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Page 1: ADP Allinial Global CPAmerica International CPA.com NACVA ... · NetSuite. T o a certain extent, our annual Top 100 Firms and Regional Leaders report is a historical exercise —

ADP

Allinial Global

CPAmerica International

CPA.com

NACVA

NetSuite

Page 2: ADP Allinial Global CPAmerica International CPA.com NACVA ... · NetSuite. T o a certain extent, our annual Top 100 Firms and Regional Leaders report is a historical exercise —
Page 3: ADP Allinial Global CPAmerica International CPA.com NACVA ... · NetSuite. T o a certain extent, our annual Top 100 Firms and Regional Leaders report is a historical exercise —

To a certain extent, our annual

Top 100 Firms and Regional

Leaders report is a historical

exercise — it ranks the leading

practices based on their performance

in the previous year (in this case, 2016).

But it also points the way forward,

and not just in terms of giving firms a

set of benchmarks to work against in

the year ahead. For us at Accounting

Today, the way firms respond to the

survey offers valuable

clues to emerging trends.

Twenty years ago, when

firms started to ask how

to account in their fee

splits for their growing

revenue from manage-

ment advisory services,

it was an early indicator

of the rise of consulting.

(And 10 years later, when

respondents started to

ask what MAS meant, we

knew that consulting was

truly well-established.)

Similarly, a rising

number of questions a

decade ago about how to

report full-time-equivalents heralded a

change in how firms staff themselves.

The current questions we’re get-

ting are about how to report equity vs.

non-equity partners, indicating that

more and more firms are introducing

this kind of two-tiered partnership

structure. Don’t be surprised to see a

change in how we present those in the

years to come.

For now, though, here are a few

notes on how to read this year’s report:

The previous year’s rankings

included in the Top 100 Firms list are

NOT the same as those published in last

year’s report. They are a re-ranking of

the current year’s cohort of T100 Firms

based on the latest information and in-

clude firms that were not part of the list

last year. They are only for comparison

purposes, and do not replace the rank-

ings published last year.

Unless otherwise noted, revenue

is net revenue.

Also, unless noted,

revenues, offices and staff

are for the U.S. only.

The Total Employ-

ees category is comprised

of partners, professionals

and all other personnel,

including owners.

Where two firms

reported equal revenue,

the firm with the higher

percentage of revenue in-

crease received the high-

er ranking.

As noted above,

“MAS” still stands for

“management advisory

services” — or consult-

ing, as everyone calls it now.

As always, this report would not be

possible without the work of our edi-

torial staff — managing editor Danielle

Lee, online editor-in-chief Mike Cohn,

senior editors Roger Russell and Sean

McCabe, and technology editor Ranica

Arrowsmith. Without their hard work,

insights and threatening phone calls,

we wouldn’t be able to present you with

this — the 2017 Class of the Top 100

Firms and Regional Leaders. Enjoy!

— Dan Hood, Editor-in-Chief

3

One State St. Plaza, 27th Fl., New York, NY 10004E-mail: [email protected]://www.accountingtoday.com

Editor-in-Chief Daniel HoodManaging Editor Danielle LeeSenior Editors Roger Russell, Sean McCabeTechnology Editor Ranica ArrowsmithArt Director Neesha Haughton

ADVERTISING AND BUSINESS SERVICES

Senior Vice President and Group Publisher Rob WhitakerPublisher Jack Lynch (212) 803-8803Advertising Directors Erin Scanlon, Alexandria AlatiAd Sales Coordinator Susan Korcynski

Material in Accounting Today may not be repro-duced without express written permission. For more information about reprints and licensing content, please visit www.SourceMediaReprints.com or con-tact PARS International Corp. (212) 221-9595.

Publishers Copy Protection Clause: Advertisers and agencies assume liability for all content (including text, representation and illustrations) of advertis-ments and responsibility for claims arising there from made against the publisher.Copyright © 2017 Accounting Today and Source-Media, Inc. All rights reserved.

SOURCEMEDIA INC.

Glimpses of the future

CONTENTSTop 100 Overview 4

Firms to Watch 6

Top 100 Databank 8

Firm Strategies 10

Top Tax Firms 12

Top 100 Rankings 16

Niche Services 22

Client Categories 24

Regional Leaders 25

Firm Highlights 35

SPONSORED BY:

notes and methodology

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overview

4

Last year in this space, we predicted

the possibility of the Top 100 Firms

operating at a slightly higher rate

going forward — and it looks like

that might well be the case, though at a

slightly moderated pace.

Overall growth for the T100 was 8.80

percent, off a little from last year, but still

above the previous rate of roughly 8 per-

cent. Most of the other metrics in our

Databank (see page 8) show a similar

result — a moderation from last year,

but still elevated somewhat from the

four or so years before that.

That sort of respectable-but-mo-

derate approach characterizes much of

the list this year, though there was one

segment of the T100 that broke that

trend: The 34 firms with revenues bet-

ween $100 million and $1 billion, after

lagging a little last year, delivered above-

trend growth in a number of catego-

ries this year. Their revenues grew by

over 10 percent, and they added both

professionals and total staff at higher

levels than last year — while the seven

firms with revenues above a billion,

and the 59 below $100 million, grew

in all categories at rates that were just

below those reported last year (though

still respectable).

That sort of moderation reigned in

a number of areas. For instance, while

37 firms reported revenue growth above

10 percent this year, versus 40 firms last

year, only five reported revenue growth

above 20 percent, versus 10 last year. And

while firms reported 130 mergers this year,

against 125 last year, there were fewer of

the big-bang mergers that had made head-

lines in the past. One of the few to change

the Top 100 was the combination of Ca-

lifornia’s Gallina with CliftonLarsonAllen

That dearth of major mergers meant

there were fewer big jumps in the Top 100;

in fact, no firm jumped more than 10 spots,

and only one — PYA — is new to the list,

against the four that joined last year.

DON’T IGNORE THE GROWTHNone of this moderation should obscure

the fact that firms are continuing to grow,

and to find solutions to issues that have

plagued them in previous years.

Take staffing and succession plan-

ning: While these are by far the most pres-

sing issue for the chief executives of the

Top 100 and the Regional Leaders (see

“Strategies,” on page 10), they seem to be

getting a handle on it, with the number of

firms reporting flat or declining partner

counts down to 20, versus 32 last year. And

while total employee figures may not have

grown as much as in 2015, firms still found

enough warm bodies to increase staff by

over 9 percent.

Similarly, it can’t be denied that more

firms are finding success in niche offerings

and, particularly, in specific client areas.

While the types of niches and clients that

were growing the most didn’t change

much from last year’s report, the percent-

age of T100 Firms who were active in them

did. (See Niches & Clients, on page 22-24.)

Looking beyond the statistics for in-

dividual firms, it’s worth noting that more

strong practices are springing up all over

the country (or at least they’re coming

to our attention more often).

The threshold for membership in

the Top 100 jumped to $37.7 million,

$1.5 million over last year’s figure, and

yet our “Firms to Watch” list (see page

6) hit new records for membership,

with at least five firms well within stri-

king distance of next year’s Top 100.

AROUND THE COUNTRYThat burgeoning of strong firms is par-

ticularly evident in the Regional Lea-

ders lists, most of which expanded sig-

nificantly this year, with four, five and

even six new members, revealing deep

benches of talent across the U.S. (See

“Regional Leaders” on page 25.)

While there was plenty of M&A

in the regions, there were, as noted

above, fewer of the headline-grabbing

mega-mergers that inflate growth rates

and shake up the local landscape. That

helped moderate individual firm growth

rates, which fluctuated in a narrower band

than last year.

The message of this year’s report,

then, is of growth with moderation — a

comfortable state, but one that requires

constant effort to maintain. AT

If you think your firm should be one of our

Top 100 Firms or Regional Leaders, send

an e-mail to [email protected],

and we will add you to our survey contact

database for 2018.

Growth, with moderationB Y D A N I E L H O O D

* Compiled from individual firm results as reported at year’s end; includes some estimates

A new plateau?Revenue growth of the Top 100 Firms, in percent*

-5

0

5

10

15

20

25

30

16141206040200989694 08

10

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The firm of the future starts hereA nationwide accounting association made up of 75 member firms built on four key goals:

to bring prestige to firms both domestically and internationally to strengthen relationships among member firms to continuously improve to make more money

Connect with your firm’s future today!

www.cpamerica.org 104 N. Main Street, Gainesville, FL 32601 (352) 727-4070• •

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overview

6

BEYOND THE TOP 100: FIRMS TO WATCHA record number of firms made this year’s “Firms to Watch” list, with a dozen or more firms within striking distance of next year’s list. (Note that the roster includes only firms with positive growth rates; firms in the revenue range with negative growth rates are excluded.)

Firm Headquarters Managing partner Year-end ($ mn.) % chg. Offices Partners Employees

PB Mares Newport News, Va. Alan Witt Dec 37.48 6.36 9 37 219

Brady, Martz & Associates Grand Forks, N.D. Todd Van Dusen Sept 37.24 21.82 5 41 239

Wiss & Co. Livingston, N.J. Paul Peterson Dec 37.00 8.82 3 26 190

Gursey | Schneider Los Angeles Stephan Wasserman Dec 36.46 15.75 6 14 173

Clark Nuber Bellevue, Wash. Robert Wheeler Dec 36.20 5.85 1 22 198

Arnett Carbis Toothman Charleston, W. Va. Steven Robey Dec 33.42 1.15 8 29 235

Brown, Edwards & Co. Roanoke, Va. Jason Hartman May 33.17 27.38 9 36 298

Cotton & Co.* Alexandria, Va. Matt Johnson Dec 33.00 13.79 1 11 200

Kreischer Miller Horsham, Pa. Stephen Christian Dec 32.75 5.65 2 16 205

Lutz Omaha, Neb. Mark Duren April 32.64 11.48 1 29 154

Somerset CPAs Indianapolis Pat Early Dec 31.77 5.34 2 30 163

Briggs & Veselka Co. Houston John Flatowicz Sept 31.44 5.79 2 20 173

Peterson Sullivan Seattle Chris Russell Dec 30.30 3.77 1 20 163

Anders St. Louis Robert Minkler Dec 30.00 6.01 1 20 177

Perkins & Co.* Portland, Ore. Gary Reynolds June 29.41 28.60 2 26 174

Janover Garden City, N.Y. Mark Goodman Dec 29.00 3.94 2 21 156

Lurie Minneapolis Beth Kieffer Leonard April 28.85 1.23 1 17 158

Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 28.59 3.14 6 21 182

REDW Albuquerque, N.M. Steven Cogan Dec 27.64 2.41 2 14 181

Boulay Minneapolis Steven Behrns May 27.40 4.90 2 28 155

AAFCPAs Westborough, Mass. C. McCall / D. McManus Dec 26.70 9.88 3 24 176

Green Hasson Janks Los Angeles Leon Janks Dec 26.70 9.88 1 14 135

LaPorte Metairie, La. William Mason Nov 26.49 13.50 5 15 174

Mize Houser & Co. Topeka, Kansas NA Dec 26.40 7.19 3 19 230

ORBA Chicago Mark Thomson May 26.40 6.88 1 14 124

Cain Watters & Associates Plano, Texas Dan Wicker Dec 26.33 5.74 1 11 130

Johnson Lambert Vienna, Va. John Prescott Dec 26.25 3.39 8 18 169

Untracht Early Florham Park, N.J. T. Early / D. Untracht Dec 26.07 14.85 3 9 123

Smith & Howard Atlanta John Lucht Dec 26.05 4.62 1 10 101

Keiter Glen Allen, Va. L. Michael Gracik Dec 25.90 12.27 1 13 157

Windes Long Beach, Calif. John DiCarlo June 25.63 3.35 3 14 134

Dean Dorton Allen Ford Lexington, Ky. David Bundy June 25.61 19.62 2 24 165

BeachFleischman Tucson, Ariz. Marc Fleischman Dec 25.58 8.16 2 25 152

PKF Texas Houston Kenneth Guidry Dec 25.50 5.15 1 13 130

Krost* Pasadena, Calif. Gregory Kniss Dec 25.47 24.55 7 5 130

Windham Brannon Atlanta Heidi LaMarca Sept 25.38 11.95 1 13 166

Whittlesey & Hadley Hartford, Conn. Drew Andrews Dec 24.80 12.22 3 20 160

Perelson Weiner New York City Ronald Weiner Dec 24.36 1.08 1 15 68

Maxwell Locke & Ritter Austin, Texas Steven Knebel Dec 24.25 5.39 2 17 102

Calibre CPA Group Bethesda, Md. James Kokolas Dec 24.20 2.85 3 16 154

Hertzbach & Co. Owings Mills, Md. Joel Chazen Dec 24.00 14.29 3 26 172

Lane Gorman Trubitt Dallas Lee Ann Collins Dec 24.00 14.29 1 18 100

DiCicco, Gulman & Co. Woburn, Mass. Laurie Astin Dec 23.50 13.53 2 20 131

Sensiba San Filippo Pleasanton, Calif. John Sensiba April 23.30 12.56 6 16 141

Gelman, Rosenberg & Freedman Bethesda, Md. Jackie Cardello Dec 23.00 4.55 1 11 101

