2016 Top 100 Firms

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2016

notes and methodology

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hile it’s certainly true ground rules to bear in mind: that numbers don’t preUnless otherwise noted, revenue varicate, it’s also true is net revenue. that they don’t always Also, unless noted, revenues, ofmake the truth entirely clear, either. fices and staff are for the U.S. only. That may not seem like the best The Total Employees category is way to kick off a report that literally con- comprised of partners, professionals, tains page after page of numbers, but and all other personnel — anyone who we feel it’s worth pointing out, in order works at the firm, including owners. to highlight the fact that the numbers Where two firms reported equal themselves are only as valuable as the revenue, the firm with the higher percontext they’re placed in, centage of revenue inthe analysis that accomcrease receives the higher CONTENTS panies them, and, ultiranking. Top 100 Overview 4 mately, the insights you “MAS” stand for Firms to Watch 6 derive from them. “management advisory Amassing all this services” — or consultTop 100 Databank 8 data is only the first step; ing, as we call it now. Firm Strategies 10 sorting it and analyzing As always, we like to it comes next — and note the contributions of Top Tax Firms 12 that is the real meat of our team, who pitch in on Niche Services 16 this report. What does it wrangling complex Excel Client Categories 17 mean, for instance, that files, writing stories, and so many accounting tracking down survey reTop 100 Rankings 19 firms are reporting stasponses. Without their Regional Leaders 24 ble or slightly declining hard work, this report partner numbers, even as wouldn’t be possible: Firm Highlights 35 they grow the rest of their our new managing editor staff? What are they doing about the (and former technology editor) Danielle staffing issues they’re facing? Where are Lee; our online editor-in-chief, Mike firms putting in the most effort, and how Cohn; and senior editors Roger Russell do they plan to grow going forward? and Sean McCabe. Coming up with all that is our part. Finally, we should also thank the There is another step, though, and that’s many firms who participated in the surwhere you go through the data to see vey, for sharing this enormously imporwhat it means to you and your firm spe- tant information. With all that in mind, cifically. For each of you, these numbers we’re happy to present to you the 2016 will mean something different — they’ll Class of the Top 100 Tax and Accounting illuminate your present or help you Firms and Regional Leaders. Enjoy! shape your future in unique ways. So as — Dan Hood you study the numbers, here are some Editor-in-Chief

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3

overview

Breaking upward in 2015 BY DANIEL HOOD

G

ood news doesn’t always ly fastest-growing firms in recent history come all at once, in lar- made the big jump out of the middle tier ge packages. Sometimes, it (more on that later). That expanded the comes in trickles, or in the Billion-Dollar Club from six members to seven — its first change in several years — gradual accumulation of upbeat facts. That’s where we find ourselves with while the $100-Million-Plus Club actually this year’s Top 100 Firms and Regional expanded to 31 members, from 29 the year Leaders. While the past four years or so before. That left 62 firms in the tier below have generally been positive, they have $100 million, down three from 2015. also moved in lockstep, to a certain degree — and there are hints in this year’s data of something of a step change. On the rise The first you can see in the chart Revenue growth of the Top 100 Firms, in percent* at right: Overall growth for the Top 100 Firms was 9.32 percent, up a percentage point from the roughly 8 percent 30 figure that made the last four years 25 look level. Much of this year’s growth was driven by merger activity — but 20 that’s been the case for the past several 15 years, so the uptick in the average rate suggests other causes. One of the first 10 that springs to mind is a continued pur5 suit of higher-value-added services (see Firm Strategies, page 10), and expansi0 95 97 99 01 03 05 07 11 13 15 on beyond the traditional accounting 09 firm core of tax, audit and accounting -5 to serve client niches more deeply (see * Compiled from individual firm results as reported Niches and Clients, pages 16-17). at year’s end; includes some estimates All this, to say nothing of the continued improvement of the U.S. ecoThere were strong performers in all nomy, has apparently nudged the Top 100 into a slightly higher gear. To be sure, not three groups (see Databank, page 8), and every tier of the T100 saw that same level overall growth was much more common in of growth: While the Top 7 Firms (those 2016: Only four firms reported flat or decliwith over $1 billion in revenue) and the ning revenues for this year’s Top 100, verbottom tier of those with less than $100 sus 10 for last year, and two of those four million in revenue saw growth of 9.66 and involved strategic sales of large business 9.77 percent, respectively, the middle tier units. Ten firms reported growth above 20 of those above $100 million registered 7.08 percent, and 40 growth above 10 percent, percent — below average, and well below versus 9 and 38, respectively, for last year. Even in areas of the greatest concern the almost 11 percent it reported last year. That’s not unusual, though, as many to the profession, the Top 100 did betof the fastest growing firms are in the ter this year than in previous years. Take bottom tier, and one of the perpetual- succession planning: Roughly a third (32

4

percent) reported flat or declining numbers of partners this year, a reflection of the ongoing retirement of the Baby Boomers and their failure to create successors — but that’s compared to almost half of firms (48 percent) reporting the same last year. Similarly, though staffing continues to be a big issue for firms of all sizes, the Top 100 managed to grow their total employee roster by over 12 percent last year, up from 7.7 percent the year before, suggesting that they’re at least beginning to find some solutions to that thorny issue. Growth was also the rule among our Regional Leaders, with rates up in most regions, though overall revenue dropped for some parts of the country, in many cases as a result of M&A activity removing strong performers from the roster. Fully half of the regions had growth rates that matched or exceeded the average rate for the Top 100. (See Regional Leaders, pages 24-34.) And even as the growth of the T100 pushed the threshold for membership up to $36.2 million from $33 million, we still managed to fill our roster of “Firms to Watch” (see “Beyond the Top 100,” page 6) with plenty of upand-comers eager to make that leap. MAJOR MOVES M&A has been playing a major role in reshaping the profession of late, and this year was no exception, with mergers and acquisitions moving several firms up the lists. Arguably the biggest move ended up with the firm in question — BDO USA — coming in at the same rank as last year, but light years away, as its many high-profile mergers propelled it into the exclusive club of firms with over a billion dollars in revenue. Among its recent combinations: Regional Leaders Stone Carlie & Co., Cross, See OVERVIEW on 6

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overview

OVERVIEW from page 4

Fernandez & Riley, and Feeley & Driscoll. The fastest growing firm among the Top 100 was actually created by a merger last year: BerganKDV, which reported 111 percent growth, the result of the July 2015 combination of Bergan Paulsen and KDV,

and made No. 83 in its inaugural T100. Three other firms marked their first appearances this year: New England’s Baker Newman & Noyes at No. 96, Georgia’s Bennett Thrasher at No. 99, and Missouri’s Brown Smith Wallace at No. 91. All were on our Firms to Watch and Regional Leaders lists last year, and represent the growing firms those lists are meant to highlight. This year, that means firms that are

taking it up a notch, switching gears from one pace of growth to another, a new speed that shows up in many of the statistics in this year’s report. The question, as always, is whether they can keep it up next year. AT If you think your firm should be one of our Top 100 Firms or Regional Leaders, send an e-mail to AcToday@SourceMedia. com, and we will add you to our survey database for 2017.

BEYOND THE TOP 100: FIRMS TO WATCH You can consider our “Firms to Watch” list a feeder system for our Top 100 Firms list: All four of this year’s new members were on the FTW last year, and no doubt some of the firms below are just a growth spurt (or a big merger) away from the list themselves. (Note that the list includes only firms with positive growth rates; firms in the revenue range with negative growth rates are excluded.)

Firm

Headquarters

Rea & Associates

Oct

35.29

6.39

11

22

215

Dec

35.24

16.38

9

38

201

Wiss & Co. Arnett Carbis Toothman Gursey | Schneider Briggs & Veselka Co.

San Antonio

Somerset CPAs Peterson Sullivan

34.00

3.03

4

26

173

59.00

9

30

241

Los Angeles Houston Grand Forks, N.D.

Garden City, N.Y.

REDW

Albuquerque, N.M.

Jackson Thornton & Co. Boulay

Glendale, Calif. Montgomery, Ala. Minneapolis

Anderson ZurMuehlen & Co. Brown, Edwards & Co. Johnson Lambert

Stephan Wasserman

Dec

31.50

0.64

4

11

145

John Flatowicz

Sept

31.44

5.79

2

20

173

Stephen Christian

Dec

31.00

6.90

1

16

201

Todd Van Dusen

Sept

30.66

8.88

5

32

189

Pat Early

Dec

30.16

4.87

1

28

159

Mark Duren

April

29.28

8.04

1

28

144

Chris Russell

Dec

29.20

10.61

1

19

157

Matt Johnson

Dec

29.00

16

1

11

180 120

Beth Kieffer Leonard

April

28.50

1.42

1

17

Robert Minkler

Dec

28.30

4.43

1

NA

NA

Mark Goodman

Dec

27.90

4.61

2

21

155 183

Ron Rivera / Steven Cogan Dec

27.89

6.33

2

13

Richard Preciado

Sept

27.50

2.38

4

35

121

Ned Sheffield

Dec

27.33

0.07

5

23

191

Mark DeNucci

May

26.12

7.22

2

27

154

Donald Laine

Sept

26.10

3.45

7

48

230

Domenic Pellillo

May

26.04

3.66

7

26

195

John Prescott

Dec

25.39

5.66

8

15

156

Peter Hagen

Feb

25.08

5.11

16

16

89

Atlanta

John Lucht

Dec

24.90

10.32

1

10

96

Plano, Texas

Dan Wicker

Dec

24.90

9.69

1

10

126

John Di Carlo

June

24.80

3.77

3

16

128

Mark Thomson

May

24.70

6.01

1

16

124 210

Helena, Mont. Roanoke, Va. Falls Church, Va.

Hagen, Streiff, Newton & Oshiro

187 186

33.04

St. Louis

Hutchinson and Bloodgood

17 19

Dec

Minneapolis

Janover

3 1

March

Seattle

Lurie

6.72 2.86

Paul Peterson

Alexandria, Va.

Anders

34.80 34.20

Steven Robey

Omaha, Neb.

Cotton & Co.*

July Dec

Livingston, N.J.

Indianapolis

Lutz & Co.

John Wright David Katri

Charleston, W. Va.

Horsham, Pa.

Kreischer Miller Brady, Martz & Associates

Dallas

Long Beach, Calif. Chicago

Mize Houser & Co.

Total Offices Partners employees

Lee Beall

Bellevue, Wash.

ORBA

% chg.

Alan Witt

Padgett, Stratemann & Co.

Windes

Revenue ($ mn.)

Newport News, Va.

Clark Nuber

Cain Watters & Associates

Year end

New Philadelphia, Ohio

PB Mares

Smith & Howard

Managing partner

NA

Dec

24.63

5.94

3

20

Green Hasson Janks

Los Angeles

Leon Janks

Dec

24.30

3.40

1

12

123

BeachFleischman

Tuscon, Ariz.

Bruce Beach

Dec

23.65

8.34

2

25

144

Kenneth Guidry

Dec

23.60

3.55

1

13

125

PKF Texas

Topeka, Kansas

Houston

* Firm estimate

6

NA Not available or not applicable

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databank niche services

2016 TOP 100 FIRMS DATABANK Overview Top 7 firms Revenue (in $mn) Partners

% chg.

Firms over $100 mn

% chg.

Firms under $100 mn

% chg.

Total Top 100 Firms

% chg.

