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o a certain extent, our annual included in the Top 100 Firms list are
Top 100 Firms and Regional NOT the same as those published in last
Leaders report is a historical year’s report. They are a re-ranking of
exercise — it ranks the leading the current year’s cohort of T100 Firms
practices based on their performance based on the latest information and inin the previous year (in this case, 2016). clude firms that were not part of the list
But it also points the way forward, last year. They are only for comparison
and not just in terms of giving firms a purposes, and do not replace the rankset of benchmarks to work against in ings published last year.
the year ahead. For us at Accounting
Unless otherwise noted, revenue
Today, the way firms respond to the is net revenue.
survey offers valuable
Also, unless noted,
clues to emerging trends.
revenues, offices and staff
CONTENTS
Twenty years ago, when
are for the U.S. only.
Top 100 Overview
4
firms started to ask how
The Total Employto account in their fee
ees
category
is comprised
Firms to Watch
6
splits for their growing
of partners, professionals
Top 100 Databank
8
revenue from manageand all other personnel,
ment advisory services,
including owners.
Firm Strategies
10
it was an early indicator
Where two firms
Top Tax Firms
12
of the rise of consulting.
reported equal revenue,
Top 100 Rankings
16
(And 10 years later, when
the firm with the higher
respondents started to
percentage of revenue inNiche Services
22
ask what MAS meant, we
crease received the highClient Categories
24
knew that consulting was
er ranking.
truly well-established.)
As noted above,
Regional Leaders
25
Similarly, a rising
“MAS” still stands for
Firm Highlights
35
number of questions a
“management advisory
decade ago about how to
services” — or consultreport full-time-equivalents heralded a ing, as everyone calls it now.
change in how firms staff themselves.
As always, this report would not be
The current questions we’re get- possible without the work of our editing are about how to report equity vs. torial staff — managing editor Danielle
non-equity partners, indicating that Lee, online editor-in-chief Mike Cohn,
more and more firms are introducing senior editors Roger Russell and Sean
this kind of two-tiered partnership McCabe, and technology editor Ranica
structure. Don’t be surprised to see a Arrowsmith. Without their hard work,
change in how we present those in the insights and threatening phone calls,
years to come.
we wouldn’t be able to present you with
For now, though, here are a few this — the 2017 Class of the Top 100
notes on how to read this year’s report:
Firms and Regional Leaders. Enjoy!
— Dan Hood, Editor-in-Chief
The previous year’s rankings
3
overview
Growth, with moderation
BY DANIEL HOOD
L
ast year in this space, we predicted in fact, no firm jumped more than 10 spots, and, particularly, in specific client areas.
the possibility of the Top 100 Firms and only one — PYA — is new to the list, While the types of niches and clients that
were growing the most didn’t change
operating at a slightly higher rate against the four that joined last year.
much from last year’s report, the percentgoing forward — and it looks like
age of T100 Firms who were active in them
that might well be the case, though at a DON’T IGNORE THE GROWTH
slightly moderated pace.
None of this moderation should obscure did. (See Niches & Clients, on page 22-24.)
Looking beyond the statistics for inOverall growth for the T100 was 8.80 the fact that firms are continuing to grow,
percent, off a little from last year, but still and to find solutions to issues that have dividual firms, it’s worth noting that more
strong practices are springing up all over
above the previous rate of roughly 8 per- plagued them in previous years.
the country (or at least they’re coming
cent. Most of the other metrics in our
to our attention more often).
Databank (see page 8) show a similar
The threshold for membership in
result — a moderation from last year, A new plateau?
the Top 100 jumped to $37.7 million,
but still elevated somewhat from the Revenue growth of the Top 100 Firms, in percent*
$1.5 million over last year’s figure, and
four or so years before that.
yet our “Firms to Watch” list (see page
That sort of respectable-but-mo6) hit new records for membership,
derate approach characterizes much of 30
with at least five firms well within strithe list this year, though there was one
25
king distance of next year’s Top 100.
segment of the T100 that broke that
trend: The 34 firms with revenues bet- 20
ween $100 million and $1 billion, after
AROUND THE COUNTRY
15
lagging a little last year, delivered aboveThat burgeoning of strong firms is partrend growth in a number of catego- 10
ticularly evident in the Regional Learies this year. Their revenues grew by
ders lists, most of which expanded sig5
over 10 percent, and they added both
nificantly this year, with four, five and
professionals and total staff at higher
even six new members, revealing deep
0
94
96
98
00
02
04
06
12
14
16
08
levels than last year — while the seven
benches of talent across the U.S. (See
10
firms with revenues above a billion,
“Regional Leaders” on page 25.)
-5
and the 59 below $100 million, grew
While there was plenty of M&A
* Compiled from individual firm results as reported
in all categories at rates that were just
in
the
regions, there were, as noted
at year’s end; includes some estimates
below those reported last year (though
above, fewer of the headline-grabbing
still respectable).
mega-mergers that inflate growth rates
That sort of moderation reigned in
Take staffing and succession plan- and shake up the local landscape. That
a number of areas. For instance, while ning: While these are by far the most pres- helped moderate individual firm growth
37 firms reported revenue growth above sing issue for the chief executives of the rates, which fluctuated in a narrower band
10 percent this year, versus 40 firms last Top 100 and the Regional Leaders (see than last year.
year, only five reported revenue growth “Strategies,” on page 10), they seem to be
The message of this year’s report,
above 20 percent, versus 10 last year. And getting a handle on it, with the number of then, is of growth with moderation — a
while firms reported 130 mergers this year, firms reporting flat or declining partner comfortable state, but one that requires
against 125 last year, there were fewer of counts down to 20, versus 32 last year. And constant effort to maintain. AT
the big-bang mergers that had made head- while total employee figures may not have
lines in the past. One of the few to change grown as much as in 2015, firms still found If you think your firm should be one of our
the Top 100 was the combination of Ca- enough warm bodies to increase staff by Top 100 Firms or Regional Leaders, send
lifornia’s Gallina with CliftonLarsonAllen
an e-mail to [email protected],
over 9 percent.
That dearth of major mergers meant
Similarly, it can’t be denied that more and we will add you to our survey contact
there were fewer big jumps in the Top 100; firms are finding success in niche offerings database for 2018.
4
The firm of the future starts here
A nationwide accounting association made up of 75 member firms
built on four key goals:
to bring prestige to firms both domestically and internationally
to strengthen relationships among member firms
to continuously improve
to make more money
Connect with your firm’s future today!
www.cpamerica.org
•
104 N. Main Street, Gainesville, FL 32601
•
(352) 727-4070
overview
BEYOND THE TOP 100: FIRMS TO WATCH
A record number of firms made this year’s “Firms to Watch” list, with a dozen or more firms within striking distance of next year’s list. (Note that the
roster includes only firms with positive growth rates; firms in the revenue range with negative growth rates are excluded.)
Firm
Headquarters
PB Mares
Newport News, Va.
Brady, Martz & Associates
Grand Forks, N.D.
Wiss & Co.
Livingston, N.J.
Gursey | Schneider
Los Angeles
Clark Nuber
Bellevue, Wash.
Arnett Carbis Toothman
Charleston, W. Va.
Brown, Edwards & Co.
Roanoke, Va.
Cotton & Co.*
Alexandria, Va.
Year-end
($ mn.)
Alan Witt
Managing partner
Dec
37.48
% chg. Offices Partners Employees
6.36
9
37
219
Todd Van Dusen
Sept
37.24
21.82
5
41
239
Paul Peterson
Dec
37.00
8.82
3
26
190
Stephan Wasserman
Dec
36.46
15.75
6
14
173
Robert Wheeler
Dec
36.20
5.85
1
22
198
Steven Robey
Dec
33.42
1.15
8
29
235
Jason Hartman
May
33.17
27.38
9
36
298
Matt Johnson
Dec
33.00
13.79
1
11
200
Kreischer Miller
Horsham, Pa.
Stephen Christian
Dec
32.75
5.65
2
16
205
Lutz
Omaha, Neb.
Mark Duren
April
32.64
11.48
1
29
154
Somerset CPAs
Indianapolis
Briggs & Veselka Co.
Houston
Peterson Sullivan
Seattle
St. Louis
Anders
Perkins & Co.*
Portland, Ore.
Janover
Garden City, N.Y.
Lurie
Minneapolis
Jackson Thornton & Co.
Montgomery, Ala.
Pat Early
Dec
31.77
5.34
2
30
163
John Flatowicz
Sept
31.44
5.79
2
20
173
Chris Russell
Dec
30.30
3.77
1
20
163
Robert Minkler
Dec
30.00
6.01
1
20
177
Gary Reynolds
June
29.41
28.60
2
26
174
Mark Goodman
Dec
29.00
3.94
2
21
156
Beth Kieffer Leonard
April
28.85
1.23
1
17
158
Ned Sheffield
Dec
28.59
3.14
6
21
182
REDW
Albuquerque, N.M.
Steven Cogan
Dec
27.64
2.41
2
14
181
Boulay
Minneapolis
Steven Behrns
May
27.40
4.90
2
28
155
AAFCPAs
Westborough, Mass.
Green Hasson Janks
LaPorte
Los Angeles
Metairie, La.
Mize Houser & Co.
ORBA
Topeka, Kansas
Chicago
Cain Watters & Associates
Johnson Lambert
Untracht Early
Smith & Howard
Keiter
Plano, Texas
Vienna, Va.
Florham Park, N.J.
Atlanta
Dean Dorton Allen Ford
BeachFleischman
PKF Texas
Windham Brannon
Whittlesey & Hadley
Perelson Weiner
Maxwell Locke & Ritter
Calibre CPA Group
Hertzbach & Co.
Lane Gorman Trubitt
DiCicco, Gulman & Co.
Sensiba San Filippo
Gelman, Rosenberg & Freedman
* Firm estimate
6
26.70
9.88
3
24
176
26.70
9.88
1
14
135
William Mason
Nov
26.49
13.50
5
15
174
NA
Dec
26.40
7.19
3
19
230
Mark Thomson
May
26.40
6.88
1
14
124
Dan Wicker
Dec
26.33
5.74
1
11
130
John Prescott
Dec
26.25
3.39
8
18
169
T. Early / D. Untracht
Dec
26.07
14.85
3
9
123
101
John Lucht
Dec
26.05
4.62
1
10
Dec
25.90
12.27
1
13
157
Long Beach, Calif.
John DiCarlo
June
25.63
3.35
3
14
134
Lexington, Ky.
David Bundy
June
25.61
19.62
2
24
165
Marc Fleischman
Dec
25.58
8.16
2
25
152
Tucson, Ariz.
Houston
Krost*
Dec
Dec
L. Michael Gracik
Glen Allen, Va.
Windes
C. McCall / D. McManus
Leon Janks
Kenneth Guidry
Dec
25.50
5.15
1
13
130
Pasadena, Calif.
Gregory Kniss
Dec
25.47
24.55
7
5
130
Atlanta
Heidi LaMarca
Sept
25.38
11.95
1
13
166
Hartford, Conn.
Drew Andrews
Dec
24.80
12.22
3
20
160
New York City
Ronald Weiner
Dec
24.36
1.08
1
15
68
Austin, Texas
Steven Knebel
Dec
24.25
5.39
2
17
102
154
Bethesda, Md.
Owings Mills, Md.
Dallas
Woburn, Mass.
Pleasanton, Calif.
Bethesda, Md.
James Kokolas
Dec
24.20
2.85
3
16
Joel Chazen
Dec
24.00
14.29
3
26
172
Lee Ann Collins
Dec
24.00
14.29
1
18
100
Laurie Astin
Dec
23.50
13.53
2
20
131
John Sensiba
April
23.30
12.56
6
16
141
Jackie Cardello
Dec
23.00
4.55
1
11
101
databank
niche services
2017 TOP 100 FIRMS DATABANK
Overview
Top 7
firms
%
chg.
Firms over
$100 mn
%
chg.
Firms under
$100 mn
%
chg.
Total Top
100 Firms
%
chg.
$58,096.06
8.58
$9,520.00
10.52
$3,571.40
7.91
$71,187.46
8.80
13,408
6.57
4,799
5.75
1,957
5.67
20,164
6.29
Professionals
138,800
11.13
34,688
9.67
14,368
8.04
187,856
10.62
Total employees
235,987
9.54
47,537
9.39
19,628
7.19
303,152
9.36
Rev. share
(in $mn)
%
of rev.
Rev. share
(in $mn)
Revenue (in $mn)
Partners
Rev. share
(in $mn)
Fee split
%
of rev.
%
of rev.
Rev. share
(in $mn)
%
of rev.
Audit & Attest
$20,369.01
35.06
$3,867.49
40.62
$1,234.28
34.56
25,470.78
35.78
Tax
$14,289.43
24.60
$3,234.57
33.98
$1,251.69
35.05
18,775.69
26.27
MAS (consulting)
$21,570.48
37.13
$1,906.59
20.03
$604.22
16.92
24,081.29
33.83
Notes: Some figures may not correspond exactly due to rounding.
Leaders in A&A
Leaders in Tax
Ranked by revenue
Ranked by revenue
Top 7 firms
PwC
Deloitte
Ernst & Young
KPMG
RSM US
BDO USA
Grant Thornton
Firms over $100 mn
CohnReznick
CliftonLarsonAllen
CBIZ & MHM
BKD
Moss Adams
Rev. share
($ mn)
6,413.88
5,080.22
4,026.00
2,849.22
711.56
645.00
643.13
Fee
split
43
29
33
33
39
50
38
333.72
271.80
264.40
258.05
231.88
54
36
40
48
44
Firms over $100 mn
CliftonLarsonAllen
CBIZ & MHM
Crowe Horwath
Moss Adams
CohnReznick
45.14
44.10
40.84
37.01
34.08
59
45
41
43
41
Firms under $100 mn
Frank, Rimerman + Co.
Friedman
BPM
Whitley Penn
Squar Milner
Firms under $100 mn
BlumShapiro
Friedman
EKS&H
RubinBrown
Whitley Penn
Pacesetters in growth
Ranked by % chg.