* Firm estimate

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8

databank

Leaders in A&ARanked by revenue

Rev. share Fee Top 7 firms ($ mn) splitPwC 6,413.88 43Deloitte 5,080.22 29Ernst & Young 4,026.00 33KPMG 2,849.22 33RSM US 711.56 39BDO USA 645.00 50Grant Thornton 643.13 38 Firms over $100 mn CohnReznick 333.72 54CliftonLarsonAllen 271.80 36CBIZ & MHM 264.40 40BKD 258.05 48Moss Adams 231.88 44

Firms under $100 mn BlumShapiro 45.14 59Friedman 44.10 45EKS&H 40.84 41RubinBrown 37.01 43Whitley Penn 34.08 41

Leaders in TaxRanked by revenue

Rev. share Fee Top 7 firms ($ mn) splitPwC 3,729.00 25Ernst & Young 3,538.00 29Deloitte 3,153.24 18KPMG 2,331.18 27RSM US 672.28 36Grant Thornton 440.03 26BDO USA 425.70 33 Firms over $100 mn CliftonLarsonAllen 241.60 32CBIZ & MHM 231.35 35Crowe Horwath 197.15 25Moss Adams 194.99 37CohnReznick 179.22 29

Firms under $100 mn Frank, Rimerman + Co. 50.57 61Friedman 44.10 45BPM 41.00 50Whitley Penn 40.73 49Squar Milner 40.60 56

Leaders in MASRanked by revenue

Rev. share Fee Top 7 firms ($ mn) splitDeloitte 8,408.64 48PwC 4,773.12 32Ernst & Young 3,660.00 30KPMG 3,454.00 40Grant Thornton 609.28 36RSM US 446.14 24BDO USA 219.30 17 Firms over $100 mn Crowe Horwath 362.76 46Plante Moran 173.43 36CBIZ & MHM 165.25 25Dixon Hughes Goodman 137.90 35Baker Tilly Virchow Krause 125.35 24

Firms under $100 mn FGMK 47.04 49Horne 34.93 44Blue & Co. 34.88 45PYA 31.22 75SC&H Group 29.54 62

2017 TOP 100 FIRMS DATABANKOverview

Top 7 % Firms over % Firms under % Total Top % firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.

Revenue (in $mn) $58,096.06 8.58 $9,520.00 10.52 $3,571.40 7.91 $71,187.46 8.80

Partners 13,408 6.57 4,799 5.75 1,957 5.67 20,164 6.29

Professionals 138,800 11.13 34,688 9.67 14,368 8.04 187,856 10.62

Total employees 235,987 9.54 47,537 9.39 19,628 7.19 303,152 9.36

Rev. share % 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 $20,369.01 35.06 $3,867.49 40.62 $1,234.28 34.56 25,470.78 35.78

Tax $14,289.43 24.60 $3,234.57 33.98 $1,251.69 35.05 18,775.69 26.27

MAS (consulting) $21,570.48 37.13 $1,906.59 20.03 $604.22 16.92 24,081.29 33.83

Notes: Some figures may not correspond exactly due to rounding.

Pacesetters in growthRanked by % chg.

Revenue % Firms over $100 mn. ($mn) chg.Withum 147.78 28.81Sikich 146.40 26.53Carr, Riggs & Ingram 235.79 20.83MBAF 112.30 19.47Armanino 195.00 18.72

Revenue % Firms under $100 mn. ($mn) chg.Cohen & Co. 60.10 26.15Prager Metis International 60.77 19.67Grassi & Co. 57.50 17.35Doeren Mayhew 72.56 17.20Squar Milner 72.50 16.94

Revenue % Overall Top 100 Firms ($mn) chg.Withum 147.78 28.81Sikich 146.40 26.53Cohen & Co. 60.10 26.15BDO USA 1,290.00 22.86Carr, Riggs & Ingram 235.79 20.83Prager Metis International 60.77 19.67MBAF 112.30 19.47Armanino 195.00 18.72Citrin Cooperman & Co. 230.00 17.95Grassi & Co. 57.50 17.35Doeren Mayhew 72.56 17.20Squar Milner 72.50 16.94Friedman 98.00 16.67Honkamp Krueger & Co. 68.10 16.61CliftonLarsonAllen 755.00 16.15Kearney & Co. 126.70 16.13

Holthouse Carlin & Van Trigt 128.32 15.97

Eide Bailly 259.40 15.49

Rea & Associates 40.60 15.05

Whitley Penn 83.12 14.74

Marks Paneth 128.00 14.29

Cherry Bekaert 164.20 14.19

Bennett Thrasher 41.35 14.13

Hein & Associates 61.00 13.62

RSM US 1,845.62 12.75

Mountjoy Chilton Medley 48.70 12.50

Dixon Hughes Goodman 394.00 12.25

EisnerAmper 318.80 12.06

KLR 44.30 11.87

Baker Newman & Noyes 42.60 11.81

Notes: * Firm estimate or projection. All Big Four revenue figures are gross, not net. For more details, see pages 16-19.

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firm strategies

It will come as no surprise that the big-

gest challenge facing the members of

this year’s class of the Top 100 Firms is

finding enough quality people, both to

staff current engagements and to prepare

for future successions.

For instance, at New York City’s Cohn–

Reznick, CEO Frank Longobardi noted that

two of the firm’s strategic priorities for 2017

are “building on our existing commitment

to being an employer of choice by iden-

tifying and developing future leaders early

in their careers and continu[ing] to recruit

top talent,” and “recruiting and developing

top talent quickly enough to succeed reti-

ring partners.”

To a degree, these are perennial con-

cerns. As BDO USA CEO Wayne Berson

noted, “In professional services, you are

only as good as your people; therefore,

people will always be the most critical is-

sue in our industry.”

But the profession is definitely feel-

ing more heat in this area than usual,

with firms going to greater lengths to dis-

tinguish themselves as employers. BDO

USA, for instance, is a regular on lists that

recognize great workplaces, as are many

of the other members of the T100 — but

the firm is also trying new things. “More

recently, we have begun to roll out our

Exceptional Workplace concept in new

offices,” Berson explained. “These open,

flexible, collaborative designs maximize

the benefits of office time by connecting

teams and individuals to drive knowledge

sharing, learning and mentoring.”

Brian Kreischer, managing partner at

California’s Frank, Rimerman + Co., high-

lighted the difficulties firms face: “The

continual shortage of qualified candida-

tes entering our industry combined with

the increasing complexity of our business

makes recruiting top talent an enduring,

critical issue,” he said. “In order to de-

liver our clients outstanding service, we

continue investing heavily in training and

development of our top talent.”

To that end, in 2016 the firm hosted

its largest-ever internship and sophomore

leadership programs, with the former

being ranked as the No. 1 internship in the

country by career information Web site

Vault. “We have also expanded our search

such that while our offices are located in

Northern California, our recruiting out-

reach stretches nationwide,” he said. “We

focus heavily on developing our people

into our future managers and partners.”

That focus on building future talent

is part of the impetus behind Big Four

firm KPMG’s recently announced plans

to build a state-of-the-art learning, deve-

lopment and innovation facility in Florida.

“This investment nourishes the intelligen-

ce and curiosity of all of our people, while

empow ering them to think outside of the

box and perform at their best,” said chair-

man and CEO Lynne Doughtie.

Taking an interesting approach to the

staffing issue is Louisiana’s Postlethwaite

& Netterville, which has built up a diverse

team of experts that it can make availa-

ble to other accounting firms. “We can

help firms that have gaps in capacity or

expertise of staff to meet client deadlines,

firms that may be interested in expanding

into new markets or services but don’t

have the resources in-house, and firms

that may want to take on a client or project

outside of their existing core competen-

cies,” explained managing director Wil-

liam Balhoff. “Other firms can leverage our

workforce in an outsourced, co-sourced,

or other arrangement.”

CHALLENGES TO GROWTHBeing able to grow their staff is one con-

cern — the other main concern of the T100

is being able to grow their business.

“Since the Great Recession, the eco-

nomy has experienced little to no growth,”

said Louis Grassi, CEO and managing part-

ner of New York’s Grassi & Co. “As a result,

growth for firms our size typically comes

by taking clients away from other firms.

This has put downward pressure on fees

for attest, accounting and tax services. Un-

fortunately, this trend will continue in the

foreseeable future — resulting in more

firm consolidation to eliminate redundan-

cies and lower costs.”

That consolidation, in turn, may cause

problems: “Industry consolidation will

continue to put pressure on CPA firms as

their marketplaces are exposed to firms

that they have not been in the past,” said

Mark Stebbins, vice chair and tax practice

leader at Buffalo, N.Y.’s Freed Maxick. “The

trend of industry consolidation continues

to foster an environment of threats and

opportunities as national firms acquire

market-dominant local firms. This creates

opportunity for the remaining local firms

to take advantage of the fallout from chan-

ges in fees, engagement management, etc.

How ever, when regional firms acquire

smaller firms in a local market, it presents

a threat as the regional firms introduce

services into a potentially underserved

market that weren’t previously available.”

The members of the T100 have a range

of strategies planned to help grow their

practices, but before looking at them, it’s

worth examining another challenge, one

that several firms feel will be key to their

Staffing for growth, growing for staffB Y D A N I E L H O O D

See STRATEGIES on 12

‘Innovation is in many ways tied to growth.’

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12

growth — if only they can master it.

“A critical issue for any firm is inno-

vation. In fact, innovation is in many ways

tied to growth,” explained Andy Armanino,

MP of California’s Armanino. “If a firm re-

mains stagnant and isn’t looking for ways

to innovate, it will quickly lose market

share. … Successful firms welcome this

challenge and continue to engineer a bet-

ter mousetrap to sell to clients, which will

drive revenue for the firm and create value

for clients.”

Freed Maxick’s Stebbins was also bul-

lish on innovation: “It is the lifeblood of

a CPA firm’s culture that is committed to

growth.” His firm has established an in-

ternal innovation committee to vet ideas

from all levels of the firm. “Our object-

ives in clude the creation and fostering of

a firm-wide culture that encourages and

rewards innovative thinking, and is view-

ed as a business function. We also want

to increase firm revenue by identifying,

creating, testing and launching new pro-

ducts and/or services; improve versions of

current products and spinoffs of existing

products. Our expectations for innovation

at the firm is that it be strategic, systematic,

measurable and accountable.”

GROWTH ENHANCERSWhile many of the Top 100 plan to pursue

mergers and acquisitions as a source of

growth, one of the most common strate-

gies involved developing their own spe-

cialties, with a special focus on value-ad-

ded services.