$47,117.37 12,581

9.66 7.05

$8,380.23 4,386

7.08 6.64

$3,613.14 1,981

9.77 8.07

$59.110.74 18,948

9.32 7.06

160,248 210,926

12.19 13.76

30,837 42,373

6.98 6.85

14,379 19,680

11.33 9.67

205,464 272,979

11.30 12.33

Professionals Total employees

Fee split Audit & Attest Tax

Rev. share (in $mn) $18,077.60 $12,932.70

% of rev. 34.99 25.03

Rev. share (in $mn) $3,478.86 $2,780.05

% of rev. 41.51 33.17

Rev. share (in $mn) $1,278.84 $1,283.92

% of rev. 35.39 35.53

Rev. share (in $mn) $22,835.30 $16,996.67

% of rev. 35.87 26.70

MAS (consulting) Other

$19,050.39 $1,608.74

36.87 3.11

$1,684.63 $436.69

20.10 5.21

$572.29 S477.89

15.84 13.23

$21,307.31 $2,045.43

33.47 3.21

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 1. PwC 2. Deloitte 3. Ernst & Young 4. KPMG 5. RSM US 6. Grant Thornton 7. BDO USA Firms over $100 mn 1. CohnReznick 2. CliftonLarsonAllen 3. CBIZ/MHM 4. BKD 5. Moss Adams

Rev. share ($ mn) 5,002.00 4,682.63 3,916.50 2,681.00 642.80 606.67 546.00

Fee split 41 29 35 34 39 39 52

332.20 253.50 246.80 238.32 214.65

55 39 40 48 45

Firms over $100 mn 1. CBIZ/MHM 2. CliftonLarsonAllen 3. Moss Adams 4. Crowe Horwath 5. CohnReznick

43.12 42.00 40.89 40.71 34.55

44 50 43 56 44

Firms under $100 mn 1. Frank, Rimerman + Co. 2. MBAF 3. Anchin 4. Weaver 5. Burr Pilger Mayer

Firms under $100 mn 1. Anchin 2. Friedman 3. EKS&H 4. BlumShapiro 5. RubinBrown

Pacesetters in growth Ranked by % chg. Firms over $100 mn. 1. Armanino 2. Wipfli 3. The Bonadio Group* 4. Kearney & Co. 5. PKF O’Connor Davies

Revenue ($mn) 164.25 227.00 102.30 109.10 126.00

Firms under $100 mn. 1. BerganKDV 2. K-Coe Isom 3. Prager Metis 4. Baker Newman & Noyes 5. Brown Smith Wallace

Revenue % ($mn) chg. 45.48 111.04 57.60 59.56 50.78 42.64 38.10 28.28 39.77 21.99

8

% chg. 26.85 25.42 21.50 20.15 17.21

Top 7 firms 1. PwC 2. Ernst & Young 3. Deloitte 4. KPMG 5. RSM US 6. Grant Thornton 7. BDO USA

Leaders in MAS Ranked by revenue

Rev. share ($ mn) 3,416.00 3,133.20 2,906.46 2,118.00 603.04 420.00 336.00

Fee split 28 28 18 27 37 27 32

215.95 208.00 176.49 173.16 169.12

35 32 37 24 28

Firms over $100 mn 1. Crowe Horwath 2. Plante Moran 3. CBIZ/MHM 4. Dixon Hughes Goodman 5. Baker Tilly Virchow Krause

46.44 43.24 42.14 40.89 39.93

62 46 43 43 51

Firms under $100 mn 1. FGMK 2. Horne 3. Blue & Co. 4. SC&H Group Inc. 5. BerryDunn

Revenue % Overall Top 100 Firms ($mn) chg. 1. BerganKDV 45.48 111.04 2. K-Coe Isom 57.60 59.56 3. Prager Metis 50.78 42.64 4. Baker Newman & Noyes 38.10 28.28 5. Armanino 164.25 26.85 6. BDO USA 1,050.00 26.05 7. Wipfli 227.00 25.42 8. Brown Smith Wallace 39.77 21.99 9. The Bonadio Group* 102.30 21.50 10. Kearney & Co. 109.10 20.15 11. Squar Milner 62.00 19.23 12. Montgomery Coscia Greilich 50.68 18.25 13. PKF O’Connor Davies 126.00 17.21 14. EKS&H 95.10 17.12 15. Clark, Schaefer, Hackett 63.60 16.29 16. Seiler 46.30 15.46

Top 7 firms 1. Deloitte 2. PwC 3. Ernst & Young 4. KPMG 5. Grant Thornton 6. RSM US 7. BDO USA

Rev. share ($ mn) 7,750.56 3,782.00 3,357.00 3,091.00 528.89 372.94 168.00

Fee split 48 31 30 39 34 23 16

339.11 163.05 154.25 126.14 105.18

47 35 25 34 22

50.05 39.35 35.38 24.34 20.43

55 49 50 56 39

17. Eide Bailly 18. Reinsel Kuntz Lesher 19. KPMG

14.94

57.00

14.90

7,889.00

14.83

65.94

14.76

37.96

14.61

20. Katz, Sapper & Miller 21. Macias Gini & O’Connell 22. Carr, Riggs & Ingram 23. Skoda Minotti 24. Novogradac & Co. 25. Ernst & Young

224.60

195.14

14.11

50.14

13.98

117.07

13.29

11,190.00

13.03

56.00

12.00

26. Berkowitz Pollack Brant 27. LBMC

82.32

11.64

28. Bennett Thrasher

36.23

11.51

29. Citrin Cooperman & Co.

195.00

11.43

30. BKD

496.50

11.37

Notes: * Firm estimate or projection. All Big Four revenue figures are gross, not net. For

more details, see pages 15-18.

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Leading the Ride CPAmerica International is a member-driven accounting association that helps members continuously improve, make more money, strengthen relationships, and bring prestige both domestically and internationally.

For more information, visit www.CPAmerica.org/About/Request-Information www.cpamerica.org | 352-727-4070

niche firm strategies services

Strategy and tactics: Growth à la carte BY DANIEL HOOD

T

he trick to growing your accounting firm is that there is no trick — just a lot of them. As part of this year’s Top 100 Firms survey, we asked respondents to share their growth strategies for 2016. The survey responses varied, as firms picked from a broad range of possibilities. That, in fact, was the common thread that bound the answers: Rather than all trying the same thing, the Top 100 are creating growth strategies à la carte, selecting the individual tactics that suit them best from a plentiful smorgasbord of options. Within all that customization, some items on the buffet were more popular than others. The following represent some of the tactics that showed up most frequently in the Top 100 Firms’ plans for the year ahead. GETTING SPECIFIC By far the most commonly cited strategy was the pursuit of specialization, and deeper expertise and exposure in those areas of specialization. “Our primary growth strategy is to go deeper in our knowledge of our clients’ needs and challenges, becoming even more deeply specialized in our target industries and markets,” said Crowe Horwath chief executive officer James Powers. Wolf & Co. president and CEO Mark O’Connell echoed that approach: “We are refining our niche strategy to focus on those industries where we have greatest market potential. We are investing significant resources in those services and products that have the greatest benefit to our clients.” And at Blue & Co., chief operating officer Christiane Olson noted, “The firm will focus on expansion of several key industry niches across the organization’s various offices.”

10

Jeffery Capron, managing partner of Aronson, tied the firm’s pursuit of depth and specificity to strong client relationships: “We purposefully expanded our service offerings and deepened our industry specialties to better serve the needs of our clients, people, and community. From startup to exit, we offer a complete business solution to help our clients maximize opportunity, minimize risk, and unlock their full potential.”

‘We are refining our niche strategy to focus on industries where we have greatest market potential.’ In describing Mayer Hoffman McCann’s continued focus on its industry segments, president Andy Burczyk explained, “We will have specific business development efforts, training and marketing efforts built around these industries to create new business opportunities as well as expand the depth of our expertise. In addition to our industry segments, we will continue to focus on enhancing our

capabilities in various tax specialty areas.” Kemper CPA Group is looking to specialize in new niches, according to director of administration Mary Ellen Meador, and has already identified “forensic accounting and technology cyber fraud as well as other specialty areas,” while Moss Adams chairman and CEO Chris Schmidt said his firm “will focus on our industry model, with additional emphasis on technology, health care, agribusiness and high-networth individuals.” Closely related to the idea of developing industry or specialty expertise, of course, is being known for that expertise: “Getting our partners to be famous in one area,” is a major strategy goal for Carl Schultz, CEO of SVA CPAs, which is also hiring business development specialists. NEW SERVICES For many firms, a major part of specializing is offering unique new services, but many firms that didn’t mention specialization noted that they would still be creating and rolling out new offerings. “Innovation of existing advisory services as well as new service lines” is one of a number of growth tactics being pursued by Warren Averett, according to its chief growth officer, Tommy Sisson. Similarly, James Sikich, CEO and MP of Sikich, said that his firm will focus on “expansion of services into additional specialty consulting areas, specifically with a focus on delivering additional services to our current client base.” The firm also plans to expand into family office services. And while billion-dollar firm BDO USA will continue to pursue its high-profile campaign of M&A, “We will also focus our energies on continuing to grow non-compliance offerings in our tax, consulting and advisory service lines,” said See STRATEGIES on 12

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niche top tax services firms

THE TOP TAX FIRMS Firm PwC§

Headquarters

Chief executive

Rev. from tax ($mn)

New York City

Robert Moritz

3,416.00

28

12,200.00

4.06

72

49,000

Ernst & Young§

New York City

Stephen Howe

3,133.20

28

11,190.00

13.03

NA

39,400 98,600

H&R BlockP1 Deloitte§ KPMG§2 RSM US2

Kansas City, Mo.

Grant Thornton Ryan*

Moss Adams Crowe Horwath CohnReznick BKD

99

3,078.66

1.80

10,286

2,906.46

18

16,147.00

8.31

108

70,603

New York City

Lynne Doughtie

2,118.00

27

7,889.00

14.83

106

30,903 7,731

Joe Adams

603.04

37

1,636.87

11.30

82

John Hewitt

435.00

100

435.00

3.33

4,069

638

J. Michael McGuire

420.00

27

1,555.56

10.20

58

7,906

G. Brint Ryan

374.40

96

390.00

0.23

58

1,591

Wayne Berson

336.00

32

1,050.00

26.05

64

5,383

C. Spurio / Burczyk

215.95

35

617.00

2.83

103

2,910

Denny Schleper

208.00

32

650.00

8.62

31

4,144

Mark Vorsatz

197.00

100

197.00

17.56

19

784

Seattle

Chris Schmidt

176.49

37

477.00

11.19

24

2,354

Chicago

James Powers

173.16

24

721.50

5.08

31

3,386

Frank Longobardi

169.12

28

604.00

5.04

30

2,745

Theodore Dickman

153.92

31

496.50

11.37

35

2,426

Timothy Christen

152.99

32

478.10

0.56

29

2,480

Jeffrey Weiner

152.60

37

412.43

7.01

23

1,414

Matt Snow

122.43

33

371.00

9.76

29

1,847

Gordon Krater

121.12

26

465.86

7.57

20

2,170

Charles Weinstein

110.96

39

284.50

0.71

6

1,282

Virginia Beach, Va. Chicago

Cleveland NA San Francisco

New York City Springfield, Mo.

Baker Tilly Virchow Krause Marcum

Chicago New York City

Dixon Hughes Goodman

Total staff

3,047.87

CliftonLarsonAllen Andersen Tax

Offices

Cathy Engelbert

Chicago

CBIZ/Mayer Hoffman McCann

% chg.

William Cobb

Dallas

BDO USA

Total revenue

New York City Chicago

Liberty Tax Services

% from tax

Charlotte, N.C.

Plante Moran

Southfield, Mich.

EisnerAmper

New York City

Notes: § Gross revenue P Figures compiled from public company reports. * Firm estimate or projection NA Not available/applicable 1 Staff figures include seasonal workers 2 Reported fee split as dollar amount (given here) and percentage. For other notes, see pages 19-22.