Firms over $100 mn.
Withum
Sikich
Carr, Riggs & Ingram
MBAF
Armanino
Firms under $100 mn.
Cohen & Co.
Prager Metis International
Grassi & Co.
Doeren Mayhew
Squar Milner
8
Revenue
($mn)
147.78
146.40
235.79
112.30
195.00
Revenue
($mn)
60.10
60.77
57.50
72.56
72.50
%
chg.
28.81
26.53
20.83
19.47
18.72
%
chg.
26.15
19.67
17.35
17.20
16.94
Top 7 firms
PwC
Ernst & Young
Deloitte
KPMG
RSM US
Grant Thornton
BDO USA
Overall Top 100 Firms
Withum
Sikich
Cohen & Co.
BDO USA
Carr, Riggs & Ingram
Prager Metis International
MBAF
Armanino
Citrin Cooperman & Co.
Grassi & Co.
Doeren Mayhew
Squar Milner
Friedman
Honkamp Krueger & Co.
CliftonLarsonAllen
Kearney & Co.
Leaders in MAS
Ranked by revenue
Rev. share
($ mn)
3,729.00
3,538.00
3,153.24
2,331.18
672.28
440.03
425.70
Fee
split
25
29
18
27
36
26
33
241.60
231.35
197.15
194.99
179.22
32
35
25
37
29
Firms over $100 mn
Crowe Horwath
Plante Moran
CBIZ & MHM
Dixon Hughes Goodman
Baker Tilly Virchow Krause
50.57
44.10
41.00
40.73
40.60
61
45
50
49
56
Firms under $100 mn
FGMK
Horne
Blue & Co.
PYA
SC&H Group
Revenue
($mn)
147.78
146.40
60.10
1,290.00
235.79
60.77
112.30
195.00
230.00
57.50
72.56
72.50
98.00
68.10
755.00
126.70
%
chg.
28.81
26.53
26.15
22.86
20.83
19.67
19.47
18.72
17.95
17.35
17.20
16.94
16.67
16.61
16.15
16.13
Rev. share
($ mn)
8,408.64
4,773.12
3,660.00
3,454.00
609.28
446.14
219.30
Fee
split
48
32
30
40
36
24
17
362.76
173.43
165.25
137.90
125.35
46
36
25
35
24
47.04
34.93
34.88
31.22
29.54
49
44
45
75
62
Holthouse Carlin & Van Trigt
128.32
15.97
Eide Bailly
259.40
15.49
Top 7 firms
Deloitte
PwC
Ernst & Young
KPMG
Grant Thornton
RSM US
BDO USA
Rea & Associates
40.60
15.05
Whitley Penn
83.12
14.74
Marks Paneth
128.00
14.29
Cherry Bekaert
164.20
14.19
Bennett Thrasher
41.35
14.13
Hein & Associates
61.00
13.62
1,845.62
12.75
Mountjoy Chilton Medley
48.70
12.50
Dixon Hughes Goodman
394.00
12.25
EisnerAmper
318.80
12.06
KLR
44.30
11.87
Baker Newman & Noyes
42.60
11.81
RSM US
Notes: * Firm estimate or projection. All Big
Four revenue figures are gross, not net. For
more details, see pages 16-19.
niche
firm strategies
services
Staffing for growth, growing for staff
BY DANIEL HOOD
I
t will come as no surprise that the biggest challenge facing the members of
this year’s class of the Top 100 Firms is
finding enough quality people, both to
staff current engagements and to prepare
for future successions.
For instance, at New York City’s Cohn–
Reznick, CEO Frank Longobardi noted that
two of the firm’s strategic priorities for 2017
are “building on our existing commitment
to being an employer of choice by identifying and developing future leaders early
in their careers and continu[ing] to recruit
top talent,” and “recruiting and developing
top talent quickly enough to succeed retiring partners.”
To a degree, these are perennial concerns. As BDO USA CEO Wayne Berson
noted, “In professional services, you are
only as good as your people; therefore,
people will always be the most critical issue in our industry.”
But the profession is definitely feeling more heat in this area than usual,
with firms going to greater lengths to distinguish themselves as employers. BDO
USA, for instance, is a regular on lists that
recognize great workplaces, as are many
of the other members of the T100 — but
the firm is also trying new things. “More
recently, we have begun to roll out our
Exceptional Workplace concept in new
offices,” Berson explained. “These open,
flexible, collaborative designs maximize
the benefits of office time by connecting
teams and individuals to drive knowledge
sharing, learning and mentoring.”
Brian Kreischer, managing partner at
California’s Frank, Rimerman + Co., highlighted the difficulties firms face: “The
continual shortage of qualified candidates entering our industry combined with
the increasing complexity of our business
makes recruiting top talent an enduring,
critical issue,” he said. “In order to de-
10
liver our clients outstanding service, we
continue investing heavily in training and
development of our top talent.”
To that end, in 2016 the firm hosted
its largest-ever internship and sophomore
leadership programs, with the former
being ranked as the No. 1 internship in the
country by career information Web site
Vault. “We have also expanded our search
such that while our offices are located in
Northern California, our recruiting outreach stretches nationwide,” he said. “We
focus heavily on developing our people
into our future managers and partners.”
‘Innovation is
in many ways
tied to growth.’
That focus on building future talent
is part of the impetus behind Big Four
firm KPMG’s recently announced plans
to build a state-of-the-art learning, development and innovation facility in Florida.
“This investment nourishes the intelligence and curiosity of all of our people, while
empowering them to think outside of the
box and perform at their best,” said chairman and CEO Lynne Doughtie.
Taking an interesting approach to the
staffing issue is Louisiana’s Postlethwaite
& Netterville, which has built up a diverse
team of experts that it can make available to other accounting firms. “We can
help firms that have gaps in capacity or
expertise of staff to meet client deadlines,
firms that may be interested in expanding
into new markets or services but don’t
have the resources in-house, and firms
that may want to take on a client or project
outside of their existing core competencies,” explained managing director Wil-
liam Balhoff. “Other firms can leverage our
workforce in an outsourced, co-sourced,
or other arrangement.”
CHALLENGES TO GROWTH
Being able to grow their staff is one concern — the other main concern of the T100
is being able to grow their business.
“Since the Great Recession, the economy has experienced little to no growth,”
said Louis Grassi, CEO and managing partner of New York’s Grassi & Co. “As a result,
growth for firms our size typically comes
by taking clients away from other firms.
This has put downward pressure on fees
for attest, accounting and tax services. Unfortunately, this trend will continue in the
foreseeable future — resulting in more
firm consolidation to eliminate redundancies and lower costs.”
That consolidation, in turn, may cause
problems: “Industry consolidation will
continue to put pressure on CPA firms as
their marketplaces are exposed to firms
that they have not been in the past,” said
Mark Stebbins, vice chair and tax practice
leader at Buffalo, N.Y.’s Freed Maxick. “The
trend of industry consolidation continues
to foster an environment of threats and
opportunities as national firms acquire
market-dominant local firms. This creates
opportunity for the remaining local firms
to take advantage of the fallout from changes in fees, engagement management, etc.
However, when regional firms acquire
smaller firms in a local market, it presents
a threat as the regional firms introduce
services into a potentially underserved
market that weren’t previously available.”
The members of the T100 have a range
of strategies planned to help grow their
practices, but before looking at them, it’s
worth examining another challenge, one
that several firms feel will be key to their
See STRATEGIES on 12
niche
top
tax
services
firms
THE TOP TAX FIRMS
Firm
PwC§
Ernst & Young§
Deloitte§
H&R BlockP1
KPMG§
RSM US2
Grant Thornton
Liberty Tax Services
Ryan3
BDO USA
Headquarters
Chief executive
Rev.
from tax
($mn)
New York City
New York City
Tim Ryan
Stephen Howe
3,729.00
3,538.00
25
29
14,916.00
12,200.00
6.28
9.03
82
82
57,773
42,100
New York City
Kansas City, Mo.
Cathy Engelbert
William Cobb
3,153.24
3,007.77
18
99
17,518.00
3,038.15
8.49
-1.32
113
12,000
78,642
94,800
New York City
Chicago
Lynne Doughtie
Joe Adams
2,331.18
672.28
27
36
8,634.00
1,845.62
9.44
12.75
106
86
34,091
8,829
J. Michael McGuire
John Hewitt
440.03
439.00
26
100
1,692.44
439.00
8.80
0.92
59
4,225
8,495
NA
G. Brint Ryan
Wayne Berson
432.61
425.70
100
33
432.61
1,290.00
10.93
22.86
55
67
1,506
6,057
Denny Schleper
C. Spurio & A. Burczyk
241.60
231.35
32
35
755.00
661.00
16.15
8.36
39
110
4,776
3,088
Chicago
Virginia Beach, Va.
Dallas
Chicago
CliftonLarsonAllen
CBIZ & MHM
NA
Cleveland
%
from
tax
Total
revenue
%
chg.
Offices
Total
staff
Andersen Tax
Crowe Horwath
San Francisco
Chicago
Mark Vorsatz
Jim Powers
220.28
197.15
100
25
220.28
788.60
11.82
9.30
19
32
887
3,639
Moss Adams
CohnReznick
Seattle
New York City
Chris Schmidt
Frank Longobardi
194.99
179.22
37
29
527.00
618.00
10.48
2.32
25
30
2,589
2,724
Theodore Dickman
Jeffrey Weiner
166.66
166.13
31
37
537.60
449.00
8.28
8.87
35
22
2,529
1,462
Alan Whitman
Charles Weinstein
161.91
130.71
31
41
522.30
318.80
9.24
12.06
26
9
2,708
1,460
Matt Snow
130.02
33
394.00
12.25
28
1,918
BKD
Marcum
Springfield, Mo.
New York City
Baker Tilly Virchow Krause
EisnerAmper
Chicago
New York City
Dixon Hughes Goodman
Charlotte, N.C.
Notes: § Gross revenue
P Figures compiled from public company reports.
NA Not available/applicable
1 Staff figures include seasonal workers
2 Reported fee split as dollar amount (given here) and percentage.
3 Revenue includes acquisitions
For other notes, see pages 16-19.
of Shiv Om Consultants and Nickel & Co. in December 2016 and January 2017.
STRATEGIES
from page 10
growth — if only they can master it.
“A critical issue for any firm is innovation. In fact, innovation is in many ways
tied to growth,” explained Andy Armanino,
MP of California’s Armanino. “If a firm remains stagnant and isn’t looking for ways
to innovate, it will quickly lose market
share. … Successful firms welcome this
challenge and continue to engineer a better mousetrap to sell to clients, which will
drive revenue for the firm and create value
for clients.”
Freed Maxick’s Stebbins was also bullish on innovation: “It is the lifeblood of
a CPA firm’s culture that is committed to
growth.” His firm has established an internal innovation committee to vet ideas
12
from all levels of the firm. “Our objectives include the creation and fostering of
a firm-wide culture that encourages and
rewards innovative thinking, and is viewed as a business function. We also want
to increase firm revenue by identifying,
creating, testing and launching new products and/or services; improve versions of
current products and spinoffs of existing
products. Our expectations for innovation
at the firm is that it be strategic, systematic,
measurable and accountable.”
GROWTH ENHANCERS
While many of the Top 100 plan to pursue
mergers and acquisitions as a source of
growth, one of the most common strategies involved developing their own specialties, with a special focus on value-added services.
At Ohio-based Hill, Barth & King, for
instance, CEO and managing principal
Christopher Allegretti explained that even
as the firm’s strategy is to grow its service
regions through M&A, one of its primary
challenges is “adding value by anticipating
the needs of our clients and prospective
clients. This includes showing entrepreneurial insight by forecasting the industry
and regulatory trends, which will directly
impact the bottom line for our clients’
businesses,” he said.
Specificity of services — often in areas
that are not considered “traditional” to
accounting — is particularly important to
many of the Top 100. “We’ve also spent a
lot of time building out existing and new
service areas,” said Diane Medley, MP of
Kentucky-based Mountjoy Chilton Medley. “Steady growth in the demand of our
HR consulting, risk advisory, employee beSee STRATEGIES on 14
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firm
nichestrategies
services
STRATEGIES
from page 12
nefits, international tax and SALT service
areas has led to expansion and acquisition
of more focused expertise in these key
areas. We also continue to develop new
service offerings as we see the demand,
and in 2017 we’ll likely be focusing on CFO
services, executive compensation and IT
advisory.”
Besides the services that Medley
mentioned, other hot areas for the Top 100
included cyber-security, SOC audits, client
accounting services — and preparing clients for the changes to come from the new
administration.
“With the potential for massive deregulation and the most sweeping tax reform since 1986 on the horizon, regulatory
and policy changes will be top of mind for
our firm, our clients and the accounting
profession in 2017,” noted Terri Andrews,
national public relations director at RSM
US. “While the details are still forthcoming,
we believe there will be a business uptick
resulting from deregulation early in the
year, followed by tax reform and infrastructure spending. … Helping our clients
understand and navigate these changes
will be a top priority for our firm in 2017.”
A common theme to all this focus
on service areas is client need. “We continue to make significant organic and inorganic investments that make a tangible
difference for clients when it comes to
navigating uncertainty, anticipating needs,
and delivering solutions to their toughest
business challenges,” explained KPMG’s
Doughtie. “We have been making significant investments across all business functions to deliver real value and enhance
the relevance of our work in areas like
cognitive technology, data and analytics,
and cybersecurity. Clients appreciate our
ability to help them leverage change in
unique and meaningful ways.”
While the notion that accountants
14
should move in new directions to offer
more value-added services to clients has
been bruited about for a couple of years
or more, it still remains a challenge for the
profession, as it involves “changing our
mindset that we are management consultants, and not just accountants,” according
to Carl Schultz, CEO of Wisconsin’s SVA.
GROWTH PLANS
Perhaps as a reflection of the difficulties
standing in the way of growth, many firms
in the Top 100 were taking deliberate steps
to formalize their strategies, giving them
some rigor and a formal structure.