At Ohio-based Hill, Barth & King, for

instance, CEO and managing principal

Christopher Allegretti explained that even

as the firm’s strategy is to grow its service

regions through M&A, one of its primary

challenges is “adding value by anticipating

the needs of our clients and prospective

clients. This includes showing entrepre-

neurial insight by forecasting the industry

and regulatory trends, which will directly

impact the bottom line for our clients’

businesses,” he said.

Specificity of services — often in areas

that are not considered “traditional” to

accounting — is particularly important to

many of the Top 100. “We’ve also spent a

lot of time building out existing and new

service areas,” said Diane Medley, MP of

Kentucky-based Mountjoy Chilton Med-

ley. “Steady growth in the demand of our

HR consulting, risk advisory, employee be-

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 Tim Ryan 3,729.00 25 14,916.00 6.28 82 57,773Ernst & Young§ New York City Stephen Howe 3,538.00 29 12,200.00 9.03 82 42,100

Deloitte§ New York City Cathy Engelbert 3,153.24 18 17,518.00 8.49 113 78,642H&R BlockP1 Kansas City, Mo. William Cobb 3,007.77 99 3,038.15 -1.32 12,000 94,800

KPMG§ New York City Lynne Doughtie 2,331.18 27 8,634.00 9.44 106 34,091RSM US2 Chicago Joe Adams 672.28 36 1,845.62 12.75 86 8,829

Grant Thornton Chicago J. Michael McGuire 440.03 26 1,692.44 8.80 59 8,495Liberty Tax Services Virginia Beach, Va. John Hewitt 439.00 100 439.00 0.92 4,225 NA

Ryan3 Dallas G. Brint Ryan 432.61 100 432.61 10.93 55 1,506BDO USA Chicago Wayne Berson 425.70 33 1,290.00 22.86 67 6,057

CliftonLarsonAllen NA Denny Schleper 241.60 32 755.00 16.15 39 4,776CBIZ & MHM Cleveland C. Spurio & A. Burczyk 231.35 35 661.00 8.36 110 3,088

Andersen Tax San Francisco Mark Vorsatz 220.28 100 220.28 11.82 19 887Crowe Horwath Chicago Jim Powers 197.15 25 788.60 9.30 32 3,639

Moss Adams Seattle Chris Schmidt 194.99 37 527.00 10.48 25 2,589CohnReznick New York City Frank Longobardi 179.22 29 618.00 2.32 30 2,724

BKD Springfield, Mo. Theodore Dickman 166.66 31 537.60 8.28 35 2,529Marcum New York City Jeffrey Weiner 166.13 37 449.00 8.87 22 1,462

Baker Tilly Virchow Krause Chicago Alan Whitman 161.91 31 522.30 9.24 26 2,708EisnerAmper New York City Charles Weinstein 130.71 41 318.80 12.06 9 1,460

Dixon Hughes Goodman Charlotte, N.C. Matt Snow 130.02 33 394.00 12.25 28 1,918

Notes: § Gross revenue P Figures compiled from public company reports. NA Not available/applicable 1 Staff figures include seasonal workers 2 Reported fee split as dollar amount (given here) and percentage. 3 Revenue includes acquisitions of Shiv Om Consultants and Nickel & Co. in December 2016 and January 2017. For other notes, see pages 16-19.

STRATEGIES from page 10

See STRATEGIES on 14

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niche services

14

nefits, international tax and SALT service

areas has led to expansion and acquisition

of more focused expertise in these key

areas. We also continue to develop new

service offerings as we see the demand,

and in 2017 we’ll likely be focusing on CFO

services, executive compensation and IT

advisory.”

Besides the services that Medley

mentioned, other hot areas for the Top 100

included cyber-security, SOC audits, client

accounting services — and preparing cli-

ents for the changes to come from the new

administration.

“With the potential for massive de-

regulation and the most sweeping tax re-

form since 1986 on the horizon, regulatory

and policy changes will be top of mind for

our firm, our clients and the accounting

profession in 2017,” noted Terri Andrews,

national public relations director at RSM

US. “While the details are still forthcoming,

we believe there will be a business uptick

resulting from deregulation early in the

year, followed by tax reform and infra-

structure spending. … Helping our clients

understand and navigate these changes

will be a top priority for our firm in 2017.”

A common theme to all this focus

on service areas is client need. “We con-

tinue to make significant organic and in-

organic investments that make a tangible

difference for clients when it comes to

navigating uncertainty, anticipating needs,

and delivering solutions to their toughest

business challenges,” explained KPMG’s

Doughtie. “We have been making signifi-

cant investments across all business func-

tions to deliver real value and enhance

the relevance of our work in areas like

cognitive technology, data and analytics,

and cybersecurity. Clients appreciate our

ability to help them leverage change in

unique and meaningful ways.”

While the notion that accountants

should move in new directions to offer

more value-added services to clients has

been bruited about for a couple of years

or more, it still remains a challenge for the

profession, as it involves “changing our

mindset that we are management consul-

tants, and not just accountants,” according

to Carl Schultz, CEO of Wisconsin’s SVA.

GROWTH PLANSPerhaps as a reflection of the difficulties

standing in the way of growth, many firms

in the Top 100 were taking deliberate steps

to formalize their strategies, giving them

some rigor and a formal structure.

St. Louis’ Brown Smith Wallace was

only one of several firms to aim to create

a documented roadmap to success. “In

2016 we launched our strategic planning

process for the firm, including gaining an

understanding from all levels of the orga-

nization as to what we individually view

as the firm’s strengths, weaknesses, op-

portunities and threats,” said MP Anthony

Caleca. “The consistent themes derived

from these four independently prepared

assessments will serve as the starting point

and ultimate driver of our strategic plan:

2020 Vision. Our strategic plan will be

focused on the continued professional

development investment for our Brown

Smith Wallace Family members, which

will continue to drive our firm revenue and

growth targets.”

In some cases, these growth plans

will require changes to the ways firms

— and, in particular, partners — operate.

Atlanta’s Mauldin & Jenkins, for instan-

ce, plans to “initiate a ‘farming’ initiative

over all niches, including reduced partner

chargeable hour goals and increased ac-

countability for growth results,” according

to MP Donald Luker, while at Illinois’ Si-

kich, newly installed CEO and MP Chris

Geier said the firm is “re-invigorating our

organic growth culture by implementing

Partner Practice Development Plans, by

adding business development professio-

nals, and restructuring internal marketing

incentive plans.”

Beyond changing how they pursue

growth internally, some firms are changing

how they pursue it externally, by working

with outside allies. “Forming strategic al-

liances with the right external partners —

such as we’ve done with Microsoft, Intuit,

CoStar and Indiggo — enables BDO to

leverage the latest technologies to bring in-

creased efficiencies and standardized best

practices to client relationships,” said Ber-

son. “By aligning with external providers,

BDO combines the best of our experience

and resources with those of our alliance

relationships to provide more comprehen-

sive and differentiated solutions. More-

over, these alliances enhance our speed-

to-market in bringing industry-leading

technologies and services to our clients to

help meet their changing needs.”

A STAPLE STRATEGYEven with those external partnerships,

how ever, Berson expects to maintain

BDO’s strategy of serial M&A, as do many

other firms that have made a habit of snap-

ping up smaller practices over the past

several years.

At New York’s PKF O’Connor Davies,

for instance, “The firm’s ongoing expan-

sion has included a series of recent mer-

gers and acquisitions in the Northeast and

Washington, D.C. area, and we’ll continue

to look for opportunities to expand our

talent base as well as our geographic foot-

print to stay ahead of the evolving needs of

our clients,” according to MP Kevin Keane.

As M&A mania continues, however,

the Top 100 are also being careful about

who they merge with. “We have been wor-

king on fine-tuning our approach to mer-

gers and acquisitions,” said Chris Hon-

komp, CEO of BerganKDV in Minnesota,

which joined the ranks of the T100 last

year through a formative merger. “Growing

rapidly comes with a challenge to also

keep the culture of the organization intact.

Finding the right mix is something we con-

stantly strive to achieve.” AT

STRATEGIES from page 12

firm strategies

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THE

2017

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Page 17: ADP Allinial Global CPAmerica International CPA.com NACVA ... · NetSuite. T o a certain extent, our annual Top 100 Firms and Regional Leaders report is a historical exercise —

R

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9

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ck &

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k C

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Dec

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92

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ver

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Dec

98

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Dec

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nkin

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ave

been

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ed o

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ctur

e.

Page 18: ADP Allinial Global CPAmerica International CPA.com NACVA ... · NetSuite. T o a certain extent, our annual Top 100 Firms and Regional Leaders report is a historical exercise —

R

AN

K

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ne

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s.

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Dec

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haw

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est

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tfor

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sep

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ask

Dec

76

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75

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Dec

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ark

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58

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ilner

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ewp

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ch, C

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ec

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56

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Kat

z, S

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Dec

72

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15.6

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365

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24

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23

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60

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Schn

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June

70

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Dec

68

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0 23

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Aug

67

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rk, S

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64

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26

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Dec

62

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n &

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mes

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ec

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56

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8 4.

56

48

36

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5

68

72

Prag

er M

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rnat

iona

l N

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ork

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D

avid

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te a

nd

Dec

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50

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8 17

7 21

.23

284

20.8

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69

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and

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ff Se

pt

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iam

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Dec

60

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17

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9 5.

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43

5

36

71

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Post

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iam

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hoff

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299

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41

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72

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Ber

ryD

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57.5

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Gra

ssi &

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ew Y

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57

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31

NC

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8

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and

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nkin

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ave

been

rev

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ed o

n 20

15 r

even

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rep

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* Fi

rm e

stim

ate

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C N

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A N

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vaila

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pplic

able

N

R N

ot r

anke

d

10 C

hang

ed n

ame

from

Hab

if, A

roge

ti &

Wyn

ne.

Page 19: ADP Allinial Global CPAmerica International CPA.com NACVA ... · NetSuite. T o a certain extent, our annual Top 100 Firms and Regional Leaders report is a historical exercise —

RA

NK

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EV

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P

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PLI

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ay

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Dec

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Dec

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44

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Niche services remained highly

in-demand for the 2017 Top

100 Firms, with the 10 fast-

est-growing areas steady with

last year’s list. While the top niche services

couldn’t exceed the huge percent of ac-

counting firms reporting growth last year,

their predominance was solid, especially

for the top three growth areas: attest, busi-

ness valuations and state and local taxes.

Attest services, while down a couple

of percentage points from 2016, was still

No. 1, with 81 percent of firms reporting

growth in that area. Close behind were

business valuations, with 78 percent of

responding firms tracking an uptick, and

SALT, at 77 percent. Estate/trust/gift tax

planning, international tax, and mergers

and acquisitions once again rounded out

the top 6, all at 71 percent.

Industry specializations were a

growth area for 68 percent of responding

firms, while forensics/fraud was the only

Top 10 niche service to increase over last

year, rising 2 percentage points and two

spots to 66 percent. Nonprofits were an

in-demand area for 65 percent of firms and

litigation services fell 5 percentage points

and two spots to 63 percent.

Many firms experiencing growth in

the most sought-after niches attributed

their success to specialized service.

Denver-based Hein & Associates de-

veloped its valuation services to be indus-

try-focused, particularly in energy, accord-

ing to managing partner Jim Brendel. “Our

established team ranges from experienced

petroleum engineers to financial experts,

ensuring that we have the in-house knowl-

edge necessary for the transactions we are

a part of. This familiarity with the industry

allows us to be a part of complex valua-

tions while delivering quality work product

that passes the scrutiny of IRS examina-

tions and courts of law.”

The growth of Chicago-based FGMK’s

SALT services is likewise entwined with its

growing real estate practice, according to

Fuad Saba, tax partner and leader of the

firm’s specialty tax practice. Globalization

is also a factor: “Supply chains have be-

come longer and more complex, custom-

ers and manufacturing are located in many

countries, intellectual property is being

developed all around the world, and inves-

tors are seeking the ‘best’ places to invest

in assets, people and intellectual property.”

