Professional Documents
Culture Documents
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8
firm strategies
T
he Top 100 Firms are all over the
map, in many ways. Literally, to
start, they span the country, to
say nothing of a wide range of
industry niches, management models,
growth strategies, and cultures. But no
matter their size, whether they offer exotic
advisory services or the plainest of vanilla
audits and tax work, and regardless of their
stance on value pricing, they do all share
one common binding thread: Theyre
freaking out about finding qualified staff.
The war for talent is back on, warned
Armanino LLP managing partner Andy Ar-
manino. We are seeing more and more
competition from outside our profession
and we need to plan accordingly. We also
know that change is a constant in todays
world. Merger mania is real. New compa-
nies are being launched. New information
is coming at us faster than we can compre-
hend. We need, more than ever before, a
workforce that can engage with and adapt
to this new reality. Hiring and retaining the
best and brightest talent is the new com-
petitive advantage.
Qualified professionals are being
sought after by a number of good firms,
said Louis Grassi, managing partner and
chief executive officer of New York-based
Grassi & Co. As such, typical efforts of
recruiting, including the utilization of re-
cruiters, have become less effective in find-
ing experienced, quality professionals. Be-
sides establishing a supportive culture and
a healthy work-life balance, Grassis firm
has put in palce a very robust employee
referral program that accounted for more
than 50 percent of new hires in 2013.
Firms across the country are employ-
ing a wide range of strategies to attract and
retain qualified staff and some firms
are going so far as to hire people solely to
manage them. California-based Gallina,
for instance, hired its first-ever director of
recruitment and development last year,
with responsibility for multiple new initia-
tives, according to MP Larry Taylor.
At Kentuckys Mountjoy Chilton Med-
ley, MP Diane Medley said, We are very
focused on our talent. We are starting a
formal leadership development program
this year, selecting our rising stars with
the most potential for equity partnership
to participate. We also actively engage our
Next Generation Committee in critical is-
sues to help us consider growth, attraction
and retention for the future.
Recruitment and retention can bene-
fit enormously from a less-frequently cited
R recognition. National firm McGladrey
made a point of highlighting its top tal-
ent in a series of videos on its Web site as
part of its Personalities Wanted recruit-
ing campaign (the messaging for which
was embedded in all of its social media),
and has seen the results. Thats not its only
personnel-related investment, of course,
and merely making the investments is
not enough. Investing in recruitment,
professional development and work-life
programs is essential, said national pub-
lic relations director Terri Andrews. We
are continuously re-assessing practice
and processes to create the best possible
experience for our current and potential
employees. And our people tell us were
focused on the right things. They did that
through the McGladrey People Survey,
which assesses a broad range of employee
engagement and satisfaction measures.
Several firms highlighted efforts at
building up their staff with educational and
career development offerings, with some
developing their own internal institutions
of higher learning: BKD CEO Ted Dickman
pointed to his firms BKD University, a vir-
tual on-demand learning and leadership
development platform that landed the firm
on Training magazines Training Top 125
list, while Sikich LLP CEO and MP James
Sikich touted the investment made in his
firms Sikich University, an internal learn-
ing and development program that trains
staff in technical and soft skills.
For its part, Big Four firm KPMG went
to the source. The need for highly skilled
talent is a top priority, said chair and CEO
John Veihmeyer. In addition making a stra-
tegic priority of diversity, We work close-
ly with universities, our main workforce
pipeline, to promote learning and skillsets
our professionals need, and emphasize the
importance of global and diverse perspec-
tives and technological savvy.
At Louisianas Postlethwaite & Netter-
ville, meanwhile, CEO (and current Ameri-
can Institute of CPAs chair) William Balhoff
noted the firms increased focus on leader-
ship development and soft skills training
at all levels but also highlighted its busi-
ness development training curriculum.
After all, hiring and keeping a great
staff only makes sense if you can bring in
work for them do.
GETTING COMPETITIVE
Accounting firms are operating in a highly
competitive environment, noted Weiser-
Mazars chair and managing partner Doug-
las Phillips. Besides the pressures around
staffing, Firms are under continuing fee
pressure from clients, which intensifies
market competition.
Hanging out the help wanted sign
B Y DANI E L HOOD
See STRATEGIES on 10
Our people
tell us were
focused on the
right things.
CONGRATULATIONS
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ochleve lhelr buslness ond personol gools, ond nndlng lhe llme lo odvonce your own nrm.
Wllh 1homson Reulers, you hove o slngle source lor oll ol your needs now ond ln lhe lulure:
C5 rofess|onal 5u|te: lnlegroled lox ond occounllng producls ond servlces lor every
ospecl ol your nrm's operollons
Cbecko|nt: eoslly seorchoble, onllne lox ond occounllng lnlormollon lncludlng edllorlol
lnslghl, news ond lools
Cbecko|nt Learn|ng: courses ond lrocklng lools lo expond your knowledge ond keep
on lop ol CPL requlremenls
ln locl, 1homson Reulers ls regulorly relled upon by eoch ol lhe 1op J00 |lrms lo reoch lhelr
gools. We look lorword lo conllnulng lo help you reoch yours. vlsll us ol Tax.TbomsonReuters.com
lo leorn more.
2014 Thomson Reuters/Tax & Accounting.
All Rights Reserved.
Armanino is alive to these concerns.
The dynamics of our profession require
constant change. Our products and serv-
ices need to keep pace with those of our
clients. Providing traditional accounting
services will only prove ineffectual. Whats
needed is a best-of-breed approach to tak-
ing on current and future tax and account-
ing challenges if were to succeed and our
clients are to prosper. While well always
need to maintain our core competencies,
there should be no lack of acceleration in
our ability to integrate cutting-edge solu-
tions strategic and technological into
our products and services offerings. The
long-term viability of our firm relies on it.
Other firms are aiming to stay on the
cutting-edge though not always specifi-
cally through technology. Wayne Berson,
CEO of BDO USA, is concerned about
enhancing the value of the audit: It is
clear that in order for the professions core
element to remain relevant, there will have
to be an expansion of the auditors role in
providing greater insight into the clients
financial statements and perhaps varying
degrees of assurance on areas outside of
the financial statements. This will affect
firms of all size by requiring substantially
more business and analytical skills and
may also result in a demand for more spe-
cialists to be involved in audits.
Big Four firm KPMG is engaged in a
similar pursuit of the new and improved.
We continue to focus on innovation and
the enhancement of our offerings and ca-
pabilities for specific industries and growth
areas, said chairman and CEO John Veih-
meyer. Were also continuing to build out
our alliance ecosystem to help create new
services, enhance existing services and
extend the KPMG brand promise to meet
the needs of clients in new ways. Last year
the firm rolled out a number of alliance-
based offerings created in conjunction
with various partners to offer clients more
focused services and solutions.
Crowe Horwath, meanwhile, took in-
novation even one step further by nam-
ing its own chief innovation officer. We
are most focused on, and are investing
in, innovation as a driver of growth where
we can bring together functional exper-
tise, industry knowledge, along with proc-
ess and technology to provide high-value
solutions, explained CEO Charles Allen.
Many of these solutions will be focused in
broader assurance services that the inves-
tor community and stakeholders in public
interest entities are requesting. AT
10
top tax firms
THE TOP TAX FIRMS
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
PwC New York City Robert Moritz 3,091.48 28 11,041.00 8.70 72 39,158
H&R Block
P1
Kansas City, Mo. William Cobb 2,877.97 99 2,905.94 0.42 11,000+ 100,000+
Ernst & Young New York City Steve Howe 2,730.00 30 9,100.00 10.98 80 30,900
Deloitte New York City Joe Echevarria 2,500.92 18 13,894.00 6.33 104 60,951
KPMG New York City John Veihmeyer 1,657.80 27 6,140.00 6.73 90 24,618
McGladrey
2
Chicago Joe Adams 491.37 36 1,366.59 6.26 75 6,723
Ryan* Dallas G. Brint Ryan 390.37 100 390.37 10.59 59 1,711
Liberty Tax Services Virginia Beach, Va. John Hewitt 381.20 100 381.20 6.15 4,262 798
Grant Thornton Chicago Stephen Chipman 377.82 29 1,302.83 4.61 56 6,438
BDO Chicago Wayne Berson 204.90 30 683.00 10.52 49 3,248
CliftonLarsonAllen Minneapolis Gordy Viere 191.61 34 563.55 -0.78 29 3,660
CohnReznick New York City T. Marino / K. Baggett 167.64 33 508.00 4.10 24 2,521
CBIZ /Mayer Hoffman McCann* Cleveland C. Spurio / B. Hancock 167.48 35 478.50 -22.20 100 2,862
Moss Adams Seattle Chris Schmidt 153.14 38 403.00 17.15 22 2,072
Crowe Horwath Chicago Charles Allen 146.22 22 664.62 11.68 28 3,006
WTAS San Francisco Mark Vorsatz 145.09 100 145.09 13.44 16 621
BKD Springfield, Mo. Theodore Dickman 129.70 31 418.40 4.00 32 2,013
Marcum New York City Jeffrey Weiner 126.04 36 350.10 27.08 17 1,300
Dixon Hughes Goodman Charlotte, N.C. Ken Hughes 108.50 35 310.00 1.97 26 1,661
Plante Moran Southfield, Mich. Gordon Krater 106.94 26 411.32 24.27 19 1,947
Notes: P Figures compiled from public company reports. * Firm estimate or projection NA Not available/applicable
Gross revenue 1 Staff figures include seasonal workers 2 Reported fee split as both dollar amount (given here) and percentage
STRATEGIES
from page 8
12
I
nternational tax remained the highest
growing niche service this year for the
2014 Top 100 Firms, increasing 6 per-
centage points over 2013 reports, ac-
cording to this years 77 responding firms.
State and local taxes grew 7 percent-
age points to be the second-most common
area of growth and bringing it even, at 82
percent, with business valuations, which
similarly expanded 8 percentage points in
2014. Rounding out the top four again this
year was attest services, growing 2 percent-
age points to 75 percent.
Leading the pack in year-over-year
growth, unsurprisingly, was mergers and
acquisition, which saw an 11-point uptick
in 2014, with 70 percent of firms reporting
increased business.
Below that, many services saw double-
digit increases in firms reporting growth;
most notably, SOX compliance/risk man-
agement saw a list-high rise of 16 percent-
age points to bring it to 53 percent. Tech-
nology consulting and personal financial
planning also had strong 2014 gains of 12
and 11 percentage points, respectively.
ON THE GROUND
Doug Wright, partner-in-charge of inter-
national tax and transfer pricing services
at California-based firm Burr Pilger Mayer,
attributes the continued growth in inter-
national tax services to an unusual conflu-
ence of economic recovery, globalization,
and the tax and regulatory issues of about
a dozen years ago that brought the niche
to prominence.
Basically, its navigating the perfect
storm, he said. Weve had a lot of changes
in the way in which not just the U.S. but
foreign countries monitor and scrutinize
international business transactions from a
tax perspective. The kind of international
tax and accounting standards that the U.S.
has applied for some time now have been
adopted increasingly by countries outside
the U.S.
Along with the tightening accounting
standards that followed corporate scandals
like Enron, these regulatory concerns have
led companies to take more initiative in
their overseas business, Wright explained.
Theres a kind of heightened sense of cor-
porate responsibility were seeing, where
companies want to make sure theyre do-
ing things in the appropriate way and are
not going to be attacked by the IRS or
foreign taxing authorities or are not viewed
as unethical. We frequently see situations
where, before companies engage us to do
a major global project, they talk to other
companies that have done it. Not to get a
referral on us, but to talk to other compa-
nies. They didnt do similar planning in
the past, so [they want] to understand how
that planning was ultimately viewed by the
IRS and foreign tax authorities.
This kind of due diligence tends to
be pre-emptive, Wright continued. They
dont want to see their names in the news-
paper as caught up in substantial litigation
in the U.S. and outside the U.S. Corporate
executives have a heightened awareness
that they need to do things properly, and
do them upfront. ... Companies [used to]
just expand internationally and deal with
some of these issues after the fact the
International tax work in demand
B Y DANI E L L E L E E
0 20 40 60 80 100
International Tax
Business Valuations
State and Local Taxes
Attest Services
Litigation Support
Estate/Trust/Gift Tax Planning
Industry Specializations
Mergers and Acquisitions
Forensics/Fraud
Nonproft Organizations
Employee Benefts
Biz Mgmt. for Wealthy Individuals
Succession Planning/Family ofce
Retirement Plans
SOX Compliance/Risk Mgmt.
Strategic Planning/Business Plans
Technology Consulting
Cost Segregation
Personal Financial Planning
Biz Mgmt. for Small Businesses
Investment Advice/Services
CFO/Project Stafng Services
Cash Flow Forecasting/Management
Financing Arrangements
Bankruptcy/Insolvency
Employment Search
Export/Import
1031 Like-Kind
IFRS consulting
Business Recovery/Recession Advice
Payroll Services/Consulting
Lease vs. Buy Analysis
Top niche services
Percentage of firms increasing their business in these areas
(of 77 firms responding)
niches and clients
13
cart leading the horse. Now theres much
more awareness and sensitivity, tax and
otherwise. At our firm, we have a phe-
nomenal amount of new international tax
planning and consulting work and new
clients coming our way, including very
early-stage companies as they expand.
When Wright joined BPM more than
five years ago, he was the firms first and
only full-time international tax special-
ist, and while he has grown that practice
to the largest in the firm for the last three
years, the now roughly 12 full-time tax
professionals in the practice cant keep up
with all the new work. He estimates that
his group can only serve half of the op-
portunities that come their way, but shares
that finding experienced specialists in the
extremely complex area of international
tax is exceedingly difficult.
Atlanta firm Habif, Arogeti & Wynne
has been doing international work of all
sorts, particularly with their manufactur-
ing and technology clients, since the early
1990s, and now has roughly 70 people in
that service line who speak 26 different
languages among them.
Though HA&W is also a member firm
of global accountancy and business ad-
visory network Baker Tilly International,
chief executive officer Richard Kopelman
credits most of the firms growth in this
niche to the inbound, grass-roots effort
with the people from those countries.
International tax aligns with our
manufacturing and technology niche and
dovetails really well, he explained. We do
as much business inbound as outbound.
ADDING VALUE
Nearly all of the client categories for this
years Top 100 Firms displayed strong
growth this year, with manufacturing lead-
ing the list at 82 percent, a 9 percentage
point gain over last year.
Manufacturing overtook 2013s lead-
er, midsized businesses in general, by only
one percentage point. Midsized businesses
saw a modest 4 percentage point increase
this year though real estate, ranked behind
it, recorded a big 12 percentage point rise
to bring it to 77 percent.
Only two other categories on the list
surpassed that gain this year: construction,
which increased 14 percentage points to
66 percent of responding firms, and, much
farther down the list, small businesses,
which at 44 percent also recorded a 14
percent increase over last year.
Central Pennsylvania-based Rein-
sel Kuntz Leshers location gives it an
advantage in this market, according to
Steve Fisher, a partner in the firms audit
services group and leader of the manu-
facturing and distribution services group.
In the past ten to 20 years, companies
were leaving that were not as involved in
manufacturing, but some of that is com-
ing back now with longstanding compa-
nies in manufacturing in that region, he
explained. And a lot of them arent in
manufacturing, but in bringing good over-
seas and distribution channels. There are
a lot of opportunities.
RKL has capitalized on them, Fisher
continued, by evaluating specific client
needs. One thing weve done in the past
year is a focus group with financial folks,
owners, consultants that touch consum-
ers in the manufacturing and distribution
area. We said, What do you need, what
are your expectations of people provid-
ing tax and audit services? And whether
we can do it and align with them to help
fulfill their needs, and bring value. When
you hand them a financial statement or tax
return, it looks the same no matter who did
it. Were responding, communicating, and
trying to educate folks and arm them to do
these things and help across the market.
We go through the proposals and differen-
tiate ourselves. AT
niches and clients
0 20 40 60 80 100
Manufacturing
Midsized Businesses
Real Estate
Technology
Individuals
Construction
Healthcare Facilities
Nonproft Organizations
Professional Services
Wholesale Distributors
Large Businesses
Pension Plans
State and Local Government
Hotels & Restaurants
Small Businesses
Retail Trade
Banking & Thrift Companies
Entertainment
Brokers/Dealers in Securities & Commodities
Colleges and Universities
Investment Companies & Mutual Funds
Auto Dealerships
Government Contractors
Franchising
Finance Companies/Mortgage Banks
School Districts
Publishing/Broadcasting/Media
Insurance Carriers/Companies
Insurance Agents & Brokers
Gaming
Agriculture/Farming/Forestry/Fishing
Leasing Companies
Top client categories
Percentage of firms increasing their business with these types of clients
(of 77 firms responding)
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member-driven accounting association | www.cpamerica.org
| ph: 352-727-4070 | fax: 352-727-4031
KEEP CLIMBING
CPAMERICA INTERNATIONAL HELPS YOUR FIRM
CPAmerica International association
members are independent CPA frms
that beneft from practice management
support, continuing education and the
sharing of best practices to grow.
S
ince our Regional Leaders both repre-
sent a broader range of firms in terms of
size, and bring with them the particular
economic conditions of their geographic
regions, the trends here tend to be less clear than
among our Top 100 Firms.
One anti-trend that weve noticed is the lack
of correlation between the size of a region in terms
of its overall firm revenues, and its growth rate.
The Mid-Atlantic Regional Leaders, for instance,
have combined revenues almost twice as large
as the Great Lakes Regional Leaders but an
average growth rate thats around half, while the
Southwest has revenues that are slightly less than
those of the Capitol Region, but is growing five
times as fast. Local economic conditions make all
the difference, of course, but the point that size is
not everything is worth making.
Unless, of course, youre talking about the
size of our lists for each region. Weve been grow-
ing them steadily over the past few years, and are
happy to report a large number of new additions
this year, many of which are highlighted in the
introductions to their individual regions.
If your firm should be on one of our Regional
Leaders lists, send us an e-mail at AcToday@
SourceMedia.com, and well include you in next
years survey. AT
regional overview
Regions see uneven growth
20
THE 2014 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C., and West Virginia
Revenue: $562.57 million; up 2.06%
While the Capital Region displayed the weakest revenue growth among the regions in 2013, it did display
major growth in another way: the number of firms represented. This years list includes a number of strong
new players, like Virginias PBMares, West Virginias Arnett Foster Toothman, and Washington, D.C.s Tate &
Tryon.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Kearney & Co. Alexandria, Va. 77.64 -2.82 2 13 287 401 72 0 28 0
SC&H Group Inc. Sparks, Md. 57.60 6.27 3 21 217 282 17 43 40 0
Watkins Meegan Bethesda, Md. 49.00 1.45 4 15 196 224 22 22 56 0
Aronson Rockville, Md. 49.00 1.01 1 31 154 224 43 33 22 2
Raffa Washington, D.C. 36.92 3.71 2 18 192 243 53 15 32 0
PBMares Newport News, Va. 28.92 1.44 8 34 105 177 40 43 9 8
Cotton & Co. Alexandria, Va. 25.66 -1.04 1 10 138 155 44 0 16 40
Brown, Edwards & Co.
/|| p|o|ams su|je:t to :|ed|t app|o.a| and |oan amounts a|e su|je:t to :|ed|t.o|t||ness
Some |est||:t|ons may app|y |e te|m, amount, |nte|est |ate and |epayment s:|edu|e fo|
you| |oan, and any p|odu:t featu|es, |n:|ud|n |nte|est |ate |o:|s, may .a|y depend|n on you|
:|ed|t.o|t||ness and on t|e type, amount and :o||ate|a| fo| you| |oan
!
ban| of /me||:a ||a:t|:e So|ut|ons may p|o||||t use of an a::ount to pay off o| pay do.n
anot|e| ban| of /me||:a a::ount
ban| of /me||:a |s a |e|ste|ed t|adema|| of ban| of /me||:a Co|po|at|on ban| of /me||:a
||a:t|:e So|ut|ons |s a d|.|s|on of ban| of /me||:a, |/ C20!4 ban| of /me||:a Co|po|at|on
/|4o6|/| | |e. 2/20!4
M & ^ for
CP^s from
ank of ^merlca
uy-ln or
uy-Out
Crow your prect|ce
w|th e|o|e nnenc|ng
or e new pertner
ouy|ng |n or e ret|r|ng
pertner ouy|ng out
uslness 0ebt
Consolldatlon
f
lmprove your ce:h
ow w|th up to 6
o your prect|ce
revenue u:eo or
con:o||oet|ng ou:|ne::
oeot w|th neo rete:
eno term: up to
10 yeer:
Commerclal
Real Lstate
Loo||ng et ree| e:tete
or your nrm 3uy,
rennence,
*
or re|ocete,
w|th term: up to
2 yeer:
Mergers and
^cqulsltlons
Cet up to 2 m||||on or
your \ / w|th neo
rete: eno term: up
to 10 yeer:
Let's talk.
Call 800.210.6450
|or more |normet|on, |og on to our weo :|te
bankofamerica.com/practicesolutions
regional leaders
24
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Plante Moran Southfield, Mich. 411.32 24.27 19 256 1,317 1,947 41 26 33 0
Baker Tilly Virchow Krause Chicago 301.30 16.33 11 112 1,323 1,569 38 30 30 2
Rehmann Saginaw, Mich. 104.00 15.04 20 61 538 779 36 36 4 24
Sikich Naperville, Ill. 97.00 26.96 11 61 431 579 30 15 51 4
SS&G Cleveland 90.00 13.92 12 42 437 531 33 38 11 18
Schenck Appleton, Wis. 69.89 1.50 9 60 323 479 38 38 18 6
Blue & Co.
PKF NORTH AMERICA 1745 Nort| Brown Poad | Lawrenceville, Ceorgia 30043
telep|one 770 279 45C0 | weosite. www.pkfna.con
2014 PlF Nort| /nerica /ll Pig|ts Peserved
Congratulations
to t|e
Top 100 Firns!
Headquartered in /tlanta, Ceorgia, PlF Nort|
/nerica is an association of 10C accounting and
consulting frns t|roug|out t|e United States and
Canada. PlF Nort| /nerica's nission is to foster
t|e independence, proftaoility and sustained
growt| of nenoers, oy providing support t|at
enpowers t|ose frns to oetter serve growt|
ninded ousinesses. PlF Nort| /nerica provides
its nenoer frns wit| training, and networking
opportunities to s|are expertise and oest practices
in a nunoer of different industries.
T|e independent accounting and consulting
frns of PlF Nort| /nerica understand t|e
conpetitive ousiness clinate and provide access
to critical resources t|at address t|eir clients'
needs. Menoer frns |ave access to specialized
knowledge and expertise t|roug| t|e association
wit| professional education, oest practice
s|aring, narketing and practice developnent.
By collaoorating wit| ot|er nenoers, PlF Nort|
/nerica nenoer frns are nore successful t|an if
t|ey stood alone.
0214-JO10993 2014 The Bureau of National Affairs, Inc.
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A SUPPLEMENT TO
2013 TOP 100 FIRMS
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SOURCEMEDIA INC.
T
he release of our annual Top
100 Firms/Regional Leaders
report is always a matter of
some pride for us, but we are
particularly pleased by two aspects of
this years edition.
First of all, were happy to report
that the growth we reported last year
seems to have taken hold, with the firms
on both lists generally reporting strong
results for 2012. We wont call it the
new normal just yet (that
will have to wait until you
turn the page), but the
signs are encouraging.
Second, were also
happy to report that our
lists keep growing, too.
There are still only 100
members of the Top 100,
of course, but a number
of them are new, like New
Yorks Grassi & Co., Ken-
tuckys Mountjoy Chilton
Medley, Californias Ma-
cias Gini & OConnell
and New Jerseys Wiss &
Co. But where new firms
are really showing up is in our Regional
Leaders lists, where were able to high-
light a much larger number of firms.
Ever since we incorporated the Regional
Leaders into our Top 100 report four
years ago, weve been working hard
with the cooperation of growing firms
of all sizes from across the country to
expand the roster of those recognized,
and were very pleased to present more
this year than ever before.
That said, were always anxious to
consider new firms for both lists, so if
your firm wasnt represented and you
think it should be, e-mail us at AcTo-
day@SourceMedia.com, and well put
you on our contact list so youll receive
an invitation for next years survey.
For now, though, lets focus on the
2013 Top 100 Firms/Regional Leaders,
for which we received responses from
just under 200 firms.
As a reminder, heres a quick tuto-
rial on our T100 guidelines:
uUnless otherwise
noted, revenue is net rev-
enue.
uAlso, unless noted,
firm revenues and offices
are for the U.S. only.
uThe Total Employ-
ees category is comprised
of partners, professionals
and other personnel.
uWhere two firms
reported equal revenue,
the firm with the higher
percentage of revenue
increase will receive the
higher ranking.
Of course, a report
this mam moth is a team effort, and
wouldnt be possible without the hard
work of our managing editor Tamika
Cody, senior editors Danielle Lee and
Roger Russell, technology editor Seth
Fineberg, and Mike Cohn, editor of our
Web portal AccountingToday.com.
With that, its our pleasure to
present the 2013 class of the Top 100
Tax and Accounting Firms and Regional
Leaders. As always enjoy!
Dan Hood
Editor-in-chief
Back to growth
CONTENTS
Top 100 Overview 4
Top 100 Databank 5
Firms to Watch 6
Firm Strategies 8
Top Tax Firms 10
Niche Services 12
Client Categories 13
Top 100 Rankings 15
Regional Leaders 20
Firm Highlights 27
SPONSORED BY:
notes and methodology
overview
4
N
ormal isnt what it used to be
but it also isnt what it was
before that, either.
In fact, for a profession
thats a byword for consistency and tradi-
tion, public accounting has been chew-
ing through standards of normalcy at
an unprecedented pace, coining a new
one every few years. First there were the
high times of the years before 2007,
when revenues skyrocketed and you
couldnt hire staff fast enough. (Slogan:
Our growth strategy is picking up the
phone.) Then there were the cruel re-
trenchments and disappearing clients
of the slump, when the best you could
hope for was to hold your own. (Slogan:
Flat is the new normal.)
Then theres now.
Now, we should point out, actu-
ally began in 2011, and was first report-
ed in last years Top 100 Firms report.
But we had to wait until the 2012 num-
bers came in to see if we could identify
any kind of trend and we did.
Call it the new new normal, or
NNN.
It involves growth, were happy to
say overall revenue growth for the
Top 100 Firms of 8.03 percent for 2012,
and roughly similar figures for each of the
three tiers into which we divide the T100
(the six firms with revenues over $1 billion,
the 22 with revenues between $100 million
and $1 billion, and the 72 with less than
$100 million). (See Databank, page 5.)
Eleven T100 Firms reported flat or declin-
ing revenue, the same number as last year
(which was down from a depressing 44
the year before), and 27 percent reported
growth of over 10 percent.
Far fewer firms reported declining
staff numbers, with only 19 in that camp
for 2012, as opposed to 32 in 2011. Roughly
the same number reported flat or declin-
ing partner numbers (49 firms in 2012,
against 47 firms in 2011). (See the Top 100
Rankings, page 15.)
In our Regional Leaders listings, too,
growth was relatively common and fairly
evenly spread. Whereas it was hard to find
in 2010, and all over the map in 2011, with
some regions rocketing ahead and others
languishing, the NNN shows growth rates
converging in a narrower band, with the
conglomerated leaders in most of the re-
gions clustering around growth rates of 7-8
percent, and the outliers going no lower
than 5 percent, and no higher than 10
percent. (Obviously, individual firms far
out- and under-performed those numbers,
but the regional averages were far more
restrained than in 2011, which saw growth
range from 1 percent to as high as 20 per-
cent.) (See Regional Leaders, page 20.)
Average rates of growth, though, dont
tell just how hard it is to come by and in
the NNN, its a lot harder to come by than it
was in the middle of the last decade. Firms
are seeking it out diligently amping up
their marketing efforts, rolling out new
services, and digging in to both new niches
and old service lines to spot opportunities
they can exploit. (See Firm Strategies, page
8, and Niche Services and Client Categories,
page 12.)
LESS MOVING AND SHAKING
This new state is definitely a diligent,
hard-working, heads-down kind of
normal, and that may have contributed
to the relative stability of the Top 100
roster very few firms made big leaps
in rank, either up or down.