St. Louis’ Brown Smith Wallace was
only one of several firms to aim to create
a documented roadmap to success. “In
2016 we launched our strategic planning
process for the firm, including gaining an
understanding from all levels of the organization as to what we individually view
as the firm’s strengths, weaknesses, opportunities and threats,” said MP Anthony
Caleca. “The consistent themes derived
from these four independently prepared
assessments will serve as the starting point
and ultimate driver of our strategic plan:
2020 Vision. Our strategic plan will be
focused on the continued professional
development investment for our Brown
Smith Wallace Family members, which
will continue to drive our firm revenue and
growth targets.”
In some cases, these growth plans
will require changes to the ways firms
— and, in particular, partners — operate.
Atlanta’s Mauldin & Jenkins, for instance, plans to “initiate a ‘farming’ initiative
over all niches, including reduced partner
chargeable hour goals and increased accountability for growth results,” according
to MP Donald Luker, while at Illinois’ Sikich, newly installed CEO and MP Chris
Geier said the firm is “re-invigorating our
organic growth culture by implementing
Partner Practice Development Plans, by
adding business development professionals, and restructuring internal marketing
incentive plans.”
Beyond changing how they pursue
growth internally, some firms are changing
how they pursue it externally, by working
with outside allies. “Forming strategic alliances with the right external partners —
such as we’ve done with Microsoft, Intuit,
CoStar and Indiggo — enables BDO to
leverage the latest technologies to bring increased efficiencies and standardized best
practices to client relationships,” said Berson. “By aligning with external providers,
BDO combines the best of our experience
and resources with those of our alliance
relationships to provide more comprehensive and differentiated solutions. Moreover, these alliances enhance our speedto-market in bringing industry-leading
technologies and services to our clients to
help meet their changing needs.”
A STAPLE STRATEGY
Even with those external partnerships,
however, Berson expects to maintain
BDO’s strategy of serial M&A, as do many
other firms that have made a habit of snapping up smaller practices over the past
several years.
At New York’s PKF O’Connor Davies,
for instance, “The firm’s ongoing expansion has included a series of recent mergers and acquisitions in the Northeast and
Washington, D.C. area, and we’ll continue
to look for opportunities to expand our
talent base as well as our geographic footprint to stay ahead of the evolving needs of
our clients,” according to MP Kevin Keane.
As M&A mania continues, however,
the Top 100 are also being careful about
who they merge with. “We have been working on fine-tuning our approach to mergers and acquisitions,” said Chris Honkomp, CEO of BerganKDV in Minnesota,
which joined the ranks of the T100 last
year through a formative merger. “Growing
rapidly comes with a challenge to also
keep the culture of the organization intact.
Finding the right mix is something we constantly strive to achieve.” AT
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3 Ernst & Young §
4 KPMG §2
5 RSM US 3
6 Grant Thornton 4
7 BDO USA
8 Crowe Horwath
9 CliftonLarsonAllen 5
3
4
5
6
7
8
9
New York City
18 18 EisnerAmper
Richmond, Va.
25 25 Cherry Bekaert
Frank Longobardi
Howard Kies
Victor Wahba
Andy Armanino
Rick Dreher
Joel Cooperman
William Carr
Dave Stende
Charles Weinstein
Matt Snow
Jeffrey Weiner
Gordon Krater
Alan Whitman
Chris Schmidt
Theodore Dickman
April
Aug
Dec
May
Dec
Sept
April
Jan
May
Dec
June
May
Dec
May
Jan
Dec
Dec
Dec
June
Dec
April
Sept
June
June
May
Year
end
164.20
187.00
195.00
227.00
230.00
235.79
259.40
318.80
394.00
449.00
481.76
522.30
527.00
537.60
618.00
661.00
755.00
788.60
1,290.00
1,692.44
1,845.62
8,634.00
12,200.00
14,916.00
17,518.00
14.19
9.36
18.72
9.66
17.95
20.83
15.49
12.06
12.25
8.87
3.41
9.24
10.48
8.28
2.32
8.36
16.15
9.30
22.86
8.80
12.75
9.44
9.03
6.28
8.49
REVENUE
$
%
mn.
chg.
12
8
8
41
10
26
29
9
28
22
21
26
25
35
30
110
39
32
67
59
86
106
82
82
113
Offices
55
113
80
214
180
165
119
177
155
204
266
154
284
264
279
421
354
283
492
594
749
2,082
3,200
3,200
3,091
Partners
-1.79
5.61
17.65
18.23
15.38
15.38
2.59
0.57
-3.73
2.51
0.38
0.65
5.97
1.54
-4.45
2.93
12.03
4.04
10.31
5.13
9.34
6.22
6.67
10.65
1.91
%
chg.
660
555
590
1,122
575
927
1,246
1,144
1,389
929
1,574
2,309
1,708
1,776
1,922
1,958
4,004
2,777
4,599
6,542
6,512
25,521
32,900
NA
62,726
6.62
11.00
13.90
13.45
27.78
24.10
4.18
4.57
9.20
0.32
3.42
9.43
9.21
4.78
-0.05
7.17
14.63
8.52
13.36
7.72
15.83
10.99
7.52
NA
12.91
PERSONNEL
Profes%
sionals chg.
7.78
9.49
14.20
6.12
27.12
26.81
6.35
13.88
7.03
3.39
3.64
9.19
9.98
4.25
-0.77
6.12
15.25
7.47
12.52
7.45
14.20
10.32
6.85
7.97
11.39
%
chg.
41
40
21
34
NA
48
41
51
32
45
39
41
44
48
54
40
36
29
50
38
39
33
33
43
29
46
38
33
31
NA
40
40
41
33
37
25
31
37
31
29
35
32
25
33
26
36
27
29
25
18
0
0
0
1
0
8
0
5
0
4
0
0
9
0
0
9
0
0
10
22
39
35
3
0
7
0
NA NA
11
10
8
35
8 10
36
24
19
21
8
25
6 26
46
17
36
24
40
30
32
48
FEE SPLIT
(in percent)
A&A Tax MAS Other
2 Firm reports busi1 Revenue and total staff for PwC are from firm reports for North America; partner figures are firm-supplied and are U.S.-only; other figures are AT estimates based on reported data.
ness offices, not every physical location.
3 For its fee split, RSM US reported both rounded percentages (given here) and exact dollars amounts (given in the Databank on page 8). 4 Total personnel
includes professionals in Grant Thornton’s Shared Services Center in Bangalore, India.
5 CLA does not have a headquarters location — there is no single place from which the firm is controlled or directed. Individual teams/offices are empowered to make decisions as much as possible.
6 Office figures are for CBIZ; MHM has 31 offices. 7 All figures based on fiscal 2016 and 2015; may differ from
calendar-year data from earlier Top 100 reports. 8 Changed name from WeiserMazars.
901
808
764
1,596
900
1,329
1,742
1,460
1,918
1,462
2,249
2,708
2,589
2,529
2,724
3,088
4,776
3,639
6,057
8,495
8,829
34,091
42,100
57,773
78,642
Total
emps.
TOP 100 FIRMS
Key and notes: Last year’s rankings have been revised based on 2015 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate
§ Gross revenue NC No change NA Not available or not applicable NR Not ranked
New York City
San Ramon, Calif.
24 23 Mazars USA8
23 24 Armanino
Milwaukee
New York City
21 22 Citrin Cooperman & Co.
22 20 Wipfli
Enterprise, Ala.
20 21 Carr, Riggs & Ingram
Fargo, N.D.
Charlotte, N.C.
17 17 Dixon Hughes Goodman 7
19 19 Eide Bailly
New York City
Southfield, Mich.
Chicago
Seattle
Springfield, Mo.
New York City
Chris Spurio and
Cleveland
Andy Burczyk
Denny Schleper
Jim Powers
Wayne Berson
J. Michael McGuire
Joe Adams
Lynne Doughtie
Stephen Howe
Tim Ryan
Cathy Engelbert
Chief executive
NA
Chicago
Chicago
Chicago
Chicago
New York City
16 16 Marcum
15 15 Plante Moran
14 13 Baker Tilly Virchow Krause
13 14 Moss Adams
12 12 BKD
11 11 CohnReznick
10 10 CBIZ & Mayer Hoffman McCann
2
2
6
New York City
PwC§1
New York City
New York City
Headquarters
1 Deloitte§
1
17 16 Firm
RANK
THE 2017
Naperville, Ill.
New York City
27 31 Sikich
28 26 PKF O’Connor Davies
Chicago
32 33 UHY Advisors 9
Appleton, Wis.
San Francisco
Greg Barber
Jim Wallace
Brian Kreischer
Larry Autrey
John Herber
Jeff Drummonds
Mario Donato
Bruce Madnick
Robert Hottman
Frank Schettino
John Mackel
Thomas Bonadio
Mark Bosswick
and Stu Kotler
Antonio Argiz
Randy Rupp
Michael Novogradac
James Cunningham
Richard Davis
Anthony Frabotta
Ed Kearney
Harry Moehringer
Philip Holthouse
Kevin Keane
Christopher Geier
William Hagaman
Chief executive
Sept
Dec
Dec
Dec
May
Dec
Dec
Dec
Sept
Dec
May
April
Dec
June
Dec
Dec
Dec
June
Dec
Dec
Dec
Dec
Dec
Dec
June
Year
end
80.51
82.00
82.90
83.12
86.07
86.59
96.00
98.00
99.60
103.00
104.30
106.59
111.80
112.30
115.00
123.96
124.40
125.00
126.50
126.70
128.00
128.32
138.50
146.40
147.78
3.20
4.73
10.68
14.74
9.60
5.19
5.49
16.67
4.73
5.10
9.67
11.17
7.50
19.47
-0.86
5.89
0.89
6.84
11.26
16.13
14.29
15.97
9.92
26.53
28.81
REVENUE
$
%
mn.
chg.
10
6
4
5
5
3
2
8
3
1
9
10
2
10
18
25
14
9
16
2
6
11
9
21
12
Offices
12.50
4.65
-3.70
-2.17
3.08
2.82
5.13
NC
NC
6.85
-7.50
16.67
3.33
11.36
20.93
NC
10.00
30.77
21.33
26.32
1.85
5.88
27.50
%
chg.
60
-1.64
35 -16.67
27
45
26
45
67
73
41
54
38
78
37
28
62
49
156
93
66
17
91
48
110
54
51
Partners
370
317
354
347
531
381
332
308
438
242
404
460
324
446
560
416
548
522
459
558
453
372
560
623
576
3.93
7.82
13.46
48.29
27.64
2.97
6.41
8.07
12.89
8.52
7.16
4.55
5.88
13.49
1.08
12.43
7.03
-4.40
30.40
12.50
17.97
16.98
31.46
15.37
48.45
PERSONNEL
Profes%
sionals chg.
* Firm estimate
NC No change
NA Not available or not applicable
NR Not ranked
9 UHY Advisors and UHY LLP are affiliated through an alternative practice structure.
551
431
389
434
620
489
422
460
591
371
539
623
430
554
829
543
927
763
649
606
659
502
788
791
781
Total
emps.
Key and notes: Last year’s rankings have been revised based on 2015 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
50 49 Schenck
49 48 BPM
Palo Alto, Calif.
Fort Worth, Texas
47 54 Whitley Penn
48 50 Frank, Rimerman + Co.
St. Louis
Brentwood, Tenn.
45 45 LBMC
46 47 RubinBrown
Chicago
New York City
Denver
New York City
44 43 FGMK
43 44 Friedman
42 40 EKS&H
41 38 Anchin, Block & Anchin
Fort Worth, Texas
Pittsford, N.Y.
39 39 The Bonadio Group*
40 41 Weaver
Miami
New York City
38 37 Berdon
Saginaw, Mich.
San Francisco
Birmingham, Ala.
37 42 MBAF
36 30 Rehmann
35 28 Novogradac & Co.
34 27 Warren Averett
Greenville, S.C.
31 36 Kearney & Co.
33 29 Elliott Davis Decosimo
New York City
Alexandria, Va.
30 34 Marks Paneth
W. Los Angeles, Calif.
Princeton, N.J.
29 35 Holthouse Carlin & Van Trigt
Headquarters
17 16 Firm
26 32 Withum
RANK
3.77
2.13
14.41
39.55
22.05
-7.39
6.03
8.75
12.57
1.92
6.73
4.53
5.13
13.76
1.72
10.14
3.46
-3.54
24.09
10.99
18.95
17.29
24.88
21.32
49.05
%
chg.
36
37
29
41
43
23
17
45
41
44
34
44
35
36
33
57
37
42
31
75
39
18
58
26
41
37
50
61
49
42
26
34
45
40
43
41
28
40
44
36
29
37
44
49
0
49
75
28
16
43
0
0
0
9
7
2
3
7
0
0
0
0
0
9
0
20
12
10
7
1
0
0 10
15
23 28
49
10
19
13
16
12 16
25
13
13 18
3 11
5 21
14
20
25
3
0
12
55
4 12
FEE SPLIT
(in percent)
A&A Tax MAS Other
Atlanta
Troy, Mich.
56 56 Frazier & Deeter
57 62 Doeren Mayhew
Cincinnati
Rockville, Md.
Larry Davis
Gary Boyd
Louis Grassi
John Chandler
William Balhoff
Joseph Saka
Randall Myeroff
David Neste and
Glenn Friedman
James Brendel
Jeff Wald
Edward Monborne
Carl Coburn
Mickey Segal
Chris Allegretti
Greg Burbach
Timothy Hammer and
Steven Thompson
David Resnick
Stephen Milner
Mark Crawford
Seth McDaniel
and Blain Heckaman
James Kaufman
Richard Kopelman
Joseph Kask
Brad Shaw
Joey Havens
Chief executive
Dec
Dec
Dec
June
April
Dec
Sept
Dec
Dec
March
Dec
June
Dec
Aug
Dec
June
Dec
Dec
Sept
Dec
May
Dec
Dec
Dec
Dec
Year
end
53.03
53.40
57.50
57.57
57.60
60.00
60.10
60.77
61.00
61.15
62.20
64.64
65.00
67.00
68.10
70.80
72.36
72.50
72.56
74.01
75.00
76.32
76.50
77.51
79.39
5.22
5.37
17.35
9.91
8.35
8.30
26.15
19.67
13.62
6.16
9.12
1.64
NC
11.67
16.61
7.01
9.74
16.94
17.20
10.56
1.49
3.79
5.23
9.54
-1.08
REVENUE
$
%
mn.
chg.