K-Coe Isom, in Loveland, Colo., has

seen greater demand for estate/trust/gift

planning services due to the “mammoth

change” in the agricultural industry, said

the firm’s ag consultant, Jeanne Bernick.

“As of now, more than 90 million acres of

farmland will change hands between 2015

and 2019, according to the U.S. Depart-

ment of Agriculture. Of that, the majority

will transfer into trusts or to a relative, with

about 21 million acres expected to sell to a

non-relative. With nearly a century of farm

specialization, K-Coe Isom has the exper-

tise to address their highly nuanced estate

plans and business transition.”

EMBEDDED EXPERTISEAfter a downturn last year, almost all client

categories surged in growth for the 2017

Top 100 Firms, with manufacturing and

Top service areas remain constant B Y D A N I E L L E L E E

niches and clients

0 20 40 60 80 100

AttestBusiness valuations

SALTEstate/trust/gift tax planning

International taxM&A

Industry specializationsForensics/fraud

NonprofitsLitigation support

Technology consultingSOX compliance/Risk mgmt.

Retirement plansBusinss mgmt. for wealthy individuals

Succession planning/family officeCAS/business process outsourcing

Cost segregationEmployee benefits

Business mgmt. for small businessesCFO/project staffing services

Personal financial planningStrategic planning/business plans

Investment advice/servicesCash flow forecasting/management

Bankruptcy /insolvencyPayroll services/ consulting

1031 like-kind exchangeBusiness management services

IFRS consultingFinancing arrangements

Lease vs. buy analysis

Top niche servicesPercentage of firms increasing their business in these areas

(of 79 firms responding)

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midsized businesses again claiming the

top two spots. Manufacturing was up a

whopping 30 percentage points over last

year, with 86 percent of firms reporting

growth in that client category, and mid-

sized businesses jumped 25 percentage

points to 78 percent of responding firms.

Construction and real estate were both

hot client groups for 75 percent of the

T100, marking a 26 and 23 point jump over

last year, respectively. Technology again

rounded out the top 5 client categories

with 73 percent, up 24 percentage points.

Individual clients rose 27 percentage

points and five rankings to the sixth spot,

followed by nonprofit organizations, pro-

fessional services (lawyers, doctors, etc.),

health care facilities and pension plans.

The success of St. Cloud, Minn.-based

BerganKDV’s manufacturing practice is re-

gionally specific, according to CEO Chris

Honkomp: “The Upper Midwest region is

often cited for its strong work ethic and

labor force. With this, we see many of our

markets flush with successful manufactur-

ing organizations. Given that concentra-

tion, it makes sense for us to heavily invest

in helping these organizations grow.”

Kentucky’s Mountjoy Chilton Medley

also owes its large manufacturing client

base to location, though its expansion is

more intentional, according to managing

partner Diane Medley: “We are really lead-

ing in growth initiatives in those areas with

solutions and tax-saving strategies.”

An improving economy, new technol-

ogy and low interest rates have converged

for New York-based Berdon, creating the

“right place, right time” for manufacturing,

said practice leader Matthew Jahrsdoerfer.

The swell in Miami-based Berkowitz

Pollack Brant’s midsized business clients is

due to location and “significant growth in

our representation of these types of entre-

preneurial clients,” said CEO Joseph Saka.

The Bonadio Group, in Pittsford, N.Y.,

is strategic with its construction clients,

said Michael Smith, partner and construc-

tion division leader. “Each year across New

York State we hold a series of Construction

Summits, where industry executives gather

to learn new management techniques and

share information. We also stay very close

with the construction associations, and we

conduct an annual [industry] survey.”

CohnReznick is just as entrenched

in commercial real estate, where the New

York firm reported the highest growth.

The firm conducts several CFO forums

and is heavily involved in national and

local industry groups, said David Kessler,

partner and national director of the firm’s

commercial real estate industry practice.

Additional reasons for CohnReznick’s suc-

cess, according to Kessler, include “the

immense supply of global capital read-

ily available for real estate investment,

consistently low (and stabilized) interest

rates, sustained, extremely favorable de-

mographics, and near rock-solid property

fundamentals across almost all sectors of

our industry and throughout the U.S.”

Pittsburgh’s Schneider Downs report-

ed an increase in individual clients, related

to “significant growth in our private family

office practice,” said co-CEO Tim Ham-

mer. “We believe this speaks to the market

demand among high-net-worth families

for an integrated bundle of services from

a trusted provider. Those services can in-

clude wealth management, estate and tax

planning, concierge-level services … or

any other service on our roster. These are

services that we have historically offered

for years, and the market is responding to

our ability to provide them as a bundled

package from a single provider.” AT

NICHES from page 22

niches and clients

0 20 40 60 80 100

ManufacturingMidsized businesses

ConstructionReal estate

TechnologyIndividuals

Nonprofit organizationsProfessional servicesHealthcare facilities

Pension plansLarge businesses

Wholesale distributorsState and local government

Hotels & restaurantsSmall businesses

Banking & thrift companiesBrokers/dealers

Colleges and universitiesRetail trade

EntertainmentAuto dealerships

Finance cos./mortgage banksGovernment Contractors

Investment cos. & mutual fundsSchool districts

FranchisingAgriculture/farming/forestry/fishing

Publishing/broadcasting/mediaInsurance carriers/companies

Other Insurance agents/brokers

Top client categoriesPercentage of firms increasing their business with these types of clients

(of 79 firms responding)

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The criteria for membership in

the Top 100 Firms list is fairly

straightforward: If an account-

ing firm meets a certain thresh-

old of net revenue (this year it happens to

be $37.7 million), then it makes the list.

With our Regional Leaders, however,

there are a few more variables to consider

— and that led to a significant expansion of

the rosters this year.

First off, the main point of the Region-

al Leaders is to highlight the large group

of strong firms that exist beyond the Top

100, whose names may not be nationally

known but that are thriving in different

regions of the country. With that in mind,

in the early years of the list we aimed to

name at least 15 firms in each of our 10

geographical regions. Filling those slots is

no longer an issue — and in many regions

we’re able to go well beyond 15 list-worthy

firms (both the Mid-Atlantic Region and

the West, for instance, include more than

30 firms).

Nowadays, we pick the Regional Lead-

ers based on two main criteria: We aim

to include at least 15 firms, all of which

achieve a level of revenue that sets them in

the top tier of their region. In many areas

(though not all), we’ve set that level this

year (somewhat arbitrarily) at $10 million,

which has allowed us to include more top

firms than ever — such as Florida’s Vestal

& Wiler, New York’s Teal, Becker & Chiara-

monte, Illinois’ CDH, and many more.

In a few parts of the country (the

Mountain Region, for instance, and New

England), the landscape is such that a

slightly lower threshold is in order to make

sure we’re including the leading firms;

in those cases, we may dip below the $10

million level to include the region’s best.

With all that in mind, we’re happy

to present this year’s expanded list of ac-

counting’s Regional Leaders! AT

THE 2017 REGIONAL LEADERS

Expanding the Regional Leaders

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Carr, Riggs & Ingram Enterprise, Ala. 235.79 20.83 26 165 927 1,329 48 40 11 0

Warren Averett Birmingham, Ala. 124.40 0.89 14 156 548 927 37 37 5 21

MBAF Miami 112.30 19.47 10 28 446 554 36 44 13 7

Horne Ridgeland, Miss. 79.39 -1.08 14 20 422 549 33 10 44 13

Kaufman Rossin Group Miami 75.00 1.49 5 46 275 403 28 30 8 34

Berkowitz Pollack Brant Miami 60.00 8.30 3 17 149 214 16 43 5 36

Postlethwaite & Netterville Baton Rouge, La. 57.60 8.35 8 27 299 367 41 19 30 10

Jackson Thornton & Co. Montgomery, Ala. 28.59 3.14 6 21 135 182 43 31 3 23

LaPorte Metairie, La. 26.49 13.50 5 15 125 174 54 39 7 0

Daszkal Bolton Boca Raton, Fla. 20.20 4.39 3 11 98 137 26 68 3 3

Heard, McElroy & Vestal Shreveport, La. 19.30 12.21 2 17 72 115 40 42 14 4

Barfield, Murphy, Shank & Smith Birmingham, Ala. 18.31 15.52 5 23 103 153 37 35 8 20

Gerson Preston Klein Lips Eisenberg & Gelber Miami 18.30 28.06 2 6 50 71 NA NA NA NA

Saltmarsh, Cleaveland & Gund Pensacola, Fla. 16.50 5.63 4 15 102 134 37 28 5 30

Kushner LaGraize Metairie, La. 12.88 25.29 1 9 41 61 12 57 5 26

Thomas Howell Ferguson Tallahassee, Fla. 11.02 13.49 2 8 47 75 54 40 6 0

Kabat, Schertzer, De La Torre, Taraboulos Miami 10.85 35.12 3 8 72 91 35 50 8 7

Vestal & Wiler Orlando, Fla. 10.00 2.04 1 8 38 52 51 49 0 0

Notes: NA Not available/applicable

Top Firms: Gulf CoastAlabama, Florida, Louisiana and MississippiTotal revenue: $936.92 million. Average firm growth: 12.03%The roster of leading firms around the Gulf Coast expanded significantly this year, adding four new firms, even as two leaders from earlier years’ lists, Goldstein Schechter Koch and the LBA Group, were snapped up in mergers.

regional overview

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26

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

CohnReznick New York City 618.00 2.32 30 279 1,922 2,724 54 29 8 9

Marcum New York City 449.00 8.87 22 204 929 1,462 45 37 8 10

EisnerAmper New York City 318.80 12.06 9 177 1,144 1,460 51 41 8 0

Citrin Cooperman & Co. New York City 230.00 17.95 10 180 575 900 NA NA NA NA

Mazars USA New York City 187.00 9.36 8 113 555 808 40 38 22 0

Withum Princeton, N.J. 147.78 28.81 12 51 576 781 41 43 4 12

PKF O’Connor Davies New York City 138.50 9.92 9 110 560 788 58 28 12 2

Marks Paneth New York City 128.00 14.29 6 91 453 659 39 49 3 9

Berdon New York City 111.80 7.50 2 37 324 430 35 40 25 0

The Bonadio Group* Pittsford, N.Y. 106.59 11.17 10 78 460 623 44 28 12 16

Anchin, Block & Anchin New York City 103.00 5.10 1 54 242 371 44 43 13 0

Friedman New York City 98.00 16.67 8 73 308 460 45 45 10 0

Schneider Downs Pittsburgh 70.80 7.01 2 40 337 417 43 36 21 0

RKL Lancaster, Pa. 62.20 9.12 14 41 284 362 27 31 11 31

Prager Metis International New York City 60.77 19.67 9 50 177 284 26 42 32 0

Grassi & Co. New York City 57.50 17.35 4 31 200 288 46 38 8 8

Raich Ende Malter & Co. New York City 50.10 8.91 3 42 137 223 40 60 0 0

Freed Maxick* Buffalo, N.Y. 47.50 3.26 4 35 230 305 35 40 25 0

Margolin, Winer & Evens Garden City, N.Y. 41.10 1.23 2 26 162 203 60 30 10 0

Wiss & Co. Livingston, N.J. 37.00 8.82 3 26 127 190 52 30 18 0

Kreischer Miller Horsham, Pa. 32.75 5.65 2 16 156 205 46 36 13 5

Sax Clifton, N.J. 30.00 -33.48 2 15 79 141 45 41 1 13

Janover Garden City, N.Y. 29.00 3.94 2 21 95 156 30 57 10 3

Untracht Early Florham Park, N.J. 26.07 14.85 3 9 96 123 23 65 4 8

Perelson Weiner New York City 24.36 1.08 1 15 37 68 22 78 0 0

Gettry Marcus Woodbury, N.Y. 21.80 21.11 3 20 60 97 46 41 0 13

Sobel & Co. Livingston, N.J. 20.18 9.61 1 17 93 128 38 32 10 20

Buchbinder Tunick & Co. New York City 20.10 14.14 3 23 80 117 80 14 6 0

Smolin Lupin Fairfield, N.J. 18.13 NA 4 18 49 86 39 55 0 6

Bowman & Co. Voorhees, N.J. 15.30 2.34 2 17 63 96 91 9 0 0

Boyer & Ritter Camp Hill, Pa. 13.82 -3.02 4 12 55 85 56 34 3 7

Teal, Becker & Chiaramonte Albany, N.Y. 13.35 4.30 1 11 67 91 40 41 6 13

RBT Newburgh, N.Y. 11.22 16.75 4 11 78 100 54 30 16 0

Notes: * Firm estimate or projection NA Not available/applicable

Top Firms: Mid-AtlanticNew Jersey, New York and PennsylvaniaTotal revenue: $3,339.52 million. Average firm growth: 8.38%While mergers remain a big driver in regions across the country, one of the more interesting changes in this region was the demerger of last year’s SaxBST into its component parts, including Mid-Atlantic Regional Leader Sax.