STRATEGIES from page 10

CEO Wayne Berson. A number of firms cited value-added and advisory services. Weaver CEO John Mackel explained that the firm will “continue to add and develop talent in our rapidly growing advisory practices,” which include risk advisory, IT advisory, SOC examinations, transaction and forensic services, and energy compliance and consulting services. OLD-FASHIONED SERVICE No accounting firm would ever talk down the level of service it gives clients, but not every firm is willing to talk it up. A significant number of this year’s Top 100 Firms, though, are making top-notch client ser-

12

vice a differentiator for 2016. “Our growth has come from providing superior client service,” said Brian Kreischer, managing partner of Frank, Rimerman + Co. “By constantly reinforcing that service culture, we have been able to grow organically as fast as we can develop entry-level staff all the way to partner. Our clients are served best by our relentless focus on their business needs, rather than building a sales-oriented culture.” The newly renamed PKF O’Connor Davies plans to pursue a similar approach, according to MP Kevin Keane: “Our focus for 2016 centers on providing superior service and creating deeper connections that drive greater value for our clients.” Aronson managing partner Capron echoed that dedication: “In 2016, we remain committed to excellence in client service. We distinguish ourselves through

client service, which allows us to maximize our existing relationships.” PEOPLE PLANS Staff have always been critical components of new service lines, quality client service, and most of the other elements of firms’ strategic plans. While critical, though, they could be taken for granted, to a certain degree. With the profession in the midst of a long and well-entrenched staff crunch, however, recruitment and retention now require strategic planning of their own. “Talent acquisition, retention and development is another critically important aspect of our growth strategy,” said Grant Thornton chief executive officer J. Michael McGuire. “Defining, building and sustaining a healthy, high-performance culture where the best and brightest people in See STRATEGIES on 14

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firm nichestrategies services

STRATEGIES from page 12

our industry want to work is a top priority, for both entry-level and experienced professionals.” It will also play a major part of Mayer Hoffman McCann’s plans: “We will focus on employee acquisition and development,” said president Andy Burczyk. “We will be pursuing employees that are strategic fits with our growth plans, whether by industry or service area. Doing so will provide us additional depth and breadth in our resources to serve clients. Concurrent-

‘We are being selective in our approach to M&A, to ensure that there is a cultural fit.’ ly, we will continue our internal training programs to provide for professional and personal development of our current professionals.” THE NEXT GENERATION Some firms are even specializing within their approach to staff, making a special priority of working with their Millennial staff in a number of different ways. In some cases, it’s a question of building them up, as does Postlethewaite & Netterville. “We are highly focused on helping our Millennials cultivate their business

14

development skills through a variety of tactics, including motivation, training and recognition,” said managing director and CEO Bill Balhoff. In other cases, it’s a matter of addressing their unique requirements, as with CliftonLarsonAllen, which aims to make “innovating changes to address the needs of the Millennial workforce” a focus, according to CEO Denny Schleper. And for still other firms, it’s a matter of using their special skills and connections to build up the firm, as at Berkowitz Pollack Brant: “The Millennial members of our staff are helping us reach out to their cohort by leading a financial services/networking/social series that will take place throughout 2016,” said chief executive Richard Berkowitz. HOOKING UP Firms in the Top 100 have seen tremendous success with mergers in the past several years, so it should come as no surprise that it was a major element of the growth strategies of a large number of firms. At CliftonLarsonAllen, for instance, which ended 2015 and started 2016 with a near-constant flow of merger announcements, the firm expects to add $70 to $80 million in revenue through M&A in 2016, according to Schleper. “Growth through mergers and acquisitions will continue to be a major strategic emphasis for Blue & Co.,” echoed chief operating officer Olson. The two were far from alone in their M&A ambitions, though many were quick to place geographic and other boundaries on them. “We have been actively pursuing M&A opportunities in the New York State marketplace and are looking to expand into Ohio and Pennsylvania,” said Freed Maxick managing director Timothy McPoland. “We are being selective in our approach to M&A, to ensure that there is a cultural fit and an opportunity to bring new services and industry expertise into our respective marketplaces.”

REGIONALISM Other firms are making regional expansion a part of their plans, whether with M&A or without. “SaxBST is positioned to grow its client base geographically, with expanded business development efforts already underway in New York City and throughout the counties surrounding the firm’s offices in Clifton, N.J., and Albany, N.Y.,” according to marketing manager Corin Huff. Weaver, meanwhile, will “focus on growing our Texas markets” in a number of specific industries, according to Mackel; at the same time, the firm will also “focus our expansion outside of Texas” in energy services and audit and tax services for hedge and private equity funds. MIX IT UP It’s important to note that most of the firms cited above as examples of particular strategies are also pursuing other strategies at the same time; very few are putting all their eggs in one basket. Wipfli provides one great example of the sort of mixed slate of tactics firms are implementing. “We will continue to grow through mergers and acquisitions in 2016,” reported managing partner Rick Dreher. “In addition, the firm plans to grow through continued organic growth in our core services and a focus on the value-added consulting services desired by our clients. We also recently added a new industry niche, agriculture, and we expect growth in that area this year.” Taking a similarly broad approach is Marcum: “Marcum will continue to pursue a combination of organic growth in our existing regions, service lines and practice specialties, and acquired growth through strategic mergers with like-minded firms that deepen Marcum’s expertise while broadening our geographic footprint,” the firm reported. The trick to growth is that there is no trick — just the right set of tricks for your individual firm. AT

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niches and clients

Attest on top, biz valuations rise BY DANIELLE LEE

A

ccounting firms continued to see a high demand for niche services this year, with the 2016 Top 100 Firms reporting even higher growth than last year in the continually hot areas of attest, business valuations and state and local tax. According to the 81 responding T100 firms, attest remained the top niche service, with 84 percent — the same ratio as last year — recording growth in that practice area. Business valuations, meanwhile, grew in popularity over last year, jumping four spots and 11 percentage points to rank second in fastest-growing niche services, with 80 percent of firms seeing growth. Tying that 80 percent response, state and local taxes retained its top 3 spot from last year, tracking a 6 percentage point increase. The fourth fastest-growing service, estate/trust/gift tax planning, made a giant leap this year, up four spots and a whopping 13 percentage points over last year. Also seeing surges for the Top 100 Firms were the niches of international tax (up 7 percentage points to 78 percent) and technology consulting, which ranked eighth but also rose 7 percentage points over the year prior to 62 percent of reporting firms. Mergers and acquisitions fell a few spots this year but still rose 4 percentage points, with 78 percent of firms growing that practice area, while industry specializations fell a bit in both ranking and percentage, though a strong 70 percent of respondents saw growth. Litigation support and nonprofits were steady at the 68 percent that both also earned last year. New Jersey-based firm SaxBST reported growth in the firm’s assurance services, particularly in the hot real estate market. “The transactions of our clients in the real estate world have become way more complex, with a lot of moving pieces,” explained Stuart Berger, partner and the

16

founder of SaxBST’s real estate industry services group. More investor money, industry requirements, and an influx of tax credits and state incentives have ramped up the need for attest services in a sector that is “on a great cycle now, with everyone seeing positive growth.” The catalyst for the steep growth in valuation services was an easy answer for James Brendel, managing partner of Denver-headquartered Hein & Associates: “The main driver is we’ve got some people with unique talents.” Specifically, the relatively small but skilled group of professionals in Hein’s valuation practice also has a deep knowl-

edge in the energy industry, which the firm largely serves. Armed with that intersection of expertise, the valuation team’s business development comes down to “basic blocking and tackling [to reach] folks out in the market.” Chicago-based FGMK reported growth in SALT and international tax services, which the firm recently placed under an expanding specialty tax umbrella. The firm serves many construction and real estate clients in this distinct tax group, according to managing partner Randy Markowitz, with research and development credits and international tax especially in-demand areas of specialization: “This

Top niche services Percentage of firms increasing their business in these areas (of 81 firms responding) Attest Business Valuations SALT Estate/Trust/Gift Tax Planning International Tax M&A Industry Specializations Litigation Support Nonprofits Forensics/Fraud Retirement Plans Tech Consulting Succession Planning/Family Office Employee Benefits SOX Compliance/Risk Mgmt. Biz Mgmt. for Wealthy Individuals Strategic Planning/Biz Plans Personal Financial Planning Cost Segregation Cient Accounting Services/BPO Investment Advice/Services Biz Mgmt. for Small Businesses CFO/Project Staffing Services 1031 Like-Kind Cash Flow Forecasting/Management IFRS consulting Payroll Services/ Consulting Bankruptcy /Insolvency 0

20

40

60

80

100

niches and clients being a more and more global economy, we’re seeing with clients and potential clients that everything is not just U.S.-driven anymore, but you need a specialized international practice area.” “Another growing area for us, not so much in construction, but with our real estate practice, is tapping into the international resources we have,” Markowitz said. “Our clients have real estate deals in the U.S. with foreign investors, are involved in international issues, and we have real estate clients investing in other countries.” SPECIALIZED SECTORS Compared to last year, virtually all of the client categories served by the 2016 Top 100 Firms were down in growth, though manufacturing, midsized businesses and real estate business clients retained their top three positions, respectively.

Manufacturing kept its No. 1 client category position, though with 56 percent of firms reporting growth, overall it fell 24 percentage points from last year. Similarly, the second high-growth category of midsized businesses dipped 26 percentage points to 53 percent and real estate shed 23 percentage points when only 52 percent of firms reported an uptick. Construction and technology followed close behind, with both categories garnering 49 percent and both down double-digit percentages from last year. Wholesale distributors, at 48 percent, and professional services, at 47 percent, also landed near the top, while large businesses, health care facilities and nonprofit organizations were growing categories for 46 percent of reporting firms. Those categories were also all down double-digit percentage points from last year.

Top client categories Percentage of firms increasing their business with these types of clients (of 81 firms responding) Manufacturing Midsized Businesses Real Estate Construction Technology Wholesale Distributors Professional Services Large Businesses Healthcare Facilities Nonprofit Organizations Individuals Pension Plans Hotels & Restaurants State and Local Government Brokers/Dealers in Securities, etc. Entertainment Retail Trade Banking & Thrift Companies Small Businesses Auto Dealerships Colleges and Universities Government Contractors Franchising Investment Cos. & Mutual Funds Insurance Carriers/Companies Finance Cos./Mortgage Banks Publishing/Broadcasting/Media Insurance Agents & Brokers 0

10

20

30

40

50

60

Still, manufacturing’s steady dominance at the top proved it to be a strong client category, year-over-year. Hein & Associates grew its already strong manufacturing base by specializing its approach. “Probably the biggest reason [for our growth] was we tried to get more specific in terms of manufacturing, because it’s such a broad niche,” explained managing partner James Brendel. “We’ve tried to drill down into specific sectors as opposed to manufacturing as a group. Some of them, like medical devices, have been a good sector for us.” Another micro industry the firm tapped into over the last year was breweries and distilleries, a burgeoning market that Hein’s younger staff identified as ripe for accounting services. The firm customized cloud enterprise resource planning solution NetSuite to meet the accounting needs of this vertical. “It’s a high-growth industry as a whole, and it doesn’t seem a lot of firms have jumped into that with as much depth as we have,” Brendel continued. “It’s a pretty unique industry — owners are very open to helping each other, so getting in to do a good job for one or two of them — they are good about introducing us to other breweries.” FGMK, meanwhile, has long supported a large real estate practice, so the increased business in construction “goes hand-in-hand with that,” according to Markowitz. While Markowitz credits the cyclical rebound from the economic downturn as powering the abundance of construction industry clientele, the firm is also strategic in marketing itself as a one-stop shop. “We’ve definitely added to our specialty practice areas, like research and development credits and cost segregation and we’re doing that in-house,” he said. “Some firms will outsource that, but we’re able to go to clients as one firm propositioning that we’re doing it all, with everything linked together, and nothing slips through the cracks.” AT

17

6 Grant Thornton

7 BDO USA

8 Crowe Horwath

6

7

8

9 CBIZ/Mayer Hoffman McCann 5

Richmond, Va.

Howard Kies

Andy Armanino

Victor Wahba

Joel Cooperman

William Carr

Dave Stende

Rick Dreher

Charles Weinstein

Matt Snow

Jeffrey Weiner

Gordon Krater

Chris Schmidt

Timothy Christen

Theodore Dickman

Frank Longobardi

Chris Spurio and Andy Burczyk

Denny Schleper

James Powers

Wayne Berson

J. Michael McGuire

Joe Adams

Lynne Doughtie

Stephen Howe

Robert Moritz

Cathy Engelbert

Chief executive

April

Dec

Aug

Dec

Sept

April

May

Jan

Dec

Dec

June

Dec

May

May

Jan

Dec

Dec

Dec

June

Dec

April

Sept

June

June

May

Year end

143.80

164.25

171.00

195.00

195.14

224.60

227.00

284.50

371.00

412.43

465.86

477.00

478.10

496.50

604.00

617.00

650.00

721.50

1,050.00

1,555.56

1,636.87

7,889.00

11,190.00

12,200.00

16,147.00

9.94

26.85

8.50

11.43

14.11

14.94

25.42

0.71

9.76

7.01

7.57

11.19

0.56

11.37

5.04

2.83

8.62

5.08

26.05

10.20

11.30

14.83

13.03

4.06

8.31

REVENUE $ % mn. chg.

12

7

7

7

24

26

32

6

29

23

20

24

29

35

30

103

31

31

64

58

82

106

NA

72

108

Offices

56

68

107

156

143

116

181

176

159

199

265

268

153

260

292

409

316

272

446

565

685

1,960

3,000

2,892

3,033

Partners

9.80

74.36

-1.83

8.33

10.00

8.41

22.30

2.33

1.27

29.22

1.15

1.13

-1.92

6.12

6.57

-4.66

40.44

5.84

28.90

6.81

6.37

8.11

11.11

7.47

0.10

% chg.

619

518

500

450

747

1,415

989

1,094

1,329

856

1,522

1,564

2,110

1,695

1,923

1,827

3,493

2,559

4,057

6,073

5,622

22,994

30,600

35,350

55,552

7.47

35.25

0.60

9.76

10.83

18.81

4.11

9.84

8.76

3.01

6.06

11.63

1.30

11.15

3.95

-0.27

7.64

10.54

36.74

21.70

10.78

14.32

17.24

7.04

9.87

PERSONNEL Profes% sionals chg.