1
3
4
5
8
3
7
9
4
18
14
6
5
12
8
2
3
5
5
5
5
2
6
11
14
Offices
-3.57
6.25
26.09
16.28
5.56
1.82
7.89
-3.70
17.39
6.98
50.00
8.11
15.63
3.33
7.14
33.33
4.55
-3.85
3.13
19.05
-4.76
%
chg.
32
29
31
6.67
16.00
NC
14 -17.65
27
17
29
50
38
56
41
26
27
46
33
40
37
31
30
16
46
25
33
50
20
Partners
171
240
200
220
299
149
287
177
242
213
284
291
248
247
233
337
270
270
233
215
275
300
321
252
422
4.27
-6.98
19.76
11.68
3.10
5.67
43.50
21.23
18.63
5.97
-7.19
5.05
-3.13
13.82
4.95
8.36
5.47
28.57
30.17
10.26
0.36
4.17
3.88
2.86
4.46
PERSONNEL
Profes%
sionals chg.
* Firm estimate
NC No change
NA Not available or not applicable
10 Changed name from Habif, Arogeti & Wynne.
NR Not ranked
245
300
288
273
367
214
372
284
298
357
362
390
310
370
458
417
365
360
329
269
403
378
433
400
549
Total
emps.
Key and notes: Last year’s rankings have been revised based on 2015 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
75 74 Aronson
Plano, Texas
New York City
74 73 Montgomery Coscia Greilich
Portland, Maine
73 76 Grassi & Co.
Baton Rouge, La.
Miami
Cleveland
New York City
Denver
Loveland, Colo.
Lancaster, Pa.
72 71 BerryDunn
71 70 Postlethwaite & Netterville
70 68 Berkowitz Pollack Brant
69 77 Cohen & Co.
68 72 Prager Metis International
67 69 Hein & Associates
66 66 K-Coe Isom
65 67 RKL
64 60 Clark, Schaefer, Hackett & Co.
Los Angeles
Canfield, Ohio
62 63 Hill, Barth & King
63 59 Nigro Karlin Segal Feldstein & Bolno
Dubuque, Iowa
Pittsburgh
Indianapolis
61 65 Honkamp Krueger & Co.
60 57 Schneider Downs
59 58 Katz, Sapper & Miller
Newport Beach, Calif.
Miami
55 51 Kaufman Rossin Group
58 61 Squar Milner
Atlanta
West Hartford, Conn.
54 52 Aprio10
53 53 BlumShapiro
Carmel, Ind.
Ridgeland, Miss.
51 46 Horne
52 55 Blue & Co.
Headquarters
17 16 Firm
RANK
3.81
-1.32
19.01
7.48
1.66
7.00
36.26
20.85
4.56
-0.83
-1.09
5.98
NC
13.15
12.81
9.45
6.73
27.21
25.57
9.80
-0.49
5.00
5.61
1.78
2.23
%
chg.
37
26
46
43
41
16
46
26
48
23
27
51
16
19
16
43
24
37
37
35
28
33
59
28
33
35
41
38
13
19
43
40
42
36
43
31
36
10
40
21
36
37
56
34
36
30
49
29
25
10
5
8
2
0
0
3
0
5
0
23
27
8
39
5
6
8
5
30 10
5 36
2 12
32
10
34
11 31
10
0 74
12 29
7 56
21
23 16
7
19 10
0 29
8 34
13
4
45
44 13
FEE SPLIT
(in percent)
A&A Tax MAS Other
Chris Honkomp
Atlanta
Angie MacPhee
Kevin Pulliam
Don McIntosh
Teddy Selinger
Douglas Waite
Jeff Eischeid
Mark O’Connell
Edward Pershing
Kevin O’Connell
Carl Chatto
Anthony Caleca
John Rubenacker
Alan Litwin
Jim Pitrat
Dec
Dec
Oct
Dec
Feb
June
Sept
Dec
Dec
Dec
Dec
April
Dec
Oct
May
Dec
April
Dec
Dec
June
Dec
Dec
Dec
May
Dec
Year
end
37.70
39.30
40.60
41.10
41.25
41.35
41.50
41.62
42.28
42.60
43.00
43.12
44.30
44.76
44.80
46.95
47.50
47.64
47.91
48.13
48.70
50.10
51.10
51.41
51.88
-2.08
8.56
15.05
1.23
4.43
14.13
9.79
5.34
11.38
11.81
8.12
7.10
11.87
8.19
-0.33
1.58
3.26
9.62
6.89
5.83
12.50
8.91
10.37
-12.42
3.47
REVENUE
$
%
mn.
chg.
18
9
11
2
6
1
4
5
10
5
3
27
4
9
6
7
4
3
2
7
5
3
2
5
4
Offices
NC
NC
-3.33
10.53
-6.67
26.67
-2.63
NC
-5.41
5.26
11.76
27.59
10.26
5.00
7.69
12.50
NC
%
chg.
32
35
20
26
27
34
20
33.33
2.94
-9.09
4.00
8.00
6.25
5.26
16 -11.11
10
38
29
63
14
38
37
15
35
20
19
37
43
42
14
27
23
Partners
117
179
167
162
138
178
157
151
189
176
238
243
181
134
180
236
230
196
247
211
214
137
164
164
205
8.33
-3.24
9.15
-1.82
15.00
14.10
9.79
12.69
5.59
2.33
4.85
8.00
12.42
-7.59
-3.74
0.43
-12.88
14.62
13.30
-3.65
12.04
0.74
10.81
-16.33
15.82
PERSONNEL
Profes%
sionals chg.
15.08
%
chg.
13.76
10.95
1.08
8.77
6.70
11.40
193
241
231
203
195
248
207
235
257
258
289
348
226
251
270
299
7.82
-0.82
7.44
-0.98
11.43
11.21
8.95
9.81
4.05
1.57
3.21
9.43
9.71
16.20
NC
3.46
305 -12.61
248
304
281
310
223
215
323 -19.05
290
Total
emps.
Key and notes: Last year’s rankings have been revised based on 2015 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate
NC No change NA Not available or not applicable NR Not ranked
11 Rebranded from AKT CPAs at the beginning of 2017.
Denver
Rancho Cucamonga, Calif.
100 95 RGL Forensics*
99 100 Vavrinek, Trine, Day & Co.
Garden City, N.Y.
New Philadelphia, Ohio
98 NR Rea & Associates
97 89 Margolin, Winer & Evens
North Hollywood, Calif.
95 99 Bennett Thrasher
96 94 Miller Kaplan Arase
Boston
94 98 Wolf & Co.
Knoxville, Tenn.
92 97 Macias Gini & O’Connell
93 93 PYA
Portland, Maine
Sacramento, Calif.
91 96 Baker Newman & Noyes
St. Louis
Evansville, Ind.
90 91 Brown Smith Wallace
89 90 Kemper CPA Group
Los Angeles
Providence, R.I.
88 92 KLR
87 88 SingerLewak
Donald Luker
Martin Moll
Atlanta
Salem, Ore.
86 84 Mauldin & Jenkins
85 79 Aldrich11
Ronald Causey
Timothy McPoland
Sparks, Md.
Buffalo, N.Y.
Thomas Raffa
84 81 Freed Maxick*
Washington, D.C.
Diane Medley
and Charles Raich
Ellis Ende
George Marinos
Carl Schultz
Gregory Skoda
Chief executive
83 86 SC&H Group
82 85 Raffa
St. Cloud, Minn.
Louisville, Ky.
80 87 Mountjoy Chilton Medley
81 82 BerganKDV
New York City
Redwood City, Calif.
Madison, Wis.
Cleveland
Headquarters
79 80 Raich Ende Malter & Co.
78 78 Seiler
77 64 SVA
76 75 Skoda Minotti
17 16 Firm
RANK
0
72
40
60
58
31
42
10
60
40
35
41
31
42
63
29
35
21
54
20
37
40
8
16
27
0
21
33
30
18
58
24
15
12
50
32
40
40
39
30
34
40
17
10
40
42
60
70
24
25
0
0
0
0
6
0
0
0
0
9
0
3
0
0 100
7
15 12
10
21
2
0 34
75
7 21
10
20 13
19
29
6 13
1
12 25
25
62
36
3 37
8 13
0
0 22
14 46
8 40
FEE SPLIT
(in percent)
A&A Tax MAS Other
Behind every great
business is a great
accountant.
Behind them is
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Connect.
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niches and clients
Top service areas remain constant
BY DANIELLE LEE
N
iche services remained highly
in-demand for the 2017 Top
100 Firms, with the 10 fastest-growing areas steady with
last year’s list. While the top niche services
couldn’t exceed the huge percent of accounting firms reporting growth last year,
their predominance was solid, especially
for the top three growth areas: attest, business valuations and state and local taxes.
Attest services, while down a couple
of percentage points from 2016, was still
No. 1, with 81 percent of firms reporting
growth in that area. Close behind were
business valuations, with 78 percent of
responding firms tracking an uptick, and
SALT, at 77 percent. Estate/trust/gift tax
planning, international tax, and mergers
and acquisitions once again rounded out
the top 6, all at 71 percent.
Industry specializations were a
growth area for 68 percent of responding
firms, while forensics/fraud was the only
Top 10 niche service to increase over last
year, rising 2 percentage points and two
spots to 66 percent. Nonprofits were an
in-demand area for 65 percent of firms and
litigation services fell 5 percentage points
and two spots to 63 percent.
Many firms experiencing growth in
the most sought-after niches attributed
their success to specialized service.
Denver-based Hein & Associates developed its valuation services to be industry-focused, particularly in energy, according to managing partner Jim Brendel. “Our
established team ranges from experienced
petroleum engineers to financial experts,
ensuring that we have the in-house knowledge necessary for the transactions we are
a part of. This familiarity with the industry
allows us to be a part of complex valuations while delivering quality work product
that passes the scrutiny of IRS examinations and courts of law.”
22
The growth of Chicago-based FGMK’s
SALT services is likewise entwined with its
growing real estate practice, according to
Fuad Saba, tax partner and leader of the
firm’s specialty tax practice. Globalization
is also a factor: “Supply chains have become longer and more complex, customers and manufacturing are located in many
countries, intellectual property is being
developed all around the world, and investors are seeking the ‘best’ places to invest
in assets, people and intellectual property.”
K-Coe Isom, in Loveland, Colo., has
seen greater demand for estate/trust/gift
planning services due to the “mammoth
change” in the agricultural industry, said
the firm’s ag consultant, Jeanne Bernick.
“As of now, more than 90 million acres of
farmland will change hands between 2015
and 2019, according to the U.S. Department of Agriculture. Of that, the majority
will transfer into trusts or to a relative, with
about 21 million acres expected to sell to a
non-relative. With nearly a century of farm
specialization, K-Coe Isom has the expertise to address their highly nuanced estate
plans and business transition.”
EMBEDDED EXPERTISE
After a downturn last year, almost all client
categories surged in growth for the 2017
Top 100 Firms, with manufacturing and
Top niche services
Percentage of firms increasing their business in these areas
(of 79 firms responding)
Attest
Business valuations
SALT
Estate/trust/gift tax planning
International tax
M&A
Industry specializations
Forensics/fraud
Nonprofits
Litigation support
Technology consulting
SOX compliance/Risk mgmt.
Retirement plans
Businss mgmt. for wealthy individuals
Succession planning/family office
CAS/business process outsourcing
Cost segregation
Employee benefits
Business mgmt. for small businesses
CFO/project staffing services
Personal financial planning
Strategic planning/business plans
Investment advice/services
Cash flow forecasting/management
Bankruptcy /insolvency
Payroll services/ consulting
1031 like-kind exchange
Business management services
IFRS consulting
Financing arrangements
Lease vs. buy analysis
0
20
40
60
80
100
niches and clients
NICHES
from page 22
midsized businesses again claiming the
top two spots. Manufacturing was up a
whopping 30 percentage points over last
year, with 86 percent of firms reporting
growth in that client category, and midsized businesses jumped 25 percentage
points to 78 percent of responding firms.
Construction and real estate were both
hot client groups for 75 percent of the
T100, marking a 26 and 23 point jump over
last year, respectively. Technology again
rounded out the top 5 client categories
with 73 percent, up 24 percentage points.
Individual clients rose 27 percentage
points and five rankings to the sixth spot,
followed by nonprofit organizations, professional services (lawyers, doctors, etc.),
health care facilities and pension plans.
The success of St. Cloud, Minn.-based
BerganKDV’s manufacturing practice is regionally specific, according to CEO Chris
Honkomp: “The Upper Midwest region is
often cited for its strong work ethic and
labor force. With this, we see many of our
markets flush with successful manufacturing organizations. Given that concentration, it makes sense for us to heavily invest
in helping these organizations grow.”
Kentucky’s Mountjoy Chilton Medley
also owes its large manufacturing client
base to location, though its expansion is
more intentional, according to managing
partner Diane Medley: “We are really leading in growth initiatives in those areas with
solutions and tax-saving strategies.”
An improving economy, new technology and low interest rates have converged
for New York-based Berdon, creating the
“right place, right time” for manufacturing,
said practice leader Matthew Jahrsdoerfer.
The swell in Miami-based Berkowitz
Pollack Brant’s midsized business clients is
due to location and “significant growth in
our representation of these types of entrepreneurial clients,” said CEO Joseph Saka.