The high-profile combination
of past T100 stalwarts J.H. Cohn and
Reznick Group to form CohnReznick,
and the debut of CliftonLarsonAllen,
formerly Clifton Gunderson and Lar-
sonAllen, saw both new firms appear
in significantly higher positions on the
list than their component parts, and
both Frazier & Deeter and Squar Mil-
ner managed respectable jumps, but
by and large the T100 roster was domi-
nated by small moves.
Four notable exceptions to that
involve this years new members of
the T100 New Yorks Grassi & Co.,
Californias Macias Gini & OConnell, Ken-
tuckys Mountjoy Chilton Medley, and New
Jerseys Wiss & Co. All made very strong
debuts, and all, it should be noted, were on
our Firms to Watch list last year. This years
Firms to Watch (see page 6) is well worth
a look, as mergers and hard-won growth
have swelled the ranks of firms with rev-
enue between $20 million and the lower
cutoff of the Top 100. Weve got a record-
breaking 35 firms in that bracket this year,
against only 19 for last year and we
hit that even after excluding a number of
firms with qualifying revenues because
Meet the new new normal
B Y DANI E L HOOD
-5
0
5
10
15
20
25
30
94
10
08 12 02 04 06 2000 98 96
* Compiled from individual firm results
as reported at years end; includes some estimates
Better and better
Revenue growth of the Top 100 Firms, in percent*
See OVERVIEW on 6
databank
5
Leaders in A&A
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
1
4,775.76 50
2. Deloitte 4,050.77 31
3. Ernst & Young 3,198.00 39
4. KPMG 2,301.20 40
5. Grant Thornton 547.96 44
6. McGladrey
3
547.38 43
Firms over $100 mn
1. BDO USA 370.80 60
2. CohnReznick 263.52 54
3. CliftonLarsonAllen 227.20 40
4. BKD 197.13 49
5. Crowe Horwath 184.49 31
Firms under $100 mn
1. Marks Paneth & Shron 56.55 65
2. Kearney & Co. 54.33 68
3. OConnor Davies 52.73 63
4. Novogradac & Co. 47.91 57
5. Friedman 43.40 62
Leaders in Tax
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
1
2,578.91 27
2. Ernst & Young 2,542.00 31
3. Deloitte 2,482.73 19
4. KPMG 1,553.31 27
5. McGladrey
3
465.12 36
6. Grant Thornton 361.15 29
Firms over $100 mn
1. CBIZ / MHM
4
187.29 29
2. CliftonLarsonAllen 181.76 32
3. BDO USA 179.22 29
4. CohnReznick 146.40 30
5. Crowe Horwath 136.88 23
Firms under $100 mn
1. Holthouse Carlin & Van Trigt 54.12 73
2. Anchin, Block & Anchin 39.99 43
3. Berdon 38.88 40
4. MBAF CPAs 35.20 44
5. Weaver 33.12 45
Leaders in MAS
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. Deloitte 5,880.15 45
2. PwC
1
2,196.85 23
3. Ernst & Young 1,968.00 24
4. KPMG 1,898.49 33
5. Grant Thornton 336.25 27
6. McGladrey
3
255.81 20
Firms over $100 mn
1. CBIZ / MHM
4
303.54 47
2. Crowe Horwath 190.44 32
3. Dixon Hughes Goodman 88.16 29
4. BKD 80.46 20
5. BDO USA 67.98 11
Firms under $100 mn
1. Armanino 46.89 47
2. Sikich 35.14 46
3. Blue & Co. 30.91 51
4. Berdon 29.16 30
5. Watkins Meegan 28.67 57
2013 TOP 100 FIRMS DATABANK
Overview
Top 6 % Firms over % Firms under % Total Top %
firms chg. $100 mn
2
chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $39,100.32 8.41 $6,546.87 6.20 $3,821.14 7.38 $49,468.33 8.03
Partners 10,702 1.88 3,877 2.51 2,324 3.70 16,903 2.27
Professionals
1
92,151 12.55 22,457 5.91 14,720 6.57 129,328 10.64
Total employees 159,512 9.73 33,911 4.08 21,134 7.04 214,557 8.53
Rev. share % Rev. share % Rev. share % Rev. share %
Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.
Audit & Attest $15,425.57 39 $2,875.17 44 $1,528.46 40 $19,829.20 40
Tax $9,980.14 26 $2,106.94 32 $1,299.19 34 $13,386.27 27
MAS (consulting) $12,536.42 32 $1,226.61 19 $573.17 15 $14,336.20 29
Other $1,158.18 3 $338.14 5 $420.33 11 $1,916.65 4
Notes: Some figures may not correspond due to rounding.
Pacesetters in growth
Ranked by % chg.
Revenue %
Firms over $100 mn. ($mn) chg.
1. Warren Averett* 114.97 36.24
2. Crowe Horwath 595.13 12.35
3. Cherry Bekaert 123.60 11.17
4. Carr, Riggs & Ingram 111.33 10.99
5. Plante & Moran 331.00 8.76
Revenue %
Firms under $100 mn. ($mn) chg.
1. Grassi & Co.* 39.00 31.31
2. Whitley Penn 49.00 30.67
3. Mountjoy Chilton Medley 37.93 25.80
4. Mauldin & Jenkins 38.50 21.07
5. Macias Gini & OConnell 36.20 20.27
Revenue %
Overall Top 100 Firms ($mn) chg.
1. Warren Averett* 114.97 36.24
2. Grassi & Co.* 39.00 31.31
3. Whitley Penn 49.00 30.67
4. Mountjoy Chilton Medley 37.93 25.80
5. Mauldin & Jenkins 38.50 21.07
6. Macias Gini & OConnell 36.20 20.27
7. Squar Milner 44.00 18.92
8. Armanino 99.76 18.73
9. Sikich 76.40 18.45
10. Frazier & Deeter 44.10 18.26
11. Novogradac & Co. 84.05 16.64
12. BerryDunn 40.15 15.87
13. WithumSmith+Brown 88.72 15.64
14. The Bonadio Group* 54.91 15.53
15. LBMC 65.02 14.07
16. Raich Ende Malter & Co. 38.00 13.43
17. Reinsel Kuntz Lesher 37.12 12.59
18. Crowe Horwath 595.13 12.35
19. OConnor Davies 83.70 12.35
20. Nigro Karlin Segal & Feldstein 50.22 12.20
Notes: * Firm estimate or projection
All Big Four revenue figures are gross, not net
1 Top 6 professional figure does not include
PwC; all PwC figures are AT estimates or from
public reports
2 The previous-year figures of CliftonLarson-
Allen predecessor firms Clifton Gunderson and
LarsonAllen have been used for comparison
3 McGladrey reported fee split both as percent
and in dollar amounts
4 Revenue is AT estimate; all other figures are
company-supplied
For more details on individual firms, see foot-
notes on pages 15-18.
overview
6
they didnt show growth in 2012.
On the subject of larger lists, well
draw attention to the fact that our Regional
Leaders lists are also larger this year, as
we continue to add new firms from the 10
different areas into which weve divided
the country. Were pleased to be able to
include strong newcomers like New Yorks
Prager Metis International, Pennsylvanias
Kreischer Miller, Minnesotas HLB Tautges
Redpath, Massachusetts Alexander, Aron-
son, Finning, Texas Maxwell Locke & Rit-
ter, and Californias Matson & Isom.
Were hoping to add even more next
year if you think that your firm belongs
on any of our lists, drop us an e-mail at
AcToday@SourceMedia.com.
In the meantime, keep working: The
opportunities in the new new normal
wont just jump into your lap. Theyll re-
quire more marketing and more thinking,
new strategies and new niches, and maybe
the occasional merger. As this years Top
100 Firms and Regional Leaders prove,
though, they are available at least until
the next normal comes along. AT
OVERVIEW
from page 4
BEYOND THE TOP 100: FIRMS TO WATCH
Were happy to say that we are reviving an old tradition in our Firms to Watch list: For the past few years weve been including just about any firm that
came close to the Top 100 revenue cutoff, regardless of whether they actually grew in the previous year, but this year were back to requiring that they
also have displayed growth. Even as a significant number of promising firms move up into the T100, so many others are expanding rapidly in the tier
just below the T100 that we were able to reinstate the the old condition, and still present an impressive list of up-and-comers.
Year Revenue % Total
Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees
Prager Metis International
1
New York City D. Neste / G. Friedman Dec 30.87 NA 7 25 176
Wolf & Co. Boston Mark OConnell Sept 29.36 4.08 3 18 189
Brown Smith Wallace St. Louis Harvey Wallace Dec 29.20 12.31 4 23 202
Padgett, Stratemann & Co. San Antonio John Wright July 29.19 6.65 2 16 166
Clark Nuber Bellevue, Wash. David Katri Dec 29.17 9.21 1 16 158
Skoda Minotti Mayfield Village, Ohio Gregory Skoda Dec 27.93 31.00 3 14 163
Yeo & Yeo Saginaw, Mich. Thomas Hollerback Dec 27.90 2.01 8 22 184
Kreischer Miller Horsham, Pa. Stephen Christian Dec 26.63 6.86 1 17 185
Gursey | Schneider Los Angeles Stephan Wasserman Dec 26.40 0.38 3 9 NA
Brady, Martz & Associates Grand Forks, N.D. Ronald Johnke Sept 26.33 11.28 6 32 170
Bennett Thrasher Atlanta Michael Dukes June 26.17 12.70 1 22 139
Cotton & Co. Alexandria, Va. Matt Johnson Dec 25.93 0.89 1 12 152
Anders St. Louis Robert Minkler Dec 25.63 45.54 2 18 154
Frost Little Rock, Ark. Doug Richardson April 25.25 9.12 3 9 123
Brown, Edwards & Co. Bluefield, W. Va. Domenic Pellillo May 24.92 3.96 7 25 171
GHP Horwath Denver Steven Levey Dec 24.90 9.21 1 9 100
Anderson ZurMuehlen & Co. Helena, Mont. Donald Laine Sept 24.88 27.33 7 28 238
RBZ Los Angeles David Roberts Dec 24.72 3.78 1 14 113
Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 24.50 2.25 6 22 165
Windes & McClaughry Long Beach, Calif. John DiCarlo June 24.13 1.26 4 18 131
Yount, Hyde & Barbour Winchester, Va. NA June 23.88 0.08 6 22 125
Briggs & Veselka Co. Houston John Flatowicz Sept 22.10 12.81 2 16 151
Green Hasson Janks Los Angeles Leon Janks Dec 22.00 5.77 1 12 111
Hutchinson and Bloodgood Glendale, Calif. Richard Preciado Sept 22.00 5.52 4 31 100
LaPorte Metairie, La. William Mason Nov 21.95 2.91 4 17 152
Johnson Lambert* Falls Church, Va. Deborah Lambert Dec 21.79 8.68 8 12 146
Wolf & Co. Oak Brook Terrace, Ill. Russell Romanelli Dec 21.71 6.16 2 14 129
Mize Houser & Co. Topeka, Kan. NA Dec 21.63 15.98 3 16 198
Boulay, Heutmaker, Zibell & Co. Minneapolis Mark DeNucci May 21.55 10.29 1 30 129
Gelman, Rosenberg & Freedman Bethesda, Md. David Graling Dec 20.80 NA 1 12 94
Keiter Glen Allen, Va. Lewis Hall Dec 20.75 0.68 1 12 121
Gainer Donnelly Houston George Hawkins Dec 20.53 NC 1 10 140
Lutz & Co. Omaha, Neb. Gary Witt June 20.50 5.72 1 24 120
PKF Texas Houston Kenneth Guidry Dec 20.42 2.46 1 12 126
Ellin & Tucker Chartered Baltimore Edwin Brake Sept 20.38 15.47 4 11 109
* Firm estimate NC No change NA Not available or not applicable 1 Formed by the January 2013 merger of Prager Fenton and Metis Group.
8
firm strategies
Y
ou would think that the Top
100 Firms, having achieved that
lofty plateau, would be satisfied.
You would think that they could
comfortably rest, knowing that their tal-
ented staff and good reputations would
see them through.
Youd be wrong.
The Top 100 know that its no lon-
ger enough to be well-respected, to have
skilled technicians, to care about your cli-
ents. Those are necessary for success, but
theyre not sufficient in this new, far more
competitive post-recessionary environ-
ment. To stay competitive, firms have to
find new differentiators and new ways to
stand out from the crowd, whether that
crowd is potential clients or would-be em-
ployees. When we asked the 2013 T100 how
theyre staying competitive, they replied
with a vast array of initiatives, but the ma-
jority fell into four main categories three
of which are directly aimed at making the
firm stand out, while the fourth focuses on
strengthening the firm internally.
MARKETING
When it comes to making a firm stand out,
marketings a fairly obvious tool, yet the
profession as a whole has been slow to
adopt it. This years Top 100 Firms, though,
expressed serious interest in the area.
We are planning to dedicate signifi-
cant additional resources to marketing,
said Armanino chief executive and man-
aging partner Andrew Armanino. Its in-
teresting because accountants take a while
to accept the concepts of marketing and
business development, whereas consul-
tants embrace these things quite naturally.
Now, however, our accounting leadership
has seen the power of marketing and seen
our consulting practice grow exponentially
because it has been supported by a true
marketing and sales infrastructure. Not
surprisingly, they now want the same thing
to boost their revenue and expand their
client bases. Thus, we plan to double down
on marketing by significantly increasing
the number of live events, surveys, free
webinars, and content products we offer.
Armanino walks the walk, having recent-
ly gone through a complete rebranding
(it was previously known as Armanino
McKenna), and hosting its own internal
marketing and PR agency.
New York firm Grassi & Co., a new-
comer to the list, is another of the many
T100 Firms that are dedicating more time
and effort to marketing. We are making
a concerted effort to increase our brand
awareness in the Metro New York area,
said CEO and MP Louis Grassi. Build-
ing our brand is essential to help drive
profitable revenue growth. The firm will
be hosting more brand-building events,
advertising in industry and business pub-
lications, and launching a radio campaign,
among other things.
According to Jeffery Capron, manag-
ing member of Aronson, his firm is on the
same page: In 2013, we will put a renewed
focus on marketing and business develop-
ment, particularly as it relates to search
engine optimization, social media and an
improved proposal process.
MAKING
Letting people know how different you
are is valuable, but it helps to actually be
different, and for many of our Top 100,
that means focusing on nurturing the new
new services, new products, new tech-
nologies and more.
We are most focused on and are in-
vesting in innovation as a driver of growth
where we can bring together functional ex-
pertise, industry, process and technology
into a high-value solution for the market,
said Crowe Horwath CEO Charles Allen.
This year, as a statement to our people
and the market, we plan to appoint a chief
innovation officer to lead that effort.
At Marcum, MP Jeffrey Weiner can
already share a list of innovations and new
services the firm has rolled out, from its
MicroCap Conference to its new Marcum
Commercial Construction Index, and it
plans to launch a new survey of middle-
market companies in 2013.
And at McGladrey, the firm is using
an icon of innovation to spark its own.
McGladrey provided all employees with
iPads earlier this year, explained national
public relations director Terri Andrews,
and the firm has been developing its own
applications for them. The continued de-
velopment of unique apps will enhance
integration, effectiveness and efficiency
across the firm.
Innovation doesnt necessarily have
to have a touchscreen, though for many
its simply offering a new service line that
wasnt available to its clients before (see
our Firm Highlights section for a broad
sampling). It can also mean finding a new
way to bring value to their clients. The
newly formed CohnReznick, for instance,
created its new Capital Markets Advisory
Consortium to bring together its clients
who are seeking ways to raise capital and
grow their business with investment bank-
ers to advise them.
MERGING
Sometimes the best way to stand out from
the crowd is, well, to buy the crowd or
at least enough of it to boost you up above
it. Many of the Top 100 gave notice of their
intention to merge and acquire vigorously
and frequently, but always strategically.
Wayne Berson even made M&A part
of his platform during the firm vote that
recently elevated him to CEO of BDO USA:
T100 make a priority of standing out
B Y DANI E L HOOD
See STRATEGIES on 10
Worl on Lhe go,
wiLh more choices.
CCH mobi|o apps provido a socuro and officiont way for you to storo,
soarch and pub|ish your work ~ anywhoro, anytimo. Discovor tho agi|ity of
CCH
and roSystom
Mobi|o today.
visiL CCRGroup.com/Anyt|me
Lo download Lhe laLesL mobile
apps rom CCH.
As I stated when I was elected, I plan
to pursue an aggressive growth strategy
with acquisitions playing a leading role.
He wasnt kidding, either his taking up
his new post more or less coincided with
the firm merging in Top 100 Firm Argy,
Wiltse & Robinson, and a major player in
Philadelphia, Asher & Co. Moving for-
ward, well continue to look for deals that
add geographic coverage in new strategic
markets, provide better critical mass in
existing major markets, or bring additional
resources in industry or service strengths.
At Berdon, meanwhile, chief market-
ing office Kayte Steinert-Threlkeld prom-
ised that the firm would pursue strate-
gic acquisitions and mergers to augment
existing service areas and develop new
service lines.
MANAGING
Finally, the last major category of competi-
tive initiatives that the Top 100 are pursu-
ing involves building up their own internal
sources, and managing them better.
Reinsel Kuntz Lesher chief adminis-
trative officer Yvonne Rosenbaum said that
the firm is concentrating on cross-utilizing
talent across the firm, and better deploy-
ing our resources. Under expanded lead-
ership at the functional level and depart-
ment level, our firm will continue to focus
on firmwide synergies and resources. We
will also be expanding our administra-
tive infrastructure to position ourselves for
growth in the future.
Other firms are also aiming to fo-
cus more tightly on their strategies. Our
partners now are using a new goal-setting
system to improve partner accountability,
and, in turn, ensure that we are all focused
on our strategic objectives, according to
Bonadio Group founder and chief execu-
tive Thomas Bonadio.
Still others are preparing for structural
changes. Carr, Riggs & Ingram is moving
to a corporate structure beginning in the
fall of 2013, according to MP William Carr.
This will allow our staff members to fur-
ther specialize by industry and better serve
our clients.
And Berkowitz Pollack Brant is taking
a proactive approach to an issue that has
already started engulfing the profession:
We are carefully planning and managing
the first two director retirements we have
faced, said CEO Richard Berkowitz. The
goal is to create a replicable model for fu-
ture retirements. AT
10
top tax firms
THE TOP TAX FIRMS
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
H&R Block
P1
Kansas City, Mo. William Cobb 2,864.83 99 2,893.77 -1.74 10,992 90,000+
PwC New York City Robert Moritz 2,578.91 27 9,551.52 8.00 73 35,962
Ernst & Young New York City Steve Howe 2,542.00 31 8,200.00 9.33 78 29,600
Deloitte New York City Joe Echevarria 2,482.73 19 13,067.00 9.45 102 56,827
KPMG New York City John Veihmeyer 1,553.31 27 5,753.00 7.31 90 24,383
McGladrey
2
Chicago Joe Adams 465.12 36 1,283.44 0.40 75 6,526
Grant Thornton Chicago Stephen Chipman 361.15 29 1,245.36 8.66 54 6,214
Liberty Tax Services
3
Virginia Beach, Va. John Hewitt 359.10 100 359.10 7.67 3,920 639
Ryan
4*
Dallas G. Brint Ryan 353.00 100 353.00 51.18 59 1,382
CBIZ / Mayer Hoffman McCann Cleveland D. Sibits / B. Hancock 187.29 29 645.84 8.00 133 4,010
CliftonLarsonAllen Milwaukee Krista McMasters 181.76 32 568.00 NA 90 3,223
BDO USA Chicago Wayne Berson 179.22 29 618.00 8.04 42 2,771
CohnReznick New York City T. Marino / K. Baggett 146.40 30 488.00 3.17 25 2,314
Crowe Horwath Oak Brook Terrace, Ill. Charles Allen 136.88 23 595.13 12.35 28 2,603
WTAS San Francisco Mark Vorsatz 127.90 100 127.90 6.32 14 539
BKD Springfield, Mo. Theodore Dickman 124.71 31 402.30 2.84 30 1,905
Moss Adams Seattle Rick Anderson 123.84 36 344.00 6.50 20 1,772
Plante Moran Southfield, Mich. Gordon Krater 112.54 34 331.00 8.76 18 1,600
Dixon Hughes Goodman Charlotte, N.C. Ken Hughes 109.44 36 304.00 3.05 26 1,634
Notes: P Figures compiled from public company reports. * Firm estimate or projection NA Not available/applicable
Accounting Today estimate (revenue only for CBIZ / MHM) Gross revenue 1 Staff figures include seasonal workers
2 Reported fee split as both dollar amount (given here) and percentage 3 Revenue figures include franchisee revenue; employee figure
represents only corporate employees 4 Includes acquisition of The TAARP Group and Thomson Reuters PTS businesses.
STRATEGIES
from page 8
12
T
ax services remained the top ar-
eas of growth for the 2013 Top 100
Firms, as both state and local taxes
and international tax remained the
two most common sources of growth for a
second year among the responding firms.
Though the two niche services swap-
ped places this year, with state and lo-
cal taxes passing international taxes for a
slim lead, both reported a steady increase.
SALT climbed five percentage points over
last year and international tax was up two
points, but it was estate/trust/gift tax plan-
ning in the third spot that made one of the
biggest leaps in 2013, of nine percentage
points and three spots up the list to 78 per-
cent of firms reporting growth in the area.
Business valuations continued its
positive trending of the previous year, up
three percentage points, though down one
notch on the list to No. 4. In the fifth spot,
litigation support was up seven percentage
points and two spots, at 74 percent. Mean-
while, the services occupying the next five
spots all reported slightly lower gains than
last year, except for industry specializa-
tions, which was an area of growth for the
same 62 percent of firms.
Doeren Mayhew has been ramp-
ing up its international tax business for a
while, according to shareholder and chair-
man of the board Mark Crawford, but with
the continued recovery of the automo-
tive industry, where the firm has a large
manufacturing client base near Detroit, its
international tax business has particularly
picked up in the last year to the tune of 20
percent growth. The manufacturing world
has become much more profitable, and
much more international, he explained.
A lot of firms are doing business overseas,
especially in the automotive supplier area,
and its generating a lot of opportunities in
the international back area.
With the recent uncertainty around
the fate of the estate tax exemption and
lifetime gift tax exclusion laws, Last year
was a crazy year for Eide Baillys estate/
trust/gift tax planning work, according to
partner-in-charge of services Mike Astrup.
Last year, we saw where the opportu-
nity was to take advantage of the tax laws
out there, said Astrup, who reports 25 per-
cent revenue growth in that area. Estate
planning is one of those things thats easy
for clients to put off, but some motivating
factor seemed to get their attention, and
high-net-worth people were taking a look
at their options. [The tax laws] were prob-
ably a big driver.
Eisner Amper attributes its 10 percent
growth in litigation services to work in sev-
eral areas, according to David Politziner,
partner-in-charge of the firms Litigation
Services Group, including breach-of-con-
tract disputes; intellectual property and
patent infringement cases, particularly in
the pharmaceutical industry; matrimonial
litigation, with divorce in this country
maintaining a high level of work for us;
and bankruptcy litigation, as companies
are trying to re-organize since the reces-
sion of 2008.
Economic shifts also boosted the
firms litigation services group as a whole,
which added two partners and eight staff
in the last year. In a bad economy, on one
Taxes still a reliable source of growth
B Y DANI E L L E L E E
0 10 20 30 40 50 60 70 80
State and local taxes
International tax
Estate/trust/gift tax planning
Business valuations
Litigation support
Attest services
Forensics/fraud
Industry specializations
Nonprot organizations
Mergers & acquisitions
Succession planning/family ofce
Biz mgmt. for wealthy individuals
Employee benets
Retirement plans
Strategic planning/business plans
SOX compliance/risk mgmt.
Technology consulting
Cost segregation
Personal nancial planning
Biz mgmt. services for small biz
Investment advice/services
Cash ow forecasting/mgmt.
Bankruptcy/insolvency
CFO/project stafng services
Business recovery/recession advice
Financing arrangements
Employment search
IFRS consulting
Export/import
1031 like-kind exchanges
Lease vs. buy analysis
Payroll services/consulting
Top niche services
Percentage of firms increasing their business in these areas
(of 82 firms responding)
niches and clients
13
side, people cannot afford lawsuits, and on
the other side they cant afford to not have
lawsuits, he explained. You see a mix-
ture of pent-up lawsuits during a recession
because people cant afford it, and all of a
sudden when the recession starts to lessen
and the economy turns, you see lawsuits
that have been waiting to happen.
SPECIALTY SERVICES
Manufacturing overtook midsized busi-
nesses as the top growing client category in
2013, with 78 percent of firms reporting an
increase to propel it five percentage points
higher than last year. Midsized businesses
dropped three points and one spot to 74
percent, just ahead of nonprofit organiza-
tions, which increased eight percentage
points to take the third spot at 71 percent.
Technology clients were right be-
hind nonprofits, with a seven-point boost
putting it up two spots at 70 percent. The
next four client categories were all up over
2012, with construction making the biggest
climb, up two spots on the list and four
percentage points to the No. 8 spot, with 56
percent of firms reporting growth.
Doeren Mayhew has witnessed many
of its 350 Detroit- and Houston-based
manufacturing clients gain new business
in the last year. The manufacturing com-
panies that made it out of the recession pe-
riod of 2008 to the middle of 2012 all seem
to be much more profitable, with many
of them having record years, Crawford
shared. They are looking at additional
opportunities, looking to buy other com-
panies and expand business, whether do-
mestically or internationally. Were seeing
a lot of mergers and acquisition activity in
that line to help the growth profile.
Mauldin & Jenkins partner Jeff Fucito
credits the firms specialized approach with
expanding its roster of nonprofit clients.
In general, nonprofits are continuing to
grow in the U.S., more and more, he said.
Were more focused, working with very
new nonprofits, but a lot of new clients are
established nonprofits. Its not necessarily
a trend of more nonprofit organizations,
but a perceived expertise of what were
offering, with a specialized practice and
devoted resources to it.
Specialization was also key for firms
with a growing base of technology clients.
California firm SingerLewak provides serv-
ices unique from its regional competitors,
according to Bob Green, partner in the
firms business risk and technology serv-
ices practice, which along with strategic
business development helped increase
his departments inbound leads for IT ad-
visory services 300 percent since last July.
Theres been a change in the last
year, of the firm making a cognizant effort
to be more aware of the specialty services
that the firm provides its bigger than
providing tax and audit, Green explained.
Were going to markets with specialized
IT consulting, brought out as, Heres what
differentiates our firm. Were deeper in de-
livering services that are deeper than most
in our region for our size.
Jennifer Alterwitz, vice president of
marketing and communications at SC&H
Group, similarly attributes the firms suc-
cess with technology clients to specific
services and its ongoing bench of highly
specialized people within those areas,
which include the cloud. Now, a huge ini-
tiative in the industry is, how do you tax the
cloud, Alterwitz said. With so many of-
fering it, and software being sold as cloud-
based applications, states are struggling
with how to tax those specific areas, and
consequently tax managers are finding it
difficult to make sure the firm is reporting
from a perspective thats addressing all
these new tax laws still in discussion. She
shared that SC&H has an even more ag-
gressive growth plan for these technology
clients in the next five years. AT
niches and clients
0 10 20 30 40 50 60 70 80
Manufacturing
Midsized businesses
Nonprot organizations
Technology
Real estate
Professional services
Health care facilities
Construction
Individuals
Pension plans
Wholesale distributors
State and local government
Hotels and restaurants
Large businesses
Banking & thrift companies
Retail trade
Small businesses
Colleges and universities
Entertainment
Brokers/dealers in securities & commodities
Government contractors
Investment cos. & mutual funds
Publishing/broadcasting/media
Finance cos./mortgage banks
School districts
Insurance carriers/companies
Gaming
Insurance agents & brokers
Auto dealerships
Franchising
Top client categories
Percentage of firms increasing their business with these types of clients
(of 82 firms responding)
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O
n average, 2012 was better all
around for our regions than
2012. It may not have had
some of the same merger-
fuel ed dizzying highs, but it didnt have any
of the doldrums, either.
Growth clustered around 7 percent,
with the Gulf Coast Region an outlier on
the upside at almost 10 percent, and the
Mid-Atlantic Region, New England and
the Midwest on the downside, all around
a perfectly respectable 5 percent increase
in net revenue.