5.03

37.37

0.54

9.09

11.13

16.72

14.11

9.76

7.76

13.30

5.03

8.18

0.49

10.12

2.66

-0.14

9.08

9.44

33.21

17.06

9.47

14.02

15.88

17.87

8.81

% chg.

44

25

40

46

51

41

30

48

33

45

39

45

42

48

55

40

39

29

52

39

39

34

35

41

29

46

33

40

43

40

41

31

39

33

37

26

37

32

31

28

35

32

24

32

27

37

27

28

28

18

0

0

0

1

0

7

0

5

0

0

4

0

9

0

10

36

20

7

9

9

39

13

34

0

6

0

4

0

9

0

0

0

6 12

35

18

22

21

8

25

6 23

47

16

34

23

39

30

31

48

FEE SPLIT (in percent) A&A Tax MAS Other

1 Revenue figures are from firm reports; other figures are a combination of publicly reported figures and Accounting Today estimates 2 For its fee split, KPMG reported both rounded percentages (given here), and exact dollar amounts (given in our Databank on page 8). Office figure is for business offices; does not include all physical locations. 3 For its fee split, RSM US reported both rounded percentages (given here), and exact dollar amounts (given in our Databank on page 8.) 4 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. 5 Office figures are for CBIZ; MHM has 33 offices.

836

669

738

708

1,048

1,857

1,504

1,282

1,847

1,414

2,170

2,354

2,480

2,426

2,745

2,910

4,144

3,386

5,383

7,906

7,731

30,903

39,400

49,000

70,603

Total emps.

TOP 100 FIRMS

Key and notes: Last year’s rankings have been revised based on 2014 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

25 25 Cherry Bekaert

San Ramon, Calif.

New York City

24 26 Armanino

New York City

23 24 WeiserMazars

Enterprise, Ala.

22 22 Citrin Cooperman & Co.

21 23 Carr, Riggs & Ingram

Fargo, N.D.

20 20 Eide Bailly

New York City

18 18 EisnerAmper Milwaukee

Charlotte, N.C.

17 17 Dixon Hughes Goodman

19 21 Wipfli

New York City

16 16 Marcum

Seattle

Southfield, Mich.

15 14 Plante Moran

Chicago

Springfield, Mo.

New York City

Cleveland

NA

Chicago

Chicago

Chicago

Chicago

New York City

New York City

New York City

New York City

Headquarters

14 15 Moss Adams

13 12 Baker Tilly Virchow Krause

12 13 BKD

11 11 CohnReznick

10

9

10 CliftonLarsonAllen 4

5 RSM US 3

5

3

4

1 Deloitte§ 2 PwC§ 1

3 Ernst & Young§ 4 KPMG§ 2

2

1

16 15 Firm

RANK

THE 2016

Chicago

Anthony Frabotta

St. Louis

Brian Kreischer

Greg Barber

Jim Wallace

John Herber

Joey Havens

Jeff Drummonds

Bruce Madnick

Mario Donato

Antonio Argiz

John Mackel

Robert Hottman

Frank Schettino

Thomas Bonadio

Dec

Sept

Dec

May

Dec

Dec

Dec

Dec

June

May

Sept

Dec

April

Dec

Dec

Dec

Dec

Dec

June

Dec

Dec

June

Dec

Dec

Dec

Year end

8.79

8.64

6.42

6.75

13.29

8.35

17.21

74.90

78.01

78.30

78.53

80.31

82.32

84.00

91.00

94.00

95.10

95.10

98.00

102.30

104.00

109.10

110.65

112.00

6.76

9.04

8.75

6.68

11.05

11.64

7.69

4.60

9.30

7.95

17.12

4.26

21.50

2.97

20.15

11.18

9.80

113.70 -44.15

114.73

115.70

116.00

117.00

117.07

123.30

126.00


5

10

6

5

13

3

8

2

10

9

4

1

10

2

2

10

5

12

12

12

20

18

20

14

10

Offices

5.26

-5.56

-1.64

NC

12.82

4.03

20.00

% chg.

24

61

42

27

21

46

71

65

24

38

39

54

74

40

13

38

40

4.35

7.02

10.53

NC

5.00

-2.13

18.33

12.07

9.09

8.57

2.63

NC

17.46

8.11

NC

2.70

-2.44

60 -39.39

40

51

60

93

44

129

108

Partners

312

356

294

416

404

397

285

312

393

377

388

223

400

306

496

318

419

352

388

540

554

546

370

512

426

16.85

6.27

21.99

18.86

10.99

26.43

18.75

7.22

7.38

4.43

13.45

10.95

20.12

12.09

44.19

10.80

5.01

-51.38

31.08

18.42

2.78

6.23

6.63

-1.92

13.60


6 UHY Advisors and UHY LLP are affiliated through an alternative practice structure. Revenue reflects sale of Texas practice in late 2014. 7 Projected revenues

21.78

7.77

3.29

4.77

7.64

9.80

14.73

% chg.

340

531

422

508

537

528

423

398

487

505

525

364

539

409

546

428

554

8.97

6.84

18.87

18.69

9.59

20.82

15.89

4.46

7.74

5.87

10.76

6.74

18.98

9.65

29.38

8.35

4.53

523 -47.38

576

652

817

791

493

896

631

Total emps.

Key and notes: Last year’s rankings have been revised based on 2014 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

Appleton, Wis.

Palo Alto, Calif.

50 50 Frank, Rimerman + Co.

San Francisco

49 49 Schenck

48 48 Burr Pilger Mayer

47 46 RubinBrown

Ridgeland, Miss.

46 47 Horne

New York City

Brentwood, Tenn.

45 45 LBMC

44 44 Friedman

Chicago

43 40 FGMK

Fort Worth, Texas

41 39 Weaver Miami

Denver

40 43 EKS&H

42 41 MBAF

Pittsford, N.Y.

New York City

39 37 Anchin

New York City

37 35 Berdon*

38 42 The Bonadio Group7

Ed Kearney Mark Bosswick and Stuart Kotler

Philip Holthouse

Alexandria, Va.

Harry Moehringer

35 36 Holthouse Carlin & Van Trigt W. Los Angeles, Calif.

New York City

William Hagaman

James Sikich

Randy Rupp

Richard Davis

Michael Novogradac

James Cunningham

Kevin Keane

Chief executive

36 38 Kearney & Co.

34 34 Marks Paneth

33 19 UHY Advisors 6

Naperville, Ill.

Princeton, N.J.

32 32 Withum

Saginaw, Mich.

31 31 Sikich

Greenville, S.C.

30 29 Rehmann

San Francisco

Birmingham, Ala.

New York City

Headquarters

29 28 Elliott Davis Decosimo

28 33 Novogradac & Co.

27 27 Warren Averett

26 30 PKF O’Connor Davies

16 15 Firm

RANK

28

34

36

44

32

23

50

13

33

33

43

44

42

35

71

18

61

32

39

27

34

46

57

34

60

62

39

51

37

9

28

43

32

46

43

40

43

26

45

0

74

27

47

42

16

36

42

29

35

29

0

0

3

1

8

0

0

0

0

7

9

0

0

10

20

12

19

0

6

1

0

49 10

21 28

7

55

14

15

17

13

11 21

20

29

0

1 11

20

2 17

54

11 19

12

3 11

11 20

11


Madison, Wis.

64 65 SVA

Denver

Cleveland

Rockville, Md. Gregory Skoda

Jeffrey Capron

Thomas Montgomery and Matthew Coscia

David Neste and Glenn Friedman

John Chandler

William Balhoff

James Brendel

Richard Berkowitz

Edward Monborne

Jeff Wald

Greg Burbach

Carl Schultz

Chris Allegretti

Mark Crawford

Dec

Dec

Dec

Dec

June

April

Dec

Dec

Dec

March

Dec

May

Aug

Sept

Dec

June

Dec

Dec

June

Dec

Dec

Dec

Dec

Dec

May

Year end

50.14

50.40

50.68

50.78

52.38

53.16

53.69

56.00

57.00

57.60

58.40

58.70

60.00

61.91

62.00

63.60

65.00

65.94

66.16

66.94

70.76

72.44

72.70

73.53

73.90

13.98

5.51

18.25

42.64

1.22

7.68

-3.12

12.00

14.90

59.56

10.40

10.50

7.14

2.91

19.23

16.29

4.84

14.76

11.03

8.63

9.88

9.34

6.13

7.25

11.13


4

1

3

8

5

8

4

3

13

17

9

6

11

3

4

6

5

3

2

5

10

4

5

2

9

Offices

NC

2.78

NC

27.27

4.88

3.23

NC

-2.22

% chg.

23

30

25

43

17

28

36

16

38

55

22

24

43

28

30

27

-4.17

3.45

31.58

16.22

6.25

NC

9.09

NC

-7.32

71.88

NC

NC

-2.27

3.70

30.43

NC

23 -17.86

32

37

12

42

43

32

26

44

Partners

177

164

258

146

197

290

204

141

306

201

222

196

217

179

210

277

256

256

311

195

245

234

309

288

274

1.14

5.81

6.17

10.61

13.22

5.07

4.08

2.92

31.90

35.81

34.55

4.26

3.33

4.68

15.38

13.06

-2.66

13.27

2.64

8.33

7.46

-3.31

8.42

13.83

9.16


252

236

304

235

254

361

285

200

366

360

406

399

327

262

286

368

310

342

381

245

346

311

410

360

405

Total emps.

Key and notes: Last year’s rankings have been revised based on 2014 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year. † Accounting Today estimate NC No change NA Not available or not applicable NR Not ranked * Firm estimate

75 77 Skoda Minotti

74 72 Aronson

Plano, Texas

New York City

72 95 Prager Metis

73 80 Montgomery Coscia Greilich

Portland, Maine

71 68 BerryDunn

Baton Rouge, La.

69 63 Hein & Associates

70 71 Postlethwaite & Netterville

Miami

Lancaster, Pa.

Salina, Kan.

68 69 Berkowitz Pollack Brant

67 70 Reinsel Kuntz Lesher

66 93 K-Coe Isom

Dubuque, Iowa

Canfield, Ohio

63 62 Hill, Barth & King

65 66 Honkamp Krueger & Co.

Troy, Mich.

Newport Beach, Calif.

62 58 Doeren Mayhew

Stephen Milner

Carl Coburn

60 64 Clark, Schaefer, Hackett & Co.

61 67 Squar Milner

Mickey Segal

59 56 Nigro Karlin Segal Feldstein & Bolno Los Angeles Cincinnati

David Resnick

Timothy Hammer and Steven Thompson

Seth McDaniel

Brad Shaw

Larry Autrey

Joseph Kask

Richard Kopelman

Blain Heckaman

Chief executive

Indianapolis

Pittsburgh

57 60 Schneider Downs

58 61 Katz, Sapper & Miller

Atlanta

56 57 Frazier & Deeter

Carmel, Ind.

Fort Worth, Texas

54 54 Whitley Penn

55 55 Blue & Co.

West Hartford, Conn.

53 52 BlumShapiro

Miami Atlanta

52 51 Habif, Arogeti & Wynne

Headquarters

51 53 Kaufman Rossin Group

16 15 Firm

RANK

2.02

3.96

8.19

10.85

12.89

3.44

4.40

1.52

21.19

65.90

8.85

3.91

3.15

5.65

14.40

8.88

-4.32

11.04

3.25

7.93

7.12

-6.61

6.49

11.11

6.02

% chg.

24

38

25

27

41

42

50

17

31

22

15

15

18

42

39

49

16

24

43

34

24

46

56

40

27

24

36

41

43

15

20

37

42

30

47

20

20

40

35

52

35

10

38

37

36

23

42

32

45

28

8

4

3 0

0

0

4

5

4

6

0

10 42

22

28

30

39

27 11

9

4 37

10 29

31

6 60

12 53

12 30

13 10

9

6 10

0 74

23 15

20

0 30

50

0 12

4

11

5 40


New York City Cleveland

77 74 Grassi & Co.*

78 79 Cohen & Co.

Buffalo, N.Y.