24
Top client categories
Percentage of firms increasing their business with these types of clients
(of 79 firms responding)
Manufacturing
Midsized businesses
Construction
Real estate
Technology
Individuals
Nonprofit organizations
Professional services
Healthcare facilities
Pension plans
Large businesses
Wholesale distributors
State and local government
Hotels & restaurants
Small businesses
Banking & thrift companies
Brokers/dealers
Colleges and universities
Retail trade
Entertainment
Auto dealerships
Finance cos./mortgage banks
Government Contractors
Investment cos. & mutual funds
School districts
Franchising
Agriculture/farming/forestry/fishing
Publishing/broadcasting/media
Insurance carriers/companies
Other
Insurance agents/brokers
0
20
The Bonadio Group, in Pittsford, N.Y.,
is strategic with its construction clients,
said Michael Smith, partner and construction division leader. “Each year across New
York State we hold a series of Construction
Summits, where industry executives gather
to learn new management techniques and
share information. We also stay very close
with the construction associations, and we
conduct an annual [industry] survey.”
CohnReznick is just as entrenched
in commercial real estate, where the New
York firm reported the highest growth.
The firm conducts several CFO forums
and is heavily involved in national and
local industry groups, said David Kessler,
partner and national director of the firm’s
commercial real estate industry practice.
Additional reasons for CohnReznick’s success, according to Kessler, include “the
immense supply of global capital read-
40
60
80
100
ily available for real estate investment,
consistently low (and stabilized) interest
rates, sustained, extremely favorable demographics, and near rock-solid property
fundamentals across almost all sectors of
our industry and throughout the U.S.”
Pittsburgh’s Schneider Downs reported an increase in individual clients, related
to “significant growth in our private family
office practice,” said co-CEO Tim Hammer. “We believe this speaks to the market
demand among high-net-worth families
for an integrated bundle of services from
a trusted provider. Those services can include wealth management, estate and tax
planning, concierge-level services … or
any other service on our roster. These are
services that we have historically offered
for years, and the market is responding to
our ability to provide them as a bundled
package from a single provider.” AT
regional overview
Expanding the Regional Leaders
T
he criteria for membership in
the Top 100 Firms list is fairly
straightforward: If an accounting firm meets a certain threshold of net revenue (this year it happens to
be $37.7 million), then it makes the list.
With our Regional Leaders, however,
there are a few more variables to consider
— and that led to a significant expansion of
the rosters this year.
First off, the main point of the Regional Leaders is to highlight the large group
of strong firms that exist beyond the Top
100, whose names may not be nationally
known but that are thriving in different
regions of the country. With that in mind,
in the early years of the list we aimed to
name at least 15 firms in each of our 10
geographical regions. Filling those slots is
no longer an issue — and in many regions
we’re able to go well beyond 15 list-worthy
firms (both the Mid-Atlantic Region and
the West, for instance, include more than
30 firms).
Nowadays, we pick the Regional Leaders based on two main criteria: We aim
to include at least 15 firms, all of which
achieve a level of revenue that sets them in
the top tier of their region. In many areas
(though not all), we’ve set that level this
year (somewhat arbitrarily) at $10 million,
which has allowed us to include more top
firms than ever — such as Florida’s Vestal
& Wiler, New York’s Teal, Becker & Chiaramonte, Illinois’ CDH, and many more.
In a few parts of the country (the
Mountain Region, for instance, and New
England), the landscape is such that a
slightly lower threshold is in order to make
sure we’re including the leading firms;
in those cases, we may dip below the $10
million level to include the region’s best.
With all that in mind, we’re happy
to present this year’s expanded list of accounting’s Regional Leaders! AT
THE 2017 REGIONAL LEADERS
Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
Total revenue: $936.92 million. Average firm growth: 12.03%
The roster of leading firms around the Gulf Coast expanded significantly this year, adding four new firms,
even as two leaders from earlier years’ lists, Goldstein Schechter Koch and the LBA Group, were snapped
up in mergers.
Firm
Carr, Riggs & Ingram
Headquarters
Rev.
$ mn.
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
Enterprise, Ala.
235.79
20.83
26
165
927
1,329
48
40
11
0
Birmingham, Ala.
124.40
0.89
14
156
548
927
37
37
5
21
MBAF
Miami
112.30
19.47
10
28
446
554
36
44
13
7
Horne
Ridgeland, Miss.
79.39
-1.08
14
20
422
549
33
10
44
13
Warren Averett
Kaufman Rossin Group
Miami
75.00
1.49
5
46
275
403
28
30
8
34
Berkowitz Pollack Brant
Miami
60.00
8.30
3
17
149
214
16
43
5
36
Postlethwaite & Netterville
Baton Rouge, La.
57.60
8.35
8
27
299
367
41
19
30
10
Jackson Thornton & Co.
Montgomery, Ala.
28.59
3.14
6
21
135
182
43
31
3
23
0
LaPorte
Metairie, La.
26.49
13.50
5
15
125
174
54
39
7
Boca Raton, Fla.
20.20
4.39
3
11
98
137
26
68
3
3
Shreveport, La.
19.30
12.21
2
17
72
115
40
42
14
4
Barfield, Murphy, Shank & Smith Birmingham, Ala.
18.31
15.52
5
23
103
153
37
35
8
20
Gerson Preston Klein Lips Eisenberg & Gelber Miami
18.30
28.06
2
6
50
71
NA
NA
NA
NA
Daszkal Bolton
Heard, McElroy & Vestal
Saltmarsh, Cleaveland & Gund
Kushner LaGraize
Thomas Howell Ferguson
Pensacola, Fla.
16.50
5.63
4
15
102
134
37
28
5
30
Metairie, La.
12.88
25.29
1
9
41
61
12
57
5
26
Tallahassee, Fla.
11.02
13.49
2
8
47
75
54
40
6
0
Miami
10.85
35.12
3
8
72
91
35
50
8
7
Orlando, Fla.
10.00
2.04
1
8
38
52
51
49
0
0
Kabat, Schertzer, De La Torre, Taraboulos
Vestal & Wiler
Notes: NA Not available/applicable
25
regional
tktktkt leaders
Top Firms: Mid-Atlantic
New Jersey, New York and Pennsylvania
Total revenue: $3,339.52 million. Average firm growth: 8.38%
While mergers remain a big driver in regions across the country, one of the more interesting changes in this region was
the demerger of last year’s SaxBST into its component parts, including Mid-Atlantic Regional Leader Sax.
Firm
Headquarters
Rev.
$ mn.
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
CohnReznick
New York City
618.00
2.32
30
279
1,922
2,724
54
29
8
9
Marcum
New York City
449.00
8.87
22
204
929
1,462
45
37
8
10
EisnerAmper
New York City
318.80
12.06
9
177
1,144
1,460
51
41
8
0
Citrin Cooperman & Co.
New York City
230.00
17.95
10
180
575
900
NA
NA
NA
NA
Mazars USA
Withum
New York City
187.00
9.36
8
113
555
808
40
38
22
0
Princeton, N.J.
147.78
28.81
12
51
576
781
41
43
4
12
PKF O’Connor Davies
New York City
138.50
9.92
9
110
560
788
58
28
12
2
Marks Paneth
New York City
128.00
14.29
6
91
453
659
39
49
3
9
Berdon
New York City
111.80
7.50
2
37
324
430
35
40
25
0
The Bonadio Group*
Pittsford, N.Y.
106.59
11.17
10
78
460
623
44
28
12
16
Anchin, Block & Anchin
New York City
103.00
5.10
1
54
242
371
44
43
13
0
Friedman
New York City
98.00
16.67
8
73
308
460
45
45
10
0
Schneider Downs
RKL
Pittsburgh
70.80
7.01
2
40
337
417
43
36
21
0
Lancaster, Pa.
62.20
9.12
14
41
284
362
27
31
11
31
Prager Metis International
New York City
60.77
19.67
9
50
177
284
26
42
32
0
Grassi & Co.
New York City
57.50
17.35
4
31
200
288
46
38
8
8
Raich Ende Malter & Co.
New York City
50.10
8.91
3
42
137
223
40
60
0
0
Buffalo, N.Y.
47.50
3.26
4
35
230
305
35
40
25
0
Garden City, N.Y.
41.10
1.23
2
26
162
203
60
30
10
0
Livingston, N.J.
37.00
8.82
3
26
127
190
52
30
18
0
Freed Maxick*
Margolin, Winer & Evens
Wiss & Co.
Kreischer Miller
Sax
Janover
Untracht Early
Horsham, Pa.
32.75
5.65
2
16
156
205
46
36
13
5
Clifton, N.J.
30.00
-33.48
2
15
79
141
45
41
1
13
Garden City, N.Y.
29.00
3.94
2
21
95
156
30
57
10
3
Florham Park, N.J.
26.07
14.85
3
9
96
123
23
65
4
8
New York City
24.36
1.08
1
15
37
68
22
78
0
0
Gettry Marcus
Perelson Weiner
Woodbury, N.Y.
21.80
21.11
3
20
60
97
46
41
0
13
Sobel & Co.
Livingston, N.J.
20.18
9.61
1
17
93
128
38
32
10
20
New York City
20.10
14.14
3
23
80
117
80
14
6
0
Fairfield, N.J.
18.13
NA
4
18
49
86
39
55
0
6
Bowman & Co.
Voorhees, N.J.
15.30
2.34
2
17
63
96
91
9
0
0
Boyer & Ritter
Camp Hill, Pa.
13.82
-3.02
4
12
55
85
56
34
3
7
Albany, N.Y.
13.35
4.30
1
11
67
91
40
41
6
13
Newburgh, N.Y.
11.22
16.75
4
11
78
100
54
30
16
0
Buchbinder Tunick & Co.
Smolin Lupin
Teal, Becker & Chiaramonte
RBT
Notes: * Firm estimate or projection
NA Not available/applicable
No. of firms from New
York City in the Top 100
26
19
regional leaders
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C., and West Virginia
Total revenue: $624.82 million. Average firm growth: 9.76%
Firms in the region around Washington, D.C., had a good year, with a higher average growth rate
than in 2015.
Firm
Kearney & Co.
Aronson
Raffa
Rev.
$ mn.
———— Fee split ————
A&A
Tax
MAS Other
Alexandria, Va.
126.70
16.13
2
17
558
606
75
0
25
0
Rockville, Md.
53.03
5.22
1
32
171
245
37
35
23
5
47.91
6.89
2
19
247
304
54
10
36
0
Sparks, Md.
47.64
9.62
3
20
196
248
21
17
62
0
10
37.48
6.36
9
37
132
219
31
44
15
Charleston, W. Va.
33.42
1.15
8
29
164
235
37
32
31
0
Roanoke, Va.
33.17
27.38
9
36
223
298
62
37
1
0
Alexandria, Va.
33.00
13.79
1
11
172
200
40
0
17
43
Vienna, Va.
26.25
3.39
8
18
130
169
78
14
8
0
Glen Allen, Va.
25.90
12.27
1
13
114
157
31
58
7
4
13
Brown, Edwards & Co.
Cotton & Co.*
Johnson Lambert
Keiter
Calibre CPA Group
Hertzbach & Co.
Bethesda, Md.
24.20
2.85
3
16
116
154
76
11
0
Owings Mills, Md.
24.00
14.29
3
26
124
172
38
51
11
0
Bethesda, Md.
23.00
4.55
1
11
66
101
70
28
2
0
Winchester, Va.
22.82
-0.83
8
19
91
132
42
45
11
2
Baltimore
20.43
3.81
2
15
81
116
40
30
30
0
Gelman, Rosenberg & Freedman
Yount, Hyde & Barbour
Gross, Mendelsohn & Associates
Hagerstown, Md.
18.10
4.02
6
21
109
157
34
34
25
7
Timonium, Md.
16.77
7.29
3
22
46
89
32
52
16
0
Owings Mills, Md.
11.00
37.50
3
6
44
62
25
41
22
12
KatzAbosch
RS&F
Total
emps.
Newport News, Va.
Arnett Carbis Toothman
Smith Elliott Kearns & Co.
%
Professchg. Offices Partners ionals
Washington, D.C.
SC&H Group
PB Mares
Headquarters
Notes: * Firm estimate or projection
10.04%
9.24%
7.09%
8.53%
7.86%
8.38%
9.76%
5.61%
9.47%
Where the growth is
12.04%
Average individual firm growth rate,
in percent by region
27
regional leaders
Top Firms: New England
Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
Total revenue: $467.77 million. Average firm growth: 7.09%
Average firm growth was down somewhat from last year, but the number of Regional Leaders in the Northeast increased, as new firms joined the list. One major change: The absence of KAF, which merged into New York Regional
Leader Citrin Cooperman.
Firm
Rev.
$ mn.
Headquarters
BlumShapiro
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
West Hartford, Conn.
76.50
5.23
6
33
321
433
59
29
4
8
Portland, Maine
57.57
9.91
5
14
220
273
43
13
39
5
BerryDunn
KLR
Providence, R.I.
44.30
11.87
4
14
181
226
31
40
29
0
Baker Newman & Noyes
Portland, Maine
42.60
11.81
5
38
176
258
40
50
10
0
Wolf & Co.
Boston
41.50
9.79
4
20
157
207
42
24
0
34
Westborough, Mass.
26.70
9.88
3
24
124
176
68
20
12
0
Whittlesey & Hadley
Hartford, Conn.
24.80
12.22
3
20
125
160
50
30
20
0
DiCicco, Gulman & Co.
Woburn, Mass.
23.50
13.53
2
20
90
131
36
46
18
0
AAFCPAs
Gray, Gray & Gray
Canton, Mass.
20.30
7.41
3
8
90
116
49
31
20
0
O’Connor & Drew
Braintree, Mass.
15.10
4.86
2
15
63
90
74
14
0
12
Boston
14.45
11.33
2
8
42
56
38
57
5
0
South Portland, Maine
13.00
-1.89
3
18
70
99
37
32
19
12
Walter & Shuffain
Macpage
Melanson Heath
DiSanto Priest & Co.
Gallagher Flynn & Co.
4.56
5
11
66
92
72
24
3
1
10.90
4.81
1
8
43
62
30
55
15
0
NA
10.70
4.90
2
10
55
80
NA
NA
NA
Holyoke, Mass.
10.00
4.17
1
6
38
56
55
41
4
0
Chestnut Hill, Mass.