No. of firms from New York City in the Top 100 19

regional leaders

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Top Firms: Capital RegionDelaware, Maryland, Virginia, Washington, D.C., and West VirginiaTotal revenue: $624.82 million. Average firm growth: 9.76%Firms in the region around Washington, D.C., had a good year, with a higher average growth rate than in 2015.

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Kearney & Co. Alexandria, Va. 126.70 16.13 2 17 558 606 75 0 25 0

Aronson Rockville, Md. 53.03 5.22 1 32 171 245 37 35 23 5

Raffa Washington, D.C. 47.91 6.89 2 19 247 304 54 10 36 0

SC&H Group Sparks, Md. 47.64 9.62 3 20 196 248 21 17 62 0

PB Mares Newport News, Va. 37.48 6.36 9 37 132 219 31 44 15 10

Arnett Carbis Toothman Charleston, W. Va. 33.42 1.15 8 29 164 235 37 32 31 0

Brown, Edwards & Co. Roanoke, Va. 33.17 27.38 9 36 223 298 62 37 1 0

Cotton & Co.* Alexandria, Va. 33.00 13.79 1 11 172 200 40 0 17 43

Johnson Lambert Vienna, Va. 26.25 3.39 8 18 130 169 78 14 8 0

Keiter Glen Allen, Va. 25.90 12.27 1 13 114 157 31 58 7 4

Calibre CPA Group Bethesda, Md. 24.20 2.85 3 16 116 154 76 11 0 13

Hertzbach & Co. Owings Mills, Md. 24.00 14.29 3 26 124 172 38 51 11 0

Gelman, Rosenberg & Freedman Bethesda, Md. 23.00 4.55 1 11 66 101 70 28 2 0

Yount, Hyde & Barbour Winchester, Va. 22.82 -0.83 8 19 91 132 42 45 11 2

Gross, Mendelsohn & Associates Baltimore 20.43 3.81 2 15 81 116 40 30 30 0

Smith Elliott Kearns & Co. Hagerstown, Md. 18.10 4.02 6 21 109 157 34 34 25 7

KatzAbosch Timonium, Md. 16.77 7.29 3 22 46 89 32 52 16 0

RS&F Owings Mills, Md. 11.00 37.50 3 6 44 62 25 41 22 12

Notes: * Firm estimate or projection

7.09%

8.38%

9.76%

9.47%

12.04%

7.86%9.24%

5.61%

8.53%10.04%

Where the growth isAverage individual firm growth rate,

in percent by region

regional leaders

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Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

BlumShapiro West Hartford, Conn. 76.50 5.23 6 33 321 433 59 29 4 8

BerryDunn Portland, Maine 57.57 9.91 5 14 220 273 43 13 39 5

KLR Providence, R.I. 44.30 11.87 4 14 181 226 31 40 29 0

Baker Newman & Noyes Portland, Maine 42.60 11.81 5 38 176 258 40 50 10 0

Wolf & Co. Boston 41.50 9.79 4 20 157 207 42 24 0 34

AAFCPAs Westborough, Mass. 26.70 9.88 3 24 124 176 68 20 12 0

Whittlesey & Hadley Hartford, Conn. 24.80 12.22 3 20 125 160 50 30 20 0

DiCicco, Gulman & Co. Woburn, Mass. 23.50 13.53 2 20 90 131 36 46 18 0

Gray, Gray & Gray Canton, Mass. 20.30 7.41 3 8 90 116 49 31 20 0

O’Connor & Drew Braintree, Mass. 15.10 4.86 2 15 63 90 74 14 0 12

Walter & Shuffain Boston 14.45 11.33 2 8 42 56 38 57 5 0

Macpage South Portland, Maine 13.00 -1.89 3 18 70 99 37 32 19 12

Melanson Heath Nashua, N.H. 11.69 4.56 5 11 66 92 72 24 3 1

DiSanto Priest & Co. Warwick, R.I. 10.90 4.81 1 8 43 62 30 55 15 0

Gallagher Flynn & Co. South Burlington, Vt. 10.70 4.90 2 10 55 80 NA NA NA NA

Meyers Brothers Kalicka Holyoke, Mass. 10.00 4.17 1 6 38 56 55 41 4 0

Abrams Little-Gill Loberfeld Chestnut Hill, Mass. 8.20 0.61 1 9 32 49 32 63 5 0

Nathan Wechsler & Co. Concord, N.H. 8.06 9.36 3 5 28 41 38 54 6 2

Mahoney Sabol & Co. Glastonbury, Conn. 7.90 0.38 3 5 38 47 55 45 0 0

Notes: NA Not available/applicable

Top Firms: New EnglandConnecticut, Maine, Massachusetts, New Hampshire, Rhode Island and VermontTotal revenue: $467.77 million. Average firm growth: 7.09%Average firm growth was down somewhat from last year, but the number of Regional Leaders in the Northeast in-creased, as new firms joined the list. One major change: The absence of KAF, which merged into New York Regional Leader Citrin Cooperman.

0

3

6

9

12

15

Mid-Atlantic

GreatLakes

TheWest

TheMidwest

The Southeast

GulfCoast

NewEngland

Mountain TheSouthwest

CapitalRegion

Where the growth isAverage individual firm growth rate,

in percent by region

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Top Firms: MountainColorado, Idaho, Montana, Utah and WyomingTotal revenue: $403.23 million. Average firm growth: 10.04%After coming last in growth last year, the Mountain States surged ahead in 2016, with the second-highest average growth per firm.

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Dixon Hughes Goodman Charlotte, N.C. 394.00 12.25 28 155 1,389 1,918 32 33 35 0

Cherry Bekaert Richmond, Va. 164.20 14.19 12 55 660 901 41 46 10 3

Elliott Davis Decosimo Greenville, S.C. 125.00 6.84 9 93 522 763 42 44 14 0

LBMC Brentwood, Tenn. 86.59 5.19 3 45 381 489 23 26 23 28

Aprio Atlanta 76.32 3.79 2 25 300 378 33 49 13 5

Frazier & Deeter Atlanta 74.01 10.56 5 16 215 269 35 36 0 29

Mountjoy Chilton Medley Louisville, Ky. 48.70 12.50 5 43 214 310 37 42 8 13

Mauldin & Jenkins Atlanta 44.80 -0.33 6 37 180 270 63 30 1 6

PYA Knoxville, Tenn. 41.62 5.34 5 16 151 235 10 15 75 0

Bennett Thrasher Atlanta 41.35 14.13 1 34 178 248 31 58 2 9

Smith & Howard Atlanta 26.05 4.62 1 10 67 101 45 51 4 0

Dean Dorton Allen Ford Lexington, Ky. 25.61 19.62 2 24 115 165 32 46 22 0

Windham Brannon Atlanta 25.38 11.95 1 13 125 166 32 54 14 0

VonLehman & Co. Ft. Wright, Ky. 18.85 6.32 3 18 75 117 43 41 16 0

Porter Keadle Moore Atlanta 13.31 18.84 1 13 55 80 47 20 33 0

Blackburn, Childers & Steagall Johnson City, Tenn. 11.80 10.49 3 11 65 87 28 48 6 18

Hancock Askew Savannah, Ga. 11.70 4.65 3 10 58 83 54 36 9 1

Top Firms: SoutheastArkansas, Georgia, Kentucky, North Carolina, South Carolina and TennesseeTotal revenue: $1,229.29 million. Average firm growth: 9.47%The Regional Leaders here had a strong year, with growth higher than in 2015, and a large number of new firms on the list, including this year’s single new Top 100 Firm, Kentucky’s PYA.

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

EKS&H Denver 99.60 4.73 3 41 438 591 41 40 19 0

K-Coe Isom Loveland, Colo. 61.15 6.16 18 56 213 357 23 43 34 0

Hein & Associates Denver 61.00 13.62 4 38 242 298 48 36 10 5

Anderson ZurMuehlen & Co. Helena, Mont. 23.80 -8.81 7 29 130 202 39 41 7 13

Anton Collins Mitchell Denver 22.05 35.03 4 17 104 142 42 49 9 0

Tanner Salt Lake City 19.62 10.29 1 14 79 106 60 24 11 5

Richey May & Co. Englewood, Colo. 16.91 23.52 1 12 89 116 43 47 10 0

Squire & Co. Orem, Utah 16.48 6.87 1 16 60 92 35 30 32 3

WSRP Salt Lake City 14.17 31.08 3 13 78 101 53 33 10 6

Dalby, Wendland & Co. Grand Junction, Colo. 13.53 1.20 4 12 51 86 20 61 8 11

JCCS Great Falls, Mont. 12.96 1.17 6 14 65 109 39 46 4 11

Haynie & Co. Salt Lake City 12.00 13.21 4 6 86 105 44 42 4 10

HintonBurdick St George, Utah 10.64 2.60 6 12 55 82 61 29 0 10

Joseph Eve Great Falls, Mont. 10.45 10.00 4 3 43 59 68 5 11 16

Stockman Kast Ryan & Co. Colorado Springs, Colo. 8.87 NA 1 9 40 57 30 62 2 6

Notes: NA Not available/applicable

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Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Plante Moran Southfield, Mich. 481.76 3.41 21 266 1,574 2,249 39 25 36 0

Wipfli Milwaukee 227.00 9.66 41 214 1,122 1,596 34 31 35 0

Sikich Naperville, Ill. 146.40 26.53 21 54 623 791 26 16 55 3

UHY Advisors Chicago 126.50 11.26 16 66 459 649 31 49 20 0

Rehmann Saginaw, Mich. 115.00 -0.86 18 62 560 829 33 36 13 18

FGMK Chicago 96.00 5.49 2 67 332 422 17 34 49 0

Schenck Appleton, Wis. 80.51 3.20 10 60 370 551 36 37 20 7

Blue & Co. Carmel, Ind. 77.51 9.54 11 50 252 400 28 25 45 2

Doeren Mayhew Troy, Mich. 72.56 17.20 5 30 233 329 37 34 19 10

Katz, Sapper & Miller Indianapolis 72.36 9.74 3 37 270 365 24 37 23 16

Hill, Barth & King Canfield, Ohio 67.00 11.67 12 46 247 370 19 40 12 29

Clark, Schaefer, Hackett & Co. Cincinnati 64.64 1.64 6 26 291 390 51 36 10 3

Cohen & Co. Cleveland 60.10 26.15 7 29 287 372 46 40 2 12

Skoda Minotti Cleveland 51.88 3.47 4 23 205 290 27 25 8 40

SVA Madison, Wis. 51.41 -12.42 5 27 164 323 16 24 14 46

Kemper CPA Group Evansville, Ind. 43.12 7.10 27 63 243 348 41 40 19 0

Rea & Associates New Philadelphia, Ohio 40.60 15.05 11 20 167 231 40 33 15 12

Somerset CPAs Indianapolis 31.77 5.34 2 30 93 163 38 32 30 0

Yeo & Yeo Saginaw, Mich. 30.67 -1.41 8 12 158 209 28 25 20 27

ORBA Chicago 26.40 6.88 1 14 86 124 32 54 14 0

Porte Brown Elk Grove Village, Ill. 22.94 9.92 5 15 85 125 43 40 13 4

Maner Costerisan Lansing, Mich. 18.86 3.40 1 23 70 107 39 22 14 25

Brady Ware & Co.* Miamisburg, Ohio 17.50 6.71 4 22 96 129 33 53 14 0

Warady & Davis Deerfield, Ill. 16.35 2.83 1 23 66 97 45 51 1 3

Wegner Madison, Wis. 14.97 13.75 6 11 98 121 54 35 6 4

Kutchins, Robbins & Diamond Schaumburg, Ill. 10.30 3.62 1 5 42 52 45 43 12 0

CDH Itasca, Ill. 10.19 13.47 3 2 65 82 41 41 12 6

Notes: * Firm estimate or projection

Top Firms: Great LakesIllinois, Indiana, Michigan, Ohio and Wisconsin Total revenue: $2,074.3 million. Average firm growth: 7.86%Growth rates were down slightly on average, but a number of new Regional Leaders helped make up the difference, with the region’s overall revenue up significantly from 2015.