Los Angeles

Kevin Pulliam

Rick Bennett

Mark O’Connell

Kevin O’Connell

Carl Chatto

Angie McPhee

Diane Medley

Douglas Waite

Alan Litwin

Anthony Caleca

John Rubenacker

Teddy Selinger

Jim Pitrat

Ronald Causey

Thomas Raffa

Donald Luker

and Joseph Torani

Joseph Damiano

Chris Honkomp

Ellis Ende

Timothy McPoland

Stephen Tatone

James DeMartini

Randall Myeroff

Louis Grassi

Larry Taylor

Chief executive

Dec

June

Sept

Dec

Dec

Dec

Dec

Feb

Dec

Dec

April

Dec

Oct

Dec

Dec

May

Dec

Dec

Dec

April

Dec

Dec

Sept

Dec

Dec

Year end 8.73

4.55

5.02

8.88

15.46

10.23

7.46

9.05

0.18

5.65

36.20

36.23

37.80

37.96

38.10

38.50

39.10

39.50

39.60

39.77

40.26

40.60

41.37

5.85

11.51

8.62

14.61

28.28

-3.53

4.57

3.95

9.70

21.99

8.61

2.78

8.75

43.46 -27.15

44.82

44.95

45.10

45.48 111.04

46.00

46.00

46.22

46.30

47.64

49.00

49.80


9

1

4

8

6

17

5

5

4

3

25

2

7

3

2

6

3

7

4

4

6

2

6

3

12

Offices

34

32

19

10

38

24

36

25

15

30

57

25

30

19

17

38

23

29

40

37

15

13

23

31

33

Partners

6.25

18.52

5.56

NC

26.67

NC

-2.70

NC

50.00

42.86

3.64

NC

11.11

35.71

-5.56

NC

9.52

81.25

5.26

5.71

7.14

18.18

15.00

6.90

NC

% chg. 7.11

15.25

10.00

9.81

9.63

9.29

-1.18

185

156

143

179

172

108

182

120

161

227

225

165

145

171

218

187

145

14.20

34.48

NC

11.18

33.33

-5.26

6.43

1.69

NC

24.73

9.76

NC

9.85

8.23

6.34

8.72

4.32

219 130.53

136

264

235

148

200

167

211


8 Revenue reflects sale of state and local tax group at the end of 2014.

NC

7.72

7.84

8.43

10.08

1.26

4.24

% chg.

243

223

190

247

254

179

258

175

206

280

318

205

216

218

274

270

220

13.55

32.74

0.53

6.93

32.98

-2.72

4.88

-1.69

2.49

25.56

7.43

NC

10.77

8.46

5.38

3.05

6.28

278 124.19

206

349

289

193

273

242

295

Total emps.

Key and notes: Last year’s rankings have been revised based on 2014 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year. * Firm estimate † Accounting Today estimate NC No change NA Not available or not applicable NR Not ranked

R. Cucamonga, Calif.

Atlanta

99 NR Bennett Thrasher

100 97 Vavrinek, Trine, Day & Co.

Boston

Sacramento, Calif.

97 NR Macias Gini & O’Connell

98 96 Wolf & Co.

Portland, Maine

Denver

Louisville, Ky.

North Hollywood, Calif.

Providence, R.I.

St. Louis

Evansville, Ind.

96 NR Baker Newman & Noyes

95 85 RGL Forensics*

94 90 Mountjoy Chilton Medley

93 88 Miller Kaplan Arase

92 94 KLR

91 NR Brown Smith Wallace

90 91 Kemper CPA Group

Garden City, N.Y.

88 87 SingerLewak

89 86 Margolin, Winer & Evens

Sparks, Md.

Washington, D.C.

Atlanta

Clifton, N.J.

St. Cloud, Minn.

87 59 SC&H Group8

86 83 Raffa

85 75 Mauldin & Jenkins

84 82 SaxBST

83 NR BerganKDV

New York City

81 78 Freed Maxick

82 76 Raich Ende Malter & Co.

Salem, Ore.

80 81 AKT

Redwood City, Calif.

Roseville, Calif.

76 73 Gallina

79 84 Seiler

Headquarters

16 15 Firm

RANK

76

29

44

67

38

0

42

61

30

36

40

60

43

23

51

65

42

19

40

37

27

8

46

49

43

18

59

24

12

51

0

35

15

40

31

39

30

41

21

11

29

40

45

60

38

35

71

39

36

45

7

0

0

0

0

0

4

5

0

8

0

0

0

6

4

0

8

0 32

7 14

11

0 100

8 15

19

30

25

21

10

3 13

56

38

2

1 17

8 28

0

25

14 24

0 21

1 14

8

12


regional overview

Strong regional performances lure M&A-minded large firms

O

verall, it was a good year for the firms in our ten sub-regions of the U.S., with all of them turning in respectable-to-strong growth — despite being frequently raided as merger targets by the national and larger regional accounting firms. Hardly any of the regions escaped 2015 without losing at least a member or two to roving acquirers, many of whom were larger firms from nearby regions looking to expand beyond their native marketplaces. The Gulf Coast Region (below) was particularly hard hit — but nonetheless turned in above-trend growth, with the average firm rate at 9.45 percent.

At the same time, mergers created some formidable competitors in certain regions — West Virginia’s Arnett Carbis Toothman, for instance, took a major leap up among Capital Region firms through a merger in early 2015, while the Midwest’s BerganKDV jumped onto both the Regional Leaders’ list and the Top 100 through a similar combination. All in all, merger-led growth outstripped the organic kind, with higher rates for both serial acquirers and those who crafted just one careful union. On a procedural note, sharp-eyed readers will spot that we do not include a number of firms from the Top 100 in our Regional Leaders’ lists. The Big Four

and the major national firms are left out because they are too widespread to be considered primarily in terms of any one particular geography. This year, after looking at the firm’s expansion and its national reach, we’ve removed Baker Tilly Virchow Krause from the Great Lakes Regional Leaders, and placed it in the ranks of supra-regional firms. And finally, as always, we’ll end by saying that we’re constantly on the lookout for more Regional Leaders; if you think your firm should be considered for these lists, please contact us at [email protected] and we’ll make sure you get sent a survey for next year’s report. AT

THE 2016 REGIONAL LEADERS Top Firms: Gulf Coast Alabama, Florida, Louisiana and Mississippi Total revenue: $845.04 million. Average firm growth: 9.45% M&A changed the Regional Leaders roster here in a major way, with Averett Warmus Durkee, Cross Fernandez & Riley and Sellers, Richardson, Holman & West all merging out.

Firm Carr, Riggs & Ingram Warren Averett MBAF CPAs Horne Kaufman, Rossin Group Berkowitz Pollack Brant Postlethwaite & Netterville Jackson Thornton & Co. LaPorte Daszkal Bolton Goldstein Schechter Koch Heard, McElroy & Vestal Barfield, Murphy, Shank & Smith The LBA Group Saltmarsh, Cleaveland & Gund Gerson, Preston, Robinson, Klein, Lips & Eisenberg

Headquarters Enterprise, Ala. Birmingham, Ala. Miami Ridgeland, Miss. Miami Miami Baton Rouge, La. Montgomery, Ala. Metairie, La. Boca Raton, Fla. Coral Gables, Fla. Shreveport, La. Birmingham, Ala. Jacksonville, Fla. Pensacola, Fla.

Rev. $ mn. 195.14 123.30 94.00 80.31 73.90 56.00 53.16 27.33 23.34 19.35 18.30 17.20 16.80 16.00 15.62

Miami

14.29

Notes: * Firm estimate or projection

24

NC No change

% Professchg. Offices Partners ionals 14.11 24 143 747 8.35 14 129 512 9.30 10 24 393 11.05 13 21 404 11.13 9 44 274 12.00 3 16 141 7.68 8 28 290 0.07 5 23 130 7.36 4 12 101 10.57 3 12 87 -1.08 4 14 68 NC 2 14 69 5.99 1 16 67 5.12 1 16 70 5.97 4 17 91 1.06

2

NA Not available/applicable

5

46

Total emps. 1,048 896 487 537 405 200 361 191 145 126 116 108 104 104 124 66

———— Fee split ———— A&A Tax MAS Other 51 40 9 0 34 35 11 20 33 46 14 7 32 9 49 10 27 28 5 40 17 42 4 37 42 20 27 11 31 29 15 25 52 39 9 0 23 73 1 3 24 57 8 11 40 42 14 4 32 36 11 22 18 49 13 20 37 28 4 31 NA

NA

NA

NA

regional leaders

Top Firms: Mid-Atlantic New Jersey, New York and Pennsylvania Total revenue: $2,974.06 million. Average firm growth: 7.62% The Mid-Atlantic Region’s results were up slightly over last year — often as a result of M&A, though in this case it didn’t change the roster much, as most of these firms were in acquisition mode in 2015.

Firm

Headquarters

Rev. $ mn.

% Professchg. Offices Partners ionals

Total emps.

———— Fee split ———— A&A Tax MAS Other

CohnReznick

New York City

604.00

5.04

30

292

1,923

2,745

55

28

8

9

Marcum

New York City

412.43

7.01

23

199

856

1,414

45

37

6

12

EisnerAmper

New York City

284.50

0.71

6

176

1,094

1,282

48

39

13

0

Citrin Cooperman & Co.

New York City

195.00

11.43

7

156

450

708

46

43

7

4

WeiserMazars

New York City

171.00

8.50

7

107

500

738

40

40

20

0

PKF O’Connor Davies

New York City

126.00

17.21

10

108

426

631

60

29

11

0

Withum

Princeton, N.J.

114.73

8.79

12

40

388

576

39

42

2

17

Marks Paneth

New York City

112.00

9.80

5

40

419

554

61

27

1

11

Berdon*

New York City

104.00

2.97

2

40

306

409

35

45

20

0

The Bonadio Group*

Pittsford, N.Y.

102.30

21.50

10

74

400

539

42

26

11

21

Anchin

New York City

98.00

4.26

1

54

223

364

44

43

13

0

Friedman

New York City

84.00

7.69

8

71

285

423

50

43

7

0

Schneider Downs Reinsel Kuntz Lesher

Pittsburgh

66.16

11.03

2

37

311

381

43

37

20

0

Lancaster, Pa.

57.00

14.90

13

38

306

366

31

30

10

29

Prager Metis

New York City

50.78

42.64

8

43

146

235

27

43

30

0

Grassi & Co.*

New York City

49.00

7.46

3

31

167

242

49

36

8

7

Freed Maxick Raich Ende Malter & Co.

4

37

264

349

37

38

25

0

4

40

136

206

40

60

0

0 17

45.10

5.65

3

23

145

220

42

40

1

40.60

2.78

2

25

165

205

60

30

10

0

Livingston, N.J.

34.00

3.03

4

26

115

173

56

30

14

0

Kreischer Miller Untracht Early*

5.02 4.55

Clifton, N.J.

Wiss & Co. Janover

46.00 46.00

Garden City, N.Y.

SaxBST Margolin, Winer & Evens

Buffalo, N.Y. New York City

Horsham, Pa.

31.00

6.90

1

16

153

201

43

38

13

6

Garden City, N.Y.

27.90

4.61

2

21

95

155

30

57

10

3

Florham Park, N.J.

22.70

10.62

3

8

106

125

23

65

4

8

Woodbury, N.Y.

18.00

1.81

2

17

50

82

44

37

0

19

Gettry Marcus Buchbinder Tunick & Co.

New York City

17.61

13.61

3

18

68

98

79

15

6

0

Boyer & Ritter

Camp Hill, Pa.

14.25

9.87

4

11

53

82

52

37

4

7


NC No change


No. of firms from New York City in the Top 100:

17 25

regional leaders

Top Firms: Capital Region Delaware, Maryland, Virginia, Washington, D.C., and West Virginia Total revenue: $548.57 million. Average firm growth: 8.24% While not the strongest-performing part of the country, the Capital Region was up significantly over last year, with a number of double-digit scores — include the 59 percent generated by Arnett Carbis Toothman by an early 2015 merger. Firm Kearney & Co. Aronson Raffa SC&H Group Inc.1 PB Mares Arnett Carbis Toothman2

Headquarters

Rev. $ mn.


Total emps.


Alexandria, Va.

109.10

20.15

2

13

496

546

71

0

29

0

Rockville, Md.

50.40

5.51

1

30

164

236

38

36

22

4

Washington, D.C.

44.82

9.05

2

17

218

274

51

11

38

0

Sparks, Md.

43.46

-27.15

3

19

171

218

23

21

56

0

Newport News, Va.

35.24

16.38

9

38

121

201

31

42

19

8

Charleston, W. Va.

33.04

59.00

9

30

167

241

37

30

33

0

Alexandria, Va.

29.00

16.00

1

11

159

180

40

0

18

42

Roanoke, Va.

26.04

3.66

7

26

139

195

68

32

0

0

Falls Church, Va.