If mergers and acquisitions didnt
quite set the numbers on fire, they still
remained a major force in shaping the
regional landscape. Two Alabama-based
firms, Carr, Riggs & Ingram and Warren
Averett, continued to snap up firms across
the Southeast and the Gulf Coast Regions,
and the combination of J.H. Cohn and
Reznick Group catapulted the resulting
firm to the lead spot in the Mid-Atlantic
Region. (It would also hold the top spot in
the Capital Region, but we dont double-
count firms that straddle regions.)
Among the biggest rebounds was the
Mountain Regions jump from just over 2
percent growth in 2011 to over 7 percent
in 2012, in part on the backs of very strong
performances at Anderson ZurMuehlen
and Anton Collins Mitchell.
But the Southwests switch from an
anemic 2 percent in 2011 to over 8 percent
growth in 2012 remains the most impres-
sive change, wrought by a combination of
frequent mergers and the ongoing strength
of the oil and energy industry in which so
many Southwest firms specialize. AT
THE 2013 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C., and West Virginia
Revenue: $488.37 million; up 7.2%
The Capital Region took a purely statistical hit in revenue, with last years No. 1 firm, Reznick Group, team-
ing up with Mid-Atlantic Regional Leader J.H. Cohn to form CohnReznick (now counted in the Mid-Atlantic
Region, where its headquarters is), and No. 5 firm Argy, Wiltse & Robinson merging into national firm BDO
USA but the firms that remained managed a very strong 7.2 percent growth rate.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Kearney & Co. Alexandria, Va. 79.89 0.14 2 13 277 393 68 0 32 0
SC&H Group Sparks, Md. 54.20 9.23 3 21 229 300 16 45 39 0
Watkins Meegan Bethesda, Md. 50.30 0.20 4 17 202 234 21 22 57 0
Aronson Rockville, Md. 48.51 -6.98 1 29 149 216 41 36 20 3
Raffa Washington, D.C. 35.60 7.88 2 17 180 230 53 16 31 0
Cotton & Co. Alexandria, Va. 25.93 0.89 1 12 12 152 67 0 0 33
Brown, Edwards & Co. Bluefield, W. Va. 24.92 3.96 7 25 116 171 73 27 0 0
Yount, Hyde & Barbour Winchester, Va. 23.88 0.08 6 22 82 125 42 43 12 3
Johnson Lambert* Falls Church, Va. 21.79 8.68 8 12 118 146 83 16 1 0
Gelman, Rosenberg & Freedman Bethesda, Md. 20.80 NA 1 12 61 94 74 25 1 0
Keiter Glen Allen, Va. 20.75 0.68 1 12 82 121 37 52 3 8
Ellin & Tucker Chartered Baltimore 20.38 15.47 4 11 71 109 44 42 14 0
Smith Elliott Kearns & Co. Hagerstown, Md. 16.40 1.23 4 20 98 143 56 30 6 8
Gross, Mendelsohn & Associates Baltimore 15.19 13.44 1 14 66 101 50 28 22 0
KatzAbosch Timonium, Md. 15.00 NC 3 21 43 84 37 55 8 0
Calibre CPA Group Bethesda, Md. 14.83 5.70 2 13 72 98 75 12 0 13
Notes: * Firm estimate or projection NC No change NA Not available/applicable
regional overview
Regions see moderate growth
but still plenty of mergers
20
21
regional leaders
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Plante Moran Southfield, Mich. 331.00 8.76 18 216 1,056 1,600 47 34 19 0
Baker Tilly Virchow Krause Chicago 259.00 7.02 10 95 1,176 1,389 40 32 24 4
Wipfli Milwaukee 151.70 6.70 22 148 777 1,118 35 29 36 0
Rehmann Saginaw, Mich. 90.40 3.91 20 56 490 705 45 30 2 23
SS&G Cleveland 79.00 11.74 11 33 385 460 32 36 11 21
Sikich Naperville, Ill. 76.40 18.45 8 50 324 453 33 15 46 6
Schenck Appleton, Wis. 68.86 5.21 9 57 320 471 38 38 19 5
Blue & Co. Carmel, Ind. 60.60 9.98 9 36 223 318 31 18 51 0
SVA CPAs Madison, Wis. 51.65 9.68 5 27 159 388 15 18 13 54
Katz, Sapper & Miller Indianapolis 49.17 5.27 3 32 174 252 28 42 25 5
Doeren Mayhew Troy, Mich. 45.60 4.23 3 26 145 213 44 33 9 14
Clark, Schaefer, Hackett & Co. Cincinnati 44.83 1.47 7 26 205 283 49 38 5 8
Cohen & Co. Cleveland 39.53 9.87 7 21 182 250 45 41 4 10
Hill, Barth & King Boardman, Ohio 35.40 -0.28 12 30 176 243 28 52 18 2
Kemper CPA Group Greenfield, Ind. 34.69 6.51 22 54 215 301 41 37 22 0
Rea & Associates New Philadelphia, Ohio 31.10 6.51 11 27 136 208 47 32 6 15
Skoda Minotti Mayfield Village, Ohio 27.93 31.00 3 14 121 163 25 31 19 25
Yeo & Yeo Saginaw, Mich. 27.90 2.01 8 22 132 184 20 22 22 36
Wolf & Co. Oak Brook Terrace, Ill. 21.71 6.16 2 14 84 129 58 32 1 9
ORBA Chicago 20.70 -0.96 1 17 71 110 35 50 15 0
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
Revenue: $1,547.17 million; up 7.72%
After a strong 2011, the Regional Leaders in the Great Lakes turned in an even stronger 2012, with one of the high-
est growth rates of any of the regions. Many of the firms grew their revenue significantly, but Ohios Skoda Minotti was
lengths ahead of the pack, expanding its net revenues by over 30 percent.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Warren Averett* Birmingham, Ala. 114.97 36.24 15 120 505 813 40 44 3 13
Carr, Riggs & Ingram Enterprise, Ala. 111.33 10.99 18 100 477 714 50 40 10 0
MBAF CPAs Miami 80.00 NC 9 22 316 399 36 44 13 7
Horne* Ridgeland, Miss. 63.29 11.33 12 22 299 416 34 12 43 11
Kaufman Rossin Group Miami 53.30 4.10 6 38 229 331 28 23 4 45
Postlethwaithe & Netterville Baton Rouge, La. 41.85 8.59 10 29 289 372 47 22 31 0
Berkowitz Pollack Brant Miami 39.71 2.98 3 16 108 163 19 42 3 36
Jackson Thornton & Co. Montgomery, Ala. 24.50 2.25 6 22 113 165 37 27 15 21
LaPorte Metairie, La. 21.95 2.91 4 17 101 152 55 37 8 0
Goldstein Schechter Koch Coral Gables, Fla. 15.88 -1.79 3 14 65 106 41 44 10 5
Heard, McElroy & Vestal Shreveport, La. 15.40 6.87 2 12 71 108 41 41 14 4
Barfield, Murphy, Shank & Smith Birmingham, Ala. 15.10 6.34 1 9 70 104 36 33 8 23
Daszkal Bolton* Boca Raton, Fla. 14.80 5.34 3 10 68 102 23 70 7 0
Gerson Preston Robinson & Co. Miami Beach, Fla. 14.00 -0.71 3 5 41 64 40 40 20 0
The LBA Group Jacksonville, Fla. 13.15 2.26 1 12 76 95 20 53 10 17
Averett Warmus Durkee Orlando, Fla. 12.00 NC 2 11 56 84 48 46 6 0
Cross, Fernandez & Riley Orlando, Fla. 10.56 15.66 4 16 47 77 47 49 4 0
Notes: * Firm estimate or projection NC No change NA Not available/applicable
Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
Revenue: $661.79 million; up 9.92%
The Regional Leaders around the Gulf of Mexico showed very strong growth of almost 10 percent not
quite the blistering 19 percent of 2011, but still the strongest of all the regions. And again, it was helped by
a strong market for M&A.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
CohnReznick New York City 488.00 3.17 25 280 1,493 2,314 54 30 6 10
Marcum New York City 275.50 0.47 15 126 574 904 45 30 10 15
EisnerAmper New York City 256.90 0.90 8 173 927 1,144 61 29 10 0
Rothstein Kass Roseland, N.J. 185.00 1.15 8 77 802 1,014 56 41 2 1
ParenteBeard Philadelphia 169.00 -0.59 20 132 630 978 54 31 15 0
WeiserMazars New York City 132.20 6.18 6 105 402 634 52 38 9 1
Citrin Cooperman & Co. New York City 125.00 8.70 5 106 291 464 48 35 9 8
Berdon New York City 97.20 2.32 2 39 331 394 30 40 30 0
Anchin, Block & Anchin New York City 93.00 1.64 1 52 205 337 44 43 13 0
WithumSmith+Brown Princeton, N.J. 88.72 15.64 12 82 261 425 38 33 9 20
Marks Paneth & Shron New York City 87.00 -0.43 3 64 322 475 65 26 3 6
OConnor Davies New York City 83.70 12.35 7 76 286 429 63 26 11 0
Friedman New York City 70.00 1.16 6 53 216 316 62 37 1 0
Schneider Downs Pittsburgh 55.31 5.84 2 35 267 336 45 35 20 0
The Bonadio Group* Pittsford, N.Y. 54.91 15.53 8 50 248 336 47 24 15 14
Rosen Seymour Shapss Martin & Co. New York City 49.00 -4.48 4 28 161 220 46 37 17 0
Freed Maxick CPAs Buffalo, N.Y. 40.50 7.14 4 35 190 266 39 37 15 9
Grassi & Co.* New York City 39.00 31.31 2 23 125 185 52 33 11 4
Margolin, Winer & Evens Garden City, N.Y. 39.00 -3.70 2 27 167 211 60 30 10 0
Alpern Rosenthal Pittsburgh 38.94 6.92 4 32 166 236 37 40 10 13
Raich Ende Malter & Co. New York City 38.00 13.43 5 32 123 195 40 60 0 0
Reinsel Kuntz Lesher Lancaster, Pa. 37.11 12.56 4 39 215 289 35 33 10 22
Holtz Rubenstein Reminick New York City 32.80 -2.96 2 20 116 169 45 42 4 9
Wiss & Co. Livingston, N.J. 31.80 9.28 4 29 117 175 52 35 0 13
Prager Metis International New York City 30.87 NA 7 25 115 176 20 45 35 0
Kreischer Miller Horsham, Pa. 26.63 6.86 1 17 138 185 49 35 9 7
Gettry Marcus CPA Woodbury, N.Y. 16.50 6.11 3 17 43 78 48 35 0 17
Top Firms: Mid-Atlantic
New Jersey, New York and Pennsylvania
Revenue: $2,681.59 million; up 5%
Though 5 percent growth is nothing to sneeze at, the Mid-Atlantic Region actually had the lowest of all our regions, de-
spite adding the revenues of Capital Region stalwart Reznick Group to the new top firm in the area, CohnReznick.
22
regional leaders
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Ehrhardt Keefe Steiner & Hottman Denver 63.37 9.26 3 37 288 408 51 40 9 0
Hein & Associates Denver 48.55 7.22 4 31 168 239 54 39 6 1
RGL Forensics Denver 35.50 -14.21 17 24 170 234 0 0 0 100
GHP Horwath Denver 24.90 9.21 1 9 75 100 50 25 0 25
Anderson ZurMuehlen & Co. Helena, Mont. 24.88 27.33 7 28 142 238 37 35 10 18
Anton Collins Mitchell Denver 15.70 61.03 3 11 65 93 50 40 10 0
Tanner Salt Lake City 12.90 4.88 1 10 65 83 68 29 3 0
Dalby, Wendland & Co. Grand Junction, Colo. 11.52 -2.21 5 17 45 84 18 62 9 11
McGee, Hearne & Paiz Cheyenne, Wyo. 9.28 -0.75 2 9 50 67 56 38 6 0
Notes: * Firm estimate or projection 1 Revenue and fee split are from September year-end; personnel figures are from January 2013.
Top Firms: Mountain
Colorado, Idaho, Montana, Utah and Wyoming
Revenue: $246.6 million; up 7.13%
After a difficult couple of years, the Mountain Region turned in a strong performance in 2012, growing revenues
over 7 percent, helped in no small part by strong growth at top firms EKS&H and Hein, and the truly impressive ex-
pansion of Denvers Anton Collins Mitchell. On a side note, we should point out that while RGL is headquartered
in the region, it has an impressive array of offices around the country, and around the world.
CONGRATULATIONS
TO THE TOP 100 FIRMS OF 2013
Reochlng lhe plnnocle ol success ls qulle on occompllshmenl. Lven more
so os lhe buslness ol occounllng ls conslonlly chonglng. Sloylng on lop ol
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vlsll us ol 1ox.1homsonReulers.com lo leorn more.
TAX & ACCOUNTING
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REUTERS/Goran Tomasevik
regional leaders
24
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BKD Springfield, Mo. 402.30 2.84 30 245 1,269 1,905 49 31 20 0
Eide Bailly Fargo, N.D. 158.20 4.35 19 91 882 1,230 43 38 11 8
RubinBrown St. Louis 66.19 7.24 3 28 332 415 46 32 22 0
Honkamp Krueger & Co. Dubuque, Iowa 37.52 11.60 5 17 103 307 17 18 5 60
Kennedy and Coe Salina, Kan. 31.90 4.59 8 24 121 197 20 54 26 0
Brown Smith Wallace St. Louis 29.20 12.31 4 23 164 202 27 45 28 0
Brady, Martz & Associates Grand Forks, N.D. 26.33 11.28 6 32 102 170 55 37 8 0
Lurie Besikof Lapidus & Co. Minneapolis 26.00 -23.98 1 13 64 112 35 34 18 13
Anders St. Louis 25.63 45.54 2 18 111 154 28 42 2 28
Mize Houser & Co. Topeka, Kan. 21.63 15.98 3 16 119 198 60 27 13 0
Boulay, Heutmaker, Zibell & Co. Minneapolis 21.55 10.29 1 30 74 129 41 35 0 24
Lutz & Co. Omaha, Neb. 20.50 5.72 1 24 77 120 39 34 11 16
HLB Tautges Redpath White Bear Lake, Minn. 17.40 13.73 1 13 98 123 54 36 10 0
Seim Johnson Omaha, Neb. 14.82 18.09 1 16 49 81 40 30 30 0
Olsen Thielen & Co. St. Paul, Minn. 13.43 7.10 2 13 68 100 41 30 29 0
Abdo, Eick & Meyers Edina, Minn. 13.00 8.33 2 14 42 101 68 30 2 0
Top Firms: Midwest
Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota
Revenue: $925.6 million; up 5.17%
After a weak performance in 2011, the Regional Leaders in the Midwest picked up their pace, and grew by over 5 percent
in 2012. Many of the smaller leaders far outperformed that, though, led by St. Louis-based Anders, which rechristened
itself from Anders, Minkler & Diehl and merged with Huber, Ring, Helm & Co. to grow its revenues by over 45 percent.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Dixon Hughes Goodman Charlotte, N.C. 304.00 3.05 26 173 1,114 1,634 35 36 29 0
Cherry Bekaert Richmond, Va. 123.60 11.17 15 54 536 760 45 49 6 0
Lattimore, Black, Morgan & Cain Brentwood, Tenn. 65.02 14.07 3 42 247 361 25 34 18 23
Elliott Davis Greenville, S.C. 61.02 6.03 8 53 246 374 48 35 14 3
Habif, Arogeti & Wynne Atlanta 60.29 3.70 2 26 219 289 46 37 7 10
Frazier & Deeter Atlanta 44.10 18.26 3 11 135 177 36 44 0 20
Mauldin & Jenkins Atlanta 38.50 21.07 5 38 138 213 66 30 4 0
Mountjoy Chilton Medley Louisville, Ky. 37.93 25.80 5 39 144 247 44 34 10 12
Joseph Decosimo & Co. Chattanooga, Tenn. 36.21 8.09 8 31 170 261 48 39 4 9
Bennett Thrasher Atlanta 26.17 12.70 1 22 92 139 28 57 7 8
Frost Little Rock, Ark. 25.25 9.12 3 9 89 123 52 41 6 1
Dean Dorton Allen Ford Lexington, Ky. 21.73 -3.08 2 34 85 145 35 41 24 0
GreerWalker Charlotte, N.C. 16.42 12.31 1 10 61 85 30 39 14 17
WebsterRogers Florence, S.C. 16.36 -4.50 8 19 88 125 39 42 10 9
Notes: * Firm estimate or projection NC No change NA Not available/applicable
2 Figures do not include four mergers conducted after firms April year-end.
Top Firms: Southeast
Arkansas, Georgia, Kentucky, North Carolina, South Carolina and Tennessee
Revenue: $876.6 million; up 7.94%
The Southeast Region recorded one of the strongest growth rates in the country in 2012,
at almost 8 percent. That was only about half the rate of 2011, but then it didnt have the
high-profile merger that created Dixon Hughes Goodman to bolster it. It should be noted
that many of the Southeast leaders also operate in other areas, like the Capitol Region
where both DHG and Cherry Bekaert are strong and the Gulf Coast.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Weaver Fort Worth, Texas 73.60 10.84 7 36 315 425 41 45 4 10
Whitley Penn Fort Worth, Texas 49.00 30.67 5 35 190 272 48 40 9 3
Padgett, Stratemann & Co. San Antonio 29.19 6.65 2 16 115 166 53 35 12 0
Briggs & Veselka Co. Houston 22.10 12.81 2 16 109 151 44 46 10 0
Gainer Donnelly Houston 20.53 NC 1 10 110 140 30 60 10 0
PKF Texas Houston 20.42 2.46 1 12 103 126 48 44 8 0
REDW Albuquerque, N.M. 19.83 3.93 2 17 112 161 50 18 13 19
Cain Watters & Associates Dallas 19.03 5.14 1 7 43 102 11 15 0 74
TravisWolff Dallas 18.40 -4.17 2 12 78 110 30 54 16 0
Lane Gorman Trubitt Dallas 18.10 NC 1 16 57 86 56 39 0 5
Johnson Miller & Co. CPAs Odessa, Texas 17.98 5.45 3 14 70 98 28 51 7 14
Henry & Horne Tempe, Ariz. 17.50 10.06 3 16 72 109 36 55 9 0
Maxwell Locke & Ritter Austin, Texas 16.72 6.23 2 19 63 92 38 41 0 21
PMB Helin Donovan Austin, Texas 16.70 23.80 7 26 90 128 65 35 0 0
BeachFleischman* Tucson, Ariz. 16.40 12.33 2 19 61 99 28 48 6 18
Hartman, Leito & Bolt Fort Worth, Texas 11.95 -1.89 2 10 46 69 47 44 9 0
MaloneBailey Houston 11.53 -19.48 2 7 44 57 80 18 2 0
Notes: * Firm estimate or projection NC No change NA Not available/applicable 3 Personnel figures are AT estimates.
Top Firms: Southwest
Arizona, New Mexico, Oklahoma and Texas
Revenue: $398.98 million; up 8.1%
The Southwest sizzled this year, with the second highest growth rate among our regions
at 8.1 percent, a far cry from the relatively weak 1.96 percent it showed in 2011. While Weaver
retained its top spot in terms of revenue, Whitley Penn remained the leader in growth, in-
creasing its revenues by over 30 percent, in no small part due to its merger with Houstons
Null Lairson.
regional leaders
25
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BlumShapiro West Hartford, Conn. 47.80 1.12 3 29 162 258 55 31 1 13
BerryDunn Portland, Maine 40.15 15.87 4 18 137 185 53 18 25 4
Kahn, Litwin, Renza & Co. Providence, R.I. 31.30 1.52 3 10 138 176 33 32 35 0
Wolf & Co. Boston 29.36 4.08 3 18 152 189 49 25 0 26
Baker Newman & Noyes Portland, Maine 27.70 -2.12 4 28 128 187 46 40 14 0
Feeley & Driscoll Boston 23.51 -0.47 1 12 71 108 63 23 14 0
Alexander, Aronson, Finning Westborough, Mass. 17.26 4.42 4 15 90 125 73 19 8 0
DiCicco, Gulman & Co. Woburn, Mass. 17.00 7.59 2 12 65 95 42 43 15 0
Whittlesey & Hadley Hartford, Conn. 14.60 5.80 1 15 79 101 60 20 20 0
Gray, Gray & Gray Westwood, Mass. 13.70 31.73 3 10 57 79 45 35 20 0
Macdonald Page & Co. South Portland, Maine 12.45 1.63 2 21 60 95 43 32 11 14
Melanson Heath & Co. Nashua, N.H. 10.21 2.00 5 9 64 87 72 22 5 1
Meyers Brothers Kalicka Holyoke, Mass. 9.80 3.16 1 7 41 60 45 40 4 11
Gallagher Flynn & Co. South Burlington, Vt. 9.50 4.51 2 11 NA 70+ NA NA NA NA
Abrams Little-Gill Loberfeld Chestnut Hill, Mass. 7.70 12.74 1 10 30 48 33 62 5 0
Top Firms: New England
Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
Revenue: $312.04 million, up 5.03%
New England was the only region to actually grow at a slower pace in 2012 than in 2011, but it still notched up a rate of
more than 5 percent. While many firms in the region participated in M&A mania, there were none of the high-profile
grabs that reshaped last years roster; in fact, the top six Regional Leaders all kept the exact same spots.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Moss Adams Seattle 344.00 6.50 20 240 1,153 1,772 49 36 15 0
Armanino San Ramon, Calif. 99.76 18.73 6 41 271 350 24 26 47 3
Novogradac & Co. San Francisco 84.05 16.64 15 33 314 407 57 24 7 12
Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 74.14 7.45 8 31 218 309 18 73 0 9
Burr Pilger Mayer San Francisco 69.10 -1.57 5 50 235 372 38 45 12 5
Frank, Rimerman & Co. Palo Alto, Calif. 54.34 11.58 5 18 225 261 28 58 13 1
Nigro Karlin Segal & Feldstein Los Angeles 50.22 12.20 2 21 217 263 17 17 2 64
Squar Milner Newport Beach, Calif. 44.00 18.92 4 22 144 204 40 49 3 8
SingerLewak Los Angeles 38.81 -2.83 6 32 159 245 49 36 2 13
Miller Kaplan Arase North Hollywood, Calif. 37.00 5.71 5 24 108 172 58 17 17 8
Macias Gini & OConnell Sacramento, Calif. 36.20 20.27 9 20 149 243 62 15 4 19
Gallina Roseville, Calif. 34.64 8.93 9 24 153 221 46 50 4 0
AKT CPAs Salem, Ore. 34.64 8.25 6 15 163 209 32 34 7 27
Seiler Redwood City, Calif. 34.10 3.65 2 13 118 150 10 70 0 20
Vavrinek Trine Day
$4,245.12 48
2. Deloitte
3,820.48 32
3. Ernst & Young
3,000.00 40
4. KPMG
2,305.23 43
5. McGladrey & Pullen
1
586.77 43
6. Grant Thornton 515.75 45
Firms over $100 mn
1. BDO USA $348.92 61
2. Crowe Horwath 238.37 45
3. BKD 195.60 50
4. Moss Adams 164.73 51
5. Plante Moran 158.26 52
Firms under $100 mn
1. Kearney & Co. $56.64 71
2. Marks Paneth & Shron 54.18 62
3. OConnor Davies 48.43 65
4. Friedman 43.60 63
5. Novogradac & Co. 40.35 56
Leaders in Tax
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
$2,564.76 29
2. Deloitte
2,387.80 20
3. Ernst & Young
2,325.00 31
4. KPMG
1,393.86 26
5. McGladrey & Pullen
1
491.84 36
6. Grant Thornton 332.37 29
Firms over $100 mn
1. CBIZ / MHM $161.33 27
2. BDO USA 160.16 28
3. BKD 125.18 32
4. Crowe Horwath 121.83 23
5. Moss Adams 113.05 35
Firms under $100 mn
1. Holthouse Carlin & Van Trigt $48.99 71
2. Anchin, Block & Anchin 39.35 43
3. Berdon 38.00 40
4. MBAF CPAs 34.40 43
5. Armanino McKenna 32.00 38
Leaders in MAS
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. Deloitte
$5,253.16 44
2. PwC
2,034.12 23
3. Ernst & Young
1,725.00 23
4. KPMG
1,661.91 31
5. Grant Thornton 297.99 26
6. McGladrey & Pullen
1
274.36 20
Firms over $100 mn
1. CBIZ / MHM $298.75 50
2. Crowe Horwath 95.35 18
3. BKD 70.42 18
4. Dixon Hughes Goodman 67.85 23
5. Clifton Gunderson 66.21 26
Firms under $100 mn
1. Berdon $28.50 30
2. Blue & Co. 28.10 51
3. Watkins Meegan 27.61 55
4. Sikich 25.80 40
5. Horne* 23.28 41
2012 TOP 100 FIRMS DATABANK
Overview
Top 6 % Firms over % Firms under % Total Top %
firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $36,160.54 8.18 $6,049.00 6.21 $3,633.35 7.77 $45,842.89 7.89
Partners 10,577 1.68 3,696 3.85 2,329 10.07 16,602 3.27
Professionals 107,493 11.87 20,858 4.99 13,957 6.28 142,308 10.24
Total employees 145,926 9.28 31,917 4.68 20,164 7.26 198,007 8.30
Rev. share % Rev. share % Rev. share % Rev. share %
Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.
Audit & Attest $14,473.35 40 $2,831.95 47 $1,476.78 41 $18,782.08 41
Tax $9,495.63 26 $1,852.35 31 $1,242.13 34 $12,590.11 28
MAS (consulting) $11,246.54 31 $1,165.96 19 $519.23 14 $12,931.73 27
Other $945.01 3 $198.74 3 $395.21 11 $1,538.96 4
Note: Some figures may not correspond exactly due to rounding.
Pacesetters in growth
Ranked by % chg.
Firms over $100 mn.
1. Dixon Hughes Goodman $295.00 52.85
2. LarsonAllen 285.00 25.55
3. Wipfli 142.17 24.12
4. Carr, Riggs & Ingram 100.31 16.84
5. Citrin Cooperman & Co. 115.00 15.00
Revenue %
Firms under $100 mn. ($mn) chg.
1. Warren Averett* $84.39 127.90
2. Raich Ende Malter & Co. 33.50 34.86
3. Armanino McKenna 84.20 17.84
4. MBAF CPAs 80.00 17.65
5. Whitley Penn 37.50 16.82
Revenue %
Overall Top 100 Firms ($mn) chg.
1. Warren Averett* $84.39 127.90
2. Dixon Hughes Goodman 295.00 52.85
3. Raich Ende Malter & Co. 33.50 34.86
4. LarsonAllen 285.00 25.55
5. Wipfli 142.17 24.12
6. Armanino McKenna 84.20 17.84
7. MBAF CPAs 80.00 17.65
8. Carr, Riggs & Ingram 100.31 16.84
9. Whitley Penn 37.50 16.82
10. Sikich 64.50 16.22
11. Rehmann 87.00 16.00
12. Kaufman, Rossin Group 51.20 15.84
13. OConnor Davies 74.50 15.06
14. Citrin Cooperman & Co. 115.00 15.00
15. RubinBrown 61.72 13.73
16. Cherry, Bekaert & Holland 111.18 13.01
17. BerryDunn 34.65 12.68
18. Reinsel Kuntz Lesher 32.97 12.64
19. Cohen & Co. 35.98 11.67
20. The Bonadio Group* 46.43 10.63
21. Kahn, Litwin, Renza & Co. 30.83 10.26
22. Novogradac & Co. 72.06 10.17
23. Aronson 52.15 10.14
24. Kearney & Co. 79.78 10.12
25. PwC
8,844.00 10.08
26. Rothstein, Kass & Co. 179.50 9.99
Notes: * Firm estimate or projection
Gross revenue
1 McGladrey & Pullen reported fee split both
as percent and in dollar amounts
For more details on individual firms, see foot-
notes on pages 15-18.
ACT T100 2012 p3-13B.indd 5 2/22/12 3:34:19 PM
overview
6
spots in the Top 100 and grew its revenues
by over 52 percent and still managed
to find time in 2011 to acquire a midsized
firm in Virginia.
Heres another example: Warren Aver-
ett emerged this year as a major player
in the Top 100 and the Gulf Coast by
combining three firms Warren, Averett,
Kimbrough & Marino, OSullivan Creel,
and Wilson, Price, Barranco, Blankenship
& Billingsley. Together, the three vaulted
an astonishing 42 spots on the Top 100, to
No. 34, and grew their combined revenue
almost 130 percent.
