful understanding of our core operating results and future prospects without the effect of non-cash or other one-time items and the Company’s ability to generate cash flows from operations that are available for taxes, capital expenditures, and to repay debt. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States.

Statements in this press release, including the information incorporated by reference herein, that are not historical in nature, including those concerning the Company’s current expectations about its future requirements and needs, are “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as “may,” “should,” “expects,” “provides,” “anticipates,” “assumes,” “can,” “meets,” “could,” “intends,” “might,” “predicts,” “seeks,” “would,” “believes,” “estimates” or “continues”. Risks, uncertainties and assumptions that could impact the Company’s forward-looking statements relate, among other things, to (i) the restatement, (ii) the Securities and Exchange Commission (“SEC”) investigation with respect to the restatement and the related purported derivative lawsuit, and (iii) the request by the United States Attorney’s Office (“USAO”) for the Northern District of Illinois for certain documents. In addition, these forward-looking statements reflect our current expectation about our future requirements and needs, results, levels of activity, performance, or achievements, including, without limitation, that our business continues to grow at the current expectations with respect to, among other factors, utilization rates, billing rates, and the number of revenue-generating professionals; that we are able to expand our service offerings; that we successfully integrate the businesses we acquire; and that existing market conditions continue to trend upward. These statements involve known and unknown risks, uncertainties and other factors, including, among others, those described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the full year ended December 31, 2010, our Quarterly Report on Form 10-Q for the period ended June 30, 2011, and in our Quarterly Report on Form 10-Q for the period ended September 30, 2011 that may cause actual results, levels of activity, performance or achievements to be materially different from any anticipated results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Media Contact:

Jennifer Frost Hennagir

312-880-3260

jfrost-hennagir@huronconsultinggroup.com

Investor Contact:

C. Mark Hussey

or

Ellen Wong

312-583-8722

investor@huronconsultinggroup.com

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CONSOLIDATED STATEMENTS OF OPERATIONS

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