8.20
0.61
1
9
32
49
32
63
5
0
Concord, N.H.
8.06
9.36
3
5
28
41
38
54
6
2
Glastonbury, Conn.
7.90
0.38
3
5
38
47
55
45
0
0
Nathan Wechsler & Co.
Mahoney Sabol & Co.
11.69
Warwick, R.I.
South Burlington, Vt.
Meyers Brothers Kalicka
Abrams Little-Gill Loberfeld
Nashua, N.H.
Notes: NA Not available/applicable
Where the growth is
Average individual firm growth rate,
in percent by region
15
12
9
6
3
0
Gulf
Coast
28
Mountain
Capital
Region
The
Southeast
The
West
The
Midwest
MidAtlantic
Great
Lakes
New
England
The
Southwest
regional leaders
Top Firms: Mountain
Colorado, Idaho, Montana, Utah and Wyoming
Total revenue: $403.23 million. Average firm growth: 10.04%
After coming last in growth last year, the Mountain States surged ahead in 2016, with the second-highest average
growth per firm.
Firm
Headquarters
Rev.
$ mn.
EKS&H
K-Coe Isom
99.60
4.73
3
41
438
591
41
40
19
61.15
6.16
18
56
213
357
23
43
34
0
0
Denver
61.00
13.62
4
38
242
298
48
36
10
5
13
Helena, Mont.
23.80
-8.81
7
29
130
202
39
41
7
Denver
22.05
35.03
4
17
104
142
42
49
9
0
Salt Lake City
19.62
10.29
1
14
79
106
60
24
11
5
Englewood, Colo.
16.91
23.52
1
12
89
116
43
47
10
0
Orem, Utah
16.48
6.87
1
16
60
92
35
30
32
3
Anderson ZurMuehlen & Co.
Tanner
Squire & Co.
WSRP
JCCS
———— Fee split ————
A&A
Tax
MAS Other
Denver
Anton Collins Mitchell
Dalby, Wendland & Co.
Total
emps.
Loveland, Colo.
Hein & Associates
Richey May & Co.
%
Professchg. Offices Partners ionals
Salt Lake City
14.17
31.08
3
13
78
101
53
33
10
6
Grand Junction, Colo.
13.53
1.20
4
12
51
86
20
61
8
11
Great Falls, Mont.
12.96
1.17
6
14
65
109
39
46
4
11
Salt Lake City
12.00
13.21
4
6
86
105
44
42
4
10
Haynie & Co.
HintonBurdick
St George, Utah
10.64
2.60
6
12
55
82
61
29
0
10
Great Falls, Mont.
10.45
10.00
4
3
43
59
68
5
11
16
Stockman Kast Ryan & Co. Colorado Springs, Colo.
8.87
NA
1
9
40
57
30
62
2
6
Joseph Eve
Notes: NA Not available/applicable
Top Firms: Southeast
Arkansas, Georgia, Kentucky, North Carolina, South Carolina and Tennessee
Total revenue: $1,229.29 million. Average firm growth: 9.47%
The Regional Leaders here had a strong year, with growth higher than in 2015, and a
large number of new firms on the list, including this year’s single new Top 100 Firm,
Kentucky’s PYA.
Firm
Dixon Hughes Goodman
Cherry Bekaert
Elliott Davis Decosimo
LBMC
Headquarters
Rev.
$ mn.
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
Charlotte, N.C.
394.00
12.25
28
155
1,389
1,918
32
33
35
0
Richmond, Va.
164.20
14.19
12
55
660
901
41
46
10
3
Greenville, S.C.
125.00
6.84
9
93
522
763
42
44
14
0
Brentwood, Tenn.
86.59
5.19
3
45
381
489
23
26
23
28
Aprio
Atlanta
76.32
3.79
2
25
300
378
33
49
13
5
Frazier & Deeter
Atlanta
74.01
10.56
5
16
215
269
35
36
0
29
Louisville, Ky.
48.70
12.50
5
43
214
310
37
42
8
13
Atlanta
44.80
-0.33
6
37
180
270
63
30
1
6
Knoxville, Tenn.
41.62
5.34
5
16
151
235
10
15
75
0
Mountjoy Chilton Medley
Mauldin & Jenkins
PYA
Bennett Thrasher
Atlanta
41.35
14.13
1
34
178
248
31
58
2
9
Smith & Howard
Atlanta
26.05
4.62
1
10
67
101
45
51
4
0
Lexington, Ky.
25.61
19.62
2
24
115
165
32
46
22
0
Windham Brannon
Dean Dorton Allen Ford
Atlanta
25.38
11.95
1
13
125
166
32
54
14
0
VonLehman & Co.
Ft. Wright, Ky.
18.85
6.32
3
18
75
117
43
41
16
0
Atlanta
13.31
18.84
1
13
55
80
47
20
33
0
Blackburn, Childers & Steagall Johnson City, Tenn.
11.80
10.49
3
11
65
87
28
48
6
18
Hancock Askew
11.70
4.65
3
10
58
83
54
36
9
1
Porter Keadle Moore
Savannah, Ga.
29
regional leaders
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
Total revenue: $2,074.3 million. Average firm growth: 7.86%
Growth rates were down slightly on average, but a number of new Regional Leaders helped make up the difference,
with the region’s overall revenue up significantly from 2015.
Firm
Plante Moran
Headquarters
Rev.
$ mn.
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
Southfield, Mich.
481.76
3.41
21
266
1,574
2,249
39
25
36
Wipfli
Milwaukee
227.00
9.66
41
214
1,122
1,596
34
31
35
0
Sikich
Naperville, Ill.
146.40
26.53
21
54
623
791
26
16
55
3
Chicago
126.50
11.26
16
66
459
649
31
49
20
0
Saginaw, Mich.
115.00
-0.86
18
62
560
829
33
36
13
18
UHY Advisors
Rehmann
FGMK
Schenck
Chicago
96.00
5.49
2
67
332
422
17
34
49
0
Appleton, Wis.
80.51
3.20
10
60
370
551
36
37
20
7
Blue & Co.
Doeren Mayhew
Katz, Sapper & Miller
Hill, Barth & King
0
Carmel, Ind.
77.51
9.54
11
50
252
400
28
25
45
2
Troy, Mich.
72.56
17.20
5
30
233
329
37
34
19
10
Indianapolis
72.36
9.74
3
37
270
365
24
37
23
16
Canfield, Ohio
67.00
11.67
12
46
247
370
19
40
12
29
Clark, Schaefer, Hackett & Co.
Cincinnati
64.64
1.64
6
26
291
390
51
36
10
3
Cohen & Co.
Cleveland
60.10
26.15
7
29
287
372
46
40
2
12
Skoda Minotti
SVA
Kemper CPA Group
Rea & Associates
Cleveland
51.88
3.47
4
23
205
290
27
25
8
40
Madison, Wis.
51.41
-12.42
5
27
164
323
16
24
14
46
Evansville, Ind.
43.12
7.10
27
63
243
348
41
40
19
0
New Philadelphia, Ohio
40.60
15.05
11
20
167
231
40
33
15
12
Somerset CPAs
Yeo & Yeo
Indianapolis
31.77
5.34
2
30
93
163
38
32
30
0
Saginaw, Mich.
30.67
-1.41
8
12
158
209
28
25
20
27
ORBA
Porte Brown
Chicago
26.40
6.88
1
14
86
124
32
54
14
0
Elk Grove Village, Ill.
22.94
9.92
5
15
85
125
43
40
13
4
25
Maner Costerisan
Brady Ware & Co.*
Lansing, Mich.
18.86
3.40
1
23
70
107
39
22
14
Miamisburg, Ohio
17.50
6.71
4
22
96
129
33
53
14
0
Deerfield, Ill.
16.35
2.83
1
23
66
97
45
51
1
3
Warady & Davis
Wegner
Kutchins, Robbins & Diamond
Madison, Wis.
14.97
13.75
6
11
98
121
54
35
6
4
Schaumburg, Ill.
10.30
3.62
1
5
42
52
45
43
12
0
Itasca, Ill.
10.19
13.47
3
2
65
82
41
41
12
6
CDH
Notes: * Firm estimate or projection
13
No. of Illinois firms
in the Top 100 and
Regional Leaders
No. of Ohio-based firms
30
7
regional leaders
Top Firms: Midwest
Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota
Total revenue: $1,352.15 million. Average firm growth: 8.53%
Coming off a strong 2015, the Midwest’s 2016 was not quite as explosive, but it nonetheless managed a comfortable average growth rate.
Rev.
$ mn.
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
Firm
Headquarters
BKD
Springfield, Mo.
537.60
8.28
35
264
1,776
2,529
48
31
21
Fargo, N.D.
259.40
15.49
29
119
1,246
1,742
41
40
10
9
St. Louis
86.07
9.60
5
26
531
620
43
42
15
0
Dubuque, Iowa
68.10
16.61
8
33
233
458
16
21
7
56
St. Cloud, Minn.
48.13
5.83
7
37
211
281
20
40
3
37
13
Eide Bailly
RubinBrown
Honkamp Krueger & Co.
BerganKDV
Brown Smith Wallace
Brady, Martz & Associates
0
St. Louis
43.00
8.12
3
29
238
289
35
32
20
Grand Forks, N.D.
37.24
21.82
5
41
150
239
45
45
10
0
Omaha, Neb.
32.64
11.48
1
29
103
154
31
34
10
25
31
Lutz
St. Louis
30.00
6.01
1
20
130
177
18
49
2
Lurie
Anders
Minneapolis
28.85
1.23
1
17
110
158
33
49
13
5
Boulay
Minneapolis
27.40
4.90
2
28
99
155
32
33
19
16
Mize Houser & Co.
Topeka, Kansas
26.40
7.19
3
19
142
230
66
26
8
0
Abdo, Eick & Meyers
Mankato, Minn.
21.60
3.30
2
24
115
156
45
50
5
0
Kansas City, Mo.
20.80
22.35
1
18
116
154
44
34
22
0
St. Paul, Minn.
20.20
8.89
2
16
100
151
47
42
11
0
Mueller Prost
St. Louis
17.47
10.85
4
17
85
122
30
45
25
0
Seim Johnson
Omaha, Neb.
16.63
0.48
1
21
47
83
42
31
27
0
Olsen Thielen & Co.
Roseville, Minn.
15.42
1.65
2
11
69
100
41
33
26
0
KPM
Springfield, Mo.
15.20
-1.94
2
24
53
102
40
38
22
0
MarksNelson
Redpath & Co.
Where the money is
Combined 2016 revenues, in millions of dollars by region
3500
3000
2500
2000
1500
1000
500
0
MidAtlantic
Great
Lakes
The
West
The
Midwest
The
Southeast
Gulf
Coast
Capital
Region
The
New
Southwest England
Mountain
31
regional leaders
Top Firms: Southwest
Arizona, New Mexico, Oklahoma and Texas
Total revenue: $530.34 million. Average firm growth: 5.62%
Average firm growth moderated somewhat in the Southwest from last year, with a slightly
less hectic pace of M&A. But mergers still reshaped the roster of Regional Leaders, with RSM
US merging in last year’s No. 4 in the Southwest, Padgett Stratemann, and Armanino picking
up No. 12 Travis Wolff.
Headquarters
Rev.
$ mn.
Weaver
Fort Worth, Texas
104.30
9.67
9
38
404
539
34
41
16
9
Whitley Penn
Fort Worth, Texas
83.12
14.74
5
45
347
434
41
49
0
10
Firm
Montgomery Coscia Greilich
Briggs & Veselka Co.
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
Plano, Texas
53.40
5.37
3
29
240
300
26
41
27
6
Houston
31.44
5.79
2
20
129
173
41
48
8
3
Albuquerque, N.M.
27.64
2.41
2
14
131
181
46
23
15
16
Cain Watters & Associates
Plano, Texas
26.33
5.74
1
11
71
130
10
18
0
72
BeachFleischman
Tucson, Ariz.
25.58
8.16
2
25
90
152
30
50
4
16
Houston
25.50
5.15
1
13
94
130
50
50
0
0
Austin, Texas
24.25
5.39
2
17
71
102
37
42
0
21
Dallas
24.00
14.29
1
18
71
100
46
38
7
9
Tempe, Ariz.
22.90
13.93
3
18
106
150
30
61
7
2
REDW
PKF Texas
Maxwell Locke & Ritter
Lane Gorman Trubitt
Henry & Horne
Johnson Miller & Co.
RPC
PMB Helin Donovan1
MiddletonRaines+Zapata
Odessa, Texas
21.63
4.09
3
14
86
114
31
53
4
12
Albuquerque, N.M.
15.89
5.30
8
6
92
120
30
41
7
22
Austin, Texas
12.00
-33.33
3
12
48
70
55
40
5
0
Houston
11.24
24.61
4
10
80
93
20
70
10
0
MaloneBailey
Houston
11.08
-5.94
1
6
39
51
100
0
0
0
McConnell & Jones
Houston
10.04
10.09
4
8
63
88
72
18
10
0
Notes: 1 Firm divested itself of its California operations.
Where the money is
Combined 2016 firm revenues
Top 7 Firms
($58.1 bn)
32
Regional
Leaders
($13.01 bn)
T100 over
$100 mn
($9.52 bn)
T100 under
$100 mn
($3.57 bn)
regional leaders
Top Firms: West
California, Nevada, Oregon and Washington
Total revenue: $2,047.51 million. Average firm growth: 9.24%
Seven new firms joined the Regional Leaders list in the West, with a particular concentration on the Pacific Northwest,
raising the prospect that in the future this mega-region may need to be broken into two parts. For the moment, though,
growth remained strong, and the biggest news came, unsurprisingly, in the form of a merger: The late-2016 folding in of
last year’s No. 7, Gallina, into serial acquirer CliftonLarsonAllen, which also made a few other deals in the area.
Firm
Headquarters
Moss Adams
Rev.
$ mn.
%
Professchg. Offices Partners ionals
Total
emps.
———— Fee split ————
A&A
Tax
MAS Other
Seattle
527.00
10.48
25
284
1,708
2,589
44
37
19
0
San Ramon, Calif.