And if proof were needed that M&A is
here to stay, we can already tell you about
a deal that will make a major impact on
our 2013 Top 100: In June 2012, T100 Firms
Eide Bailly and Wipfli are due to merge,
a combination that will move them from
the low 20s on the list to the low teens.
(Though its wise to remember that merg-
ers dont always pan out: T100 Firm Burr,
Pilger & Mayer was due to merge with
major Southern California firm Windes
& McClaughry, but the two called it off in
early February of this year.)
RESHAPING REGIONS
With deals at all levels, its no surprise
that M&A had a major effect on our Re-
gional Leaders, as well. All 10 regions grew
in 2011, and most by more than in 2010
(if they grew in 2010 at all, which some
didnt), and its no coincidence that the
two regions that grew the most, the Gulf
Coast and the Southeast, are home to War-
ren Averett and Dixon Hughes Goodman,
as well as a number of other acquisitive
firms. (See Regional Overview, page 20.)
Mergers change the regional lists in
ways other than boosting revenue, though:
Many of our Regional Leaders are precisely
the kind of practices that large national or
super-regional firms like to grab, either as
an entre into a particular region, or just to
boost revenue. New England in particular
has seen a number of its largest independ-
ent firms go this way, including two this
year. (See Regional Leaders, page 21.)
As an engine of change, its hard to
deny the overwhelming impact of firm
M&A. And as an engine of growth in dif-
ficult times, it has certainly proven useful
for the Top 100 and the Regional Leaders.
With two decades worth of Baby Boomer
retirements coming, and a highly competi-
tive professional landscape, look for it to
continue even as times get better. AT
OVERVIEW
from page 4
BEYOND THE TOP 100: FIRMS TO WATCH
As more and more firms join the Top 100 whether by bulking up through acquiring other firms, or by being absorbed by already established mem-
bers of the list a new cohort of firms is moving up into the market space just below the T100. These rising firms have often grown large on mergers
and acquisitions of their own, and are strong contenders for the ranks of future T100 Firms.
Year Revenue % Total
Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees
Kennedy and Coe Salina, Kan. Kurtis Siemers March 30.50 -0.65 8 24 193
Mountjoy Chilton Medley Louisville, Ky. D. Medley/M. Mountjoy Dec 30.15 10.68 4 32 211
Macias Gini & OConnell Sacramento, Calif. Kevin OConnell Dec 30.10 0.60 7 12 223
Grassi & Co.* Jericho, N.Y. Louis Grassi Dec 29.70 20.10 2 13 164
Rea & Associates New Philadelphia, Ohio Lee Beall Oct 29.20 0.48 11 29 217
Wiss & Co. Livingston, N.J. Paul Peterson March 29.10 0.21 4 30 171
Baker Newman & Noyes Portland, Maine Charlie Hahn Dec 28.30 1.80 4 26 178
Wolf & Co. Boston Daniel DeVasto Sept 28.21 4.71 3 17 180
Padgett, Stratemann & Co. San Antonio John Wright July 27.37 -0.04 2 15 162
Yeo & Yeo Saginaw, Mich. John Kunitzer Dec 27.35 -3.25 7 21 177
Clark Nuber Bellevue, Wash. David Katri Dec 26.71 4.42 1 16 152
Brown Smith Wallace St. Louis Harvey Wallace Dec 26.00 4.92 4 23 191
Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 23.96 3.95 5 21 169
Yount, Hyde & Barbour Winchester, Va. W. Mark Rudolph June 23.86 -2.25 6 19 125
Brady, Martz & Associates Grand Forks, N.D. Ronald Johnke Sept 23.66 6.38 6 30 159
Feeley & Driscoll Boston Thomas Feeley March 23.62 -4.02 1 14 120
Frost Little Rock, Ark. Cheryl Shuffield April 23.14 -3.22 3 9 144
Dean Dorton Allen Ford Lexington, Ky. Richard Dorton June 22.42 39.51 2 30 143
LaPorte Sehrt Romig Hand Metairie, La. William Mason Nov 21.33 3.24 4 17 151
Notes: * Firm estimate or projection
ACT T100 2012 p3-13B.indd 6 2/22/12 3:34:20 PM
Reochlng lhe plnnocle ol success ls qulle on occompllshmenl. Lven more
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lnlegroled lox ond occounllng producls ond
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courses ond lrocklng lools lo expond your
ln locl, 1homson Reulers ls regulorly relled upon by eoch ol lhe 1op J00 |lrms
lo reoch lhelr gools. We look lorword lo conllnulng lo help you reoch yours.
REUTERS/Goran Tomasevik
At ADP
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2012-0060-3
009_ACTMar12 3 2/21/2012 4:41:59 PM
initiatives, chief among them WCF Advi-
sors, a corporate finance subsidiary. Aug-
menting those initiatives was a new digital
forensics lab, and TechPro, a proprietary
tool that allows nonprofit and government
organizations to manage their information
security and governance IT.
The newly created Warren Averett
a 550-member power in the Southeast
with 11 offices under an agreement with
Rodl Warren Averett, its joint venture con-
cern, opened a Korean business services
office in Alabama in the Korean Automo-
tive Corridor, which specializes in serving
U.S.-based subsidiaries of Korean entities.
In July, Pennsylvanias Reinsel Kuntz
Lesher expanded its reach to include se-
nior services, acquiring the Senior Living
Consulting Group of ParenteBeard, a move
that added one partner and one principal
to the firm. Internally, RKL expanded the
use of its client portal, giving its clients
24/7 access to documents, and completed
the virtualization of the firms servers and
implemented an HR information system
to help address a number of recordkeeping
and operations issues.
In 2011, SC&H Group MP Ronald
Causey revealed that the firm underwent
a process that identified key revenue and
client areas. As a result, the firm developed
a go-to-market strategy that encompasses
in-depth brand research studies with cli-
ents, prospects and firm employees, with
the results used to develop messaging,
positioning and marketing plans.
SOCIAL MEDIA AND YOUNG STAFF
A number of T100 Firms have boosted
their use of social media, most notably
New Jersey-based WithumSmith+Brown,
whose two highly publicized in-house
dance videos went viral online. The most
recent one also highlighted its end-of-the-
year merger with EisnerLubin, as well as
serving as a recruiting conduit to lure new
and prospective young employees to the
firm. WS+Bs Garden State competitor, J.H.
Cohn, also used various social media out-
lets to attract employees, and as a vehicle
to keep clients abreast of news in the firm.
To help groom younger staff members
for their careers in the firm, Alpern Rosen-
thal has created a three-tiered program
and a succession blueprint that carries
them through various points of their ten-
ure with the Pennsylvania-based firm.
In a similar vein, Bruce Madnick,
managing partner at New York-based
Friedman, said that the firm began an
initiative titled Build Its Bench Strength, a
program that identifies the next groups of
future partners and potential leaders who
are slated to be groomed and mentored
over the next several years. AT
10
top tax firms
THE TOP TAX FIRMS
As with our Top 100 overall, 2011 was a better year for the Top Tax Firms in the country with the notable exception of franchiser Jackson Hewitt,
which filed for bankruptcy shortly after last tax season; needless to say, the company didnt report any figures for 2011. Those tax firms that made it
through, though, mostly reported growing their revenues, despite ongoing problems finding banks to provide RALs. Even H&R Block, which reported
a slight decrease in overall revenue, noted that it had prepared over a million more returns in 2011 than in 2010.
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
H&R Block
P 1
Kansas City, Mo. William Cobb $2,912.36 77 $3,774.30 -2.58 11,068 107,200
PwC New York City Robert Moritz 2,564.76 29 8,844.00 10.08 73 32,993
Deloitte New York City Joe Echevarria 2,387.80 20 11,939.00 9.15 100 51,262
Ernst & Young New York City Steve Howe 2,325.00 31 7,500.00 5.63 78 26,500
KPMG New York City John Veihmeyer 1,393.86 26 5,361.00 9.65 88 22,278
McGladrey & Pullen
2
Bloomington, Minn. Joe Adams 491.84 36 1,370.42 -0.61 85 7,046
Liberty Tax Services
3
Virginia Beach, Va. John Hewitt 333.51 100 333.51 14.34 3,590 416
Grant Thornton Chicago Stephen Chipman 332.37 29 1,146.12 5.57 56 5,847
Ryan Dallas G. Brint Ryan 233.50 100 233.50 7.85 46 790
CBIZ / Mayer Hoffman McCann Cleveland D. Sibits/B. Hancock 161.33 27 597.50 1.17 150 4,023
BDO USA Chicago Jack Weisbaum 160.16 28 572.00 -2.22 41 2,566
BKD Springfield, Mo. Neal Spencer 125.18 32 391.20 0.10 30 1,844
Crowe Horwath Oak Brook Terrace, Ill. Charles Allen 121.83 23 529.71 8.15 28 2,420
WTAS San Francisco Mark Vorsatz 120.30 100 120.30 4.70 14 501
Moss Adams Seattle Rick Anderson 113.05 35 323.00 2.22 19 1,741
Dixon Hughes Goodman Charlotte, N.C. Ken Hughes 106.20 36 295.00 52.85 30 1,616
Notes: P Figures compiled from public company reports. Franchise. Figures may not include franchise operations.
NA Not available/applicable Gross revenue
1 Staff figures include seasonal workers. 2 Reported fee split as both dollar amount (given here) and percentage.
3 Franchise; revenue includes franchises; employee figure represents only corporate employees.
STRATEGIES
from page 8
ACT T100 2012 p3-13B.indd 10 2/22/12 3:34:21 PM
011_ACTMar12 4 2/22/2012 4:21:24 PM
12
T
ax services were a large source
of growth for the 2012 Top 100
Firms, with both international
and state and local taxes mak-
ing big gains to top the list of the fastest
growing niche service areas. International
tax services ranked first, making one of
the biggest leaps, of nearly 11 percentage
points and five spots from last year, with 77
percent of firms reporting growth.
State and local taxes were close be-
hind, with 75 percent of firms reporting an
increase, catapulting the niche up six spots
this year to second on the list.
Business valuation, though overtaken
from 2011s top spot, remained steady and
down only one percentage point, with 74
percent of firms tracking expansion. Attest
services made a big climb of nine percent-
age points to 2012s No. 4 spot, but with 15
percent more firms reporting growth than
in 2011, this years biggest climber was
cash-flow forecasting and management
up eight spots to 43 percent.
Gary Milligan, managing partner of
tax at Crowe Horwath, attributed the firms
double-digit growth in international tax
for the past three years to greater legal
implementation and more businesses op-
erating overseas: The primary driver of
our growth has been in the transfer pricing
area. We are seeing a lot of heightened
enforcement of tax laws in this area, and
the clients are being scrutinized more. As
clients and businesses grow and begin to
have operations in other countries, this is
when transfer pricing comes into play.
When William Mueldener, national
director of state and local tax for Denver-
based Hein & Associates, joined the firm
from the Big Four five years ago, he helped
establish the practice, which has since seen
30 percent annual increases. According to
him, the growth that mid-market firms are
now experiencing in this niche reflects the
increases experienced by the Big Four 20
years ago. States are hurting for revenue
and theres an emphasis on the state side
for how to increase revenue states have
gotten more aggressive in asserting what
laws are out there and have revisited gray
areas in tax law, he explained. Another
scenario is the changing technology; so
much is changing in the way services are
delivered and how companies operate
general business and day-to-day functions
that doesnt fit in to the tax codes written in
the 1930s and 1940s.
There are also more than a few rea-
sons for the continued strength of busi-
ness valuation, according to Jay Gibson,
shareholder in business valuation at
Southeast firm Elliott Davis, which re-
corded 39 percent growth in the area for
the fiscal year ending in June, and is pro-
jecting at least a 25 percent increase in the
next. Part of it is the regulatory issues out
there, and the uncertainty of the political
situation whats going to happen in the
election and where estate and gift tax are
going to fall out with rates, he said. The
other piece in valuation is that valuations
related to litigation corporate divorce,
Tax services vault atop T100 niche list
B Y DANI E L L E L E E
0 10 20 30 40 50 60 70 80
International tax
State and local taxes
Business valuations
Attest services
Forensics/fraud
Estate/trust/gift tax planning
Litigation support
Nonprot organizations
Industry specializations
M&A
Biz mgmt. for wealthy individuals
Retirement plans
Employee benets
Strategic planning/business plans
Succession planning/family ofce
Cash ow forecasting/mgmt.
Investment advice/services
Cost segregation
Technology consulting
Personal nancial planning
SOX compliance/risk mgmt.
Bankruptcy/insolvency
Biz mgmt. services for small biz
CFO/project stafng services
Business recovery/recession advice
Employment search
IFRS consulting
Financing arrangements
Export/import
Top niche services
Percentage of firms increasing their business in these areas
(of 82 firms responding)
niches and clients
ACT T100 2012 p3-13B.indd 12 2/22/12 3:34:22 PM
13
marital divorce always seems to be
hanging around. Theres an uptick in the
corporate divorce arena, with sharehold-
ers parting ways and valuations related to
buy-sell agreements.
The greater need for transaction work
in todays mergers and acquisitions-heavy
climate was also a contributor to the gains
in attest services, according to Beth Kieffer
Leonard, managing partner at Minneapo-
lis firm Lurie Besikof Lapidus & Co.: Over-
all business growth also helped. People are
going back to the bank looking for those
services again, she explained.
LOCATION, LOCATION, LOCATION
Midsized businesses were the largest-
growing client category again this year,
retaining the top spot by growing nearly 11
percentage points to an overall 77 percent
of firms reporting.
Manufacturing, tracking progress at
73 percent of firms, leapfrogged last years
No. 2 category, nonprofits, with the help of
a 10-percentage point increase.
Rounding out the top three was real
estate, making an even bigger climb of four
spots with the help of 65 percent of firms
reporting growth. Meanwhile, the three-
percentage-point dip in the nonprofit cli-
ent category dropped it two spots.
In the positive column, technologys
eight-point increase from 2011s survey
vaulted it up three spots. Other categories
recording significant gains included large
businesses and hotels and restaurants.
Lurie Besikof Lapidus & Co.s Midwest
shelter from the more severe economic
downturn on the coasts also protected its
midsized clients, according to Leonard. A
lot of the work weve done in the downturn
was to position ourselves in a positive way
to attract new opportunities, she said.
Companies that survived and have done
well some have had one of the best years
theyve ever had in 2011. If they survived
through the downturn, they had a really
robust year.
Richard Kopelman, partner at Geor-
gias Habif, Arogeti & Wynne, partially cred-
its the firms regional presence for its boost
in manufacturing clients. The Southeast
is seeing a lot of growth, with a lot of auto
manufacturers moving into the Southeast
in the last 10 years, which has brought a lot
of suppliers in the area, he said.
For his firm, this has translated into
the signing of nine companies with rev-
enues averaging over $75 million in the last
three months and the feeling that, The
tipping point has been hit.
Location also played a vital role for the
widening pool of real estate clients at New
York-headquartered Friedman. We are
very fortunate to be in New York, said Jay
Goldstein, the firms head partner of real
estate. New York is somewhat insulated
from the real estate problems throughout
the country. The rest of the country is
suffering a slowdown, especially in the
commercial area. But we handle national
companies pension funds who invest in
real estate, among other things through-
out the country. This has helped the firms
practice revenue grow 10 to 15 percent in
the last year, he said.
Geographical advantage was also ap-
parent in the rise of technology clients for
Silicon Valley-based Mohler, Nixon & Wil-
liams, though managing and audit partner
Steve Vidlock also attributed this to wider
economic recovery: [Technology] com-
panies that deferred having audit services
performed in the last couple of years are
coming back into the market a bit. Pricing
pressure is still a challenge, but as things
improve in the marketplace, that gets bet-
ter as well. AT
0 10 20 30 40 50 60 70 80
Midsized businesses
Manufacturing
Real estate
Nonprot organizations
Professional services
Technology
Health care facilities
Pension plans
Individuals
Construction
Wholesale distributors
Large businesses
Hotels and restaurants
State and local government
Retail trade
Entertainment
Banking & thrift companies
Government contractors
Colleges and universities
Small businesses
Investment cos. & mutual funds
Publishing/broadcasting/media
Securities/commod. brokers/dealers
Insurance carriers/companies
Finance cos./mortgage banks
Auto dealerships
Gaming
School districts
Franchising
Top client categories
Percentage of firms increasing their business with these types of clients
(of 82 firms responding)
niches and clients
ACT T100 2012 p3-13B.indd 13 2/22/12 3:34:23 PM
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ACT T100 2012 p15-26.indd 17 2/22/12 5:18:30 PM
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ACT T100 2012 p15-26.indd 18 2/22/12 5:18:30 PM
The building blocks for growth, prot, and success.
1.855.855.5CPA,
or visit CPA.com
019_ACTMar12 6 2/21/2012 4:39:20 PM
M
uch like our Top 100 Firms,
our Regional Leaders had
a decent 2011, with all 10
regions reporting growth.
And as with our T100, mergers played a
major role in how the year unfolded, both
for the firms and for the regions.
In 2011, the regions fell into three
bands: those with extremely high growth
overall, those with perfectly respectable
growth, and those with growth that was,
if not wildly exciting, at least better than
in 2010. Rocketing ahead were the South-
east and the Gulf Coast, with the Regional
Leaders there reporting combined growth
of 18 percent and 19 percent, respectively.
It should come as no surprise that these
regions are home to two of 2011s biggest
firm mergers the combination of Dix-
on Hughes with Goodman & Co. to form
Dixon Hughes Goodman at the beginning
of the year, and the creation of Warren
Averett at the end of the year, from Warren,
Averett, Kimbrough & Marino, OSullivan
Creel, and Wilson, Price, Barranco, Blank-
enship & Billingsley.
Moving along at a reasonable pace
were the Mid-Atlantic Region, the Great
Lakes, New England, the Capital Region,
and the West, all with growth between 4.5
and 6.5 percent. Mergers reshaped the
terrain in all of these, as well, and in many
cases created new ties between regions, as
witnessed by the number of Mid-Atlantic
Regional Leaders, particularly from the
New York Metro area, that made moves
into New England.
Bringing up the rear were the Moun-
tain Region, the Southwest and the Mid-
west, with growth rates ranging between
1.1 and 2.2 percent. While that may seem
low, it should be noted that the first two
grew faster than they did in 2010, when the
Mountain Region actually contracted, and
that the Midwest was only off a little from
2010, while suffering the loss of one of its
major firms, LarsonAllen, which became
a national firm through you guessed it
a series of mergers.
It should be remembered, though,
that geography is not destiny: There were
low-performing firms in the leading re-
gions, while the Southwests Whitley Penn
and PMB Helin Donovan grew by over 16
and 12 percent, respectively; the Mountain
Region is home to standouts like Squire &
Co., which grew by over 11 percent; and
the Midwest hosts RubinBrown, which
grew by almost 14 percent, in part by fur-
ther expanding into the Mountain Region
by acquiring a major Denver firm.
RubinBrown exemplifies the trend
that we mentioned above: Many of our
Regional Leaders are moving into adja-
cent regions, often through acquisition.
Mid-Atlantic firms like Marcum and J.H.
Cohn are buying Connecticut and Mas-
sachusetts firms; Alabamas Carr, Riggs &
Ingram is building a super-regional firm
that encompasses the Gulf Coast and the
Southeast; Midwest No. 2 Regional Leader
regional overview
2012 Regional Leaders
see three kinds of growth
Capital
Region
Great
Lakes
Gulf
Coast
Mid-
Atlantic
Mid
west
Mountain New
England
South
east
South
west
West
20
15
10
5
0
In all its forms
Regional Leader revenue growth, year-to-year % change
20
ACT T100 2012 p15-26.indd 20 2/22/12 5:18:36 PM
21
THE 2012 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C.,
and West Virginia
The Capital Region saw respectable growth this year,
with the Regional Leaders combined revenue swell-
ing 4.97 percent to $681.65 million.
That increase is all the more impressive given that
one of last years mega-mergers meant that one of
the regions major players, Virginias Goodman &
Co., left the list after hooking up with Southeast pow-
erhouse Dixon Hughes to form Dixon Hughes Good-
man. The firm obviously remains a major presence
in the Capital Region, but can be found on our list
of Southeast Regional Leaders, where it ranks No. 1.
The same applies to Southeast No. 2, Cherry, Bekaert
& Holland, which is based in Virginia, but has strong
operations throughout the Southeast.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Reznick Group Bethesda, Md. 202.50 5.73 10 106 652 967 57 29 13 1
Kearney & Co. Alexandria, Va. 79.78 10.12 2 13 248 358 71 0 29 0
Aronson Rockville, Md. 52.15 10.14 1 27 136 198 42 32 15 11
Watkins Meegan Bethesda, Md. 50.20 9.13 4 16 204 235 22 23 55 0
Argy, Wiltse & Robinson McLean, Va. 50.00 NC 3 25 175 240 31 44 23 2
SC&H Group Sparks, Md. 49.62 7.17 3 20 207 265 17 48 35 0
Raffa Washington, D.C. 33.00 -0.78 2 18 180 224 59 18 23 0
Yount, Hyde & Barbour Winchester, Va. 23.86 -2.25 6 19 86 125 42 44 14 0
Brown, Edwards & Co. Bluefield, W. Va. 23.85 2.01 7 23 NA NA NA NA NA NA
Keiter, Stephens, Hurst, Gary & Shreaves
Glen Allen, Va. 21.04 1.01 2 20 NA NA NA NA NA NA
Johnson Lambert & Co. Falls Church, Va. 20.05 -0.84 8 13 107 135 85 14 1 0
Gelman, Rosenberg & Freedman Bethesda, Md. 18.00 1.98 1 12 NA NA NA NA NA NA
Smith Elliott Kearns & Co. Hagerstown, Md. 16.20 1.06 4 20 97 137 57 31 5 7
KatzAbosch Timonium, Md. 15.00 7.14 3 21 41 83 39 48 5 8
Gross, Mendelsohn & Associates Baltimore 13.39 2.92 1 13 51 84 49 29 22 0
Arnett & Foster Charleston, W.Va. 13.01 0.46 2 17 55 88 46 20 34 0
Notes: Accounting Today estimate NC No change NA Not available/applicable
Eide Bailly is due to merge with Great
Lakes No. 3 Wipfli in June; and so on.
Needless to say, this complicates our
list-making, requiring fine and, ad-
mittedly, often subjective judgments
about where to put a firm that straddles
two or more regions, but hasnt quite got
the reach to be a national firm. Western
Regional Leader Hagen, Streiff, Newton
& Oshiro, for instance, is headquartered
in Newport Beach, Calif., but has a strong
presence in the Southwest, as well. Weve
noted some of these dual citizenships in
the regional lists that follow.
BEYOND M&A
As much as mergers contributed to growth
in the regions, they arent the only way to
build a firm. Our Regional Leaders report-
ed strong increases in demand for services
by nonprofits and health care facilities, as
well as real estate and construction clients,
and from professional services organiza-
tions like law firms and doctors offices.
Some service areas saw strong growth in
individual regions firms in the Capi-
tal Region, for obvious reasons, saw in-
creased demand from both government
and government contractors, while firms
in the Southwest, and Texas in particular,
were doing well with oil, gas, and other
energy-related services and clients.
Organic growth like that is what will
continue to replenish the ranks of the Re-
gional Leaders, as more and more of them
either graduate to national status, or prove
attractive M&A targets for national and
super-regional firms. Most of the regions
saw a Regional Leader move up this way
the Wests Perry-Smith was merged
into national firm Crowe Horwath, which
itself rose from a Great Lakes leader to a
national firm. New England lost two ma-
jor firms, Kostin Ruffkess and CCR, to J.H.
Cohn and Grant Thornton, respectively.
With that said, weve managed to
grow this years Regional Leaders from
the 2011 list, not only replacing those
firms that were either acquired or grew so
large they became national, but adding a
few more, to bring our total up to 171. If
you belong among our Regional Leaders
but we missed you this year, e-mail us at
AcToday@SourceMedia.com so we can
add you to next years survey.
In the meantime, consider this years
list of Regional Leaders, starting below
and continuing in the pages that follow,
as they demonstrate the many ways an
accounting firm can grow. AT
regional leaders
ACT T100 2012 p15-26.indd 21 2/22/12 5:36:42 PM
22
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Plante Moran Southfield, Mich. 304.35 2.02 16 217 975 1,518 52 32 16 0
Baker Tilly Virchow Krause Chicago 242.00 1.68 11 101 1,081 1,300 38 34 25 3
Wipfli Milwaukee 142.17 24.12 20 132 705 1035 35 30 35 0
Rehmann Saginaw, Mich. 87.00 16.00 20 56 493 687 43 33 7 17
SS&G Cleveland 70.70 9.17 9 30 362 444 32 36 12 20
Schenck Appleton, Wis. 65.45 3.14 9 57 317 466 38 38 19 5
Sikich Naperville, Ill. 64.50 16.22 7 62 271 373 40 15 40 5
Blue & Co. Carmel, Ind. 55.10 9.11 8 32 207 293 31 18 51 0
Blackman Kallick Chicago 52.00 1.92 1 36 148 222 43 38 19 0
SVA CPAs Madison, Wis. 47.09 3.93 5 27 137 366 14 20 15 51
Katz, Sapper & Miller Indianapolis 46.71 2.98 2 33 166 242 28 42 25 5
Clark, Schaefer, Hackett & Co. Middletown, Ohio 44.18 3.97 7 24 209 315 48 36 7 9
Doeren Mayhew Troy, Mich. 43.75 0.11 2 26 147 210 44 29 10 17
Cohen & Co. Cleveland 35.98 11.67 9 23 164 233 46 41 3 10
Hill, Barth & King Boardman, Ohio 35.50 5.97 12 34 163 233 31 49 19 1
Kemper CPA Group Greenfield, Ind. 32.57 0.59 23 54 215 302 40 36 24 0
Rea & Associates New Philadelphia, Ohio 29.20 0.48 11 29 137 217 46 33 7 14
Yeo & Yeo Saginaw, Mich. 27.35 -3.25 7 21 124 177 21 20 21 38
ORBA Chicago 20.90 6.09 1 17 66 105 65 25 10 0
Somerset CPAs Indianapolis 20.29 1.00 1 22 NA 117 NA NA NA NA
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
The Regional Leaders in the Great Lakes reversed their
contraction of 2010, growing their revenues by 6.04 per-
cent to $1,466.79 million in 2011.