No. of Illinois firms in the Top 100 and Regional Leaders

No. of Ohio-based firms

137

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0

500

1000

1500

2000

2500

3000

3500

Mid-Atlantic

GreatLakes

TheWest

TheMidwest

The Southeast

GulfCoast

NewEngland

MountainTheSouthwest

CapitalRegion

Where the money isCombined 2016 revenues, in millions of dollars by region

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

BKD Springfield, Mo. 537.60 8.28 35 264 1,776 2,529 48 31 21 0

Eide Bailly Fargo, N.D. 259.40 15.49 29 119 1,246 1,742 41 40 10 9

RubinBrown St. Louis 86.07 9.60 5 26 531 620 43 42 15 0

Honkamp Krueger & Co. Dubuque, Iowa 68.10 16.61 8 33 233 458 16 21 7 56

BerganKDV St. Cloud, Minn. 48.13 5.83 7 37 211 281 20 40 3 37

Brown Smith Wallace St. Louis 43.00 8.12 3 29 238 289 35 32 20 13

Brady, Martz & Associates Grand Forks, N.D. 37.24 21.82 5 41 150 239 45 45 10 0

Lutz Omaha, Neb. 32.64 11.48 1 29 103 154 31 34 10 25

Anders St. Louis 30.00 6.01 1 20 130 177 18 49 2 31

Lurie Minneapolis 28.85 1.23 1 17 110 158 33 49 13 5

Boulay Minneapolis 27.40 4.90 2 28 99 155 32 33 19 16

Mize Houser & Co. Topeka, Kansas 26.40 7.19 3 19 142 230 66 26 8 0

Abdo, Eick & Meyers Mankato, Minn. 21.60 3.30 2 24 115 156 45 50 5 0

MarksNelson Kansas City, Mo. 20.80 22.35 1 18 116 154 44 34 22 0

Redpath & Co. St. Paul, Minn. 20.20 8.89 2 16 100 151 47 42 11 0

Mueller Prost St. Louis 17.47 10.85 4 17 85 122 30 45 25 0

Seim Johnson Omaha, Neb. 16.63 0.48 1 21 47 83 42 31 27 0

Olsen Thielen & Co. Roseville, Minn. 15.42 1.65 2 11 69 100 41 33 26 0

KPM Springfield, Mo. 15.20 -1.94 2 24 53 102 40 38 22 0

Top Firms: MidwestIowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South DakotaTotal revenue: $1,352.15 million. Average firm growth: 8.53%Coming off a strong 2015, the Midwest’s 2016 was not quite as explosive, but it nonetheless managed a comfortable aver-age growth rate.

regional leaders

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Top 7 Firms($58.1 bn)

RegionalLeaders

($13.01 bn)

T100 under$100 mn

($3.57 bn)T100 over$100 mn

($9.52 bn)

Where the money isCombined 2016 firm revenues

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Weaver Fort Worth, Texas 104.30 9.67 9 38 404 539 34 41 16 9

Whitley Penn Fort Worth, Texas 83.12 14.74 5 45 347 434 41 49 0 10

Montgomery Coscia Greilich Plano, Texas 53.40 5.37 3 29 240 300 26 41 27 6

Briggs & Veselka Co. Houston 31.44 5.79 2 20 129 173 41 48 8 3

REDW Albuquerque, N.M. 27.64 2.41 2 14 131 181 46 23 15 16

Cain Watters & Associates Plano, Texas 26.33 5.74 1 11 71 130 10 18 0 72

BeachFleischman Tucson, Ariz. 25.58 8.16 2 25 90 152 30 50 4 16

PKF Texas Houston 25.50 5.15 1 13 94 130 50 50 0 0

Maxwell Locke & Ritter Austin, Texas 24.25 5.39 2 17 71 102 37 42 0 21

Lane Gorman Trubitt Dallas 24.00 14.29 1 18 71 100 46 38 7 9

Henry & Horne Tempe, Ariz. 22.90 13.93 3 18 106 150 30 61 7 2

Johnson Miller & Co. Odessa, Texas 21.63 4.09 3 14 86 114 31 53 4 12

RPC Albuquerque, N.M. 15.89 5.30 8 6 92 120 30 41 7 22

PMB Helin Donovan1 Austin, Texas 12.00 -33.33 3 12 48 70 55 40 5 0

MiddletonRaines+Zapata Houston 11.24 24.61 4 10 80 93 20 70 10 0

MaloneBailey Houston 11.08 -5.94 1 6 39 51 100 0 0 0

McConnell & Jones Houston 10.04 10.09 4 8 63 88 72 18 10 0

Notes: 1 Firm divested itself of its California operations.

Top Firms: SouthwestArizona, New Mexico, Oklahoma and TexasTotal revenue: $530.34 million. Average firm growth: 5.62%Average firm growth moderated somewhat in the Southwest from last year, with a slightly less hectic pace of M&A. But mergers still reshaped the roster of Regional Leaders, with RSM US merging in last year’s No. 4 in the Southwest, Padgett Stratemann, and Armanino picking up No. 12 Travis Wolff.

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Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other

Moss Adams Seattle 527.00 10.48 25 284 1,708 2,589 44 37 19 0

Armanino San Ramon, Calif. 195.00 18.72 8 80 590 764 21 33 39 7

Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 128.32 15.97 11 48 372 502 18 75 0 7

Novogradac & Co. San Francisco 123.96 5.89 25 49 416 543 57 29 3 11

Frank, Rimerman + Co. Palo Alto, Calif. 82.90 10.68 4 27 354 389 29 61 10 0

BPM San Francisco 82.00 4.73 6 35 317 431 37 50 12 1

Squar Milner Newport Beach, Calif. 72.50 16.94 5 31 270 360 37 56 7 0

Nigro Karlin Segal Feldstein & Bolno Los Angeles 65.00 NC 5 27 248 310 16 10 0 74

Seiler Redwood City, Calif. 51.10 10.37 2 14 164 215 8 70 0 22

Aldrich Salem, Ore. 46.95 1.58 7 15 236 299 29 34 12 25

SingerLewak Los Angeles 44.76 8.19 9 38 134 251 42 39 6 13

Macias Gini & O’Connell Sacramento, Calif. 42.28 11.38 10 10 189 257 60 12 7 21

Miller Kaplan Arase North Hollywood, Calif. 41.25 4.43 6 27 138 195 58 18 21 3

Vavrinek, Trine, Day & Co. Rancho Cucamonga, Calif. 39.30 8.56 9 35 179 241 72 21 7 0

Gursey | Schneider Los Angeles 36.46 15.75 6 14 115 173 4 33 0 63

Clark Nuber Bellevue, Wash. 36.20 5.85 1 22 144 198 49 44 0 7

Peterson Sullivan Seattle 30.30 3.77 1 20 115 163 38 58 4 0

Perkins & Co.* Portland, Ore. 29.41 28.60 2 26 128 174 26 45 21 8

Hutchinson and Bloodgood Glendale, Calif. 27.30 -0.73 4 34 61 120 34 55 11 0

Green Hasson Janks Los Angeles 26.70 9.88 1 14 103 135 36 35 11 18

Windes Long Beach, Calif. 25.63 3.35 3 14 91 134 42 49 3 6

Krost* Pasadena, Calif. 25.47 24.55 7 5 84 130 14 16 0 70

Hagen, Streiff, Newton & Oshiro1 Irvine, Calif. 23.54 -6.14 14 16 53 83 0 0 70 30

Sensiba San Filippo Pleasanton, Calif. 23.30 12.56 6 16 98 141 44 49 5 2

Geffen Mesher & Co. Portland, Ore. 20.90 8.74 1 18 86 123 30 65 5 0

NSBN* Los Angeles 20.00 16.28 1 8 76 93 38 50 5 7

Gumbiner Savett Santa Monica, Calif. 20.00 NC 1 11 81 105 40 53 5 2

DZH Phillips San Francisco 19.37 17.39 4 9 87 106 26 52 0 22

Abbott, Stringham & Lynch San Jose, Calif. 18.20 2.25 1 12 60 81 35 55 4 6

Delap Lake Oswego, Ore. 17.99 23.56 2 15 76 107 33 59 8 0

OUM & Co.* San Francisco 17.60 1.73 2 10 70 88 45 48 7 0

Genske Mulder & Co. Costa Mesa, Calif. 17.04 13.22 4 22 14 98 42 54 4 0

RINA Accountancy Corp. Walnut Creek, Calif. 16.37 17.60 4 11 51 78 23 66 2 10

Hood & Strong San Francisco 15.67 11.93 3 16 57 84 54 46 0 0

Bader Martin Seattle 14.88 -5.46 1 10 59 94 35 65 0 0

Jones & Roth Eugene, Ore. 11.60 6.52 4 10 58 83 53 40 1 6

Sweeney Conrad Bellevue, Wash. 11.26 2.93 1 11 46 65 32 61 7 0

Notes: * Firm estimate or projection NC No change 1 Firm has locations across the country

Top Firms: WestCalifornia, Nevada, Oregon and WashingtonTotal revenue: $2,047.51 million. Average firm growth: 9.24%Seven new firms joined the Regional Leaders list in the West, with a particular concentration on the Pacific Northwest, raising the prospect that in the future this mega-region may need to be broken into two parts. For the moment, though, growth remained strong, and the biggest news came, unsurprisingly, in the form of a merger: The late-2016 folding in of last year’s No. 7, Gallina, into serial acquirer CliftonLarsonAllen, which also made a few other deals in the area.

regional leaders

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regional leaders

Their issues are similar — but not

necessarily their responses.

When we asked the Top 100

Firms and the Regional Leaders

what they saw as the major issues facing

them, their answers covered much the

same ground: Staffing is a major concern,

followed by the struggle for growth.

But when it came to their strategic

plans for 2017, the Regional Leaders struck

out on different paths from the Top 100.

(For the latter’s plans, see page 10.) In diffe-

rent regions all across the country, the fo-

cus for many leading firms will be in three

areas: selling more services to their current

clients, marketing themselves better, and

developing their niche practices.

THE MORE THE BETTERGetting current clients to buy more ser-

vices was a frequent theme among the

members of this year’s Regional Leaders.

“Cotton & Co.’s primary growth strategy

for 2017 is to expand our business with

existing customers,” said George Bills, a

partner at the Virginia firm. “The firm has

several clients where the level of service

can significantly increase if existing work

is done well and staffing needs can be met.

This growth strategy is in line with our

firm’s overall strategy of growing by doing

great work.”

Similarly, at Oregon’s Perkins & Co.,

“We plan to strengthen our capability to

cross-service existing clients with accoun-

ting and consulting services,” said director

of operations Colleen Murray — though

she noted the firm will also be expanding

its consulting and non-traditional services.