25.39

5.66

8

15

121

156

79

14

7

0

Cotton & Co.* Brown, Edwards & Co. Johnson Lambert Calibre CPA Group

Bethesda, Md.

23.53

12.10

3

16

108

150

77

11

0

12

Baltimore

23.39

25.01

3

10

77

114

32

36

5

27

Ellin & Tucker Chartered Keiter

Glen Allen, Va.

23.07

3.45

1

12

92

134

32

61

2

5

Yount, Hyde & Barbour

Winchester, Va.

23.01

1.01

9

19

84

125

42

44

12

2

Gelman, Rosenberg & Freedman

Bethesda, Md.

22.00

0.92

1

11

72

106

72

26

2

0

Baltimore

19.68

4.74

2

14

78

113

40

30

30

0

Hagerstown, Md.

17.40

2.96

5

21

110

159

34

33

25

8

Gross Mendelsohn & Associates Smith Elliott Kearns & Co.

Notes: * Firm estimate or projection NC No change NA Not available/applicable 1 Revenues reflect sale of SALT group at the end of 2014. 2 Changed name to Arnett Carbis Toothman in January 2015 merger; merged figures were not reported last year.

6.96% 9.95%

9.26%

14.66% 10.17%

7.62%

8.24% 9.13%

Where the growth is Average individual firm growth rate, in percent by region

26

8.47% 9.45%

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regional leaders

Top Firms: New England Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont Total revenue: $421.24 million. Average firm growth: 9.26% Overall revenue was up over last year for the leading firms in the region — despite the acquisition of perennial Regional Leader Feeley & Driscoll by BDO early this year — and average firm growth was up significantly, notably at Maine’s Baker Newman & Noyes, which joined the Top 100 this year based on growth of almost 30 percent.

Firm

Rev. $ mn.

Headquarters

BlumShapiro


Total emps.


West Hartford, Conn.

72.70

6.13

5

32

309

410

56

32

4

8

Portland, Maine

52.38

1.22

5

17

197

254

41

15

39

5

BerryDunn KLR

Providence, R.I.

39.60

9.70

4

15

161

206

30

40

30

0

Baker Newman & Noyes

Portland, Maine

38.10

28.28

6

38

172

254

38

51

11

0 32

Boston

37.80

8.62

4

19

143

190

44

24

0

Whittlesey & Hadley

Wolf & Co.

Hartford, Conn.

22.10

28.49

3

20

123

158

55

25

20

0

DiCicco, Gulman & Co.

Woburn, Mass.

20.70

6.70

2

18

87

125

38

45

17

0

Gray, Gray & Gray

Canton, Mass.

18.90

20.38

3

7

88

113

46

30

24

0

Boston

16.40

13.34

1

10

56

80

18

57

0

25 13

Edelstein & Co. O’Connor & Drew Macpage

Braintree, Mass.

14.40

9.92

2

13

63

88

73

14

0

South Portland, Maine

13.25

-1.85

4

18

70

100

37

33

21

9

Boston

12.98

10.94

2

10

40

57

35

61

4

0

Braintree, Mass.

12.40

5.08

2

12

45

80

50

30

20

0

Nashua, N.H.

11.18

4.49

5

12

64

89

73

23

3

1

Warwick, R.I.

10.40

5.69

1

8

42

63

28

57

15

0

South Burlington, Vt.

10.20

5.92

2

11

55

80

NA

NA

NA

NA

Holyoke, Mass.

9.60

-4.95

1

6

40

59

55

41

4

0

Chestnut Hill, Mass.

8.15

8.09

1

10

27

45

32

63

5

0

Walter & Shuffain KAF Melanson Heath DiSanto Priest & Co. Gallagher Flynn & Co. Meyers Brothers Kalicka Abrams Little-Gill Loberfeld


NC No change


Where the growth is Average individual firm growth rate, in percent by region

15

12

9

6

3 0 The Midwest

28

Great Lakes

The West

Gulf Coast

New England

The The Southwest Southeast

Capital Region

MidAtlantic

Mountain

regional leaders

Top Firms: Mountain Colorado, Idaho, Montana, Utah and Wyoming Total revenue: $315.67 million. Average firm growth: 6.95% Revenues and growth rates were respectable, but not quite as high as last year in this region, perhaps reflecting low oil prices and a general weakening of the energy boom of the past few years — but that didn’t stop large firms from other regions from sweeping in to pick up local presences.

Firm

Headquarters

Rev $ mn.


Total emps.


EKS&H

Denver

95.10

17.12

4

39

388

525

43

40

17

0

Hein & Associates

Denver

53.69

-3.12

4

36

204

285

50

37

9

4

RGL Forensics*

Denver

38.50

-3.53

17

24

108

179

0

0

0

100

Helena, Mont.

26.10

3.45

7

48

NA

230

NA

NA

NA

NA

Salt Lake City

17.79

12.38

1

11

67

90

61

25

11

3

Denver

16.33

15.49

3

13

74

104

45

45

10

0

Orem, Utah

15.42

14.39

1

16

57

89

33

30

30

7

Grand Junction, Colo.

13.37

5.03

4

13

52

84

21

61

7

11

Salt Lake City

10.60

-5.36

4

5

42

58

43

43

5

9

St. George, Utah

10.37

6.69

6

12

55

83

53

36

0

11

Anderson ZurMuehlen & Co. Tanner Anton Collins Mitchell Squire & Co. Dalby, Wendland & Co. Haynie & Co. HintonBurdick Joseph Eve

Great Falls, Mont.

9.50

11.76

4

3

42

58

76

6

7

11

Mantyla McReynolds

Salt Lake City

8.90

14.10

1

10

48

62

47

36

17

0


NC No change


Top Firms: Southeast Arkansas, Georgia, Kentucky, North Carolina, South Carolina and Tennessee Total revenue: $1,043.85 million. Average firm growth: 8.47% Overall revenue was up from last year, but growth rates were off by a few percentage points. They were flattered last year by the combination of regional powerhouses Elliott Davis and Joseph Decosimo, and while there was still plenty of M&A activity in 2015, there were no high-profile hookups. And in the end, growth over 8 percent is nothing to sneeze at, and the region did manage to produce a new member of the T100, in Atlanta’s Bennett Thrasher. Headquarters

Rev. $ mn.


Charlotte, N.C.

371.00

9.76

29

159

1,329

1,847

33

33

34

0

Richmond, Va.

143.80

9.94

12

56

619

836

44

46

10

0

Greenville, S.C.

117.00

6.75

18

93

546

791

46

42

12

0

Brentwood, Tenn.

82.32

11.64

3

46

397

528

23

28

21

28

Firm Dixon Hughes Goodman Cherry Bekaert Elliott Davis Decosimo1 LBMC

Total emps.


Habif, Arogeti & Wynne

Atlanta

73.53

7.25

2

26

288

360

40

45

11

4

Frazier & Deeter

Atlanta

66.94

8.63

5

12

195

245

34

36

0

30

Atlanta

44.95

0.18

6

38

187

270

65

29

2

4

Louisville, Ky.

39.10

4.57

5

36

182

258

42

35

8

15

Mauldin & Jenkins Mountjoy Chilton Medley Bennett Thrasher

Atlanta

36.23

11.51

1

32

156

223

29

59

4

8

Smith & Howard

Atlanta

24.90

10.32

1

10

63

96

40

55

5

0

Atlanta

22.67

4.71

1

13

108

147

NA

NA

NA

NA

Lexington, Ky.

21.41

1.61

2

33

81

140

34

41

25

0

Windham Brannon Dean Dorton Allen Ford Notes: * Firm estimate or projection

NC No change


1 Created in January 2015 from the merger of Elliott Davis and Joseph Decosimo & Co.

29

regional leaders

Top Firms: Great Lakes Illinois, Indiana, Michigan, Ohio and Wisconsin Total revenue: $1,790.12 million. Average firm growth: 10.17% Our designating Baker Tilly Virchow Krause a national firm led to an apparent drop in revenue for this region compared to last year, but the remaining firms actually upped their games in terms of growth, with firms of all sizes contributing, from Wipfli (with a number of acquisitions) down to smaller firms like Porte Brown and Maner Costerisan. Headquarters

Rev. $ mn.

Southfield, Mich.

465.86

7.57

20

265

1,522

2,170

39

26

35

0

Milwaukee

227.00

25.42

32

181

989

1,504

30

31

39

0 19

Firm Plante Moran Wipfli Rehmann


Total emps.


Saginaw, Mich.

116.00

6.42

20

60

554

817

34

36

11

Sikich

Naperville, Ill.

115.70

8.64

12

51

540

652

27

16

54

3

FGMK

Chicago

91.00

4.60

2

65

312

398

13

32

55

0

Schenck

Appleton, Wis.

78.01

9.04

10

61

356

531

34

39

20

6

Blue & Co.

Carmel, Ind.

70.76

9.88

10

42

245

346

24

23

50

3

Katz, Sapper & Miller

Indianapolis

65.94

14.76

3

32

256

342

24

38

23

15

Cincinnati

63.60

16.29

6

27

277

368

49

35

6

10 10

Clark, Schaefer, Hackett & Co.

Troy, Mich.

61.91

2.91

3

28

179

262

42

35

13

Hill, Barth & King

Doeren Mayhew

Canfield, Ohio

60.00

7.14

11

43

217

327

18

40

12

30

SVA

Madison, Wis.

58.70

10.50

6

24

196

399

15

20

12

53

Skoda Minotti

Cleveland

50.14

13.98

4

23

177

252

24

24

10

42

Cohen & Co.

Cleveland

47.64

10.23

6

23

200

273

46

39

1

14

Kemper CPA Group Rea & Associates

Evansville, Ind.

40.26

8.61

25

57

225

318

40

39

21

0

New Philadelphia, Ohio

35.29

6.39

11

22

153

215

43

33

10

14

Saginaw, Mich.

31.11

-6.32

8

14

154

207

22

26

24

28

Indianapolis

30.16

4.87

1

28

92

159

39

30

31

0

Chicago

24.70

6.01

1

16

83

124

33

54

13

0

Yeo & Yeo Somerset CPAs ORBA Porte Brown

Elk Grove Village, Ill.

21.70

23.30

1

NA

NA

109

NA

NA

NA

NA

Lansing, Mich.

18.24

24.42

1

23

61

98

45

23

8

24

Miamisburg, Ohio

16.40

2.50

4

23

69

106

34

54

12

0

Maner Costerisan Brady Ware & Co.*


NC No change


No. of Chicago-based firms in the Top 15:

No. in the Top 10: 30

5 4

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regional leaders

Top Firms: Midwest Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota Total revenue: $1,301.41 million. Average firm growth: 14.66% The Midwest had the strongest year of all the regions, ending 2015 well up in both revenue and average growth rates, which were helped by extensive M&A by Eide Bailly, and the creation of BerganKDV by a merger. Rev. $ mn.


Total emps.


Firm

Headquarters

BKD

Springfield, Mo.

496.5

11.37

35

260

1,695

2,426

48

31

21

0

Fargo, N.D.

224.6

14.94

26

116

1,415

1,857

41

41

9

9

Eide Bailly RubinBrown Honkamp Krueger & Co.

St. Louis

78.53

6.68

5

27

416

508

44

37

19

0

Dubuque, Iowa

58.40

10.40

9

22

222

406

15

20

6

60

K-Coe Isom

Salina, Kan.

57.60

59.56

17

55

201

360

22

47

31

0

BerganKDV

St. Cloud, Minn.

45.48

111.04

7

29

219

278

19

45

8

28

St. Louis

39.77

21.99

3

30

227

280

36

31

25

8

Grand Forks, N.D.

30.66

8.88

5

32

116

189

49

41

10

0 25

Brown Smith Wallace Brady, Martz & Associates Lutz & Co. Lurie

Omaha, Neb.

29.28

8.04

1

28

95

144

32

34

9

Minneapolis

28.50

1.42

1

17

83

120

32

45

18

5

St. Louis

28.30

4.43

1

NA

NA

NA

19

48

2

31 15

Anders Boulay Mize Houser & Co. Abdo, Eick & Meyers

Minneapolis

26.12

7.22

2

27

100

154

34

45

6

Topeka, Kan.

24.63

5.94

3

20

113

210

63

27

10

0

Mankato, Minn.

20.91

31.51

2

22

104

143

40

55

5

0

St. Paul, Minn.

18.55

7.85

2

15

95

145

47

40

13

0

Kansas City, Mo.

17.00

23.19

1

17

101

136

45

34

21

0

Seim Johnson

Omaha, Neb.