That, it should be noted, was without the help of Chi-
cago-based Crowe Horwath, which has graduated from
the ranks of the Regional Leaders to become a national
firm. Mergers and acquisitions helped fill some of the gap,
with serial acquirers like Sikich and Rehmann both post-
ing revenue growth of over 16 percent.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Carr, Riggs & Ingram Enterprise, Ala. 100.31 16.84 16 79 366 513 60 25 15 0
Warren Averett* Birmingham, Ala. 84.39 127.90 11 106 309 575 NA NA NA NA
MBAF CPAs Miami 80.00 17.65 10 22 310 397 38 43 11 8
Horne* Ridgeland, Miss. 56.77 4.17 12 22 267 383 35 13 41 11
Kaufman, Rossin Group Miami 51.20 15.84 6 38 182 272 32 23 4 41
Berkowitz Dick Pollack & Brant Miami 38.56 5.18 3 17 96 149 20 42 2 36
Postlethwaithe & Netterville Baton Rouge, La. 38.54 0.97 9 27 221 304 47 26 27 0
Jackson Thornton & Co. Montgomery, Ala. 23.96 3.95 5 21 120 169 40 25 11 24
LaPorte Sehrt Romig Hand Metairie, La. 21.33 3.24 4 17 110 151 47 43 10 0
Sellers, Richardson, Holman & West
Birmingham, Ala. 15.05 3.01 1 12 61 82 43 57 0 0
Barfield, Murphy, Shank & Smith Birmingham, Ala. 14.20 3.65 1 9 68 101 40 29 4 27
Gerson Preston Robinson & Co. Miami Beach, Fla. 14.10 5.22 3 6 39 58 40 40 20 0
Daszkal Bolton Boca Raton, Fla. 13.67 2.55 3 9 63 101 23 69 8 0
Averett Warmus Durkee Osburn Henning
Orlando, Fla. 12.00 42.86 2 12 59 88 50 45 5 0
Bourgeois Bennett Metairie, La. 11.12 2.02 4 18 NA 85 NA NA NA NA
Notes: Accounting Today estimate * Firm estimate or projection NA Not available/applicable
Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
The Gulf Coast Regional Leaders roared ahead in
2011, growing revenue 19.22 percent, to $575.2 mil-
lion. They were led by the creation of Warren Aver-
ett from three firms Warren, Averett, Kimbrough
& Marino, OSullivan Creel, and Wilson Price
registering growth of almost 128 percent. The
No. 1 firm, Alabamas Carr, Riggs & Ingram, was no
slouch either, expanding its already considerable
reach across the Gulf Coast and the Southeast.
regional leaders
ACT T100 2012 p15-26.indd 22 2/22/12 5:18:38 PM
23
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Marcum New York City 274.20 9.33 18 138 549 904 45 30 10 15
EisnerAmper New York City 254.60 1.39 8 164 822 986 55 28 17 0
J.H. Cohn* Roseland, N.J. 243.00 5.65 15 174 657 1,101 54 30 2 14
Rothstein, Kass & Co. Roseland, N.J. 179.50 9.99 8 71 677 857 61 36 2 1
ParenteBeard Philadelphia 170.00 4.29 20 140 672 1,036 54 28 18 0
WeiserMazars New York City 124.50 4.25 6 97 405 624 50 40 10 0
Citrin Cooperman & Co. New York City 115.00 15.00 5 102 285 452 47 36 10 7
Berdon New York City 95.00 2.15 2 42 327 395 30 40 30 0
Anchin, Block & Anchin New York City 91.50 2.81 1 52 205 321 44 43 13 0
Marks Paneth & Shron New York City 87.38 0.59 3 63 312 472 62 27 1 10
WithumSmith+Brown Princeton, N.J. 76.72 5.49 12 82 340 512 43 33 4 20
OConnor Davies New York City 74.50 15.06 7 58 282 382 65 28 7 0
Friedman New York City 69.20 7.79 6 53 241 337 63 35 2 0
Schneider Downs Pittsburgh 52.30 6.09 2 34 267 334 45 35 20 0
Rosen Seymour Shapss Martin & Co. New York City 51.30 3.43 4 28 167 228 46 35 19 0
The Bonadio Group* Pittsford, N.Y. 46.43 10.63 7 48 204 300 59 17 10 14
Margolin, Winer & Evens Garden City, N.Y. 40.50 3.85 2 28 168 213 60 30 10 0
Freed Maxick CPAs Buffalo, N.Y. 37.80 5.88 3 33 182 254 39 39 12 10
Alpern Rosenthal Pittsburgh 36.42 6.93 3 33 148 217 40 40 9 11
Holtz Rubenstein Reminick Melville, N.Y. 33.80 1.81 2 20 119 175 47 40 4 9
Raich Ende Malter & Co. New York City 33.50 34.86 4 28 109 175 40 60 0 0
Reinsel Kuntz Lesher Lancaster, Pa. 32.97 12.64 4 33 179 237 36 34 8 22
Grassi & Co.* Jericho, N.Y. 29.70 20.10 2 13 122 164 50 31 11 8
Wiss & Co. Livingston, N.J. 29.10 0.21 4 30 112 171 52 35 0 13
Top Firms: Mid-Atlantic
New Jersey, New York and Pennsylvania
The Mid-Atlantic Regional Leaders saw more-than-re-
spectable growth of 6.55 percent, giving them 2011 rev-
enues of $2,278.92 million.
Many of the biggest firms in the region got into the
M&A game, with both Marcum and J.H. Cohn expanding
further into New England, and others, like ParenteBeard,
using mergers to grow within the Mid-Atlantic Region. The
area also contributed two new members of the Top 100:
Reinsel Kuntz Lesher, and Raich Ender Malter & Co.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BKD Springfield, Mo. 391.20 0.10 30 244 1,223 1,844 50 32 18 0
Eide Bailly Fargo, N.D. 151.60 -0.13 19 97 881 1,251 44 30 19 7
RubinBrown St. Louis 61.72 13.73 3 28 280 362 50 35 15 0
Lurie Besikof Lapidus & Co. Minneapolis 34.20 -5.52 1 13 78 127 35 34 18 13
Honkamp Krueger & Co. Dubuque, Iowa 33.62 6.80 6 18 92 286 18 20 4 58
Kennedy and Coe Salina, Kan. 30.50 -0.65 8 24 112 193 20 53 27 0
Brown Smith Wallace St. Louis 26.00 4.92 4 23 151 191 24 44 32 0
Brady, Martz & Associates Grand Forks, N.D. 23.66 6.38 6 30 93 159 59 34 7 0
Boulay, Heutmaker, Zibell & Co. Minneapolis 19.54 -8.65 1 30 74 122 50 33 0 17
Lutz & Co. Omaha, Neb. 19.39 4.98 1 23 65 107 39 34 11 16
Mize, Houser & Co. Topeka, Kan. 18.65 5.97 4 15 98 178 59 24 17 0
Anders, Minkler & Diehl St. Louis 17.61 2.56 1 12 83 108 26 39 0 35
Seim Johnson Omaha, Neb. 12.55 5.11 1 15 45 75 41 25 34 0
Olsen Thielen & Co.
1
St. Paul, Minn. 12.04 -14.49 2 11 69 98 40 31 29 0
Notes: * Firm estimate or projection 1 Revenue decrease reflects spinoff of subsidiary last year.
Top Firms: Midwest
Iowa, Kansas, Minnesota, Missouri, Nebraska,
North Dakota and South Dakota
The Midwest Regional Leaders put in the weakest perform-
ance in 2011, growing their revenues at a slower clip even
than in 2010 but still growing them, by 1.11 percent, to
$852.28. Those numbers would undoubtedly have been
higher if wed included LarsonAllen, which grew 25 percent
through a series of mergers but its final merger, with
Clifton Gunderson, turned it into a national firm.
Next year well get to puzzle out what to do with No. 2
Midwest firm Eide Bailly, which is set to merge with Great
Lakes No. 3 Wipfli in June.
regional leaders
ACT T100 2012 p15-26.indd 23 2/22/12 5:18:39 PM
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Ehrhardt Keefe Steiner & Hottman Denver 58.47 7.09 3 30 275 377 51 40 9 0
Hein & Associates Denver 45.28 0.40 4 30 151 222 53 40 7 0
Anderson ZurMuehlen & Co. Helena, Mont. 19.54 5.34 7 25 124 203 32 35 13 20
Galusha, Higgins & Galusha Helena, Mont. 17.64 0.51 6 NA NA NA NA NA NA NA
GHP Horwath Denver 16.70 NC 1 9 67 92 41 29 0 30
JCCS Great Falls, Mont. 13.04 0.54 7 30 NA NA NA NA NA NA
Tanner Salt Lake City 12.30 1.65 1 9 68 85 70 26 4 0
Dalby, Wendland & Co. Grand Junction, Colo. 11.78 -3.76 6 16 45 82 19 63 7 11
Squire & Co. Orem, Utah 11.63 11.93 1 11 51 76 43 30 8 19
Anton Collins Mitchell Denver 9.75 2.09 2 9 65 89 65 32 3 0
McGee, Hearne & Paiz Cheyenne, Wyo. 9.28 0.65 1 9 48 66 59 37 4 0
Haynie & Co. Salt Lake City 7.39 -13.16 3 5 45 60 49 33 7 11
Wisan Smith Racker & Prescott Salt Lake City 7.16 NA 2 7 38 50 45 45 10 0
Top Firms: Mountain
Colorado, Idaho, Montana, Utah and Wyoming
2011 was a much better year for the Regional Lead-
ers in the Mountain States, which grew their overall
revenues by 2.27 percent, to $239.96 million, putting
them ahead of their slower-growing peers in the
Southwest and Midwest.
Growth came from a wide variety of services
the fastest growing Regional Leader, Utahs Squire &
Co., reported that its fastest growing specialty service
was technology consulting, while the largest firm in
the area, Denvers Ehrhardt Keefe Steiner & Hottman,
saw its fastest growth in international tax.
There were also mergers, of course Midwest
Regional Leader RubinBrown, for instance, continued
its expansion into the area, which is began in 2010, by
acquiring major Denver firm Bondi & Co.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Blum, Shapiro & Co. West Hartford, Conn. 47.27 7.43 3 44 170 267 50 37 5 8
BerryDunn Portland, Maine 34.65 12.68 3 18 127 174 56 21 18 5
Kahn, Litwin, Renza & Co. Providence, R.I. 30.83 10.26 3 10 128 164 32 33 35 0
Baker Newman & Noyes Portland, Maine 28.30 1.80 4 26 124 178 46 37 17 0
Wolf & Co. Boston 28.21 4.71 3 17 145 180 51 24 0 25
Feeley & Driscoll Boston 23.62 -4.02 1 14 80 120 63 23 14 0
Braver Newton, Mass. 19.35 2.00 5 16 NA NA NA NA NA NA
DiCicco, Gulman & Co. Woburn, Mass. 15.80 5.61 2 12 60 87 42 43 15 0
Whittlesey & Hadley Hartford, Conn. 13.80 3.76 1 14 76 98 60 20 20 0
Macdonald Page & Co. South Portland, Maine 12.25 1.83 2 22 57 92 44 31 11 14
Gray, Gray & Gray Westwood, Mass. 10.40 4.00 2 10 44 66 60 30 10 0
Meyers Brothers Kalicka Holyoke, Mass. 9.50 -1.04 1 8 41 60 50 42 8 0
Gallagher Flynn & Co. South Burlington, Vt. 9.09 3.30 2 10 NA NA NA NA NA NA
Abrams Little-Gill Loberfeld Chestnut Hill, Mass. 6.83 16.55 1 11 21 48 34 60 6 0
Notes: Accounting Today estimate NC No change NA Not available/applicable
Top Firms: New England
Connecticut, Maine, Massachusetts, New Hampshire,
Rhode Island and Vermont
The Regional Leaders in New England rebounded from
2010s contraction, growing their revenues by 5.2 percent
to $289.9 million.
And this was despite the fact that two of the larger
firms in the area dropped off the list this time around,
both as a result of mergers: Connecticut-based Kostin
Ruffkess was grabbed up by Mid-Atlantic Regional Leader
J.H. Cohn, while Massachusetts CCR was grabbed by na-
tional firm Grant Thornton. New York-based Top 100 Firm
Marcum also expanded its presence in the area with two
mergers early in 2012.
The news wasnt all about the Top 100 moving into
New England, though: One Regional Leader Rhode
Islands Kahn, Litwin, Renza & Co. broke the revenue
barrier and joined the T100 for the first time this year, after
growing over 10 percent in 2011.
regional leaders
24
ACT T100 2012 p15-26.indd 24 2/22/12 5:18:40 PM
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Dixon Hughes Goodman Charlotte, N.C. 295.00 52.85 30 174 1,108 1,616 41 36 23 0
Cherry, Bekaert & Holland Richmond, Va. 111.18 13.01 15 45 579 804 51 36 8 5
Habif, Arogeti & Wynne Atlanta 58.14 -1.51 2 29 206 277 45 36 8 11
Elliott Davis Greenville, S.C. 57.55 5.35 10 51 241 365 48 36 12 4
Lattimore, Black, Morgan & Cain Brentwood, Tenn. 57.00 2.33 3 40 256 356 26 36 14 24
Frazier & Deeter Atlanta 37.29 6.88 3 10 119 157 38 41 0 21
Joseph Decosimo & Co. Chattanooga, Tenn. 33.50 -12.67 8 29 194 281 45 40 7 8
Mauldin & Jenkins Atlanta 31.80 -2.15 4 37 101 168 75 23 1 1
Mountjoy Chilton Medley Louisville, Ky. 30.15 10.68 4 32 140 211 47 33 9 11
Bennett Thrasher Atlanta 23.22 -1.02 1 22 NA 129 NA NA NA NA
Frost Little Rock, Ark. 23.14 -3.22 3 9 106 144 48 39 12 1
Dean Dorton Allen Ford Lexington, Ky. 22.42 39.51 2 30 87 143 38 40 22 0
WebsterRogers Florence, S.C. 17.13 3.44 8 21 80 120 38 38 14 10
Top Firms: Southeast
Arkansas, Georgia, Kentucky, North
Carolina, South Carolina and Tennessee
The Southeast Regional Leaders saw the
second strongest growth of all our regions,
boosting their revenues 18.37 percent, to
$797.52 million.
Leading the way was the super-reg-
ional firm Dixon Hughes Goodman, which
brought together the Capital Regions
Goodman & Co. and the Southeasts Dixon
Hughes. The combined firm is listed as
a Southeast Regional Leader, but it also
retains an extremely strong presence in the
Capital Region as, for that matter, does
Southeast No. 2 Cherry, Bekaert & Hol-
land, which is headquartered in Virginia.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Weaver Fort Worth, Texas 66.40 1.68 6 35 301 399 40 47 5 8
Whitley Penn Fort Worth, Texas 37.50 16.82 2 23 129 180 45 40 10 5
Padgett, Stratemann & Co. San Antonio 27.37 -0.04 2 15 114 162 56 35 9 0
Gainer, Donnelly & Desroches Houston 20.53 -3.62 1 11 62 140 35 55 10 0
PKF Texas Houston 19.93 2.42 1 12 97 124 47 45 8 0
Briggs & Veselka Houston 19.59 3.21 2 15 106 143 38 55 7 0
TravisWolff Dallas 19.20 -10.70 2 14 80 120 39 49 12 0
REDW Albuquerque, N.M. 19.08 -3.64 2 15 86 133 51 17 13 19
Cain Watters & Associates Dallas 18.10 3.43 1 8 42 110 12 15 0 73
Lane Gorman Trubitt Dallas 18.10 2.96 1 16 56 86 55 39 0 6
Johnson Miller & Co. Odessa, Texas 17.05 4.47 3 14 71 99 28 49 8 15
Henry & Horne Tempe, Ariz. 15.90 -3.05 3 15 61 103 37 55 8 0
BeachFleischman* Tucson, Ariz. 14.60 1.39 1 17 58 94 28 48 6 18
PMB Helin Donovan Austin, Texas 13.49 12.14 7 22 86 118 67 33 0 0
MaloneBailey Houston 12.61 -1.94 2 5 62 76 84 16 0 0
Notes: Accounting Today estimate * Firm estimate or projection NA Not available/applicable
Top Firms: Southwest
Arizona, New Mexico, Oklahoma
and Texas
The Southwest grew more strongly in 2011
than in 2010, but still was one of the weaker
performers among the regions, with the
Regional Leaders combined revenues grow-
ing 1.96 percent to $339.45 million.
No. 1 Southwest firm Weaver eas-
ily kept its position as by far the largest in
the area, helped by strategic mergers. No.
2 Whitley Penn, though, showed strong
growth of almost 17 percent.
One of the strongest areas of growth
across the region was the energy sector, with
a number of firms reporting more business
with clients in oil, gas, alternative energy,
and energy services. But it didnt dominate
other firms cited international tax, non-
profits, and health care as among their fast-
est growing service areas.
regional leaders
25
ACT T100 2012 p15-26.indd 25 2/22/12 5:18:41 PM
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Moss Adams Seattle 323.00 2.22 19 230 1,081 1,741 51 35 14 0
Armanino McKenna San Ramon, Calif. 84.20 17.84 5 39 219 295 36 38 26 0
Novogradac & Co. San Francisco 72.06 10.17 12 29 250 332 56 27 7 10
Burr, Pilger & Mayer San Francisco 70.20 9.04 7 57 264 411 36 43 13 8
Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 69.00 6.15 7 27 187 274 20 71 0 9
Frank, Rimerman & Co. Palo Alto, Calif. 48.70 2.70 5 18 190 222 27 61 11 1
Nigro Karlin Segal & Feldstein
2
Los Angeles 44.76 8.93 2 21 189 239 23 11 0 66
SingerLewak Los Angeles 40.20 8.36 5 28 157 231 51 36 2 11
Squar, Milner, Peterson, Miranda & Williamson
Newport Beach, Calif. 37.00 8.82 4 22 136 195 40 52 0 8
Miller Kaplan Arase North Hollywood, Calif. 35.00 6.06 4 24 102 164 58 17 17 8
Seiler Redwood City, Calif. 32.90 3.13 2 12 117 148 15 65 0 20
Mohler, Nixon & Williams Campbell, Calif. 32.90 -0.90 3 22 96 156 43 52 0 5
AKT CPAs Salem, Ore. 32.00 1.20 5 19 121 171 34 36 7 23
Vavrinek Trine Day Rancho Cucamonga, Calif. 31.97 0.50 6 35 NA 200 NA NA NA NA
Gallina Roseville, Calif. 31.80 0.95 9 23 137 198 46 50 4 0
Macias Gini & OConnell Sacramento, Calif. 30.10 0.60 7 12 151 223 67 15 0 18
Clark Nuber Bellevue, Wash. 26.71 4.42 1 16 105 152 44 38 0 18
Gursey / Schneider Los Angeles 25.20 4.00 2 8 NA NA NA NA NA NA
Windes & McClaughry Long Beach, Calif. 24.28 4.03 4 18 NA 145 NA NA NA NA
RBZ Los Angeles 23.82 4.02 1 13 NA 105 NA NA NA NA
Hagen, Streiff, Newton & Oshiro
Newport Beach, Calif. 20.90 -10.18 19 25 40 80 0 0 0 100
Hutchinson and Bloodgood Glendale, Calif. 20.85 1.21 4 31 44 100 36 46 18 0
Green Hasson Janks* Los Angeles 20.80 11.83 1 14 82 108 58 32 7 3
Gumbiner Savett Santa Monica, Calif. 16.60 7.79 1 12 72 100 40 50 8 2
Geffen Mesher & Co. Portland, Ore. 16.25 NA 1 13 60 91 30 60 10 0
Hood & Strong San Francisco 16.00 NC 2 13 61 90 64 36 0 0
Sensiba San Filippo Pleasanton, Calif. 14.40 -9.32 4 16 51 92 38 49 0 13
Notes: Accounting Today estimate * Firm estimate or projection NC No change NA Not available/applicable
2 A&A work comprises compliance auditing, forensic auditing, royalty/participation audits
Top Firms: West
California, Nevada, Oregon and Washington
The West grew more in 2011, with the Regional Leaders
total revenues growing 4.61 percent, to $1,241.6 million.
Perhaps the biggest news here was the merger that
didnt happen: The much-ballyhooed combination of Top
100 Firm Burr, Pilger & Mayer and Southern Californias
Windes & McClaughry had been slated to happen this year,
but the firms called it off in February, citing an inability to
agree on the final terms. BPM may take some consolation
from having climbed a spot on the Regional Leaders list,
to No. 4, and from the two other acquisitions that it com-
pleted in the course of 2011.
Other Regional Leaders active on the M&A front in-
cluded Armanino McKenna, which picked up a tech firm;
Oregons AKT CPAs; Gallina, which expanded into Ne-
vada; and Squar, Milner, Peterson, Miranda & Williamson,
which, among other things, picked up a practice unit in the
fire sale of consultancy LECG.
Finally, though its combination with Clifton Gunder-
son has overshadowed all else, LarsonAllen made quite a
merger splash in the Pacific Northwest in 2011, grabbing
up a couple of firms in the area.
Mid-
Atlantic
Great
Lakes
West Mid
west
South
east
Capital
Region
Gulf
Coast
South
west
New
England
Mountain
Top 6 Firms
($36.16 bn)
Regional
Leaders
($8.76 bn)
T100 under
$100 mn
($3.63 bn)
T100 over
$100 mn
($6.04 bn)
500
0
1,000
1,500
2,000
2,500
Where the money is
Combined 2011 revenues by region Combined 2011 revenues
regional leaders
26
ACT T100 2012 p15-26.indd 26 2/22/12 5:18:44 PM
! AKT CPAs: In September 2011, acquired
Portland-based WEL Group. In December,
acquired San Diego firm of Catherine Pre-
cisio Smith.
! Alpern Rosenthal: Acquired Ft. Lauder-
dale, Fla.-based M. Cohen & Associates.
Launched new valuation services for Mar-
cellus Shale. In January 2012, moved into
new office in Philadelphia.
! Anchin, Block & Anchin: Fastest grow-
ing specialty service family office. Fast-
est growing client category real estate.
Named an Accounting Today Best Firm to
Work For in 2011.
! Argy, Wiltse & Robinson: In September
2011, celebrated its 20th anniversary. Fast-
est growing specialty service business
consulting, primarily to government con-
tractors. Fastest growing client category
government contractors.
! Armanino McKenna: In January 2011,
became an Intacct reseller. In July, merged
in Qlikview provider Factory Information
Management Solutions.
! Aronson: Established Technology In-
dustry Services Group. Restructured and
rebranded software solutions practice as
Aronson Systems Group. In January 2012,
launched Champion Recruiting LLC to of-
fer personnel placement services.
! Baker Tilly Virchow Krause: In Febru-
ary 2011, became a NetSuite reseller. In
July, promoted two new executive manag-
ing partners to its Office of the CEO, and a
number of new office MPs.
! BDO USA: In February 2011, jury im-
posed $91 million judgement over audits
of a real estate firm. In May, sued by inves-
tors in Allen Stanfords Ponzi scheme. In
November, merged in six partners and 60-
plus staff of San Antonio-based Carneiro,
Chumney & Co. In January 2012, merged
in six partners and 65 staff from New York-
and Los Angeles-based Salibello & Broder.
! Berdon: In 2011, enacted succession
plan, resulting in January 2012 naming of
new co-managing partners, Mark Boss-
wick and Stuart Kotler.
! Berkowitz Dick Pollack & Brant: Saw
significant growth in BayBridge Real Estate
Group affiliate. Fastest growing specialty
service M&A. Fastest growing client
category real estate.
! BerryDunn: As part of its 37th anni-
versary, changed name from Berry Dunn
McNeil & Parker.
! BKD: In July 2011, merged in Waco, Tex-
as-based Parrish, Moody & Fikes, adding
50 staff. Initiated an employee engagement
council. In February 2012, CEO Neal Spen-
cer announced plans to retire in June.
! Blackman Kallick: Saw growth in
audit and consulting services in targeted
niches.
! Blue & Co.: In January 2011, merged
in Louisville, Ky.-based Douglas R. Wise
& Co.
! Blum, Shapiro & Co.: No. 1 Regional
Leader in New England. In January 2011,
expanded to Boston through merger with
26-person Neddel, Welch & Stone. Became
an Intacct reseller.
! The Bonadio Group: In February 2011,
announced a new three-person manage-
ment committee to run firm. Put a part-
ner accountability/goal system in place. In
August, acquired Syracuse, N.Y., office of
ParenteBeard, adding four partners and 21
employees. In October, opened an office
on Wall Street in Manhattan. Named an
Accounting Today Best Firm to Work For
in 2011.
! Burr, Pilger & Mayer: In May 2011,
agreed to acquire San Jose, Calif., unit of
CBIZ. In June, became a NetSuite reseller.
In September, announced plans to merge
in Southern California firm Windes & Mc-
Claughry Accountancy Corp. in January
2012, but the deal was cancelled in Febru-
ary 2012. Also acquired Armus.
! Carr, Riggs & Ingram: Moved to a more
centralized management structure. In Aug-
ust 2011, expanded to Metairie, La., through
merger with Rebowe & Co. In Septem-
ber, expanded to Kentucky through merger
with Holland CPAs. In January 2012, ac-
quired South Georgia firm BowenPhillips.
! CBIZ / Mayer Hoffman McCann: In
March 2011, launched forensic and finan-
cial services practice. In May, sold San
Jose, Calif., unit to Burr, Pilger & Mayer.
In July, acquired Memphis, Tenn.-based
Thompson Dunavant PLC. Hired a na-
tional business development director.
! Cherry, Bekaert & Holland: In Febru-
ary 2011, acquired Virginia-based Burrus
Paul & Turnbull. In October, sold Mobile,
Ala., office to Wilkins Miller Hieronymus.
! Citrin Cooperman & Co.: In June 2011,
added some of the partners and staff of
dissolving White Plains, N.Y., firm Eisman,
Zucker, Klein & Ruttenberg.
! Clark, Schaefer, Hackett & Co.: In Janu-
ary 2012, expanded into Toledo through
acquisition of Brell Holt & Co. Launched
Private Equity Group.
! Clifton Gunderson: Now CliftonLarson-
Allen, following January 2012 merger with
LarsonAllen. In January 2011, acquired
Los Angeles-based Durkin Forensic and
Albuquerque, N.M.-based Meyners & Co.;
became an Intacct reseller.
! Cohen & Co.: In March 2011, acquired
Cleveland-based family office practice
of The Lipson Group. Saw very strong
growth in health care consulting. Named
an Accounting Today Best Firm to Work
For in 2011.
! Crowe Horwath: In August 2011, sued
with PwC over audits of bankrupt bank
Colonial Bancgroup. In October, acquired
California-based Perry-Smith, adding 16
partners and over 100 staff.
! Deloitte: In January 2011, acquired
Oakville, Ont.-based management pro-
2012 firm highlights
27
firm highlights
ACT_T100_2012_Highlights.indd 27 2/22/12 3:35:54 PM
28
cess consulting firm Managerial Design.
In April, elected new global CEO, Barry
Salzberg, and new U.S. CEO, Joseph Eche-
varria. In May, acquired business analytics
software developer Oco Inc. In June, elect-
ed new global chairman; sold CorpSmart
software unit to Thomson Reuters. In June,
sued over Navistar International audits.
In September, sued for $7.6 billion over
audits of failed mortgage lender. In De-
cember, added Skura Business Intelligence
Group to its Canadian firm; launched De-
loitte Postdigital Enterprise Center of Ex-
cellence. In January 2012, acquired mobile
app developer Ubermind; sued over over-
time payments to associates.
! Dixon Hughes Goodman: Formed in
January 2011 by the merger of Top 100
Firms Dixon Hughes and Goodman & Co.
In November, acquired Fairfax, Va.-based
Swart Lalande & Associates, adding more
than 35 professionals.
! Doeren Mayhew: In June 2011, settled
lawsuit over Ponzi scheme. Fastest grow-
ing specialty service international tax.
Fastest growing client category manu-
facturing.
! Ehrhardt Keefe Steiner & Hottman:
No. 1 Regional Leader in the Mountain
Region. Fastest growing specialty service
international tax. Fastest growing client
category government contractors.
! Eide Bailly: In February 2011, became
an Intacct reseller. In December, acquired
Boulder, Colo.-based William D. Pyle &
Associates. In January 2012, announced
plans to merge with Top 100 Firm Wipfli to
form EB Wipfli in June.
! EisnerAmper: In February 2011,
launched new Web site. In April, formed
Offshore Voluntary Disclosure Initiative
Task Force. In July, formed Consulting Ser-
vices Group.
! Elliott Davis: Expanded international
group to support significant growth. Fast-
est growing specialty service business
valuations. Fastest growing client category
manufacturing.
! Ernst & Young: In January 2011, ac-
quired Israel-based security organization
Hacktics Ltd. In April, acquired business
performance management consultancy
ISA Consulting. In June, announced plans
to increase campus hiring by 25 percent.
In September, acquired tax risk and pro-
cess re-engineering practice of Chicago-
based True Partners Consulting; launched
Americas Tax Center. In January 2012, an-
nounced new global chairman and CEO,
Mark Weinberger, to succeed current chair
and CEO, James Turley, in 2013.
! Frank, Rimerman & Co. Increased rev-
enue and overall employee count.
! Frazier & Deeter: In November 2011,
merged in Atlanta-based Faucett, Taylor &
Associates.
! Freed Maxick CPAs: In April 2011,
named new managing director. Participat-
ed in Twitters beta rollout of its Promoted
Products suite. In December, acquired Buf-
falo, N.Y.-based non-attest tax and consult-
ing assets of McGladrey & Pullen. Changed
name from Freed Maxick & Battaglia.
! Friedman: In March 2011, opened office
in Beijing. In May, expanded presence in
Southern New Jersey through acquisition
of Tracey Heun Brennan & Co. In October,
merged in New Jersey-based Sacomanno
Valuation Group.
! Gallina: In January 2011, expanded into
Southern Nevada through merger with Las
Vegas-based Zanoni & Co. Enhanced mar-
keting efforts for certain niche services.
! Grant Thornton: In February 2011, ac-
quired two practice groups from collapsing
LECG Consulting. In November, acquired
health solutions division of Computer
Technology Associates; launched Japan
Business Group; announced a new market
orientation and brand focus on growth. In
December, finalized acquisition of leading
New England firm CCR.
