EXHIBIT 23.1

                         CONSENT OF INDEPENDENT AUDITORS

      We consent to the incorporation by reference in the Registration Statement
(Form S-8) and related Prospectuses pertaining to the Employee Stock Purchase
Plan of Arthur J. Gallagher & Co. of our report dated January 29, 2003 with
respect to the consolidated financial statements of Arthur J. Gallagher & Co.
and subsidiaries included in its Current Report on Form 8-K dated June 25, 2003
filed with the Securities and Exchange Commission and of our report dated
January 29, 2003 with respect to the schedule of Arthur J. Gallagher & Co. and
subsidiaries included in its Annual Report on Form 10-K for the year ended
December 31, 2002 filed with the Securities and Exchange Commission.

                                                          /s/  Ernst & Young LLP

                                                          ----------------------
                                                               Ernst & Young LLP

Chicago, Illinois
June 26, 2003