The benefits of getting current cli ents

to buy more — in terms of both the ease

of the sale and the deepening of the client

relationship — does not necessarily mean

that the Regional Leaders want to do this

with all of their clients. In Texas, Briggs

& Veselka has very specific targets for its

cross-selling initiatives, aiming to “sell

more services to our A and B clients via

excellent service,” according to managing

shareholder John Flatowicz.

Internal changes and succession pro-

cesses can also create opportunities for

selling more services. Donna Erbs, chief

marketing officer of St. Louis’ Anders, no-

ted that her firm is making “continuing

efforts to retain the clients and work of

transitioning partners, and growing those

clients with additional cross-serving op-

portunities through our robust transition

program and processes created in 2016.”

MARKETING AND EXPERTISEPart of cross-selling is letting clients know

what you do, and many of the Regional

Leaders have plans to boost their marke-

ting efforts both in that area and in getting

out the word about their specific skills.

At New York’s Janover, the firm is fo-

cusing on “enhanced strategic marketing

efforts to core industries and specialties

that we excel at,” according to partner Ken-

neth Rick, as well as “more partner invol-

vement at industry and other conferences,

both to contribute to these events and to

get Janover’s name out to the public. [We

will also have a] concerted firm effort to

share marketing activities at the individual

partner level so as to be aware of oppor-

tunities where we can assist each other

leveraging of our diverse specializations.”

That combination of marketing focus

on niche specialties is common to many of

the Regional Leaders. At West Virginia’s Ar-

nett Carbis Toothman, “We will continue

to focus on growing our niche groups with

integrated marketing efforts that were de-

veloped as part of our strategic plan,” said

CEO Steven Robey. “Most of the marketing

will be focused on niche-specific events

and media, providing our team members

with various internally developed tools to

reach out to new clients, while looking for

additional opportunities with our exist-

ing client base. Each niche will continue

to focus on new services or address new

challenges within each industry that will

drive value to our existing client base and

our prospective clients. With an institutio-

nally ingrained marketing rewards system

to compensate for successfully obtaining

recurring and non-recurring type work, we

believe we have a financial rewards system

that provides our team members with the

financial motivation to ensure success.”

Developing and emphasizing their

skill sets is a major focus for the Regional

Leaders, with good reason. “At $30 million,

we are now being considered for larger

engagements,” said Anders’ Erbs. “This

puts us in competition with much larger

firms and we, like others in our size range,

are determining the best ways to com pete,

not so much on price, as with smaller

clients, but in showcasing the depth of our

experience.”

That desire to bring the tools that fit

clients’ individual needs is one area where

the Regional Leaders and the Top 100 sha-

re an approach. At Janover, Rick noted that

the firm is “transitioning to specialization

by staff and partners, versus many CPAs

who are generalists, in order to provide

value and the best creative solutions for

our clients.”

Of course, these strategies are not

mutually exclusive — and some firms are

going for all of them. “Three years ago, the

firm launch ed a growth strategy centered

on niche development, systematic busi-

ness development activity and accounta-

bility, and information sharing through

our CRM,” said Robert Wheeler, CEO of

Washington-based Clark Nuber. “We con-

tinue to pursue this strategy and improve

both the process and results.” AT

Taking different approaches B Y D A N I E L H O O D

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Aldrich: In December 2016, rebranded

from AKT. Opened an office in Seattle.

Anchin, Block & Anchin: Grew number

of professionals by over 8 percent.

Aprio: In November 2016, acquired At-

lanta-based Retirement Plan Services Co.

In January 2017, rebranded from Habif,

Arogeti & Wynne. Added financial consult-

ing services.

Armanino: In January 2017, merged

in Dallas-based Travis Wolff, and Lafay-

ette, Calif.-based Financial Strategies

Consulting Group. Launched a corporate

finance practice, a new revenue recogni-

tion solution, an Innovation Committee,

and a Women’s Advancement Network.

Launched the Armanino Foundation.

Aronson: In January 2017, elected new

managing partner.

Baker Newman & Noyes: In January

2016, installed new managing principal.

Baker Tilly Virchow Krause: In Feb-

ruary, added a team of FLVS profession-

als from the consulting unit of financial

services firm Mesirow Financial. In June,

installed new CEO; opened office in Aus-

tin, Texas. In December, implemented a

national steering committee on diversity

and inclusion. In January 2017, merged in

EB-5 consulting practice Wright Johnson.

BDO USA: Re-elected CEO. In March

2016, merged in Chicago-based True Part-

ners. In May, merged in Boston-based

Feeley & Driscoll. In July, merged in Utah-

based Mantyla McReynolds, and New

York-based Charles A. Barrogato & Co.

In August, merged in Florida’s Goldstein

Schechter Koch. In November, merged in

Norfolk, Va.-based McPhillips, Roberts &

Deans, and Jacksonville, Fla.-based LBA

Group. In December, merged in Bos-

ton-based litigation support services pro-

vider Key Discovery.

Bennett Thrasher: In April 2016, merged

in Atlanta-based tech consultancy Graves

Technology. Installed new MP. Named an

Accounting Today Best Firm to Work For.

Berdon: Added new members to exec-

utive committee, including younger part-

ners and representatives from multiple

service areas. Hired a new chief marketing

officer.

BerganKDV: In October 2016, acquired

Eldora, Iowa-based Agribusiness Resourc-

es. In December, acquired Iowa City-based

Carlson Hartsock & Guither. Added a di-

rector of finance position.

Berkowitz Pollack Brant: In November

2016, installed new CEO. In January 2017,

opened new offices in New York City and

Palm Beach, Fla.

BerryDunn: Grew total staff by over 7

percent.

BKD: In December 2016, merged in

Midwestern firm Kiesling Associates, ex-

panding in Iowa, Nebraska, Colorado and

Wisconsin. Added big data and analytics

advisory services.

Blue & Co.: In January 2016, merged

in Lubbock, Texas-based JW Anderson &

Associates. In January 2017, merged in

Cincinnati-based Fleming, Brockschmidt

& Durkin, and Bloomington, Ind.-based

Indiana Benefits Inc.

BlumShapiro: In January 2016, installed

a new CEO. Had the “best year in the his-

tory of the firm.”

The Bonadio Group: In June 2016,

launched three-year succession plan

which will install a new CEO in May 2019.

BPM: In January 2016, installed new

CEO. Marked its 30th anniversary. Add-

ed new advisory services. In December,

launched BPM India.

Brown Smith Wallace: In January 2016,

installed new managing partner; merged

in Creve Coeur, Mo.-based Bergman,

Schraier & Co. Named an Accounting To-

day Best Firm to Work For.

Carr, Riggs & Ingram: In March 2016,

merged in Conroe, Texas-based McGee,

Miller & Co. In November, merged in Dal-

las-based Vogel CPAs. In January 2017,

merged in Nashville’s Rayburn Fitzgerald.

CBIZ & Mayer Hoffman McCann: In

January 2016, acquired San Diego-based

Millimaki Eggert. In June, acquired Win-

ston-Salem, N.C.-based Flex-Pay Busi-

ness Services. In April, acquired Phila-

delphia-based actuarial consulting firm

The Savitz Organization. In July, acquired

the employee benefits consulting business

of Tennessee-based Ed Jacobs & Associ-

ates. In November, acquired Torrance, Ca-

lif.-based Actuarial Consultants Inc., and

the non-attest business of Denver-based

The Seff Group.

Cherry Bekaert: In August 2016,

launched innovation fund to promote

internal idea generation. In September,

launched cloud solutions practice.

Citrin Cooperman & Co.: In August

2016, merged in Boston’s Kirkland Albrecht

& Fredrickson. In September, launched

Citrin Cooperman Business Alliance;

merged in Providence, R.I.-based LGC+D.

Added government contracting services,

risk advisory and cybersecurity consulting.

Added space in India and Philadelphia.

Clark, Schaefer, Hackett & Co.: In De-

cember 2016, elected new president to

take office in July 2017. Developed ca-

reer path structure for staff. New HR and

leadership development services, and exit

planning services.

CliftonLarsonAllen: In January 2016,

merged in Edina, Minn.-based Four Point

Partners, Bloomington, Ill.-based Guthoff

Mehall Allen & Co., Milwaukee’s Komisar

Brady & Co., and Atlanta’s Galanti & Co.

In February, merged in Northeast Ohio’s

Bruner Cox. In May, merged in Raleigh,

N.C.-based Adams, Martin and Associ-

ates. In June, merged in San Antonio’s

Tsakopulos Brown Schott & Anchors. In

July, merged in Tucson, Ariz.-based Peto &

2017 firm highlights

firm highlights

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Co., and Seattle’s Repanich & Clevenger. In

August, merged in Dallas’ CPWR, and Mil-

waukee’s Bray & Co. In November, merged

with Top 100 Firm Gallina. In January 2017,

merged with Reno, Nev.-based The Bosma

Group, Las Vegas-based Main Amundson

and Associates, and Oregon’s Mack, Rob-

erts & Co.

Cohen & Co.: In February 2016, merged

in St. Clair Shores, Mich.-based Godfrey,

Hammel, Danneels & Co. Opened an office

in Pittsburgh. In June, merged in Beach-

wood, Ohio-based RAV Financial.

CohnReznick: Opened the CohnRez-

nick Innovation Lab. Finished move to

new New York City headquarters. Added

three new members to executive board.

Crowe Horwath: In May 2016, merged

in London-based risk consulting firm Bax-

terBruce; launched new performance re-

view system. In June, merged in Westbor-

ough, Mass.-based AbleBridge. In August,

launched Crowe Insight Center for Audit

to advance its auditing services. In January

2017, merged in Denver-based Crowe GHP

Horwath.

Deloitte: In May 2016, launched De-

loitte Pixel to crowdsource new service

offerings. In June, acquired asset manage-

ment industry consultancy Casey Quirk.

In September, launched an Apple practice.

In November, opened its Innovation Tech

Terminal in Israel to connect U.S. orga-

nizations with Israeli startups. In January

2017, opened a blockchain lab.

Dixon Hughes Goodman: In June 2016,

merged in Baltimore-based Stegman &

Co. In November, merged in Ontario, Ca-

lif.-based Parke, Guptill & Co., expanding

its presence to the West Coast. In Febru-

ary 2017, acquired Nashville, Tenn.-based

HDR Consulting. Continued to develop

and expand people strategy. Continued to

develop new service offerings, particularly

in advisory.

Doeren Mayhew: In January 2016,

merged in Farmington Hills, Mich.-based

Adler & Co. In January 2017, merged in

Switzerland’s Emerson & Partner U.S. Tax.

Eide Bailly: In January 2016, merged

in Enterprise, Ore.-based Edison, Perry

& Co. In February, merged in Boulder,

Colo.-based R. Waidler & Associates. In

October, merged in Scottsdale, Ariz.-based

Rauch, Hermanson, Everroad and Rent-

schler. In November, merged in Las Ve-

gas-based JW Advisors and the CPA prac-

tice of Bryce Wisan, and Utah’s Daines

Goodwin & Co. In January 2017, merged

in Spokane, Wash.-based Langenhorst &

Self-Merritt CPAs. Enhanced cybersecurity

service offerings.

EisnerAmper: In December 2016,

merged in New York City-based Alan L.

Goldberg CPA. In January 2017, merged

in Princeton, N.J.-based Field & Higgins.

Made “substantial investment” in develop-

ing technology and tools.

EKS&H: Added an investment banking

practice. Grew total staff by over 12 per-

cent.

Elliott Davis Decosimo: In January

2016, merged in Nashville, Tenn.-based

Crowell & Crowell.

Ernst & Young: In January 2016, merged

in New York City consulting firm Family

Office Metrics. In March, launched eFi-

nancial Wellness financial planning and

education service for small and midsized

businesses. In April, formed alliance with

Adobe to expand digital experience and

Web content services; expanded paid pa-

rental leave to 16 weeks. In July, formed

partnership with OpenText to expand dig-

ital and analytical services. In October,

announced plans to hire over 15,000 em-

ployees in the U.S. in fiscal 2017. In January

2017, launched Future Work Now service

to help businesses develop staff.