! Habif, Arogeti & Wynne: In October
2011, named a Qualified Security Assessor
by the PCI Security Standards Council. In
2012, celebrating its 60th anniversary. In
January, announced new managing part-
ner, Richard Kopelman, to start in 2013.
! Hein & Associates: In January 2011,
named new managing partner, Brian Man-
dell-Rice. Added two new service lines in
enterprise risk management and transac-
tional services.
! Hill, Barth & King: Launched HbK En-
ergy to serve landowners and suppliers to
the oil and gas industry. In February 2012,
announced acquisition of Sewickley, Pa.-
based Carson & Co.
! Holthouse Carlin & Van Trigt: Moved
to new offices in Los Angeles. In July 2011,
opened its seventh office, in Camarillo,
Calif. In November, celebrated its 20th an-
niversary.
! Holtz Rubenstein Reminick: Launched
five new niche practices: debt collection,
freight forwarding, food and beverage
services, early-stage technology, and real
estate.
! Honkamp Krueger & Co.: Launched
new services in training consulting and
video production. Introduced a cloud-
based workforce management solution,
HKWorks. Grew staff by over 18 percent.
! Horne: Elected successor executive
partner and began transition.
! J.H. Cohn: In October, merged in lead-
ing New England firm Kostin, Ruffkess
& Co. Saw notable growth in health care
industry practice, state and local tax, and
international tax practice.
! Joseph Decosimo & Co.: In May 2011,
opened new office in Huntsville, Ala.
! Kahn, Litwin, Renza & Co.: New to the
list. Saw revenue growth of over 10 percent.
Expanded leadership training program.
! Katz, Sapper & Miller: In October 2011,
opened new office in Fort Wayne, Ind. In
January 2012, launched new brand.
! Kaufman, Rossin Group: Began offer-
ing WebTrust and SysTrust certification.
Saw revenue growth of over 15 percent.
Named an Accounting Today Best Firm to
Work For in 2011.
firm highlights
ACT_T100_2012_Highlights.indd 28 2/22/12 3:35:55 PM
29
! Kearney & Co.: Saw revenue growth
of over 10 percent. Named an Accounting
Today Best Firm to Work For in 2011.
! Kemper CPA Group: In October 2011,
merged in Henderson, Ky.-based Camp-
bell, Royster, Carver, McBride & Co., add-
ing four partners. In January 2012, joined
Leading Edge Alliance.
! KPMG: In February 2011, acquired out-
sourcing advisory firm EquaTerra. In May,
named new global chairman. In June, an-
nounced a 22 percent reduction of its car-
bon footprint over three years; sued over
gender discrimination. In August, agreed to
pay $37 million to settle suit over Wachovia
audits. In October, acquired Oracle reseller
Optimum Solutions. In January 2012, sued
over overtime payments to associates. In
February, acquired indirect tax managed
services business of Thomson Reuters.
! LarsonAllen: Now CliftonLarsonAllen,
following January 2012 merger with Clif-
ton Gunderson. In January 2011, acquired
Kennewick, Wash.-based Hansen NvO.
In April, became an Intacct reseller. In
July, merged in Central Florida firm NCT
Group. In May, acquired New Bedford,
Mass.-based Raymon Pielech Zexter. In
June, merged in Seattle-based Lockitch
Clements & Rice.
! Lattimore, Black, Morgan & Cain: Saw
growth in services across the board due to
M&A activity in its markets. Implemented
document management system, and new
time & billing, accounting, CRM, expense
reporting and staff planning software. In
August 2011, became an Intacct reseller.
! Lurie Besikof Lapidus & Co.: Fastest
growing specialty service state and local
tax. Fastest growing client category mid-
sized businesses.
! Marcum: In January 2011, merged
China practice with Bernstein & Pinchuk.
In January 2012, merged in Boston-based
Robert, Finnegan & Lynah. In February,
merged in North Haven, Conn.-based Ko-
nowitz, Kahn & Co.
! Margolin, Winer & Evens: Launched
inaugural Long Island Financial Executive
Survey.
! Marks Paneth & Shron: In November
2011, elected new co-managing partner,
Harry Moehringer.
! Mauldin & Jenkins: In January 2011,
acquired Bradenton, Fla.-based CPA Asso-
ciates, and Atlanta-based Evers & Fox.
! MBAF CPAs: In January 2011, merged
in New York-based ERE. Enhanced staff
development and training. Changed name
from Morrison, Brown, Argiz & Farra.
! McGladrey & Pullen: In February
2011, managing partner Dave Scudder an-
nounced he would retire at the end of
April. In April, firm named Joe Adams
new MP. In August, announced purchase
of RSM McGladrey Inc. from H&R Block,
ending its alternative practice structure.
Announced new national leadership team,
and new regional leaders. Opened several
international service desks to support both
domestic and foreign clients.
! Miller Kaplan Arase: Formed a Manag-
ing Partner Committee, a Marketing Com-
mittee, and industry-specific committees.
Fastest growing specialty service attest.
Fastest growing client category licensing
and royalties.
! Mohler, Nixon & Williams Accountan-
cy Corp.: In April 2011, elected new man-
aging partner, Steve Vidlock. In June, cel-
ebrated 25th anniversary. Fastest growing
specialty service attest services. Fastest
growing client category technology.
! Moss Adams: In May 2011, underwent
rebranding. In September, merged in
Overland Park, Kansas-based Warinner,
Gesinger & Associates, adding two part-
ners and app. 20 staff. Launched series of
whiteboard-based video tutorials on basic
tax and accounting issues for small busi-
nesses.
! Nigro Karlin Segal & Feldstein: Saw
substantial new business in new foren-
sic, family law and accounting service line.
Fastest growing specialty service busi-
ness management services for wealthy in-
dividuals. Fastest growing client category
entertainment.
! Novogradac & Co.: Saw revenue growth
of over 10 percent.
! OConnor Davies: Rebranded and
changed name from OConnor Davies
Munns & Dobbins. Joined PKF Interna-
tional and PKF North America. Continued
implementation of career development
program. In June 2011, added some of
the partners and staff of dissolving White
Plains, N.Y., firm Eisman, Zucker, Klein &
Ruttenberg. In January 2012, merged in
Connecticut-based Marien + Co.
! ParenteBeard: In May 2011, announced
acquisition of 70-person Pittsburgh-based
firm McCrory & McDowell. In June 2011,
sold Syracuse, N.Y., office to The Bona-
dio Group. Saw strong performance from
relatively new emerging-growth business
services and XBRL services lines.
! Plante Moran: In September 2011,
changed name from Plante & Moran. In
October, current and former MPs released
a book on succession planning. In Janu-
ary 2012, merged in Michigan firm Stuart
Franey Matthews & Chantres, adding four
partners and 12 staff. In February, formal-
ized food and beverage industry practice.
! Postlethwaithe & Netterville: Estab-
lished firm-wide mentoring program.
Moved to managing more by service line.
Established niches to increase focus on
industry specializations.
! PwC: In June 2011, won appeal over
overtime pay for junior accountants in Cali-
fornia. In July, relaunched business leader-
ship development program Genesis Park.
In August, sued with Crowe Horwath over
audits of bankrupt bank Colonial Banc-
group. In December, acquired assets of
Folio Technologies. In January 2012, sued
over overtime payments to associates.
! Raffa: In May 2011, became an Intacct
reseller. At the end of 2011, launched new
service lines in forensic accounting, cloud
services, employee benefit plans, gover-
firm highlights
ACT_T100_2012_Highlights.indd 29 2/22/12 3:35:56 PM
30
nance consulting, and foundation tax and
investment consulting. Launched the Raffa
Learning Community to offer clients edu-
cation by its experts.
! Raich Ende Malter & Co.: New to the
list. Saw revenue growth of close to 35
percent, and grew its overall staff by more
than 40 percent.
! Rehmann: In January 2011, merged in
Ann Arbor-based Wright, Griffin, Davis &
Co. In September, merged in Boca Raton,
Fla.-based Levine & Associates. In January
2012, merged in Mt. Clemens, Mich.-based
Goerlich Richert & Kaiser.
! Reinsel Kuntz Lesher: New to the list.
In July 2011, elected new chief executive
officer, Ed Monborne; acquired Senior Liv-
ing Services Consulting Group from Paren-
teBeard. Introduced several new training
programs, and implemented a new HR
information system.
! Reznick Group: No. 1 Regional Leader
in the Capitol Region. In September 2011,
launched an online mapping tool to help
clients determine eligibility for the New
Markets Tax Credit Program. Saw revenue
growth of over 5 percent.
! RGL Forensics: In July, opened new of-
fice in Chicago. Fastest growing specialty
service forensics/fraud. Fastest grow-
ing client category insurance carriers.
Named an Accounting Today Best Firm to
Work For in 2011.
! Rosen Seymour Shapss Martin &
Co.: In January 2011, merged in Rock-
land County, N.Y.-based Kahn, Hoffman
& Hochman, adding four partners and 40
accountants.
! Rothstein, Kass & Co.: Saw revenue
growth of almost 10 percent; grew staff by
more than 10 percent. In October 2011,
added complex data analytics services to
its litigation & forensic accounting services
practice; sued by two hedge fund manag-
ers over due diligence work.
! RubinBrown: In June, acquired Denver-
based Bondi & Co. In 2012, celebrated its
60th anniversary. Developed Life Sciences
Industry Group.
! SC&H Group: Saw significant growth
in SALT, risk management, business pro-
cess management, and supplier assurance
practices, and focused on government
contracting and not-for-profit industries.
Added real estate appraisal services.
! Schenck: In July 2011, merged in
Wausau, Wis.-based Rajek, Grimm & As-
sociates, adding a ninth office. Enhanced
focus on industry teams and industry spe-
cialist services.
! Schneider Downs: Saw revenue growth
of over 6 percent.
! Seiler: Increased partner, professional
and overall staff numbers.
! Sikich: In June 2011, became an Epicor
reseller. In August, launched subscription-
based HR consulting service. In November,
merged in Indianapolis-based Ent : Imler
CPA, adding four partners and 30 staff.
! SingerLewak: Opened San Francisco
office. Saw revenue growth of over 8 per-
cent. Fastest growing specialty service
state and local taxes. Fastest growing client
category media and entertainment.
! Squar, Milner, Peterson, Miranda &
Williamson: In March 2011, merged in tax
and accounting group from White Zucker-
man. In August, added bankruptcy and
insolvency group from LECG.
! SS&G: In September 2011, opened office
in Raleigh, N.C. In January 2012, opened
office in downtown Chicago; changed
name to SS&G Inc.
! SVA CPAs: In December 2011, an-
nounced acquisition of wealth manage-
ment and trust company.
! UHY Advisors: In October 2011, be-
came a BlackLine Systems reseller. Fast-
est growing specialty service personal
financial planning. Fastest growing client
category energy.
! Vavrinek Trine Day & Co.: All figures
are Accounting Today estimates.
! Warren Averett: Formed from January
2012 combination of Top 100 Firm War-
ren, Averett, Kimbrough & Marino with
Wilson, Price, Barranco, Blankenship &
Billingsley, and OSullivan Creel. In July
2011, WAKM merged with Huntsville, Ala.-
based White Fleming & Co. In September,
installed new CEO and managing director,
James Cunningham.
! Watkins Meegan: Saw growth of over
9 percent. Increased hospitality industry
presence, and saw growth in government
practice.
! Weaver: In January 2011, merged in
Houston-based L.T. Hawthorne & Associ-
ates Inc. In July, merged in Midland, Texas,
office of Killman, Murrell & Co. In Sep-
tember, expanded energy credit brokering
services. In January 2012, merged in San
Antonio-based John R. Hannah & Co.
! WeiserMazars: In February 2011, ac-
quired consulting group from LECG. In-
vested heavily in health care consulting
practice throughout the year. In January
2012, acquired Garden City, N.Y.-based
Biscotti, Toback & Co.
! Whitley Penn: Expanded services in
audit, tax and litigation support/business
valuation. In September 2011, announced
plans to move to new Dallas office. Named
an Accounting Today Best Firm to Work
For in 2011.
! Wipfli: In first half of 2011, acquired
Washington-based Michael R. Bell & Co.,
Illinois-based Lindgren Callihan Van Os-
dol, and Illinois-based Blascoe & Asso-
ciates. In June, launched a corporate fi-
nancial services subsidiary, WCF Advisors.
Launched public company services prac-
tice. In January 2012, announced plans to
merge with Top 100 Firm Eide Bailly to
form EB Wipfli in June.
! WithumSmith+Brown: In August 2011,
became an Intacct partner. In December,
expanded to New York City through merg-
er with EisnerLubin, adding nine partners
and 50 staff. Opened an office in Orlando,
Fla. Named an Accounting Today Best Firm
to Work For in 2011.
firm highlights
ACT_T100_2012_Highlights.indd 30 2/22/12 3:35:56 PM
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032_ACTMar12 8 2/21/2012 4:42:19 PM
THE 2012 TOP 100 FIRMS
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
1 1 Deloitte New York City Joe Echevarria Dec 11,939.00 9.15 100 2,886 0.10 38,301 13.69 51,262 12.10 32 20 44 4
2 2 PwC New York City Robert Moritz June 8,844.00 10.08 73 2,290 3.90 25,237 16.51 32,993 11.67 48 29 23 0
3 3 Ernst & Young New York City Steve Howe June 7,500.00 5.63 78 2,400 4.35 19,400 10.86 26,500 7.72 40 31 23 6
4 4 KPMG
1
New York City John Veihmeyer Sept 5,361.00 9.65 88 1,744 -0.85 15,664 6.11 22,278 4.67 43 26 31 0
5 5 McGladrey & Pullen
2
Bloomington, Minn. Joe Adams April 1,370.42 -0.61 85 708 -4.58 4,843 -1.06 7,046 -1.18 43 36 20 1
6 6 Grant Thornton Chicago Stephen Chipman Dec 1,146.12 5.57 56 549 6.81 4,048 13.07 5,847 11.39 45 29 26 0
7 7 CBIZ / Mayer Hoffman McCann
3
Cleveland D. Sibits/B. Hancock Dec 597.50 1.17 150 415 -0.72 1,692 -1.28 4,023 -5.14 23 27 50 0
8 8 BDO USA Chicago Jack Weisbaum June 572.00 -2.22 41 260 -1.14 1,734 3.09 2,566 2.76 61 28 11 0
9 9 Crowe Horwath
4
Oak Brook Terrace, Ill. Charles Allen March 529.71 8.15 28 247 1.65 1,579 3.54 2,420 3.42 45 23 18 14
10 10 BKD Springfield, Mo. Neal Spencer May 391.20 0.10 30 244 -0.81 1,223 1.16 1,844 1.65 50 32 18 0
11 11 Moss Adams Seattle Rick Anderson Dec 323.00 2.22 19 230 -3.36 1,081 1.22 1,741 3.20 51 35 14 0
12 12 Plante Moran
5
Southfield, Mich. Gordon Krater June 304.35 2.02 16 217 -2.25 975 -0.41 1,518 -0.85 52 32 16 0
13 20 Dixon Hughes Goodman Charlotte, N.C. Ken Hughes Dec 295.00 52.85 30 174 29.85 1,108 53.25 1,616 49.63 41 36 23 0
14 18 LarsonAllen
6
Minneapolis Gordy Viere Oct 285.00 25.55 26 141 16.53 1,245 27.43 1,734 28.35 46 34 17 3
15 14 Marcum New York City Jeffrey Weiner Dec 274.20 9.33 18 138 -4.17 549 -3.17 904 -1.31 45 30 10 15
16 15 Clifton Gunderson
6
Milwaukee Krista McMasters May 254.65 5.01 47 211 9.90 1,305 -0.84 1,671 0.42 48 26 26 0
17 13 EisnerAmper New York City Charles Weinstein Jan 254.60 1.39 8 164 -2.96 822 -8.67 986 -7.76 55 28 17 0
18 17 J.H. Cohn* Roseland, N.J. Thomas Marino Jan 243.00 5.65 15 174 16.00 657 7.70 1,101 9.23 54 30 2 14
19 16 Baker Tilly Virchow Krause Chicago Timothy Christen May 242.00 1.68 11 101 -5.61 1,081 -3.40 1,300 -3.42 38 34 25 3
20 21 Reznick Group Bethesda, Md. Kenneth Baggett Sept 202.50 5.73 10 106 9.28 652 -0.15 967 0.62 57 29 13 1
21 19 UHY Advisors
7
Chicago R. Stein/A. Frabotta Dec 186.03 -9.08 15 111 3.74 585 -0.68 954 1.60 33 43 21 3
22 22 Rothstein, Kass & Co. Roseland, N.J. S. Kass/H. Altman Dec 179.50 9.99 8 71 2.90 677 13.97 857 12.47 61 36 2 1
23 23 ParenteBeard Philadelphia Robert Ciaruffoli Dec 170.00 4.29 20 140 -4.76 672 -2.04 1,036 0.48 54 28 18 0
24 24 Eide Bailly Fargo, N.D. Jerry Topp April 151.60 -0.13 19 97 3.19 881 -10.29 1,251 -5.73 44 30 19 7
25 26 Wipfli Milwaukee Rick Dreher May 142.17 24.12 20 132 28.16 705 39.60 1,035 33.89 35 30 35 0
Key and notes: Last years rankings have been revised based on 2010 revenue provided by firms. Some firms rankings will therefore differ from those reported last year.
* Firm estimate or projection Accounting Today estimate Gross revenue NC No change NA Not available/applicable NR Not ranked
1 Office figure represents business offices, not every physical location. 2 McGladrey & Pullen LLP and RSM McGladrey Inc. operated in an alternative practice structure in the periods reported. In
November 2011, M&P acquired RSM. 3 CBIZ and Mayer Hoffman McCann PC are associated through an alternative practice structure. Office figures are for CBIZ; MHM has 36 offices nationwide.
4 Firms year-end is March; figures given are for calendar 2011. 5 Changed name from Plante & Moran. 6 As of Jan. 1, 2012, Clifton Gunderson and LarsonAllen have combined to form Clifton-
LarsonAllen. The two together would have ranked No. 9, with app. $540 million in 2011 revenue. 7 UHY Advisors and UHY LLP are affiliated through an alternative practice structure.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
26 25 WeiserMazars New York City Douglas Phillips Aug 124.50 4.25 6 97 15.48 405 8.00 624 7.40 50 40 10 0
27 27 Citrin Cooperman & Co. New York City Joel Cooperman Dec 115.00 15.00 5 102 20.00 285 13.10 452 14.43 47 36 10 7
28 28 Cherry, Bekaert & Holland Richmond, Va. Howard Kies April 111.18 13.01 15 45 -4.26 579 26.14 804 24.27 51 36 8 5
29 32 Carr, Riggs & Ingram Enterprise, Ala. William Carr Sept 100.31 16.84 16 79 NC 366 -4.44 513 -3.21 60 25 15 0
30 29 Berdon New York City M. Bosswick/S. Kotler Dec 95.00 2.15 2 42 -8.70 327 0.31 395 -1.50 30 40 30 0
31 30 Anchin, Block & Anchin New York City Frank Schettino Sept 91.50 2.81 1 52 -3.70 205 -5.09 321 -3.89 44 43 13 0
32 31 Marks Paneth & Shron New York City Mark Levenfus/
Harry Moehringer Dec 87.38 0.59 3 63 3.28 312 10.64 472 11.58 62 27 1 10
33 33 Rehmann Saginaw, Mich. Steven Kelly Dec 87.00 16.00 20 56 14.29 493 13.07 687 24.23 43 33 7 17
34 76 Warren Averett *
8
Birmingham, Ala. James Cunningham June 84.39 127.90 11 106 152.38 309 NA 575 134.69 NA NA NA NA
35 36 Armanino McKenna San Ramon, Calif. Andy Armanino Dec 84.20 17.84 5 39 5.41 219 1.39 295 4.24 36 38 26 0
36 37 MBAF CPAs
9
Miami Antonio Argiz June 80.00 17.65 10 22 22.22 310 38.39 397 35.03 38 43 11 8
37 35 Kearney & Co. Alexandria, Va. Ed Kearney Dec 79.78 10.12 2 13 NC 248 -12.37 358 -13.94 71 0 29 0
38 34 WithumSmith+Brown
10
Princeton, N.J. William Hagaman June 76.72 5.49 12 82 148.48 340 27.34 512 42.22 43 33 4 20
39 42 OConnor Davies
11
New York City Kevin Keane Dec 74.50 15.06 7 58 3.57 282 8.88 382 7.61 65 28 7 0
40 38 Novogradac & Co. San Francisco Michael Novogradac Dec 72.06 10.17 12 29 3.57 250 3.31 332 4.08 56 27 7 10
41 41 SS&G Cleveland Gary Shamis Dec 70.70 9.10 9 30 3.45 362 7.74 444 7.25 32 36 12 20
42 43 Burr, Pilger & Mayer San Francisco Stephen Mayer Dec 70.20 9.04 7 57 7.55 264 2.72 411 5.38 36 43 13 8
43 44 Friedman New York City Bruce Madnick Dec 69.20 7.79 6 53 15.22 241 7.59 337 10.13 63 35 2 0
44 40 Holthouse Carlin & Van Trigt W. Los Angeles, Calif. Philip Holthouse Dec 69.00 6.15 7 27 -3.57 187 8.09 274 5.79 20 71 0 9
45 39 Weaver Fort Worth, Texas Tommy Lawler May 66.40 1.68 6 35 -7.89 301 -4.44 399 -9.93 40 47 5 8
46 45 Schenck Appleton, Wis. William Goodman Sept 65.45 3.14 9 57 -3.39 317 -3.65 466 -2.92 38 38 19 5
47 48 Sikich Naperville, Ill. James Sikich Dec 64.50 16.22 7 62 67.57 271 -4.58 373 3.90 40 15 40 5
48 52 RubinBrown St. Louis John Herber May 61.72 13.73 3 28 16.67 280 13.82 362 14.92 50 35 15 0
49 50 Ehrhardt Keefe Steiner & Hottman Denver Robert Hottman Sept 58.47 7.09 3 30 3.45 275 1.10 377 2.17 51 40 9 0
50 46 Habif, Arogeti & Wynne Atlanta Joseph Simms Dec 58.14 -1.51 2 29 -14.71 206 0.49 277 -2.46 45 36 8 11
Notes: * Firm estimate or projection NC No change NA Not available/applicable
8 Changed name from Warren, Averett, Kimbrough & Marino. 9 Changed name from Morrison, Brown, Argiz & Farra. 10 Revenue figures do not include $11.6 million from Novemer 2011
merger with New York-based EisnerLubin; the overall employee count, however, does include it. 11 Changed name from OConnor Davies Munns & Dobbins.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
51 49 Elliott Davis Greenville, S.C. Richard Davis June 57.55 5.35 10 51 4.08 241 -4.74 365 -2.14 48 36 12 4
52 47 Lattimore, Black, Morgan & Cain Brentwood, Tenn. D. Morgan/R.M. Cain Dec 57.00 2.33 3 40 NC 256 4.49 356 4.40 26 36 14 24
53 51 Horne* Ridgeland, Miss. Hugh Parker Dec 56.77 4.17 12 22 -8.33 267 7.23 383 4.93 35 13 41 11
54 54 Blue & Co. Carmel, Ind. Brad Shaw Dec 55.10 9.11 8 32 NC 207 7.25 293 4.64 31 18 51 0
55 57 Schneider Downs Pittsburgh Raymond Buehler June 52.30 6.09 2 34 NC 267 4.30 334 3.73 45 35 20 0
56 59 Aronson Rockville, Md. Jeffery Capron Dec 52.15 10.14 1 27 NC 136 2.26 198 2.06 42 32 15 11
57 53 Blackman Kallick Chicago Steven Schneider Dec 52.00 1.92 1 36 2.86 148 1.37 222 -1.33 43 38 19 0
58 56 Rosen Seymour Shapss Martin & Co. New York City Martin Greenberg Dec 51.30 3.43 4 28 NC 167 1.21 228 0.88 46 35 19 0
59 65 Kaufman, Rossin Group Miami James Kaufman May 51.20 15.84 6 38 11.76 182 17.42 272 11.48 32 23 4 41
60 61 Watkins Meegan Bethesda, Md. Michael Micholas Dec 50.20 9.13 4 16 -5.88 204 2.51 235 1.73 22 23 55 0
61 55 Argy, Wiltse & Robinson McLean, Va. Paul Argy Dec 50.00 NC 3 25 -10.71 175 0.57 240 -2.04 31 44 23 2
62 60 SC&H Group Sparks, Md. Ronald Causey Dec 49.62 7.17 3 20 11.11 207 -3.72 265 -2.21 17 48 35 0
63 58 Frank, Rimerman & Co. Palo Alto, Calif. Bryan Polster May 48.70 2.70 5 18 -5.26 190 8.57 222 6.73 27 61 11 1
64 66 Blum, Shapiro & Co. West Hartford, Conn. Carl Johnson Dec 47.27 7.43 3 44 7.32 170 11.11 267 10.33 50 37 5 8
65 63 SVA CPAs Madison, Wis. Jack Cotton May 47.09 3.93 5 27 NC 137 -3.52 366 -2.66 14 20 15 51
66 62 Katz, Sapper & Miller Indianapolis David Resnick Dec 46.71 2.98 2 33 NC 166 3.75 242 1.68 28 42 25 5
67 69 The Bonadio Group
12
Pittsford, N.Y. Thomas Bonadio April 46.43 10.63 7 48 14.29 204 -1.45 300 1.01 59 17 10 14
68 64 Hein & Associates Denver Brian Mandell-Rice Dec 45.28 0.40 4 30 -6.25 151 -3.21 222 -3.90 53 40 7 0
69 70 Nigro Karlin Segal & Feldstein
13
Los Angeles Mickey Segal Dec 44.76 8.93 2 21 16.67 189 6.18 239 5.75 23 11 0 66
70 68 Clark, Schaefer, Hackett & Co. Middletown, Ohio Carl Coburn June 44.18 3.90 7 24 -4.00 209 5.56 315 14.13 48 36 7 9
71 67 Doeren Mayhew Troy, Mich. Mark Crawford Sept 43.75 0.11 2 26 NC 147 -9.26 210 -6.67 44 29 10 17
72 72 RGL Forensics Denver Paul Cadorette Dec 41.38 6.43 17 28 7.69 160 30.08 228 21.28 0 0 0 100
73 71 Margolin, Winer & Evens Garden City, N.Y. Teddy Selinger Dec 40.50 3.85 2 28 3.70 168 -0.59 213 -0.47 60 30 10 0
74 75 SingerLewak Los Angeles David Krajanowski Dec 40.20 8.36 5 28 -3.45 157 NC 231 -0.43 51 36 2 11
75 77 Berkowitz Dick Pollack & Brant Miami Richard Berkowitz Dec 38.56 5.18 3 17 NC 96 7.87 149 2.76 20 42 2 36
Notes: * Firm estimate or projection NC No change NA Not available/applicable
12 Revenues projected to April 2012. 13 A&A work comprises compliance auditing, forensic auditing, royalty/participation audits.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
76 74 Postlethwaithe & Netterville Baton Rouge, La. William Balhoff April 38.54 0.97 9 27 -3.57 221 -1.34 304 1.67 47 26 27 0
77 79 Freed Maxick CPAs
14
Buffalo, N.Y. Ronald Soluri April 37.80 5.88 3 33 3.13 182 3.41 254 2.83 39 39 12 10
78 91 Whitley Penn Fort Worth, Texas Larry Autrey Dec 37.50 16.82 2 23 4.55 129 12.17 180 9.76 45 40 10 5
79 80 Frazier & Deeter Atlanta Seth McDaniel Dec 37.29 6.88 3 10 11.11 119 13.33 157 12.14 38 41 0 21
80 82 Squar, Milner, Peterson, Miranda & Williamson
Newport Beach, Calif. Stephen Milner Dec 37.00 8.82 4 22 4.76 136 30.77 195 21.88 40 52 0 8
81 81 Alpern Rosenthal Pittsburgh Alexander Paul Dec 36.42 6.93 3 33 6.45 148 2.78 217 2.84 40 40 9 11
82 90 Cohen & Co. Cleveland Randy Myeroff Sept 35.98 11.67 9 23 NC 164 6.49 233 7.87 46 41 3 10
83 83 Hill, Barth & King Boardman, Ohio Chris Allegretti Aug 35.50 5.97 12 34 NC 163 5.84 233 -2.92 31 49 19 1
84 87 Miller Kaplan Arase N. Hollywood, Calif. Mannon Kaplan Feb 35.00 6.06 4 24 14.29 102 -17.74 164 -9.39 58 17 17 8
85 97 BerryDunn
15
Portland, Maine John Chandler June 34.65 12.68 3 18 NC 127 -2.31 174 -4.40 56 21 18 5
86 78 Lurie Besikof Lapidus & Co. Minneapolis Beth Kieffer Leonard April 34.20 -5.52 1 13 -27.78 78 -10.34 127 -7.30 35 34 18 13
87 85 Holtz Rubenstein Reminick Melville, N.Y. Francis Candia Sept 33.80 1.81 2 20 -13.04 119 5.31 175 1.16 47 40 4 9
88 96 Honkamp Krueger & Co. Dubuque, Iowa Greg Burbach Dec 33.62 6.80 6 18 5.88 92 13.58 286 18.18 18 20 4 58
89 NR Raich Ende Malter & Co. New York City E. Ende / C. Raich Dec 33.50 34.86 4 28 16.67 109 45.33 175 42.28 40 60 0 0
90 73 Joseph Decosimo & Co. Chattanooga, Tenn. Nick Decosimo Dec 33.50 -12.67 8 29 NC 194 5.43 281 3.31 45 40 7 8
91 84 Raffa Washington, D.C. Thomas Raffa Dec 33.00 -0.78 2 18 5.88 180 3.45 224 1.82 59 18 23 0
92 NR Reinsel Kuntz Lesher Lancaster, Pa. Edward Monborne Dec 32.97 12.64 4 33 10.00 179 4.68 237 5.33 36 34 8 22
93 92 Seiler Redwood City, Calif. James DeMartini Dec 32.90 3.13 2 12 20.00 117 2.63 148 3.50 15 65 0 20
94 86 Mohler, Nixon & Williams Campbell, Calif. Steve Vidlock June 32.90 -0.90 3 22 -8.33 96 -7.69 156 -6.02 43 52 0 5
95 89 Kemper CPA Group Greenfield, Ind. Ronald Dezelan April 32.57 0.59 23 54 3.85 215 -2.27 302 -0.66 40 36 24 0
96 94 AKT CPAs Salem, Ore. Stephen Tatone Dec 32.00 1.20 5 19 11.76 121 -17.12 171 -8.06 34 36 7 23
97 93 Vavrinek Trine Day Rancho Cucamonga, Calif. Ronald White Dec 31.97 0.50 6 35 NA NA NA 200 NA NA NA NA NA
98 95 Gallina Roseville, Calif. Larry Taylor Dec 31.80 0.95 9 23 -4.17 137 -8.05 198 -5.71 46 50 4 0
99 88 Mauldin & Jenkins Atlanta Donald Luker May 31.80 -2.15 4 37 -7.50 101 -11.40 168 -6.15 75 23 1 1
100 NR Kahn, Litwin, Renza & Co. Providence, R.I. Alan Litwin Dec 30.83 10.26 3 10 NC 128 1.59 164 1.23 32 33 35 0
Notes: Accounting Today estimate NC No change NA Not available/applicable NR Not ranked
14 Changed name from Freed Maxick & Battaglia 15 Changed name from Berry Dunn McNeil & Parker.
An editorial supplement to Accounting Today
Waiting for
the thaw
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SOURCEMEDIA INC.