16.55

3.18

1

20

45

82

41

30

29

0

Mueller Prost

St. Louis

15.76

12.57

3

14

87

118

28

44

28

0

Redpath & Co. MarksNelson

Springfield, Mo.

15.50

6.90

2

24

53

102

47

31

22

0

Olsen Thielen & Co.

KPM*

St. Paul, Minn.

15.17

2.29

2

11

71

100

40

33

27

0

Williams-Keepers

Columbia, Mo.

13.60

7.09

2

14

52

88

52

45

3

0


NC No change


Where the money is Combined 2015 revenues, in millions of dollars by region

3000 2500 2000 1500 1000 500 0 MidAtlantic

32

Great Lakes

The West

The Midwest

The Southeast

Gulf Coast

The Southwest

Capital Region

New England

Mountain

regional leaders

Top Firms: Southwest Arizona, New Mexico, Oklahoma and Texas Total revenue: $564.26 million. Average firm growth: 9.13% The region’s average growth rate was right around that of the Top 100 Firms, and its total revenue was up significantly, so 2015 was a great year for the Southwest. It was also one of the few regions whose roster of Leaders was not disrupted by M&A (though it certainly contributed to their growth, as it did everywhere else).

Rev. $ mn. 95.10 72.44 50.68 34.80 31.44 27.89 25.08 24.90 23.65 23.60 23.01 21.00 21.00 20.78 20.10 15.09 12.90 11.78 9.02

Firm Headquarters Weaver Fort Worth, Texas Whitley Penn Fort Worth, Texas Montgomery Coscia Greilich Plano, Texas Padgett, Stratemann & Co. San Antonio Briggs & Veselka Co. Houston REDW Albuquerque, N.M. Hagen, Streiff, Newton & Oshiro Dallas Cain Watters & Associates Plano, Texas BeachFleischman Tuscon, Ariz. PKF Texas Houston Maxwell Locke & Ritter Austin, Texas TravisWolff Dallas Lane Gorman Trubitt Dallas Johnson Miller & Co. Odessa, Texas Henry & Horne Tempe, Ariz. RPC Albuquerque, N.M. Brown, Graham & Co. Amarillo, Texas MaloneBailey Houston MiddletonRaines+Zapata Houston Notes: * Firm estimate or projection

NC No change

% Professchg. Offices Partners ionals 7.95 9 38 377 9.34 4 43 234 18.25 3 25 258 6.72 3 17 131 5.79 2 20 129 6.33 2 13 133 5.11 16 16 55 9.69 1 10 70 8.34 2 25 83 3.55 1 13 94 10.68 2 20 64 11.11 1 7 88 5.00 1 16 68 -1.61 3 14 89 5.24 3 14 87 18.54 8 8 101 0.78 7 24 60 18.39 1 7 40 91.10 3 7 43

Total emps. 505 311 304 187 173 183 89 126 144 125 95 114 98 115 130 127 110 53 62

———— Fee split ———— A&A Tax MAS Other 33 43 15 9 46 42 0 12 25 41 28 6 49 41 10 0 41 48 8 3 48 24 12 16 0 0 68 32 10 17 0 73 31 52 3 14 54 46 0 0 37 42 19 2 25 65 10 0 55 38 0 7 30 49 6 15 32 58 5 5 33 5 21 41 21 60 3 16 100 0 0 0 20 65 15 0


Where the money is Combined 2015 firm revenues

Top 7 Firms ($47.12 bn)

Regional Leaders ($11.56 bn)

T100 over $100 mn ($8.30 bn)

T100 under $100 mn ($3.61 bn)

33

regional leaders

Top Firms: West California, Nevada, Oregon and Washington Total revenue: $1,767.01 million. Average firm growth: 9.95% Interestingly, the West boosted its overall revenues from last year, even as its average firm growth was down a bit — though still above the average for the Top 100. This was another part of the country where the Regional Leaders boosted themselves by mergers, rather than being fodder for outside acquirers, which helps explain the large number of firms with double-digit growth rates.

Headquarters

Rev. $ mn.

Seattle

477.00

11.19

24

268

1,564

2,354

45

37

18

0

San Ramon, Calif.

164.25

26.85

7

68

518

669

25

33

36

6 11

Firm Moss Adams Armanino Novogradac & Co.


Total emps.


San Francisco

117.07

13.29

20

44

370

493

57

29

3

Holthouse Carlin & Van Trigt W. Los Angeles, Calif.

110.65

11.18

10

38

318

428

18

74

0

8

78.30

8.75

6

42

294

422

36

51

12

1

Burr Pilger Mayer

San Francisco

Frank, Rimerman + Co.

Palo Alto, Calif.

74.90

6.76

5

24

312

340

28

62

10

0

Nigro Karlin Segal Feldstein & Bolno Los Angeles

65.00

4.84

5

23

256

310

16

10

0

74

Newport Beach, Calif.

62.00

19.23

4

30

210

286

39

52

9

0

Roseville, Calif.

49.80

8.73

12

33

211

295

43

45

12

0

Redwood City, Calif.

46.30

15.46

2

13

148

193

8

71

0

21

Salem, Ore.

46.22

8.88

6

15

235

289

27

35

14

24 13

Squar Milner Gallina Seiler AKT SingerLewak

Los Angeles

41.37

8.75

7

30

145

216

43

41

3

North Hollywood, Calif.

39.50

3.95

5

25

120

175

61

15

19

5

Sacramento, Calif.

37.96

14.61

8

10

179

247

67

12

7

14

Rancho Cucamonga, Calif.

36.20

5.85

9

34

185

243

76

18

6

0

Bellevue, Wash.

34.20

2.86

1

19

136

186

50

48

0

2

Miller Kaplan Arase Macias Gini & O’Connell Vavrinek Trine Day Clark Nuber Gursey | Schneider

Los Angeles

31.50

0.64

4

11

105

145

4

32

0

64

Seattle

29.20

10.61

1

19

114

157

45

55

5

0

Glendale, Calif.

27.50

2.38

4

35

62

121

36

50

14

0

Long Beach, Calif.

24.80

3.77

3

16

84

128

42

50

2

6 16

Peterson Sullivan Hutchinson and Bloodgood Windes Green Hasson Janks

Los Angeles

24.30

3.40

1

12

94

123

32

34

18

Portland, Ore.

22.87

4.33

2

19

104

148

26

43

22

9

Pleasanton, Calif.

20.70

21.05

6

18

77

121

48

46

1

5

Santa Monica, Calif.

20.00

-6.54

1

11

79

105

40

50

8

2

Portland, Ore.

19.22

1.75

1

17

77

116

30

65

5

0 3

Perkins & Co.* Sensiba San Filippo Gumbiner Savett Geffen Mesher & Co. Abbott, Stringham & Lynch

San Jose, Calif.

17.80

7.88

1

13

55

82

33

62

2

San Francisco

17.20

12.42

3

11

76

94

43

49

8

0

Los Angeles

17.20

3.61

1

10

74

91

37

49

5

9

Hood & Strong

San Francisco

14.00

-6.67

3

14

60

85

61

39

0

0


NC No change

OUM & Co. NSBN*

No. of California firms in the Top 100: 34

13

firm highlights

2016 firm highlights AKT: Admitted its largest partner class ever. In January 2016, transitioned to first new chief executive officer in 30 years. Anchin: Number of professionals grew 11 percent, and overall staff 7 percent. Armanino: Launched business management and family office service offerings. In January 2015, merged in Silicon Valley-based Berger Lewis Accountancy Corp. In June, agreed to merge with Los Angeles-based RBZ. In September, merged in Silicon Valley-based Brenner Group. In January 2016, merged in Woodland Hills, Calif.-based LaRue, Corrigan, McCormick & Teasdale. Partnered with Convergent Computing to expand Microsoft Cloud Solutions practice. Aronson: In February 2015, acquired GSA schedule consulting business of Deltek’s Washington Management Group. Launched a financial advisory services practice. Saw growth in technology risk services practice. Baker Newman & Noyes: New to the list. In January 2015, merged in Manchester, N.H.-based William Steele & Associates. In July, merged in Boston-based Shatswell, MacLeod & Co. In November, merged in Portsmouth, N.H.-based Albert Stowe CPA. In January 2016, named new managing principal. Baker Tilly Virchow Krause: In June 2015, merged in Michigan-based Wolinski & Co.; announced merger with Troy, Mich.-based Global Development Partners. In August, announced merger with Pennsylvania-based SF&Co. Elected new chief executive officer to take office in June 2016. BDO USA: Topped $1 billion in revenue. In June 2015, merged in St. Louis-based Stone Carlie & Co. In August, merged in Central Florida-based Cross, Fernandez & Riley. In December, merged in Carlsbad, Calif.-based CEA. In January 2016, an-

nounced merger with Boston-based Feeley & Driscoll. Bennett Thrasher: New to the list. In July 2015, acquired Taylor Consulting Group. Marked its 35th anniversary. Named an Accounting Today Best Firm to Work For. Berdon: Fastest growing specialty service — industry specializations. Fastest growing client category — real estate. BerganKDV: New to the list. Formed by the July 2015 merger of Bergan Paulsen and KDV. Berkowitz Pollack Brant: Added a new CAS business line, Accounting Intelligence. Marked its 35th anniversary. Laid out a management transition plan at the executive level.

In January 2016, installed new managing partner. Switched from being an LLC to an LLP. Named an Accounting Today Best Firm to Work For. Burr Pilger Mayer: Increased staff by over 18 percent. Named an Accounting Today Best Firm to Work For. Carr, Riggs & Ingram: In February 2015, merged in Oneonta, Ala.-based Self, Maples & Copeland, and The Woodlands, Texas-based Oman Berry & Associates and BOI Consulting. In September, merged in Jacksonville, Fla.-based Harbeson, Fletcher & Bateh. CBIZ/Mayer Hoffman McCann: Realigned five offices in Southern California to form a single business unit. In July 2015, named a new president for MHM. In January 2016, acquired San Diego-based Millimaki Eggert.

BerryDunn: In January 2015, merged in Concord, N.H.-based Brad Borbidge.

Cherry Bekaert: In January 2015, merged in North Carolina-based Thomas, Knight, Trent, King and Co.

BKD: In December 2015, merged in Wichita, Kan.-based Peterson, Peterson & Goss. Added a public sector consulting practice to its risk advisory services division. Named a principal partner for accounting and related services by the Construction Financial Management Association.

Citrin Cooperman & Co.: In July 2015, rebranded with new tagline and Web site; merged in Real-Time Computer Services. In August, merged in Bethesda, Md.-based Regardie, Brooks & Lewis. In October, merged in New York City-based Joel Popkin & Co.

Blue & Co.: In July 2015, merged in Cincinnati-based Ossege, Mann & Combs. In January 2016, merged in Cincinnati-based Fleming, Brockschmidt & Durkin and Lubbock, Texas-based JW Anderson & Associates. BlumShapiro: Merged in Newton, Mass.-based Schneider & Schneider. In January 2016, appointed new chief executive officer. The Bonadio Group: In January 2015, merged in Central New York-based Testone, Marshall & Discenza. Launched Bonadio Corporate Security Services. Brown Smith Wallace: New to the list. In December 2015, merged in Creve Coeur, Mo.-based Bergman, Schraier & Co.