195.00
18.72
8
80
590
764
21
33
39
7
W. Los Angeles, Calif.
128.32
15.97
11
48
372
502
18
75
0
7
San Francisco
123.96
5.89
25
49
416
543
57
29
3
11
Palo Alto, Calif.
82.90
10.68
4
27
354
389
29
61
10
0
San Francisco
82.00
4.73
6
35
317
431
37
50
12
1
Newport Beach, Calif.
72.50
16.94
5
31
270
360
37
56
7
0
Nigro Karlin Segal Feldstein & Bolno Los Angeles
65.00
NC
5
27
248
310
16
10
0
74
Redwood City, Calif.
51.10
10.37
2
14
164
215
8
70
0
22
Salem, Ore.
46.95
1.58
7
15
236
299
29
34
12
25
Armanino
Holthouse Carlin & Van Trigt
Novogradac & Co.
Frank, Rimerman + Co.
BPM
Squar Milner
Seiler
Aldrich
SingerLewak
Macias Gini & O’Connell
Miller Kaplan Arase
Los Angeles
44.76
8.19
9
38
134
251
42
39
6
13
Sacramento, Calif.
42.28
11.38
10
10
189
257
60
12
7
21
North Hollywood, Calif.
41.25
4.43
6
27
138
195
58
18
21
3
Vavrinek, Trine, Day & Co. Rancho Cucamonga, Calif.
39.30
8.56
9
35
179
241
72
21
7
0
63
Gursey | Schneider
Clark Nuber
Peterson Sullivan
Perkins & Co.*
Hutchinson and Bloodgood
Green Hasson Janks
Windes
115
173
4
33
0
22
144
198
49
44
0
7
Seattle
30.30
3.77
1
20
115
163
38
58
4
0
Portland, Ore.
29.41
28.60
2
26
128
174
26
45
21
8
Glendale, Calif.
27.30
-0.73
4
34
61
120
34
55
11
0
18
9.88
1
14
103
135
36
35
11
3.35
3
14
91
134
42
49
3
6
Pasadena, Calif.
25.47
24.55
7
5
84
130
14
16
0
70
30
Irvine, Calif.
23.54
-6.14
14
16
53
83
0
0
70
Pleasanton, Calif.
23.30
12.56
6
16
98
141
44
49
5
2
Portland, Ore.
20.90
8.74
1
18
86
123
30
65
5
0
Los Angeles
20.00
16.28
1
8
76
93
38
50
5
7
Santa Monica, Calif.
20.00
NC
1
11
81
105
40
53
5
2
22
DZH Phillips
San Francisco
19.37
17.39
4
9
87
106
26
52
0
San Jose, Calif.
18.20
2.25
1
12
60
81
35
55
4
6
Lake Oswego, Ore.
17.99
23.56
2
15
76
107
33
59
8
0
Abbott, Stringham & Lynch
OUM & Co.*
RINA Accountancy Corp.
14
1
26.70
NSBN*
Genske Mulder & Co.
6
5.85
25.63
Geffen Mesher & Co.
Delap
15.75
Los Angeles
Hagen, Streiff, Newton & Oshiro1
Gumbiner Savett
36.46
36.20
Long Beach, Calif.
Krost*
Sensiba San Filippo
Los Angeles
Bellevue, Wash.
San Francisco
17.60
1.73
2
10
70
88
45
48
7
0
Costa Mesa, Calif.
17.04
13.22
4
22
14
98
42
54
4
0
Walnut Creek, Calif.
16.37
17.60
4
11
51
78
23
66
2
10
San Francisco
15.67
11.93
3
16
57
84
54
46
0
0
Seattle
14.88
-5.46
1
10
59
94
35
65
0
0
Hood & Strong
Bader Martin
Jones & Roth
Sweeney Conrad
Notes: * Firm estimate or projection
Eugene, Ore.
11.60
6.52
4
10
58
83
53
40
1
6
Bellevue, Wash.
11.26
2.93
1
11
46
65
32
61
7
0
NC No change
1 Firm has locations across the country
33
regional leaders
Taking different approaches
BY DANIEL HOOD
T
heir issues are similar — but not
necessarily their responses.
When we asked the Top 100
Firms and the Regional Leaders
what they saw as the major issues facing
them, their answers covered much the
same ground: Staffing is a major concern,
followed by the struggle for growth.
But when it came to their strategic
plans for 2017, the Regional Leaders struck
out on different paths from the Top 100.
(For the latter’s plans, see page 10.) In different regions all across the country, the focus for many leading firms will be in three
areas: selling more services to their current
clients, marketing themselves better, and
developing their niche practices.
THE MORE THE BETTER
Getting current clients to buy more services was a frequent theme among the
members of this year’s Regional Leaders.
“Cotton & Co.’s primary growth strategy
for 2017 is to expand our business with
existing customers,” said George Bills, a
partner at the Virginia firm. “The firm has
several clients where the level of service
can significantly increase if existing work
is done well and staffing needs can be met.
This growth strategy is in line with our
firm’s overall strategy of growing by doing
great work.”
Similarly, at Oregon’s Perkins & Co.,
“We plan to strengthen our capability to
cross-service existing clients with accounting and consulting services,” said director
of operations Colleen Murray — though
she noted the firm will also be expanding
its consulting and non-traditional services.
The benefits of getting current clients
to buy more — in terms of both the ease
of the sale and the deepening of the client
relationship — does not necessarily mean
that the Regional Leaders want to do this
with all of their clients. In Texas, Briggs
34
& Veselka has very specific targets for its
cross-selling initiatives, aiming to “sell
more services to our A and B clients via
excellent service,” according to managing
shareholder John Flatowicz.
Internal changes and succession processes can also create opportunities for
selling more services. Donna Erbs, chief
marketing officer of St. Louis’ Anders, noted that her firm is making “continuing
efforts to retain the clients and work of
transitioning partners, and growing those
clients with additional cross-serving opportunities through our robust transition
program and processes created in 2016.”
MARKETING AND EXPERTISE
Part of cross-selling is letting clients know
what you do, and many of the Regional
Leaders have plans to boost their marketing efforts both in that area and in getting
out the word about their specific skills.
At New York’s Janover, the firm is focusing on “enhanced strategic marketing
efforts to core industries and specialties
that we excel at,” according to partner Kenneth Rick, as well as “more partner involvement at industry and other conferences,
both to contribute to these events and to
get Janover’s name out to the public. [We
will also have a] concerted firm effort to
share marketing activities at the individual
partner level so as to be aware of opportunities where we can assist each other
leveraging of our diverse specializations.”
That combination of marketing focus
on niche specialties is common to many of
the Regional Leaders. At West Virginia’s Arnett Carbis Toothman, “We will continue
to focus on growing our niche groups with
integrated marketing efforts that were developed as part of our strategic plan,” said
CEO Steven Robey. “Most of the marketing
will be focused on niche-specific events
and media, providing our team members
with various internally developed tools to
reach out to new clients, while looking for
additional opportunities with our existing client base. Each niche will continue
to focus on new services or address new
challenges within each industry that will
drive value to our existing client base and
our prospective clients. With an institutionally ingrained marketing rewards system
to compensate for successfully obtaining
recurring and non-recurring type work, we
believe we have a financial rewards system
that provides our team members with the
financial motivation to ensure success.”
Developing and emphasizing their
skill sets is a major focus for the Regional
Leaders, with good reason. “At $30 million,
we are now being considered for larger
engagements,” said Anders’ Erbs. “This
puts us in competition with much larger
firms and we, like others in our size range,
are determining the best ways to compete,
not so much on price, as with smaller
clients, but in showcasing the depth of our
experience.”
That desire to bring the tools that fit
clients’ individual needs is one area where
the Regional Leaders and the Top 100 share an approach. At Janover, Rick noted that
the firm is “transitioning to specialization
by staff and partners, versus many CPAs
who are generalists, in order to provide
value and the best creative solutions for
our clients.”
Of course, these strategies are not
mutually exclusive — and some firms are
going for all of them. “Three years ago, the
firm launched a growth strategy centered
on niche development, systematic business development activity and accountability, and information sharing through
our CRM,” said Robert Wheeler, CEO of
Washington-based Clark Nuber. “We continue to pursue this strategy and improve
both the process and results.” AT
firm highlights
2017 firm highlights
Aldrich: In December 2016, rebranded
from AKT. Opened an office in Seattle.
Anchin, Block & Anchin: Grew number
of professionals by over 8 percent.
Aprio: In November 2016, acquired Atlanta-based Retirement Plan Services Co.
In January 2017, rebranded from Habif,
Arogeti & Wynne. Added financial consulting services.
Armanino: In January 2017, merged
in Dallas-based Travis Wolff, and Lafayette, Calif.-based Financial Strategies
Consulting Group. Launched a corporate
finance practice, a new revenue recognition solution, an Innovation Committee,
and a Women’s Advancement Network.
Launched the Armanino Foundation.
in Atlanta-based tech consultancy Graves
Technology. Installed new MP. Named an
Accounting Today Best Firm to Work For.
Berdon: Added new members to executive committee, including younger partners and representatives from multiple
service areas. Hired a new chief marketing
officer.
BerganKDV: In October 2016, acquired
Eldora, Iowa-based Agribusiness Resources. In December, acquired Iowa City-based
Carlson Hartsock & Guither. Added a director of finance position.
Berkowitz Pollack Brant: In November
2016, installed new CEO. In January 2017,
opened new offices in New York City and
Palm Beach, Fla.
Aronson: In January 2017, elected new
managing partner.
BerryDunn: Grew total staff by over 7
percent.
Baker Newman & Noyes: In January
2016, installed new managing principal.
BKD: In December 2016, merged in
Midwestern firm Kiesling Associates, expanding in Iowa, Nebraska, Colorado and
Wisconsin. Added big data and analytics
advisory services.
Baker Tilly Virchow Krause: In February, added a team of FLVS professionals from the consulting unit of financial
services firm Mesirow Financial. In June,
installed new CEO; opened office in Austin, Texas. In December, implemented a
national steering committee on diversity
and inclusion. In January 2017, merged in
EB-5 consulting practice Wright Johnson.
BDO USA: Re-elected CEO. In March
2016, merged in Chicago-based True Partners. In May, merged in Boston-based
Feeley & Driscoll. In July, merged in Utahbased Mantyla McReynolds, and New
York-based Charles A. Barrogato & Co.
In August, merged in Florida’s Goldstein
Schechter Koch. In November, merged in
Norfolk, Va.-based McPhillips, Roberts &
Deans, and Jacksonville, Fla.-based LBA
Group. In December, merged in Boston-based litigation support services provider Key Discovery.
Bennett Thrasher: In April 2016, merged
Blue & Co.: In January 2016, merged
in Lubbock, Texas-based JW Anderson &
Associates. In January 2017, merged in
Cincinnati-based Fleming, Brockschmidt
& Durkin, and Bloomington, Ind.-based
Indiana Benefits Inc.
BlumShapiro: In January 2016, installed
a new CEO. Had the “best year in the history of the firm.”
The Bonadio Group: In June 2016,
launched three-year succession plan
which will install a new CEO in May 2019.
BPM: In January 2016, installed new
CEO. Marked its 30th anniversary. Added new advisory services. In December,
launched BPM India.
Brown Smith Wallace: In January 2016,
installed new managing partner; merged
in Creve Coeur, Mo.-based Bergman,
Schraier & Co. Named an Accounting To-
day Best Firm to Work For.
Carr, Riggs & Ingram: In March 2016,
merged in Conroe, Texas-based McGee,
Miller & Co. In November, merged in Dallas-based Vogel CPAs. In January 2017,
merged in Nashville’s Rayburn Fitzgerald.
CBIZ & Mayer Hoffman McCann: In
January 2016, acquired San Diego-based
Millimaki Eggert. In June, acquired Winston-Salem, N.C.-based Flex-Pay Business Services. In April, acquired Philadelphia-based actuarial consulting firm
The Savitz Organization. In July, acquired
the employee benefits consulting business
of Tennessee-based Ed Jacobs & Associates. In November, acquired Torrance, Calif.-based Actuarial Consultants Inc., and
the non-attest business of Denver-based
The Seff Group.
Cherry Bekaert: In August 2016,
launched innovation fund to promote
internal idea generation. In September,
launched cloud solutions practice.
Citrin Cooperman & Co.: In August
2016, merged in Boston’s Kirkland Albrecht
& Fredrickson. In September, launched
Citrin Cooperman Business Alliance;
merged in Providence, R.I.-based LGC+D.
Added government contracting services,
risk advisory and cybersecurity consulting.
Added space in India and Philadelphia.
Clark, Schaefer, Hackett & Co.: In December 2016, elected new president to
take office in July 2017. Developed career path structure for staff. New HR and
leadership development services, and exit
planning services.
CliftonLarsonAllen: In January 2016,
merged in Edina, Minn.-based Four Point
Partners, Bloomington, Ill.-based Guthoff
Mehall Allen & Co., Milwaukee’s Komisar
Brady & Co., and Atlanta’s Galanti & Co.
In February, merged in Northeast Ohio’s
Bruner Cox. In May, merged in Raleigh,
N.C.-based Adams, Martin and Associates. In June, merged in San Antonio’s
Tsakopulos Brown Schott & Anchors. In
July, merged in Tucson, Ariz.-based Peto &
35
firm highlights
Co., and Seattle’s Repanich & Clevenger. In
August, merged in Dallas’ CPWR, and Milwaukee’s Bray & Co. In November, merged
with Top 100 Firm Gallina. In January 2017,
merged with Reno, Nev.-based The Bosma
Group, Las Vegas-based Main Amundson
and Associates, and Oregon’s Mack, Roberts & Co.
Cohen & Co.: In February 2016, merged
in St. Clair Shores, Mich.-based Godfrey,
Hammel, Danneels & Co. Opened an office
in Pittsburgh. In June, merged in Beachwood, Ohio-based RAV Financial.