T
heres an old military boast
that goes something like this:
The difficult we can do now.
The impossible will take a lit-
tle longer.
With the past two years as evi-
dence, the nations Top 100 Accounting
Firms are all too familiar with accom-
plishing the difficult.
Staring down the often lethal com-
bination of a rough economy and
increased competition,
many in the 2011 class of
the T100 struggled to at
least maintain flat rev-
enues over the prior year
with mixed success.
That malaise in turn trig-
gered an inevitable rank-
ings reshuffle, with some
of the previous members
dropping of the main ros-
ter, or, at minimum, cas-
cading several notches
down the ladder.
Despite that omi-
nous lead-in, I want to
welcome you to the 2011
edition of the Accounting
Today Top 100 Firms, the 24th year our
publication has brought readers this ex-
haustive undertaking.
This will also mark the second year
we have augmented our traditional Top
100 rankings with a comprehensive look
at leading firms throughout 10 major
geographic regions.
The somewhat brighter news on
the revenue side is that more than half
of those regions reported (admittedly
slight) year-over-year gains.
As we annually note, no Top 100
study would be complete without a brief
tutorial on the guidelines used in as-
sembling the project:
Revenue, unless its otherwise
noted, is net revenue.
Also, unless noted, firm rev-
enues are for the U.S. only.
The total employees category
is comprised of partners, professionals
and other personnel.
In a case where
two firms report equal
revenue, the firm with the
higher percentage of rev-
enue increase will receive
the higher ranking.
Of course, no project
of this magnitude could
be completed without a
total team effort in usher-
ing it to publication. This
year, as always, the proj-
ect was quarterbacked by
managing editor Dan
Hood, who, as field gen-
eral, simply told us what
had to be done and
when. Kudos also go to
senior editors Roger Russell and Dan-
ielle Lee, technology editor Seth Fine-
berg, and Mike Cohn, editor of our on-
line portal AccountingToday.com.
So, with that, we present the 2011
class of the Top 100 Tax and Accounting
Firms, accompanied by the rankings of
Regional Leaders, who somehow find a
way to get it done.
No matter how difficult it gets.
Bill Carlino
Editor-in-Chief
Difficult
not impossible
Contents
Top 100 Overview 4
Top 100 Databank 5
Firms to Watch 6
Top Tax Firms 8
Firm Strategies 10
Firm Technology 11
Niche Services 12
Client Categories 13
Top 100 Rankings 15
Regional Overview 19
Regional Leaders 21
Firm Highlights 27
Cover design: Wen-Wyst Jeanmary/ Cover image: Gettyimages
notes and methodology
Sponsored by:
overview
4
W
inter always outstays its
welcome.
This years, with its long
cold spells and record
snowfalls in many parts of the country, has
seemed much longer than necessary
but at least we know that it cant last much
more than another month.
The accounting profession, on the
other hand, entered a cold snap in 2009
that has lasted right through 2010, and
still seems to have the Top 100 Firms in
a deep freeze, stuck in a second year of
declining revenue, partner and staff
figures.
Some of the more chilling statis-
tics: Revenues for the Top 100 were
down almost 2 percent, while partner
and staff levels both declined around 1
percent. Forty-four firms reported flat
or declining revenue, against 34 last
year, and 62 reported flat or declining
staff numbers, against 53 last year.
While things didnt get better, its
not quite fair to say that they got worse:
A 2 percent drop in revenue is pretty
cold, but in 2009 revenues dropped al-
most 3 percent, and 2009s drop in staff
was over 2 percent. (See Databank,
page 5.) Not warmer then, but not nec-
essarily colder.
Frozen.
STAYING WARM
For those keeping score at home, last year
in this study we reported seeing signs that
things would be warmer in 2010. All we
can say is that were eternally optimistic
about the profession and one of the rea-
sons were still optimistic is that the best of
the Top 100 arent hibernating through the
cold weather.
In the depths of winter, theyre active-
ly developing strategies for staying warm.
In 2009, that often meant focusing on serv-
ices and offerings for an economy in trou-
ble restructuring and bankruptcy serv-
ices, for instance. In 2010, many of the Top
100 reported launching entirely new prac-
tice areas that will still be called for when
the economy fully recovers, from IT con-
sulting and benchmarking services to ad-
visory services for clients looking to ex-
pand in China. (See Strategies, page 10.)
Theyre also focusing inward to prepare
themselves for the better times ahead, de-
veloping training programs, beefing up
their marketing, and updating their tech-
nology. Almost a fifth reported that they
were finally getting around to installing a
customer relationship management sys-
tem. (See T100 Tech, page 11.)
Initiatives like these will certainly
stand them in good stead when the eco-
nomic weather finally turns warm. And
those that can be rolled out sooner will
help in those areas where business is still
growing now. Even in the midst of the
freeze, over 60 percent of the Top 100 re-
ported seeing growth in areas such as busi-
ness valuations, services to nonprofits,
forensics and fraud work, estate planning,
international tax, and attest services a
mix of those driven by the tough economy
and those that point to a post-thaw fu-
ture. (See Niche Services and Client Cat-
egories, pages 12-13.)
BUNDLING UP
All that activity is helping keep the Top
100 Firms warm, but the most com-
mon strategy was, as it has been for
some time, to find someone else to
share the warmth.
Most of the T100 who saw any
kind of significant growth did it
through mergers and acquisitions. Cal-
ifornia-based Gallina, for instance,
grew by over 31 percent (and earned its
first appearance on the list) through a
major merger in October 2010, and
then added another in January 2011.
The other four firms with the highest
growth rates all notched up mergers in
2010 or early 2011. Michigan-based
Doeren Mayhew, for instance, grew by
over 20 percent and jumped 10 spots
on the T100 list through its July merger
with a Texas firm, while Indianas Blue &
Co. grew over 20 percent and jumped up
12 spots in part through a late-2009 merg-
er with a Kentucky firm, as well as the ac-
quisition of two small tax practices. (See
Firm Highlights, page 27.)
Merger activity was strong at all levels.
Two New York-area firms in the 2009 Top
30, Eisner and Amper, Politziner & Mattia,
merged to create EisnerAmper, No. 13 in
the 2011 Top 100 and the No. 1 firm in our
Mid-Atlantic Region. National firm Clifton
Gunderson went on a tear, acquiring at
Staying warm until the thaw
B Y D A NI E L H OOD
'10 '09 '08 '07 '06 '05 '04 '03 '02 '01 '00 '99 '98 '97 '96 '95 '94
-5
0
5
10
15
20
25
30
*Compiled from individual firm results
reported at years end; includes some estimates
The deep freeze
Revenue growth of the Top 100 Firms,
in percent*
See THAWon 6
databank
5
Leaders in A&A
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
$4,097.34 51
2. Deloitte
3,718.92 34
3. Ernst & Young
2,982.00 42
4. KPMG
2,248.94 46
5. RSM / McGladrey & Pullen
1
595.05 43
6. Grant Thornton 510.28 47
Firms over $100 mn
1. BDO USA 362.70 62
2. Crowe Horwath 317.46 66
3. BKD 199.41 51
4. Moss Adams 154.84 49
5. Plante & Moran 146.18 49
Firms under $100 mn
1. Cherry, Bekaert & Holland 56.08 57
2. Carr, Riggs & Ingram 55.80 65
3. Marks Paneth & Shron 55.80 62
4. Kearney & Co. 48.54 67
5. OConnor Davies 45.33 70
Leaders in Tax
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
$2,410.20 30
2. Deloitte
2,296.98 21
3. Ernst & Young
2,272.00 32
4. KPMG
1,271.14 26
5. RSM / McGladrey & Pullen
1
475.51 35
6. Grant Thornton 304.00 28
Firms over $100 mn
1. CBIZ / MHM 155.33 27
2. BDO USA 152.10 26
3. BKD 121.21 31
4. Crowe Horwath 110.63 23
5. Moss Adams 104.28 33
Firms under $100 mn
1. Holthouse Carlin & Van Trigt 45.50 70
2. Anchin, Block & Anchin 38.27 43
3. Berdon 35.34 38
4. Goodman & Co. 34.80 40
5. Cherry, Bekaert & Holland 33.45 34
Leaders in MAS
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. Deloitte
$4,484.58 41
2. PwC
1,526.46 19
3. Ernst & Young
1,420.00 20
4. KPMG
1,368.92 28
5. RSM / McGladrey & Pullen
1
292.63 21
6. Grant Thornton 271.43 25
Firms over $100 mn
1. CBIZ / MHM 287.65 50
2. BKD 70.38 18
3. BDO USA 70.20 12
4. Clifton Gunderson 65.61 27
5. Marcum 62.70 25
Firms under $100 mn
1. Blue & Co. 29.80 59
2. Berdon 27.90 30
3. Watkins Meegan 24.38 53
4. Kearney & Co. 23.91 33
5. Sikich 22.20 40
2011 TOP 100 FIRMS DATABANK
Overview
Top 6 % Firms over % Firms under % Total Top %
firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $33,425.57 -2.40 $5,488.49 -2.46 $3,656.06 2.77 $42,570.12 -1.98
Partners 10,402 -3.34 3,473 -1.86 2,615 2.63 16,490 -1.29
Professionals 96,086 1.02 19,170 -5.73 14,223 0.47 129,479 -0.10
Total employees 133,540 -0.84 29,468 -5.09 21,421 0.09 184,429 -0.80
Rev. share % Rev. share % Rev. share % Rev. share %
Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.
Audit & Attest $14,150.39 42.33 $2,664.49 48.55 $1,574.28 43.06 $18,389.16 43.20
Tax $9,036.92 27.04 1,641.03 29.90 $1,234.83 33.77 $11,912.79 27.98
MAS (consulting) $9,360.95 28.01 1,083.68 19.74 $505.28 13.82 $10,949.91 25.72
Other $877.31 2.62 $96.24 1.75 $341.67 9.35 $1,315.22 3.09
Note: Some figures may not correspond exactly due to rounding.
Pacesetters in growth
Ranked by % chg.
Firms over $100 mn.
1. Citrin Cooperman & Co. 100.00 17.65
2. Marcum 250.80 7.29
3. Eide Bailly 151.80 6.68
4. LarsonAllen 227.00 4.13
5. Reznick Group 191.53 1.02
Revenue %
Firms under $100 mn. ($mn) chg.
1. Gallina 31.50 31.25
2. OConnor Davies 64.75 27.96
3. Doeren Mayhew 43.70 21.09
4. Blue & Co. 50.50 20.24
5. Rosen Seymour 49.60 17.81
Revenue %
Overall Top 100 Firms ($mn) chg.
1. Gallina 31.50 31.25
2. OConnor Davies 64.75 27.96
3. Doeren Mayhew 43.70 21.09
4. Blue & Co. 50.50 20.24
5. Rosen Seymour 49.60 17.81
6. Citrin Cooperman & Co. 100.00 17.65
7. Honkamp Krueger & Co. 31.48 13.93
8. Argy, Wiltse & Robinson 50.00 13.87
9. Nigro Karlin 41.09 13.67
10. Weaver 65.30 12.39
11. RGL Forensics 38.88 10.77
12. Sikich 55.50 10.12
13. Novogradac & Co.* 65.41 10.08
14. Kearney & Co. 72.45 9.62
15. Armanino McKenna 71.45 9.28
16. SS&G 64.80 9.09
17. Alpern Rosenthal 34.06 8.75
18. Holthouse Carlin & Van Trigt 65.00 8.33
19. Postlethwaithe & Netterville 38.17 8.01
20. Marcum 250.80 7.29
21. Friedman 64.20 7.00
22. Eide Bailly 151.80 6.68
23. Morrison, Brown 68.00 5.92
24. Marks Paneth & Shron 90.00 5.88
25. Berdon 93.00 5.68
26. Whitley Penn 32.10 5.59
27. The Bonadio Group* 43.56 5.22
Notes: * Firm estimate or projection
AT estimate Gross revenue
1 RSM reported fee split both as percent and
in dollar amounts
For more details on individual firms, see foot-
notes on pages 15-18.
overview
6
least seven firms and offices, from Indiana,
Illinois and Missouri to New Mexico and
California, while Top 6 Firm Grant Thorn-
ton acquired groups in Dallas and Chicago
(though it also sold off some offices and
practices as part of an ambitious five-year
strategic plan). CBIZ / Mayer Hoffman Mc-
Cann, meanwhile, acquired a Utah-based
employee benefits firm and a Baltimore-
based consulting firm, along with a major
local accounting firm in Tampa Bay, Fla.
Southeast regional firm Cherry Bekaert &
Holland was also particularly busy, with
firm acquisitions in Atlanta and Florida,
and two in Virginia, all of which should
boost its numbers next year, as they came
after the firms April 2010 year-end.
Firm mergers also reshaped the Top
100 by removing some familiar names:
List stalwarts Caturano & Co. of Boston,
LeMaster & Daniels of Spokane, Wash.,
and Stonefield Josephson of California
were all acquired in 2010, by RSM
McGladrey, LarsonAllen, and Marcum,
respectively. That opened up some posi-
tions at the bottom of the list, allowing
some former Top 100 Firms to reclaim
spots, and new ones to join. It also, along
with the overall decline in revenues, ac-
counted for the new, lower threshold for
joining the list: $30.7 million, against
$31.8 million last year.
One of the biggest of the recent deals,
it should be noted, wont be reflected in the
list until next year: the announced union of
Southeast super-regional Dixon Hughes
with Virginia powerhouse Goodman & Co.,
which is due to take effect in March 2011
THAW
from page 4
BEYOND THE TOP 100: FIRMS TO WATCH
Mergers and a general decline in revenue have lowered the threshold for this years Top 100 to $30.7 million, from last years $31.8 million, allowing
some growing firms to join the list. As always, though, there are still many strong firms that are just below the threshold. Some of them have been on
the list before, and have just been temporarily overtaken; others are powering their way toward the list for the first time.
As with last year, weve suspended our practice of listing the Ones to Watch by their growth rates; so many strong firms have reported declines
that it hardly seems fair to hold the general economic climate against them though its worth noting that there are some very strong performers in
this years OTW.
Year Revenue % Total
Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees
CCR Westborough, Mass. David Platt Dec $30.00 -11.76 5 29 200
Macias Gini & OConnell Sacramento, Calif. Kevin OConnell Dec 29.92 13.33 6 12 208
Reinsel Kuntz Lesher Wyomissing, Pa. J. Andrew Weidman Dec 29.27 9.46 4 30 225
Rea & Associates New Philadelphia, Ohio Lee Beall Oct 29.06 -4.09 11 30 216
Yeo & Yeo Saginaw, Mich. John Kunitzer Dec 28.27 0.89 8 22 172
Kahn, Litwin, Renza & Co. Providence, R.I. Alan Litwin Dec 27.96 7.13 3 10 162
Perry-Smith Sacramento, Calif. Robert Perry-Smith June 27.95 -2.55 2 15 152
Baker Newman & Noyes Portland, Maine Charlie Hahn Dec 27.80 1.31 4 27 181
Padgett Stratemann & Co. San Antonio John Wright July 27.38 -3.05 2 15 162
Mountjoy Chilton Medley Louisville, Ky. M. Mountjoy/D. Medley Dec 27.24 4.13 4 33 214
Wolf & Co. Boston Daniel DeVasto Sept 26.94 7.12 3 14 168
Brown Smith Wallace St. Louis Harvey Wallace Dec 26.30 -0.38 4 22 186
Clark Nuber Bellevue, Wash. David Katri Dec 25.58 -3.65 1 14 142
Feeley & Driscoll Boston Thomas Feeley March 24.61 -9.85 1 14 115
Yount, Hyde & Barbour Winchester, Va. W. Mark Rudolph June 24.41 -1.57 6 21 149
Gursey | Schneider Los Angeles Stephan Wasserman Dec 24.23 11.30 2 8 126
Frost Little Rock, Ark. Daniel Pellegrin April 23.91 3.60 3 9 134
Bennett Thrasher Atlanta Michael Dukes June 23.46 9.88 1 20 145
Brown, Edwards & Co. Bluefield, W. Va. Domenic Pellillo May 23.38 7.00 7 23 182
Windes & McClaughry Long Beach, Calif. John Di Carlo June 23.34 -8.00 2 15 132
See THAWon 8
Firm mergers
reshaped the
T100 list,
removing some
familiar names.
8
and create a $280 million giant.
COLD SPOTS
With all that heat noted, its time for a little
cold water. Last year, when we introduced
our new Regional Leaders lists, they were
a bright spot. With the weight of the na-
tional firms removed, nine out of 10 of our
regions reported respectable growth in
2009. In 2010, only six of the 10 regions re-
ported growth, and it was much more
modest than the year before, with the
leaders the West and the Mid-Atlantic
coming in just under 2 percent. Of the
four areas that declined, the Great Lakes
Region and the New England Region both
saw revenue drops that were slightly larg-
er than that of the overall Top 100 Firms.
(See the Regional Leaders lists, pages 21-
26.) The numbers often reflect the eco-
nomic performance of the part of the
country in question though not always.
(See Regional Overview, page 19.)
Comparisons to last years report
arent quite exact, as we have added a
number of firms, and made some adjust-
ments to how we break up the regions.
Among other things, weve created an en-
tirely new one, the Capital Region centered
around Washington, D.C., and combined
two, the Mid-Atlantic and the New York
Metro. Both the expansion and the re-
arrangement of the regions will, we hope,
better reflect the way that the Regional
Leaders are evolving in terms of their geo-
graphic practice areas.
That evolution, along with all the oth-
er changes brought about by firm mergers,
belt-tightening, new practice lines and
new technologies, show that the profes-
sion isnt standing still in the deep freeze.
Its adapting itself, preparing for the op-
portunities that are sure to come when the
cold ends.
The winter will pass and the thaw will
come its just a matter of staying warm
until it does. AT
THE TOP TAX FIRMS
By and large, it was not a great year for tax firms: Two of the three biggest tax prep chains, H&R Block and Jackson Hewitt, reported noteworthy de-
clines in revenue, citing problems with refund anticipation loans and sustained unemployment among their core client bases. (That said, the other
major chain, Liberty Tax, continued its relentless growth, and surpassed Jackson Hewitt for the first time to become the No. 2 chain in the country.)
For firms that provide a wider range of tax services, the results were mixed, a combination of mostly minor declines in revenue and the odd slight
uptick with the notable exception of Texas-based tax services firm Ryan, which managed growth of over 10 percent, aided, in part, by its expertise
in international tax issues.
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
H&R Block
P 1
Kansas City, Mo. Russ Smyth 2,979.90 77 3,870.00 -5.23 11,000+ NA
PwC
New York City Barry Salzberg 2,296.98 21 10,938.00 2.01 100 45,730
Ernst & Young
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19
Regions see modest gains, declines
B Y R OGE R R U S S E L L
A
lthough the recession officially
ended in June 2009, economic
conditions remained stagnant
throughout most of 2010. Nat-
ionwide, unemployment began the year
with a rate of 9.7 percent, and ended at 9.4
percent. Last year, figures for 2009 showed
the first-ever decline in the revenue of the
Top 100 Firms. This years figures for the
T100 are also down, by nearly 2 percent.
Our 2011 Regional Leaders did some-
what better, with many experiencing mod-
est growth during the year. However, four
of the 10 regions experienced a slight de-
crease in revenue. The Regional Leaders
reported combined revenue of $9 billion.
CAPITAL REGION
Unemployment declined in the area corre-
sponding to our new Capital Region, ac-
cording to the Bureau of Labor Statistics,
dropping from 6.2 percent to 5.7 percent.
Growth in the region was reported as
mixed or modestly improving during the
first half of the year. At years end, econom-
ic activity was increasing, with manufac-
turing posting solid gains, retailers report-
ing a spike in sales, and the banking sector
reporting moderate improvements.
The Regional Leaders here grew their
revenue to $747.7 million, an increase of
1.6 percent over last year.
GREAT LAKES
The states of the Great Lakes Region all ex-
perienced at least a slight decline in unem-
ployment during the year. Michigans rate
dropped the most, although it began with
the highest rate, declining from 14.5 per-
cent to 11.17 percent. Indiana, Illinois and
Ohio were all in the 9-to-10-percent range,
while only Wisconsin ended the year at
well under the national average, having
declined from 8.5 to 7.5 percent.
The Federal Reserve districts com-
prising the Great Lakes Region began the
year with economic activity improving at a
modest pace, according to the Federal Re-
serve Board Beige Book. At years end, the
Cleveland District reported that economic
activity was growing at a modest pace,
while the Chicago District grew at a slight-
ly faster pace. General retailing was flat to
slightly down in the Cleveland District,
while the Chicago District reported a mod-
erate rise in consumer spending.
The Regional Leaders in the Great
Lakes earned $1.8 billion in revenue in
2010, down 2 percent over last year.
GULF COAST
By years end, Alabama and Louisiana
were below the national unemployment
average, at 9.1 percent and 8 percent, re-
spectively. Mississippi, although declining
from 10.5 percent to 10.1 percent, re-
mained above the average for the nation as
a whole, as did Florida, which increased
from 11.7 percent to 12 percent. Coinci-
dent economic activity (a combination of
non-farm payroll employment, the unem-
ployment rate, average hours worked in
manufacturing, and wages and salaries)
for the states in the Gulf Coast was stag-
nant or grew slightly during the year.
The Regional Leaders registered a
slight rise in revenue. Total revenue was
$483 million, with a growth rate of slightly
less than a quarter of a percent.
MID-ATLANTIC
Unemployment dropped in the Mid-At-
lantic Region, remaining below the nation-
al average throughout the year. The econo-
my expanded at a modest pace, with most
sectors reporting improved conditions and
widespread optimism about the near-term
outlook at the end of the year. Retail sales
over the holiday season, although adverse-
ly affected by the late-December blizzard,
were generally strong and ahead of expec-
tations. Housing markets were mixed but
generally weak, and bankers reported
mixed loan demand.
The leading firms in the region report-
ed combined revenue of slightly over $2
billion, an increase of 1.9 percent.
MIDWEST
The Midwest had the lowest unemploy-
ment rate in the nation. North Dakota end-
ed the year with the lowest unemployment
rate, at 3.8 percent; Nebraska placed sec-
ond at 4.4 percent. Missouri was the only
state in the region that had an unemploy-
ment rate slightly above the nations aver-
age, at 9.5 percent. Both the Minneapolis
District and the Kansas City District posted
moderate economic expansion during the
year. Consumer spending, manufacturing
activity and commercial real estate were
slightly improved. However, residential
construction decreased in the Minneapolis
District, and remained weak in the Kansas
City District.
Regional Leaders in the Midwest re-
ported a combined $1.07 billion in revenue
for 2010, an increase of 1.7 percent over
last year.
MOUNTAIN
Every state in the Mountain Region was
below the national average for unemploy-
ment, but most saw unemployment in-
creasing at years end. Only Wyomings un-
employment rate was less at the end of the
year, at 6.4 percent, than at the beginning
of the year. Although construction activity
slowed in most parts of the region, manu-
facturing activity increased. Commercial
real estate activity also edged up, but resi-
dential construction and residential real
estate activity decreased.
Revenue for the Regional Leaders in
See REGIONS on 20
regional overview
20
the region was $229 million for 2010, a de-
crease of 1.74 percent over 2009.
NEW ENGLAND
With the exception of Rhode Island, unem-
ployment in New England states remained
below the national average. Rhode Island,
although above the average, posted a sig-
nificant (1.2 percent) drop in unemploy-
ment. The mid-year outlook varied widely
across sectors, according to the Federal
Reserve. The outlook was largely positive
in manufacturing and software, cautious
for retail and tourism, and mixed among
commercial real estate professionals. Con-
ditions continued to improve during the
waning months of the year, with most re-
tailers reporting year-over-year sales in-
creases, and manufacturing activity ex-
panding. However, while commercial real
estate markets were stable, residential real
estate continued to be weak.
The Regional Leaders in New England
reported combined revenue of $311.5 mil-
lion, a drop of 2 percent from last year.
SOUTHEAST
While unemployment in the Southeast
dropped in five of the six states in the re-
gion, it remained at or above the national
average in four states. Signs of slowing or
contracting economic activity were preva-
lent during the second half of the year, ac-
cording to the Federal Reserve. Activity at
retail and services firms was flat to down,
and manufacturing activity also edged
down during the fall months. At years end,
indicators were generally either mixed or
modestly improving.
The Regional Leaders in the Southeast
earned a total of $641 million in 2010, de-
clining by about half a percent from 2009.
SOUTHWEST
Unemployment in the states comprising
the Southwest increased slightly during
the year, remaining below the national av-
erage in Texas and New Mexico at 8.3 per-
cent and 8.5 percent, respectively. Arizona
mirrored the national average, ending the
year at 9.4 percent unemployment.
The Dallas Federal Reserve District
expanded at a modest pace throughout the
year. Activity in the energy sector strength-
ened, while transportation services and
staffing firms reported steady but solid de-
mand. The region ended the year with
mixed reports from the manufacturing
sector. Commercial real estate conditions
were improving slightly at years end.
The Southwests top regional firms re-
ported $331 million in revenue in 2010, up
nearly 1 percent over 2009 figures.