Clark, Schaefer, Hackett & Co.: Saw revenue growth of almost 16 percent. CliftonLarsonAllen: In January 2015, installed new chief executive officer. Entered five new major markets. Established the CLA Foundation; CLA Trust Company to support wealth advisory clients; and CLA Global as a joint venture to support U.K. clients. In May, merged in Tampa, Fla.based HighWire Telecom. In July, merged in New Bedford, Mass.-based Hodgson Pratt Pratt & Saunders. In September, merged in Texas-based Sanford, Baumeister & Frazier, and information security consulting firm TrustCC. In November, merged in Tucson Ariz.-based Camp Lowell CPAs; Pittsburgh-based KFMR Katz Ferraro McMurtry; and Waltham, Mass.-based

35

firm highlights Accounting Management Solutions. In December, merged in Pasadena, Calif.-based Stanislawski & Harrison; Midwest-based Titus; and Overland Park, Kansas-based Gottlieb, Flekier & Co. In January 2016, merged in four more accounting firms. Cohen & Co.: Opened a New York City office. In January 2016, merged in Detroit-based GHD CPAs & Advisors. CohnReznick: In March 2015, announced plan to merge in real estate consulting boutique NOI Strategies. In May, elected new chief executive officer. Expanded advisory practice, and increased presence in Chennai, India. Crowe Horwath: In April 2015, installed new chief executive officer. In July, merged in Connecticut-based Saslow Lufkin & Buggy. In December, rolled out new dress code and remote-work policies. Deloitte: In February 2015, became the first Big Four firm to elect a female chief executive. In June, acquired measurement service provider LRA Worldwide. In July, acquired life sciences consulting firm CIS. In September, acquired leadership consultancy Kaisen Consulting. Dixon Hughes Goodman: Added a chief people officer. Continued to develop new service offerings, mostly in advisory services. Saw strong growth in service lines related to private equity. In January 2016, announced merger with Baltimore-based Stegman & Co. Doeren Mayhew: In August 2015, acquired Farmington, Mich.-based dental CPA firm Davis and Davis. In September, announced merger with credit union specialist Orth, Chakler, Murnane & Co. Eide Bailly: In June 2015, announced merger with Tulsa, Okla.-based Sartain Fischbein & Co. In July, announced merger with Ogden, Utah-based James & Co. In October, announced merger with Arizona-based Beckman & Kunkin. In November, announced mergers with Enterprise, Ore.-based Edison, Perry & Co., and Billings, Mont.-based Schafer & Associ-

36

No. of mergers reported by the T100:

125

ates; elected managing partner to second three-year term. Added an R&D tax credit group. EisnerAmper: Formed EisnerAmper Global and added locations in Ireland, the Caymans and Israel. Added a digital forensics lab, and started EisnerAmper Portfolio Analytics. In July 2015, added founder and staff of New York City-based Harold Zoref LLP. In November, announced mergers with South Florida-based Mallah Furman and California-based Ueltzen & Co.; consolidated Pennsylvania locations in Philadelphia. EKS&H: Opened office in San Francisco. Continued to expand business analytics offerings. Elliott Davis Decosimo: In January 2016, merged in Tennessee-based Crowell & Crowell. Ernst & Young: In August 2015, partnered with software provider Hortonworks on new data management offerings. In September, merged in Washington, D.C.based tax law firm Burt, Staples & Maner. In November, merged in New York-based digital services company NorthPoint Digital. In December, merged in enterprise project portfolio management firm UMT Consulting Group. In January 2016, merged in New York City-based Family Office Metrics. In February, added BCRS Associates.

FGMK: Continued to build national footprint in IT. Created a specialty tax services practice, and expanded management consulting services. Frank, Rimerman + Co.: Significantly enhanced its management development curriculum. Marked its 65th anniversary. Frazier & Deeter: Named an Accounting Today Best Firm to Work For. Freed Maxick: In July 2015, announced new managing director. Created a professional development officer position. Saw “substantial growth” in its health care practice. Friedman: In January 2015, named new co-managing partners. Expanded forensic accounting, litigation support and valuation services and corporate recovery services teams. Launched a statement of purpose and core values. In January 2016, merged in Philadelphia-based Shechtman Marks Devor. Gallina: In January 2015, merged in Midvale, Utah-based Leverich Group. Grant Thornton: Saw double-digit gains in its consumer and industrial products, energy and financial services groups. Opened a new office in Jacksonville, Fla. Launched a new flexible time-off policy that lets employees take vacation time without a set number of days off. Grassi & Co.: In September 2015, merged in Long Island-based Rispoli and Co. Added a state and local sales tax practice. Habif, Arogeti & Wynne: Re-elected managing partner. Introduced CAS and payroll services. Saw significant growth in title industry service line, ComplianceSuccess. Hein & Associates: Expanded international tax and transactional advisory services teams. In January 2016, named new managing partner. Hill, Barth & King: In October 2015, merged in Columbus, Ohio-based Norman, Jones, Enlow & Co. Holthouse Carlin & Van Trigt: Re-

firm highlights freshed its brand and rolled out a new Web site. Established a women’s initiative. Expanded its Orange County office with an audit practice. Promoted its largest-ever class of partners. At year’s end, merged in Northern California-based real estate tax services firm Zeigler & Associates. 2016 marks its 25th anniversary. Honkamp Krueger & Co.: In January 2016, merged in Davenport, Iowa-based Doyle & Keenan. Horne: Saw revenue growth of over 11 percent. Launched a “Feedback Movement.” In January 2016, acquired cybersecurity firm Halberd Group and established a new unit, Horne Cyber Solutions. Katz, Sapper & Miller: In November 2015, announced merger with Fort Wayne, Ind.-based Krouse, Kern & Co. Kaufman Rossin Group: In January 2015, rebranded. Expanded business advisory practice. In December, agreed to sell independent fund accounting affiliate. Named an Accounting Today Best Firm to Work For. K-Coe Isom: Formed from the January 2015 merger of Kennedy and Coe and Matson & Isom. Kearney & Co.: Saw revenue growth of over 10 percent; grew staff by almost 30 percent. Kemper CPA Group: In July 2015, named a new managing partner. KLR: In January 2015, merged in Boston-based Freshman & Ferraro. Opened a new office in downtown Boston. KPMG: In April 2015, became the second Big Four firm to elect a female chief executive officer. Agreed to acquire health care consulting firm Beacon Partners. In July, acquired human resource services practice of Tower Watson. In August, KPMG Corporate Finance acquired an energy practice from Ewing Bemiss. In November, acquired the tax software of G2 FinTech. Also acquired IT service management practice of Triad Technology and the

workday consulting practice of Axia Consulting. Launched a number of alliances in information protection, business process automation, FATCA compliance, GRC consulting and other areas.

Mountjoy Chilton Medley: In January 2016, merged in Cincinnati-based Cooney Faulkner & Stevens. Saw “a strong increase” in work in regulated industries. Expanded human resources consulting services.

LBMC: In August 2015, rebranded from Lattimore, Black, Morgan & Cain. Elected a new managing partner. Increased focus on strategic planning.

Nigro Karlin Segal Feldstein & Bolno: Fastest growing specialty service — business management for wealthy individuals. Fastest growing client category — highnet-worth individuals.

Macias Gini & O’Connell: Updated the firm’s brand. Opened a new office in San Francisco. Marcum: In May 2015, launched nationwide TV ad campaign. In June, expanded charitable foundation across the country. In November, merged in Illinois-based Frost, Ruttenberg & Rothblatt. In December, merged in Philadelphia-based Smart Devine and Nashville, Tenn., and Orlando, Fla.-based DGLF. Margolin, Winer & Evens: Fastest growing specialty services — state and local taxes, and estate planning. Marks Paneth: In March 2015, merged in Parsippany, N.J.-based Fischer Barr & Wissinger. Mauldin & Jenkins: Fastest growing specialty service and fastest growing client category — nonprofits. MBAF: In February, merged in Florida-based Kane & Co. Miller Kaplan Arase: Expanded media practice through agreement with advisory firm to assume its broadcast client relationships. Launched an e-commerce Web site trademark enforcement service. Montgomery Coscia Greilich: Saw revenue growth of over 18 percent. Moss Adams: In January 2015, acquired regulatory compliance and financial consulting portion of Houston-based telecommunications company CHR Solutions. In August, merged in Issaquah, Wash.based IT consulting firm Curtis Consulting Group. In November, merged in Spokane-based financial services consulting firm Contineo.

Novogradac & Co.: In June 2015, opened an office in the Philadelphia area. PKF O’Connor Davies: In January 2015, merged in New York-based Daniel J. McMahon Co. In May, announced merger with Livingston, N.J.-based McEnerney, Brady & Co. In November, announced merger with Newburgh, N.Y.-based Stanley Marks & Co. In January 2016, merged in New Jersey-based Flackman, Goodman & Potter. In February, rebranded from O’Connor Davies. Recently acquired Switzerland-based fund administration firm VBK & Co. Plante Moran: Grew revenue by over 7 percent. Fastest growing specialty service — assurance and tax compliance. Fastest growing client category — manufacturing and distribution. Postlethwaite & Netterville: Launched custom-developed marketing software aimed at making business development easier for staff. Prager Metis: In February 2015, merged in Los Angeles-based Bruce Kohlbrenner & Co. In March, agreed to merge in New York City-based Polakoff & Michaelson. In August, merged in U.K.-based Peter Bryan & Co. PwC: In September 2015, announced plans to start making all associates and senior associates eligible for as much as $1,200 a year in help paying back their student loans, starting in July. Raffa: Began offering consulting services to companies looking to begin or bolster philanthropic efforts. Launched a

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firm highlights nonprofit executive search and leadership development practice.

ing and management consulting company The Meridian Group.

Raich Ende Malter & Co.: In July 2015, merged in New York-based Arthur Yorkes & Co.

Seiler: Saw revenue growth of almost 15 percent.

Rehmann: In July 2015, installed new chief executive officer. In August, merged with Jackson, Mich.-based Drake, Watters & Associates. In November, merged in Stuart, Fla.-based Roegiers Goldin Chappel Nall & Associates. Reinsel Kuntz Lesher: In May, established a new Business Risk Services Practice. In December, rebranded its two investment advisory subsidiaries as RKL Wealth Management. RGL Forensics: Expanded fraud practice. Named an Accounting Today Best Firm to Work For. RSM US: In May 2015, merged in Alabama-based Sellers Richardson Holman & West. In August, merged in PKF San Francisco and St. Louis-based Wolfe Nilges Nahorski. In October, rebranded as RSM US from McGladrey. In December, merged in Dynamics AX reseller Junction Solutions. RubinBrown: In March 2015, created Cyber Security Advisory Services Group. In January 2016, merged in Denver-based Business Manager LLC. SaxBST: Named new co-managing partner. Saw the most growth in its real estate and construction industry services groups. Marking 60th anniversary in 2016. SC&H Group: Launched three new service lines: IT advisory, Microsoft Dynamics, and CFO advisory services with Intacct. Named an Accounting Today Best Firm to Work For. Schenck: In January 2015, announced merger with Manitowoc, Wis.-based Kroening, Stangel, Swetlik & Zinkel. Implemented a client tiering strategy to focus on top 20 percent of clients. Schneider Downs: In April 2015, announced merger with investment bank-

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Sikich: In August 2015, merged in Boston-based tech firm Altico Advisors. In September, acquired Milwaukee-based Jannsen + Co. Expanded Houston office. SingerLewak: In January 2016, announced merger with Pomona, Calif.-based Jeffery, Corrigan & Shaw. Skoda Minotti: Implemented a new performance coaching program, psychological assessments, and a firm-wide recognition program. Started a Lean initiative for its tax department. Named an Accounting Today Best Firm to Work For. Squar Milner: In November, announced merger with Encino, Calif.-based Solomon, Winnett and Rosenfield. In February 2016, merged in San Diego-based McLean, Rotherham & Co. and its subsidiary, Hosaka, Rotherham & Co. SVA: Developed security services and government regulatory compliance services. UHY Advisors: 2015 data reflects sale of Texas practice in late 2014. “Same-store” offices recorded double-digit organic growth. Adapted a new corporate governance structure. In January 2016, merged in Maryland-based MohnAllen.

No. of new CEOs elected or installed:

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Vavrinek, Trine, Day & Co.: Added an office. Moved headquarters to a new location in Rancho Cucamonga, Calif. Increased staff by over 13 percent. Warren Averett: In February 2015, formed a joint venture with Redstone Government Consulting to serve government contractors. In May, added a new human capital services practice, Warren Averett Workplace. In October, merged with tech consultancy Kianoff & Associates. In December, announced merger with Panama City, Fla.-based Jinks & Moody PA. Weaver: In June 2015, installed new chief executive officer. In July, launched a new IT advisory service. In January 2016, announced merger with Houston-based Hereford, Lynch, Sellars & Kirkham. WeiserMazars: In April 2015, installed new chief executive officer. Continued to expand subject matter expertise and consulting group. Whitley Penn: Added international tax expertise, increased its SALT footprint, and expanded its Transaction Advisory Services team. Added educational seminars for clients. Wipfli: In January 2015, acquired Philadelphia-based Elko & Associates and Helena, Mont.-based Galusha, Higgins & Galusha. In August, joined the NetSuite Solution Provider Program, and joined the Microsoft BPO Platform. In January 2016, merged in Chicago-based Steinberg Advisors. Withum: Rebranded from WithumSmith+Brown. In March 2015, merged in New Jersey and Pennsylvania-based Mironov Group, and Boston-based Walsh, Jastrem & Browne. Added information technology and business process consulting. In January 2016, announced merger with Central Florida-based Averett Warmus Durkee. Named an Accounting Today Best Firm to Work For. Wolf & Co.: Opened a new office in Livingston, N.J. Named an Accounting Today Best Firm to Work For.

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