CohnReznick: Opened the CohnReznick Innovation Lab. Finished move to
new New York City headquarters. Added
three new members to executive board.
Crowe Horwath: In May 2016, merged
in London-based risk consulting firm BaxterBruce; launched new performance review system. In June, merged in Westborough, Mass.-based AbleBridge. In August,
launched Crowe Insight Center for Audit
to advance its auditing services. In January
2017, merged in Denver-based Crowe GHP
Horwath.
Deloitte: In May 2016, launched Deloitte Pixel to crowdsource new service
offerings. In June, acquired asset management industry consultancy Casey Quirk.
In September, launched an Apple practice.
In November, opened its Innovation Tech
Terminal in Israel to connect U.S. organizations with Israeli startups. In January
2017, opened a blockchain lab.
Dixon Hughes Goodman: In June 2016,
merged in Baltimore-based Stegman &
Co. In November, merged in Ontario, Calif.-based Parke, Guptill & Co., expanding
its presence to the West Coast. In February 2017, acquired Nashville, Tenn.-based
HDR Consulting. Continued to develop
and expand people strategy. Continued to
develop new service offerings, particularly
in advisory.
Doeren Mayhew: In January 2016,
merged in Farmington Hills, Mich.-based
Adler & Co. In January 2017, merged in
36
No. of
mergers
reported by
the T100:
130
Switzerland’s Emerson & Partner U.S. Tax.
Eide Bailly: In January 2016, merged
in Enterprise, Ore.-based Edison, Perry
& Co. In February, merged in Boulder,
Colo.-based R. Waidler & Associates. In
October, merged in Scottsdale, Ariz.-based
Rauch, Hermanson, Everroad and Rentschler. In November, merged in Las Vegas-based JW Advisors and the CPA practice of Bryce Wisan, and Utah’s Daines
Goodwin & Co. In January 2017, merged
in Spokane, Wash.-based Langenhorst &
Self-Merritt CPAs. Enhanced cybersecurity
service offerings.
EisnerAmper: In December 2016,
merged in New York City-based Alan L.
Goldberg CPA. In January 2017, merged
in Princeton, N.J.-based Field & Higgins.
Made “substantial investment” in developing technology and tools.
EKS&H: Added an investment banking
practice. Grew total staff by over 12 percent.
Elliott Davis Decosimo: In January
2016, merged in Nashville, Tenn.-based
Crowell & Crowell.
Ernst & Young: In January 2016, merged
in New York City consulting firm Family
Office Metrics. In March, launched eFinancial Wellness financial planning and
education service for small and midsized
businesses. In April, formed alliance with
Adobe to expand digital experience and
Web content services; expanded paid parental leave to 16 weeks. In July, formed
partnership with OpenText to expand digital and analytical services. In October,
announced plans to hire over 15,000 employees in the U.S. in fiscal 2017. In January
2017, launched Future Work Now service
to help businesses develop staff.
FGMK: In January 2016, formed Specialty Tax Practice.
Frank, Rimerman + Co.: Expanded
offices in San Francisco and San Jose,
Calif. Hired its largest-ever class of new
associates.
Frazier & Deeter: In January 2017,
joined PKF International network. Grew
net revenue by over 10 percent. Named an
Accounting Today Best Firm to Work For.
Freed Maxick: Created a firm purpose
statement.
Friedman: In January 2016, merged in
Philadelphia’s Schechtman Marks Devor.
In December, announced new co-managing partners. Expanded forensic, litigation
support and valuation services practice.
Launched a market study and an integrated marketing campaign. Named an
Accounting Today Best Firm to Work For.
Grant Thornton: In April 2016, acquired
Bellevue, Wash.-based consulting firm Arryve.
Grassi & Co.: In January 2017, acquired
Scarsdale, N.Y.-based Bernstein and Seidman, and Long Island’s James Bohl CPA
PC. Added a technology group.
Hein & Associates: Grew net revenue by
over 13 percent. Fastest growing specialty
service — valuations. Fastest growing client category — manufacturing.
Hill, Barth & King: In January 2016,
merged in Florida’s Urish Popeck. In September, merged in Cherry Hill, N.J.-based
Cordua Pastore & Associates. In December, merged in Blue Bell, Pa.-based Resnick, Amsterdam, Leshner. Also added
Naples, Fla.-based Global Wealth Consultants and Fredonia, N.Y.-based Compre-
firm highlights
hensive Wealth Solutions to HBKS Wealth
Advisors.
Holthouse, Carlin & Van Trigt: Grew
net revenue by 26 percent, and total staff
by over 17 percent. Named an Accounting
Today Best Firm to Work For.
Honkamp Krueger & Co.: In January
2016, acquired Davenport, Iowa-based
Doyle & Keenan. Expanded decision support services.
Horne: Initiated training for all team
members on offering “anticipatory insights” to clients. Launched cyber-solutions practice. Opened a project office in
South Carolina, and a permanent office in
Washington, D.C.
Katz, Sapper & Miller: Grew revenue by
over 9 percent.
Kaufman Rossin Group: In February
2016, sold hedge fund administrator unit.
Expanded advisory practice in risk advisory and business consulting. Named the No.
1 Large Firm to Work For by Accounting
Today.
K-Coe Isom: In November 2016, acquired Turlock, Calif.-based Schmidt, Bettencourt & Medeiros.
Kearney & Co.: Grew revenue by over
16 percent; grew total staff by 11 percent.
Named an Accounting Today Best Firm to
Work For.
Kemper CPA Group: Grew number of
partners by over 10 percent.
KLR: Grew net revenue by over 11 percent. Fastest growing specialty service —
international tax services. Fastest growing
client category — closely held businesses.
KPMG: In March 2016, announced plans
with IBM to apply IBM’s cognitive computing technology to KPMG’s professional
service offerings. In September, launched
blockchain services in Canada. In January
2017, announced plans to build 55-acre
learning and innovation facility in Florida.
Also announced a number of alliances:
with Vertex, on indirect tax compliance
services; with CyberArk on cybersecurity
services; with Hewlett-Packard Enterprise
on ERP deployments; with Ivalua on helping clients realize savings and conserve
cash; and with Taulia on financial supply
chain optimization.
LBMC: In November 2016, moved headquarters to a new building with “employee-driven special features.” Continued to
invest in specialty tax services, transaction
advisory services and technology.
Macias Gini & O’Connell: Launched
wealth advisory firm, and cannabis compliance and taxation service for municipal
governments. Opened new office in San
Francisco.
Marcum: In June 2016, merged in California’s Lautze & Lautze. In October,
opened first European office in Ireland.
In November, opened new Chicago office.
Margolin Winer & Evens: In January
2017, installed new co-managing partner,
who will become sole MP in 2018.
Marks Paneth: In July 2016, merged
in Jenkintown, Pa.-based firm MDG, and
New York’s Kranz & Co. In February 2017,
merged in New York City’s Shedler & Cohen.
Mauldin & Jenkins: Fastest growing specialty service — nonprofit. Fastest growing
client category — nonprofit.
Mazars USA: Rebranded from WeiserMazars. In January 2016, acquired Syosset,
N.Y.-based Lion & Co. In July, merged in
Risk Management Group. In November,
merged in Frederick, Md.-based Integrity
Consulting Solutions.
MBAF: In February 2016, merged in
Palm Beach, Fla.-based Rampell & Rampell. Expanded risk advisory services.
Miller Kaplan Arase: Marked its 75th
anniversary. In October 2016, merged in
Damasco & Associates.
Montgomery Coscia Greilich: In January 2017, installed new managing partner.
Moss Adams: In January 2016, merged
in Spokane, Wash.-based financial services
consulting firm Contineo. In June, merged
in Fresno, Calif.-based Morse Wittwer
Sampson and Dallas-based CF Accountants & Consultants. Re-elected chairman
and CEO, elected new president and CEO.
Mountjoy Chilton Medley: In July 2016,
merged in the Cincinnati practice of Top
100 Firm Elliott Davis Decosimo. In September, merged in Preferred Accounting
Services.
Nigro Karlin Segal Feldstein & Bolno:
Fastest growing specialty service — business management for wealthy individuals.
Fastest growing client category — highnet-worth individuals.
Novogradac & Co.: In September 2016,
opened its 24th office, in San Rafael, Calif.
Grew total staff by over 10 percent.
PKF O’Connor Davies: In January 2016,
merged in New Jersey-based Flackman,
Goodman & Potter. In February, rebranded from O’Connor Davies, becoming the
lead North American firm in the PKF International network; merged in Geneva,
Switzerland-based global administration
firm VBK+Co. In January 2017, merged
in Suffern, N.Y.-based Scialo, Reimann &
Varley CPA.
Plante Moran: In October, elected next
MP, to take office in July 2017.
Postlethwaite & Netterville: In June
2016, launched award-winning marketing app Pounce, named an Accounting
Today Top New Product. In January 2017,
launched new brand identity with new
logo, tagline and Web site.
Prager Metis International: In March
2016, merged in Long Island, N.Y.-based
Mayer CPAs. In January 2017, merged in
Long Island’s Cohen Greve & Co., and New
Jersey’s Bernknopf Group. Launched PM
Business Advisors.
PwC: In July 2016, installed new U.S.
chairman. In January 2017, brought on
more than 600 tax professionals and the
tax technologies of General Electric; announced plans to invest $11 million in
Carnegie Mellon University’s new Risk and
37
firm highlights
Regulatory Services Innovation Center;
and partnered with Oracle Financial Services Analytical Applications to offer IFRS
services.
PYA: New to the list.
Raffa: Launched Raffa Social Capital
Advisors to offer leadership coaching and
financial advisory for social entrepreneurs.
Hired a business development director.
Raich Ende Malter & Co.: In November
2016, merged in New York City-based Stein
deVisser & Mintz. Expects another acquisition in 2017.
Rea & Associates: In November 2016,
merged in Chardon, Ohio-based Friel &
Associates. In January 2017, installed a
new CEO.
Rehmann: In September 2016, merged
in Toledo, Ohio-based Sobb Roberts.
RGL Forensics: In July 2016, merged
in Florida’s Stahl Forensic and Valuations
Experts. Opened new offices in Miami and
Frankfurt, Germany. Named an Accounting Today Best Firm to Work For.
RKL: Rebranded firm from Reinsel,
Kuntz, Lesher. Launched a new strategic
plan. In January 2016, acquired Sage reseller Baesis. In October, acquired Radnor,
Pa.-based GTM Risk Management.
RSM US: Marked its 90th anniversary.
In March 2016, launched RSM US Middle
Market Business Index. In August, merged
in San Antonio’s Padgett Stratemann.
Opened new offices in Detroit, Tampa,
Fla., and Edison, N.J.
RubinBrown: In January 2016, merged
in Denver-based Business Manager. In August, rebranded wealth advisory services.
Grew total staff by over 20 percent.
SC&H Group: Grew revenue by over
9 percent, total staff by over 13 percent.
Named an Accounting Today Best Firm to
Work For.
Schenck: Tiered clients, “reducing the
bottom 10 percent” to focus more on top
clients. Moved to a more regionalized approach to firm management.
38
Schneider Downs: Expanded turnaround services and family office services.
tion Advisors. In February 2017, acquired
Byrne International.
Seiler: Grew revenue by over 10 percent.
Installed new CEO.
Vavrinek, Trine, Day & Co.: Fastest
growing specialty service — attest services.
Fastest growing client category — state and
local government.
Sikich: In April 2016, acquired Ohiobased Brockman, Coats, Gedelian & Co.
In May, elected new managing partner
and CEO; installed in January 2017. In November, acquired Glendale, Calif.-based
Microsoft Dynamics reseller SCS, and Chicago-area firm Stanfield & Associates. Also
acquired custom developer Hale Solutions
and tech firm Solution Partners. Built a
new facility in Akron, Ohio. Expanded Milwaukee office.
SingerLewak: In August 2016, merged
in Riverside, Calif.-based Ahern Adcock
Devlin. In January 2017, merged in South
San Francisco’s Good & Fowler.
Skoda Minotti: Grew total staff by more
than 15 percent. Named an Accounting
Today Best Firm to Work For.
Squar Milner: “Significantly expanding”
offices in Encino, San Diego and and Newport Beach, Calif.
SVA: In February 2016, launched new
Web site. In February 2017, hired its
first-ever talent acquisition and development director.
UHY Advisors: In November 2016, acquired West Hartford, Conn.-based Pratesi, Salemi & Co., and Brentmore Valua-
No. of
new CEOs
elected or
installed:
16
Warren Averett: In January 2016,
merged in Panama City, Fla.-based Jinks
& Moody. In May, merged in Florida’s
Hutto & Carver. In November, merged in
Alabama’s Beason & Nalley. Launched a
financial planning solution for the emerging affluent. Organized Transaction Advisory Group. Launched a new client service
initiative.
Weaver: In January 2016, merged in
Texas’ Hereford, Lynch, Sellars & Kirkham.
Saw strong growth in advisory practices,
and in audit, tax and advisory services to
private equity and hedge funds.
Whitley Penn: In January 2017, merged
in two Texas firms, Wagner, Eubank &
Nichols, and Hanner & Associates.
Wipfli: In January 2016, merged in
Northbrook, Ill.-based Steinberg Advisors. In May, merged in Reston, Va.-based
Brittenford Systems. In August, merged
in Oakland, Calif.-based health care consultancy HFS Consultants. In September,
merged in Buffalo Grove, Ill.-based Weltman Bernfield. In December, merged in
Milwaukee’s Benes & Krueger. In January
2017, merged in Chicago-based BIK & Co.
In February, merged in Chicago-based
Horwich Coleman Levin. Expanded executive leadership team from three people
to seven.
Withum: In January 2016, merged in
Central Florida’s Averett Warmus Durkee,
and Edison, N.J.-based The Mironov
Group. In July, relocated and expanded
Princeton, N.J., office. In August, merged in
Manasquan, N.J.-based McGuigan Tombs
& Co., and New York City-based Fried &
Kowgios Partners.
Wolf & Co.: Named a chief financial
officer. Named an Accounting Today Best
Firm to Work For.
2017
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