WEST
Unemployment in the three Western states
with Regional Leaders in them rose slight-
ly or remained steady during the year. Eco-
nomic activity in the Federal Reserve Dis-
trict picked up slightly from June through
mid-July, and firmed further from the fall
through to the end of December. Manufac-
turing activity grew, agricultural produc-
tion remained solid, and demand grew for
providers of energy resources. However,
home sales and construction stayed slug-
gish, and conditions continued to be weak
in commercial real estate markets.
The Regional Leaders in the West re-
ported revenue of $1.22 billion, for growth
of 1.9 percent over last year. AT
Capital
Region
Great
Lakes
Gulf
Coast
Mid-
Atlantic
Mid
west
Mountain
New
England
South
east
South
west
West
-2. 5
-2
-1. 5
-1
-0. 5
0
0. 5
1
1. 5
2
-2.05%
Mixed results
Regional Leader revenue growth, year-to-year % change
REGIONS
from page 19
regional overview
21
THE 2010 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C.,
and West Virginia
For a relatively small area, our newly created Capital
Region boasts a significant concentration of strong
firms. The presence of the federal government at the
heart of the region explains some of it, both indirectly,
through helping buoy employment in the area, and di-
rectly through engagements the No. 3 firm here,
Kearney & Co., has more than tripled in size in the last
four years by focusing on government work but not
all, as the firms here serve a wide range of clients with
an even wider range of services.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Reznick Group Bethesda, Md. 191.53 1.02 10 97 653 961 57 28 14 1
Goodman & Co. Virginia Beach, Va. 87.00 -1.14 10 80 377 577 43 40 17 0
Kearney & Co. Alexandria, Va. 72.45 9.62 3 13 283 416 67 0 33 0
Aronson Rockville, Md. 56.85 -7.41 1 28 133 197 46 30 16 8
Argy, Wiltse & Robinson McLean, Va. 50.00 13.87 3 28 174 245 32 42 25 1
SC&H Group Sparks, Md. 48.11 0.56 3 18 215 271 20 47 33 0
Watkins Meegan Bethesda, Md. 46.00 3.37 4 17 199 231 23 24 53 0
Raffa Washington, D.C. 33.26 -0.83 2 17 174 220 53 17 30 0
Yount, Hyde & Barbour Winchester, Va. 24.41 -1.57 6 21 105 149 42 45 13 0
Brown, Edwards & Co. Bluefield, W. Va. 23.38 7.00 7 23 133 182 64 36 0 0
Keiter, Stephens, Hurst, Gary & Shreaves
Glen Allen, Va. 20.83 5.36 2 19 74 120 40 48 6 6
Johnson Lambert & Co.* Falls Church, Va. 20.22 2.17 8 12 101 129 86 13 1 0
Gelman, Rosenberg & Freedman Bethesda, Md. 17.65 NA 1 12 68 99 70 29 1 0
Smith Elliott Kearns & Co. Hagerstown, Md. 16.03 1.07 4 20 103 143 56 32 5 7
KatzAbosch Timonium, Md. 14.00 NC 3 22 38 80 39 48 5 8
Gross, Mendelsohn & Associates Baltimore 13.01 -2.11 1 13 50 83 49 28 23 0
Arnett & Foster Charleston, W. Va. 12.95 -11.72 1 17 57 91 50 20 30 0
Total: $747.68 1.59
Notes: * Firm estimate or projection NC No change NA Not available/applicable
F
or our 2011 list of the leading regional accounting firms,
weve taken the liberty of re-organizing the United States.
We havent dropped any of the old states, or added any
new ones, but we have changed how we break them down into
regions in a way that, we hope, is both coherent and accurately
reflects how the Regional Leaders are evolving. The main
change has been to create a new area, the Capital Region, for the
growing cluster of strong firms in the states immediately around
Washington, D.C., and to combine our old New York Metro re-
gion with the broader Mid-Atlantic region, in recognition of the
fact that many firms that were previously Big Apple-centric have
been branching out to the rest of the state, to the Philadelphia
market, and, in some cases, to Florida, California and the coun-
try as a whole.
While this re-arrangement makes direct comparisons with
last year difficult, we should note that, overall, performance in
the regions was not as strong as last year. While only one region
reported declining revenues in 2009, four reported them for
2010, and growth in the six regions that saw it was not as strong
as last year, though many individual firms managed to post
some impressive gains.
Compiling the Regional Leaders lists involves some tricky
judgment calls: At what point does an expanding firm tran-
scend its home region and become truly national? What about
firms that straddle two regions, with strong practices in both?
Weve noted the trickier calls in the individual regional reports,
but were open to correction.
On a happier note, were proud to say that weve expanded
this years list, and plan to expand it further in the years to
come, delving deeper into each region to highlight even more
Regional Leaders. While we expect that to make this report even
more useful, it also means that we will, inevitably, miss some
worthy firms. If your firm should have appeared on this years
list, but didnt, contact us at AcToday@SourceMedia.com, so we
can be sure to include you next year.
In the meantime, meet 168 of the accounting firms that
are reshaping both the profession and the country the 2011
Regional Leaders.
regional leaders
22
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Crowe Horwath Oak Brook Terrace, Ill. 481.00 -5.31 26 249 1,559 2,315 66 23 11 0
Plante & Moran Southfield, Mich. 298.32 -0.96 16 222 979 1,531 49 32 19 0
Baker Tilly Virchow Krause Chicago 238.00 -8.46 11 107 1,119 1,346 40 34 23 3
Wipfli Milwaukee 114.54 -0.13 15 103 505 773 37 31 32 0
Rehmann Saginaw, Mich. 75.00 2.74 16 49 436 553 44 37 8 11
SS&G Cleveland 64.80 9.09 8 29 336 414 31 35 14 20
Schenck Appleton, Wis. 63.46 -1.61 8 59 329 480 39 38 18 5
Sikich Aurora, Ill. 55.50 10.12 10 37 284 359 40 15 40 5
Blackman Kallick Chicago 51.02 3.85 1 35 146 225 42 40 18 0
Blue & Co. Carmel, Ind. 50.50 20.24 8 32 193 280 25 16 59 0
Katz, Sapper & Miller Indianapolis 45.36 -2.99 1 33 160 238 29 42 24 5
SVA Madison, Wis. 45.23 -7.45 5 27 142 376 15 19 14 52
Doeren Mayhew Troy, Mich. 43.70 21.09 2 26 162 225 42 30 10 18
Clark, Schaefer, Hackett & Co. Middletown, Ohio 42.52 -1.02 6 25 198 276 49 38 5 8
Hill, Barth & King
1
Boardman, Ohio 33.50 -20.24 12 34 154 240 37 49 12 2
Kemper CPA Group Greenfield, Ind. 32.38 -2.32 23 52 220 304 42 36 22 0
Cohen & Co. Cleveland 32.22 0.88 8 23 154 216 46 43 3 8
Rea & Associates New Philadelphia, Ohio 29.06 -4.09 11 30 140 216 46 32 8 14
Yeo & Yeo Saginaw, Mich. 28.27 0.89 8 22 117 172 20 20 21 39
Somerset Indianapolis 20.09 1.26 1 21 62 117 34 35 30 1
Total: $1,844.47 -2.06
Notes: NC No change NA Not available/applicable
1 2010 revenue figure does not include approximately $8.5 million in revenues from HBK Source Financial, the firms financial services business,
which was spun off so that it is no longer directly owned, though it is still controlled by the owners of the accounting firm.
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
While manufacturers in the Rust Belt were making modest
gains and unemployment dropped somewhat, the Regional
Leaders bucked the trend by showing an overall drop in rev-
enue, against last years modest rise. Declines were reported
at firms of all sizes, but the decreases at the areas three
biggest firms certainly had a major impact, as they account
for 55 percent of revenues.
Rev. % Profess- Total Fee split
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Carr, Riggs & Ingram Enterprise, Ala. 85.85 2.78 15 79 383 530 65 30 5 0
Morrison, Brown, Argiz & Farra Miami 68.00 5.92 5 18 224 294 33 32 27 8
Horne Ridgeland, Miss. 56.37 -4.30 14 26 353 507 54 18 17 11
Kaufman, Rossin & Co. Miami 44.20 -5.88 5 34 155 244 32 23 3 42
Postlethwaithe & Netterville Baton Rouge, La. 38.17 8.01 9 28 224 299 47 29 24 0
Warren, Averett, Kimbrough & Marino
New York City Barry Salzberg May 10,722.00 -2.90 102 2,968 0.88 30,637 -4.64 42,367 -4.53 37 24 34 5
2 2 Ernst & Young
New York City James Turley June 7,620.00 -5.63 80 2,500 8.70 17,500 -6.91 25,600 -5.88 41 33 23 3
3 3 PricewaterhouseCoopers
1
New York City Robert Moritz June 7,369.44 -2.76 76 2,235 1.68 22,729 2.85 31,681 2.47 54 31 0 15
4 4 KPMG
2
New York City Timothy Flynn Sept 5,076.00 -10.62 88 1,847 1.60 15,803 -4.59 22,960 -3.99 48 27 25 0
5 5 RSM / McGladrey & Pullen
3
Bloomington, Minn. C.Andrews/D.Scudder April 1,460.72 -0.47 93 751 1.76 5,331 -1.48 7,755 -0.27 44 35 20 1
6 6 Grant Thornton Chicago Stephen Chipman Dec 1,147.81 -5.17 52 535 -4.29 3,700 -8.01 5,414 -7.29 47 26 27 0
7 7 BDO
4
Chicago Jack Weisbaum June 620.00 -5.92 37 273 2.63 1,849 -13.60 2,712 -10.20 60 25 15 0
8 8 CBIZ/Mayer Hoffman McCann
5
Cleveland D. Sibits/B. Hancock Dec 600.66 8.60 180 465 32.48 2,085 -8.43 4,580 -12.66 23 27 50 0
9 9 Crowe Horwath Oak Brook Terrace, Ill. Charles Allen March 508.00 3.04 25 240 9.09 1,636 6.93 2,428 5.89 65 22 13 0
10 10 BKD Springfield, Mo. Neal Spencer May 393.00 9.78 31 258 12.17 1,256 -5.06 1,891 -1.82 52 30 18 0
11 11 Moss Adams Seattle Rick Anderson Dec 323.00 -3.87 18 240 -4.00 1,130 -12.61 1,762 -11.37 49 34 17 0
12 12 Plante & Moran Southfield, Mich. Gordon Krater June 301.20 3.19 18 221 7.28 1,108 10.25 1,686 7.66 50 32 18 0
13 17 Baker Tilly Virchow Krause
6
Chicago Timothy Christen May 260.00 20.37 11 108 14.89 1,148 9.23 1,370 10.84 37 33 25 5
14 14 Clifton Gunderson Milwaukee Krista McMasters May 251.00 1.21 40 198 -4.81 1,381 -2.54 1,737 -4.35 48 25 27 0
15 15 J.H. Cohn* Roseland, N.J. Thomas Marino Jan 235.00 -4.08 11 153 2.00 635 -32.23 1,037 -22.15 54 28 1 17
16 13 UHY Advisors*
7
Chicago R. Stein/A. Frabotta Dec 234.40 -7.35 17 124 -6.06 763 -7.18 1,163 -6.81 35 37 23 5
17 20 Marcum
8
Melville, N.Y. Jeffrey Weiner Dec 233.75 28.04 17 143 32.41 569 -12.46 940 2.40 40 30 25 5
18 19 LarsonAllen Minneapolis Gordy Viere Oct 218.00 8.46 18 125 7.76 952 1.28 1,332 1.22 45 34 20 1
19 18 Dixon Hughes High Point, N.C. Ken Hughes Dec 200.00 -3.38 21 134 -2.19 758 -0.26 1,109 -1.60 42 33 25 0
20 16 Reznick Group Bethesda, Md. Kenneth Baggett Sept 189.60 -13.64 10 104 -2.80 813 -16.36 1,157 -13.27 55 27 17 1
21 NR ParenteBeard* Philadelphia Robert Ciaruffoli Dec 172.30 131.90 25 166 167.74 737 102.47 1,119 109.55 57 26 17 0
22 21 Rothstein, Kass & Co.* Roseland, N.J. S. Kass/H. Altman Dec 169.50 0.59 8 68 1.49 673 -9.30 840 -8.99 68 29 2 1
23 24 Eide Bailly Fargo, N.D. Jerry Topp April 142.30 20.62 19 94 17.50 874 39.17 1,235 30.83 44 35 7 14
24 23 Eisner New York City Charles Weinstein Jan 133.25 7.92 3 81 12.50 358 2.29 532 4.72 56 33 11 0
25 22 Weiser* New York City Douglas Phillips Dec 128.00 -1.54 5 96 5.49 398 1.53 609 1.00 55 35 10 0
26 29 Amper, Politziner & Mattia Edison, N.J. Howard Cohen March 119.90 36.62 7 61 41.86 485 24.36 670 27.86 59 23 18 0
27 25 Wipfli Milwaukee Rick Dreher May 114.69 7.45 15 107 7.00 517 6.82 798 5.42 40 31 29 0
28 30 Cherry, Bekaert & Holland Richmond, Va. Howard Kies April 98.58 13.77 14 46 4.55 459 1.32 643 3.21 60 32 8 0
29 26 Anchin, Block & Anchin New York City Frank Schettino Sept 97.00 NC 1 52 NC 267 0.38 393 -0.51 44 43 13 0
Key and notes: Last years rankings have been revised based on 2008 revenue provided by firms. Some firms rankings will therefore differ from those reported last year.
* Firm estimate Accounting Today estimate Gross revenue NC No change NA Not available/applicable NR Not ranked 1 Fee split: Other includes advisory line of services and
statutorily wholly owned subsidiaries. 2 Office figures are business offices, not all physical locations. 3 RSM McGladrey and McGladrey & Pullen have an alternative practice structure in which each
is a separate and independent legal entity. RSM is not a licensed CPA firm. 4 Changed name from BDO Seidman 5 Revenue figures are AT estimates; all other figures are firm-supplied. CBIZ and
Mayer Hoffman McCann are associated through an alternative practice structure. Figures do not reflect merger with Goldstein Lewin. (See Top 100 Highlights, page 20.) 6 Changed name from Virchow
Krause 7 UHY Advisors and UHY LLP are affiliated through an alternative practice structure. 8 Changed name from Marcum & Kliegman
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
10 09 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
30 31 Goodman & Co. Virginia Beach, Va. Thomas Wilson June 88.00 2.33 10 83 3.75 401 3.62 609 4.10 45 40 15 0
31 27 Berdon New York City Stanley Freundlich Dec 88.00 -7.37 2 45 NC 335 -8.22 409 -7.26 32 38 30 0
32 32 Citrin Cooperman & Co. New York City Joel Cooperman Dec 85.00 5.59 5 80 5.26 211 -3.21 342 0.59 50 32 9 9
33 28 Marks Paneth & Shron* New York City M. Levenfus/A. Cannata Dec 85.00 -5.56 3 68 NC 312 2.19 476 -2.26 63 27 3 7
34 33 Carr, Riggs & Ingram Enterprise, Ala. William Carr Sept 83.53 7.53 14 78 27.87 377 15.29 527 15.82 60 35 5 0
35 37 Rehmann Saginaw, Mich. Steven Kelly Dec 73.00 9.77 11 48 11.63 400 5.54 548 -1.79 39 31 12 18
36 35 WithumSmith+Brown Princeton, N.J. William Hagaman Jr. June 72.01 2.74 11 30 15.38 275 4.96 370 4.82 48 39 7 6
37 43 Burr, Pilger & Mayer Inc. San Francisco Stephen Mayer Dec 68.45 18.63 6 47 4.44 263 -7.72 400 1.27 40 41 15 4
38 58 Kearney & Co. Alexandria, Va. Ed Kearney Dec 66.09 37.60 3 13 8.33 223 23.89 383 7.28 71 0 29 0
39 34 Armanino McKenna San Ramon, Calif. Andy Armanino Dec 65.38 -10.77 3 34 13.33 186 -20.85 250 -16.67 39 37 24 0
40 38 Schenck Business Solutions Appleton, Wis. William Goodman Sept 64.50 1.98 9 64 8.47 341 -3.94 504 -1.75 38 39 18 5
41 39 Morrison, Brown, Argiz & Farra Miami Antonio Argiz June 64.20 6.64 5 18 20.00 218 7.39 285 7.55 33 31 28 8
42 36 Caturano & Co.*
9
Boston Richard Caturano June 61.80 -7.90 1 32 -8.57 279 10.28 387 3.20 42 26 32 0
43 45 Aronson & Co. Rockville, Md. Lisa Cines May 61.40 7.47 1 27 28.57 144 -20.00 209 -15.04 49 28 13 10
44 41 Friedman New York City Bruce Madnick Dec 60.00 1.69 3 40 -4.76 203 -7.31 279 -6.06 67 31 2 0
45 47 Novogradac & Co.* San Francisco Michael Novogradac Dec 59.42 8.02 12 27 3.85 222 -9.39 295 -7.52 56 24 9 11
46 44 SS&G Financial Services Inc. Cleveland Gary Shamis Dec 59.40 2.95 8 24 9.09 328 -1.80 391 -0.76 29 35 14 22
47 40 Habif, Arogeti & Wynne Atlanta Joseph Simms Dec 59.01 -0.12 2 34 -2.86 219 -4.78 300 -4.76 50 36 7 7
48 48 Horne Ridgeland, Miss. Hugh Parker Dec 58.90 9.18 12 26 8.33 353 13.87 507 10.70 46 19 20 15
49 54 Weaver
10
Fort Worth, Texas Tommy Lawler May 58.10 14.39 5 34 30.77 304 31.60 404 27.85 43 37 15 5
50 42 Holthouse Carlin & Van Trigt Santa Monica, Calif. Philip Holthouse Dec 58.00 -1.56 7 27 12.50 164 -12.30 248 -7.12 22 67 0 11
51 49 Ehrhardt Keefe Steiner & Hottman Denver Robert Hottman Sept 55.36 4.83 3 26 4.00 281 10.63 380 8.88 54 36 10 0
52 46 Lattimore, Black, Morgan & Cain Brentwood, Tenn. D. Morgan/RM Cain Dec 55.36 -2.47 3 44 -4.35 263 3.95 370 0.27 25 39 15 21
53 57 Elliott Davis Greenville, S.C. Richard Davis June 53.94 10.87 11 47 NC 267 8.10 390 7.14 47 37 10 6
54 50 RubinBrown St. Louis John Herber May 53.67 2.48 2 24 NC 241 -4.37 316 -3.36 46 35 19 0
55 51 Schneider Downs Pittsburgh Raymond Buehler Jr. June 52.42 1.08 2 34 6.25 286 -1.38 352 -1.40 45 35 20 0
56 63 OConnor Davies Munns & Dobbins New York City Kevin Keane Dec 50.60 13.71 5 39 2.63 230 4.55 296 4.59 70 23 7 0
57 64 Sikich Aurora, Ill. James Sikich Dec 50.40 14.81 10 40 5.26 253 9.05 330 8.20 40 15 40 5
58 NR Frazer Frost Brea, Calif. D.Yamagata/D.Peregrin Dec 50.00 6.38 6 23 -4.17 177 -0.56 248 -1.98 46 23 5 26
59 53 Blackman Kallick Chicago Steven Schneider Dec 49.13 -3.57 1 33 -2.94 163 -11.89 241 -8.71 44 45 11 0
60 59 SVA CPAs
11
Madison, Wis. Jack Cotton May 48.87 3.54 5 29 7.41 164 -2.38 412 -1.90 18 20 15 47
61 62 Katz, Sapper & Miller* Indianapolis David Resnick Dec 48.00 7.87 1 35 NC 172 -5.49 254 -3.05 30 42 24 4
62 52 SC&H Group Inc. Sparks, Md. Thomas Stout Dec 47.84 -6.18 3 18 28.57 208 1.46 264 2.72 17 51 32 0
63 56 Kaufman, Rossin & Co. Miami James Kaufman May 46.96 -4.05 4 35 9.38 168 -12.50 260 -10.34 34 23 3 40
64 60 Frank, Rimerman & Co. Palo Alto, Calif. Bryan Polster May 46.80 -0.72 4 17 NC 184 13.58 216 10.77 26 59 14 1
65 61 Padgett Business Services Athens, Ga. Steve Rafsky May 46.67 3.90 311 304 7.42 NA NA 761 5.99 70 30 0 0
Notes: * Firm estimate Franchise. Data may include franchisees. 9 Changed name from Vitale Caturano 10 Changed name from Weaver & Tidwell 11 Changed name from Suby Von Haden
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
10 09 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
66 55 Hein & Associates Denver Larry Unruh Dec 45.90 -9.47 4 30 7.14 176 -12.44 241 -13.31 53 38 5 4
67 68 Blum, Shapiro & Co. West Hartford, Conn. Carl Johnson Dec 45.00 8.43 3 40 17.65 197 23.13 288 18.52 52 30 4 14
68 70 Watkins Meegan
12
Bethesda, Md. Michael Micholas Dec 44.50 8.54 4 19 11.76 170 -5.56 205 -4.65 24 25 51 0
69 69 Argy, Wiltse & Robinson* McLean, Va. Paul Argy Dec 44.00 7.32 3 27 12.50 160 5.96 223 3.24 41 48 10 1
70 67 Clark, Schaefer, Hackett & Co. Middletown, Ohio Carl Coburn June 42.96 2.29 6 24 NC 198 2.06 276 2.99 50 37 2 11
71 78 The Bonadio Group* Pittsford, N.Y. Thomas Bonadio April 42.50 15.80 6 37 2.78 218 14.74 317 10.84 58 24 5 13
72 85 Rosen Seymour Shapss Martin & Co. New York City Martin Greenberg Dec 42.10 26.81 2 24 -4.00 149 19.20 200 12.99 53 42 5 0
73 74 Blue & Co.
13
Carmel, Ind. Douglas Hasler Dec 42.00 9.09 6 23 NC 147 -8.13 216 -4.85 24 15 61 0
74 65 Hill, Barth & King Boardman, Ohio Chris Allegretti Aug 42.00 -2.33 14 36 2.86 192 2.67 293 0.69 32 39 10 19
75 77 LeMaster & Daniels Spokane, Wash. Scott Dietzen May 41.73 12.78 12 27 NC 193 12.21 287 12.11 28 51 7 14
76 71 Joseph Decosimo & Co. Chattanooga, Tenn. Nick Decosimo Dec 40.94 1.51 7 29 -3.33 180 -2.17 269 -6.27 47 42 6 5
77 66 Margolin, Winer & Evens Garden City, N.Y. Teddy Selinger Dec 40.00 -5.88 2 27 NC 170 -5.56 216 -4.85 60 30 10 0
78 81 Warren, Averett, Kimbrough & Marino
Birmingham, Ala. James Warren June 38.85 10.68 3 42 23.53 130 4.00 250 17.92 42 31 14 13
79 73 Lurie Besikof Lapidus & Co. Minneapolis Beth Kieffer Leonard April 37.50 -3.85 1 16 -5.88 100 -15.25 150 -13.79 40 32 15 13
80 80 Mohler, Nixon & Williams Campbell, Calif. Leinani Nakamura June 37.00 4.43 3 24 4.35 120 5.26 179 2.87 44 49 1 6
81 79 Berkowitz Dick Pollack & Brant Miami Richard Berkowitz Dec 36.65 2.17 3 18 NC 86 -14.00 150 -13.79 16 38 4 42
82 76 SingerLewak* Los Angeles David Krajanowski Dec 36.50 -1.88 6 30 3.45 150 -3.85 218 -3.54 55 28 5 12
83 84 Nigro Karlin Segal & Feldstein Los Angeles Mickey Segal Dec 36.15 4.21 2 20 NC 175 6.06 220 2.33 0 15 0 85
84 72 Doeren Mayhew Troy, Mich. Mark Crawford Sept 36.09 -8.10 1 21 5.00 126 -2.33 173 -9.90 46 28 11 15
85 92 Postlethwaithe & Netterville Baton Rouge, La. William Balhoff April 35.34 9.38 9 25 NC 203 NA 273 8.76 44 19 18 19
86 83 RGL Forensics*
14
Denver Paul Brunner Dec 35.10 1.15 16 28 16.67 131 7.38 201 9.84 0 0 0 100
87 75 Holtz Rubenstein Reminick Melville, N.Y. Francis Candia Sept 34.80 -6.95 2 20 17.65 131 -7.09 189 -3.57 45 42 3 10
88 89 Freed Maxick & Battaglia* Buffalo, N.Y. Robert Glaser April 34.70 6.77 3 32 NC 205 NC 275 -0.36 39 40 8 13
89 88 CCR Westborough, Mass. David Platt Dec 34.00 4.62 5 36 16.13 165 19.57 243 18.54 49 45 6 0
90 82 Squar Milner Newport Beach, Calif. Stephen Milner Dec 34.00 -2.86 3 16 -11.11 113 -20.42 160 -20.00 42 45 0 13
91 96 Raffa Washington, D.C. Thomas Raffa Dec 33.54 5.90 2 17 21.43 223 1.83 279 6.08 59 17 24 0
92 94 Frazier & Deeter Atlanta Seth McDaniel Dec 33.21 2.79 3 10 -9.09 101 -3.81 135 -2.17 40 41 0 19
93 98 Kemper CPA Group Greenfield, Ind. Ronald Dezelan April 33.15 6.97 26 64 4.92 210 -0.94 307 1.66 43 36 21 0
94 91 Whitley Penn* Fort Worth, Texas Larry Autrey Dec 32.50 NC 2 19 NC 111 -15.91 157 -11.30 45 39 11 5
95 97 Mauldin & Jenkins Atlanta Donald Luker May 32.20 2.22 4 38 2.70 116 -0.85 176 -1.12 74 23 1 2
96 NR Berry, Dunn, McNeil & Parker Portland, Maine John Chandler June 32.19 13.27 3 19 -5.00 131 9.17 185 8.82 54 23 18 5
97 100 Cohen & Co. Cleveland Randy Myeroff Sept 31.94 3.73 9 24 26.32 162 -13.37 228 -5.00 46 45 2 7
98 99 Kennedy and Coe Salina, Kan. Kurtis Siemers March 31.90 3.24 8 23 NC 136 2.26 218 -5.63 18 54 28 0
99 87 Vavrinek Trine Day & Co.
Rancho Cucamonga, Calif. Ron White Dec 31.85 -2.18 5 30 -9.09 165 -0.60 210 -6.67 67 17 13 3
100 90 Seiler Redwood City, Calif. James DeMartini Dec 31.80 -2.15 2 10 NC 115 -0.86 144 -0.69 20 55 0 25
Notes: * Firm estimate Accounting Today estimate 12 Changed name from Watkins, Meegan, Drury 13 Employee figures do not include year-end merger with Potter & Co.
14 Data include international offices
Rev.
Headquarters ($mn) % chg.
Dixon Hughes High Point, N.C. $207.00 16.29
Cherry, Bekaert & Holland Richmond, Va. 86.65 11.95
Goodman & Co. Virginia Beach, Va. 86.00 21.13
Carr, Riggs & Ingram Enterprise, Ala. 77.68 17.55
Beers & Cutler Vienna, Va. 60.32 10.35
Morrison, Brown, Argiz & Farra Miami 60.20 8.86
Habif, Arogeti & Wynne Atlanta 59.08 30.65
LBMC Brentwood, Tenn. 56.76 16.34
Horne Jackson, Miss. 53.95 20.08
Kaufman, Rossin & Co. Miami 48.94 20.33
THE TOP 10 SOUTHEAST FIRMS
2009 SourceMedia, Inc. and Accounting Today. All rights reserved. SourceMedia, One State Street Plaza, New York, N.Y. 10004 (800) 367-3989
Pacesetters in growth
Ranked by % chg.
Revenue %
Firms under $100 mn ($mn) chg.
1. Kearney & Co. $48.62 51.13
2. Habif, Arogeti & Wynne $59.08 30.65
3. Argy, Wiltse & Robinson $41.00 30.08
4. Elliott Davis $48.65 28.60
5. Blue & Co. $38.50 27.31
THE 2009 TOP 100 FIRMS
RANK REVENUE PERSONNEL FEE SPLIT
Year $ Off- Part- Profes- Total (in percent)
09 08 Firm Headquarters Chief executive end mn. ices ners sionals emps. A&A Tax MAS Other
1 1 Deloitte & Touche
1
New York Barry Salzberg May $10,980.00 105 2,949 32,857 44,929 44 22 30 4
2 2 Ernst & Young