FGMK: In January 2016, formed Special-

ty Tax Practice.

Frank, Rimerman + Co.: Expanded

offices in San Francisco and San Jose,

Calif. Hired its largest-ever class of new

associates.

Frazier & Deeter: In January 2017,

joined PKF International network. Grew

net revenue by over 10 percent. Named an

Accounting Today Best Firm to Work For.

Freed Maxick: Created a firm purpose

statement.

Friedman: In January 2016, merged in

Philadelphia’s Schechtman Marks Devor.

In December, announced new co-manag-

ing partners. Expanded forensic, litigation

support and valuation services practice.

Launched a market study and an inte-

grated marketing campaign. Named an

Accounting Today Best Firm to Work For.

Grant Thornton: In April 2016, acquired

Bellevue, Wash.-based consulting firm Ar-

ryve.

Grassi & Co.: In January 2017, acquired

Scarsdale, N.Y.-based Bernstein and Seid-

man, and Long Island’s James Bohl CPA

PC. Added a technology group.

Hein & Associates: Grew net revenue by

over 13 percent. Fastest growing specialty

service — valuations. Fastest growing cli-

ent category — manufacturing.

Hill, Barth & King: In January 2016,

merged in Florida’s Urish Popeck. In Sep-

tember, merged in Cherry Hill, N.J.-based

Cordua Pastore & Associates. In Decem-

ber, merged in Blue Bell, Pa.-based Res-

nick, Amsterdam, Leshner. Also added

Naples, Fla.-based Global Wealth Consul-

tants and Fredonia, N.Y.-based Compre-

No. of mergers reported by the T100:

130

firm highlights

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hensive Wealth Solutions to HBKS Wealth

Advisors.

Holthouse, Carlin & Van Trigt: Grew

net revenue by 26 percent, and total staff

by over 17 percent. Named an Accounting

Today Best Firm to Work For.

Honkamp Krueger & Co.: In January

2016, acquired Davenport, Iowa-based

Doyle & Keenan. Expanded decision sup-

port services.

Horne: Initiated training for all team

members on offering “anticipatory in-

sights” to clients. Launched cyber-solu-

tions practice. Opened a project office in

South Carolina, and a permanent office in

Washington, D.C.

Katz, Sapper & Miller: Grew revenue by

over 9 percent.

Kaufman Rossin Group: In February

2016, sold hedge fund administrator unit.

Expanded advisory practice in risk adviso-

ry and business consulting. Named the No.

1 Large Firm to Work For by Accounting

Today.

K-Coe Isom: In November 2016, ac-

quired Turlock, Calif.-based Schmidt, Bet-

tencourt & Medeiros.

Kearney & Co.: Grew revenue by over

16 percent; grew total staff by 11 percent.

Named an Accounting Today Best Firm to

Work For.

Kemper CPA Group: Grew number of

partners by over 10 percent.

KLR: Grew net revenue by over 11 per-

cent. Fastest growing specialty service —

international tax services. Fastest growing

client category — closely held businesses.

KPMG: In March 2016, announced plans

with IBM to apply IBM’s cognitive com-

puting technology to KPMG’s professional

service offerings. In September, launched

blockchain services in Canada. In January

2017, announced plans to build 55-acre

learning and innovation facility in Florida.

Also announced a number of alliances:

with Vertex, on indirect tax compliance

services; with CyberArk on cybersecurity

services; with Hewlett-Packard Enterprise

on ERP deployments; with Ivalua on help-

ing clients realize savings and conserve

cash; and with Taulia on financial supply

chain optimization.

LBMC: In November 2016, moved head-

quarters to a new building with “employ-

ee-driven special features.” Continued to

invest in specialty tax services, transaction

advisory services and technology.

Macias Gini & O’Connell: Launched

wealth advisory firm, and cannabis com-

pliance and taxation service for municipal

governments. Opened new office in San

Francisco.

Marcum: In June 2016, merged in Cal-

ifornia’s Lautze & Lautze. In October,

opened first European office in Ireland.

In November, opened new Chicago office.

Margolin Winer & Evens: In January

2017, installed new co-managing partner,

who will become sole MP in 2018.

Marks Paneth: In July 2016, merged

in Jenkintown, Pa.-based firm MDG, and

New York’s Kranz & Co. In February 2017,

merged in New York City’s Shedler & Co-

hen.

Mauldin & Jenkins: Fastest growing spe-

cialty service — nonprofit. Fastest growing

client category — nonprofit.

Mazars USA: Rebranded from Weiser-

Mazars. In January 2016, acquired Syosset,

N.Y.-based Lion & Co. In July, merged in

Risk Management Group. In November,

merged in Frederick, Md.-based Integrity

Consulting Solutions.

MBAF: In February 2016, merged in

Palm Beach, Fla.-based Rampell & Ram-

pell. Expanded risk advisory services.

Miller Kaplan Arase: Marked its 75th

anniversary. In October 2016, merged in

Damasco & Associates.

Montgomery Coscia Greilich: In Janu-

ary 2017, installed new managing partner.

Moss Adams: In January 2016, merged

in Spokane, Wash.-based financial services

consulting firm Contineo. In June, merged

in Fresno, Calif.-based Morse Wittwer

Sampson and Dallas-based CF Accoun-

tants & Consultants. Re-elected chairman

and CEO, elected new president and CEO.

Mountjoy Chilton Medley: In July 2016,

merged in the Cincinnati practice of Top

100 Firm Elliott Davis Decosimo. In Sep-

tember, merged in Preferred Accounting

Services.

Nigro Karlin Segal Feldstein & Bolno:

Fastest growing specialty service — busi-

ness management for wealthy individuals.

Fastest growing client category — high-

net-worth individuals.

Novogradac & Co.: In September 2016,

opened its 24th office, in San Rafael, Calif.

Grew total staff by over 10 percent.

PKF O’Connor Davies: In January 2016,

merged in New Jersey-based Flackman,

Goodman & Potter. In February, rebrand-

ed from O’Connor Davies, becoming the

lead North American firm in the PKF In-

ternational network; merged in Geneva,

Switzerland-based global administration

firm VBK+Co. In January 2017, merged

in Suffern, N.Y.-based Scialo, Reimann &

Varley CPA.

Plante Moran: In October, elected next

MP, to take office in July 2017.

Postlethwaite & Netterville: In June

2016, launched award-winning market-

ing app Pounce, named an Accounting

Today Top New Product. In January 2017,

launched new brand identity with new

logo, tagline and Web site.

Prager Metis International: In March

2016, merged in Long Island, N.Y.-based

Mayer CPAs. In January 2017, merged in

Long Island’s Cohen Greve & Co., and New

Jersey’s Bernknopf Group. Launched PM

Business Advisors.

PwC: In July 2016, installed new U.S.

chairman. In January 2017, brought on

more than 600 tax professionals and the

tax technologies of General Electric; an-

nounced plans to invest $11 million in

Carnegie Mellon University’s new Risk and

firm highlights

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38

Regulatory Services Innovation Center;

and partnered with Oracle Financial Ser-

vices Analytical Applications to offer IFRS

services.

PYA: New to the list.

Raffa: Launched Raffa Social Capital

Advisors to offer leadership coaching and

financial advisory for social entrepreneurs.

Hired a business development director.

Raich Ende Malter & Co.: In November

2016, merged in New York City-based Stein

deVisser & Mintz. Expects another acquisi-

tion in 2017.

Rea & Associates: In November 2016,

merged in Chardon, Ohio-based Friel &

Associates. In January 2017, installed a

new CEO.

Rehmann: In September 2016, merged

in Toledo, Ohio-based Sobb Roberts.

RGL Forensics: In July 2016, merged

in Florida’s Stahl Forensic and Valuations

Experts. Opened new offices in Miami and

Frankfurt, Germany. Named an Account-

ing Today Best Firm to Work For.

RKL: Rebranded firm from Reinsel,

Kuntz, Lesher. Launched a new strategic

plan. In January 2016, acquired Sage re-

seller Baesis. In October, acquired Radnor,

Pa.-based GTM Risk Management.

RSM US: Marked its 90th anniversary.

In March 2016, launched RSM US Middle

Market Business Index. In August, merged

in San Antonio’s Padgett Stratemann.

Opened new offices in Detroit, Tampa,

Fla., and Edison, N.J.

RubinBrown: In January 2016, merged

in Denver-based Business Manager. In Au-

gust, rebranded wealth advisory services.

Grew total staff by over 20 percent.

SC&H Group: Grew revenue by over

9 percent, total staff by over 13 percent.

Named an Accounting Today Best Firm to

Work For.

Schenck: Tiered clients, “reducing the

bottom 10 percent” to focus more on top

clients. Moved to a more regionalized ap-

proach to firm management.

Schneider Downs: Expanded turn-

around services and family office services.

Seiler: Grew revenue by over 10 percent.

Installed new CEO.

Sikich: In April 2016, acquired Ohio-

based Brockman, Coats, Gedelian & Co.

In May, elected new managing partner

and CEO; installed in January 2017. In No-

vember, acquired Glendale, Calif.-based

Microsoft Dynamics reseller SCS, and Chi-

cago-area firm Stanfield & Associates. Also

acquired custom developer Hale Solutions

and tech firm Solution Partners. Built a

new facility in Akron, Ohio. Expanded Mil-

waukee office.

SingerLewak: In August 2016, merged

in Riverside, Calif.-based Ahern Adcock

Devlin. In January 2017, merged in South

San Francisco’s Good & Fowler.

Skoda Minotti: Grew total staff by more

than 15 percent. Named an Accounting

Today Best Firm to Work For.

Squar Milner: “Significantly expanding”

offices in Encino, San Diego and and New-

port Beach, Calif.

SVA: In February 2016, launched new

Web site. In February 2017, hired its

first-ever talent acquisition and develop-

ment director.

UHY Advisors: In November 2016, ac-

quired West Hartford, Conn.-based Prate-

si, Salemi & Co., and Brentmore Valua-

tion Advisors. In February 2017, acquired

Byrne International.

Vavrinek, Trine, Day & Co.: Fastest

growing specialty service — attest services.

Fastest growing client category — state and

local government.

Warren Averett: In January 2016,

merged in Panama City, Fla.-based Jinks

& Moody. In May, merged in Florida’s

Hutto & Carver. In November, merged in

Alabama’s Beason & Nalley. Launched a

financial planning solution for the emerg-

ing affluent. Organized Transaction Advi-

sory Group. Launched a new client service

initiative.

Weaver: In January 2016, merged in

Texas’ Hereford, Lynch, Sellars & Kirkham.

Saw strong growth in advisory practices,

and in audit, tax and advisory services to

private equity and hedge funds.

Whitley Penn: In January 2017, merged

in two Texas firms, Wagner, Eubank &

Nichols, and Hanner & Associates.

Wipfli: In January 2016, merged in

Northbrook, Ill.-based Steinberg Advi-

sors. In May, merged in Reston, Va.-based

Brittenford Systems. In August, merged

in Oakland, Calif.-based health care con-

sultancy HFS Consultants. In September,

merged in Buffalo Grove, Ill.-based Welt-

man Bernfield. In December, merged in

Milwaukee’s Benes & Krueger. In January

2017, merged in Chicago-based BIK & Co.

In February, merged in Chicago-based

Horwich Coleman Levin. Expanded exec-

utive leadership team from three people

to seven.

Withum: In January 2016, merged in

Central Florida’s Averett Warmus Durkee,

and Edison, N.J.-based The Mironov

Group. In July, relocated and expanded

Princeton, N.J., office. In August, merged in

Manasquan, N.J.-based McGuigan Tombs

& Co., and New York City-based Fried &

Kowgios Partners.

Wolf & Co.: Named a chief financial

officer. Named an Accounting Today Best

Firm to Work For.

No. of new CEOs elected or installed:

16

firm highlights

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