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CONGRATULATIONS TO THE TOP 100 FIRMS

While it’s certainly true

that numbers don’t pre-

varicate, it’s also true

that they don’t always

make the truth entirely clear, either.

That may not seem like the best

way to kick off a report that literally con-

tains page after page of numbers, but

we feel it’s worth pointing out, in order

to highlight the fact that the numbers

themselves are only as valuable as the

context they’re placed in,

the analysis that accom-

panies them, and, ulti-

mately, the insights you

derive from them.

Amassing all this

data is only the first step;

sorting it and analyzing

it comes next — and

that is the real meat of

this report. What does it

mean, for instance, that

so many accounting

firms are reporting sta-

ble or slightly declining

partner numbers, even as

they grow the rest of their

staff? What are they doing about the

staffing issues they’re facing? Where are

firms putting in the most effort, and how

do they plan to grow going forward?

Coming up with all that is our part.

There is another step, though, and that’s

where you go through the data to see

what it means to you and your firm spe-

cifically. For each of you, these numbers

will mean something different — they’ll

illuminate your present or help you

shape your future in unique ways. So as

you study the numbers, here are some

ground rules to bear in mind:

Unless otherwise noted, revenue

is net revenue.

Also, unless noted, revenues, of-

fices and staff are for the U.S. only.

The Total Employees category is

comprised of partners, professionals,

and all other personnel — anyone who

works at the firm, including owners.

Where two firms reported equal

revenue, the firm with the higher per-

centage of revenue in-

crease receives the higher

ranking.

“MAS” stand for

“management advisory

services” — or consult-

ing, as we call it now.

As always, we like to

note the contributions of

our team, who pitch in on

wrangling complex Excel

files, writing stories, and

tracking down survey re-

sponses. Without their

hard work, this report

wouldn’t be possible:

our new managing editor

(and former technology editor) Danielle

Lee; our online editor-in-chief, Mike

Cohn; and senior editors Roger Russell

and Sean McCabe.

Finally, we should also thank the

many firms who participated in the sur-

vey, for sharing this enormously impor-

tant information. With all that in mind,

we’re happy to present to you the 2016

Class of the Top 100 Tax and Accounting

Firms and Regional Leaders. Enjoy!

— Dan HoodEditor-in-Chief

3

One State St. Plaza, 27th Fl., New York, NY 10004E-mail: AcToday@SourceMedia.comhttp://www.accountingtoday.com

Editor-in-Chief Daniel HoodManaging Editor Danielle LeeSenior Editors Roger Russell, Sean McCabeSenior Art Director Michael ChuArt Director Pablo Turcios

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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 © 2016 Accounting Today and Source-Media, Inc. All rights reserved.

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Numbers don’t lie

CONTENTS Top 100 Overview 4

Firms to Watch 6

Top 100 Databank 8

Firm Strategies 10

Top Tax Firms 12

Niche Services 16

Client Categories 17

Top 100 Rankings 19

Regional Leaders 24

Firm Highlights 35

SPONSORED BY:

notes and methodology

2016

overview

4

Good news doesn’t always

come all at once, in lar-

ge packages. Sometimes, it

comes in trickles, or in the

gradual accumulation of upbeat facts.

That’s where we find ourselves with

this year’s Top 100 Firms and Regional

Leaders. While the past four years or so

have generally been positive, they have

also moved in lockstep, to a certain de-

gree — and there are hints in this year’s

data of something of a step change.

The first you can see in the chart

at right: Overall growth for the Top 100

Firms was 9.32 percent, up a percen-

tage point from the roughly 8 percent

figure that made the last four years

look level. Much of this year’s growth

was driven by merger activity — but

that’s been the case for the past several

years, so the uptick in the average rate

suggests other causes. One of the first

that springs to mind is a continued pur-

suit of higher-value-added services (see

Firm Strategies, page 10), and expansi-

on beyond the traditional accounting

firm core of tax, audit and accounting

to serve client niches more deeply (see

Niches and Clients, pages 16-17).

All this, to say nothing of the con-

tinued improvement of the U.S. eco-

nomy, has apparently nudged the Top 100

into a slightly higher gear. To be sure, not

every tier of the T100 saw that same level

of growth: While the Top 7 Firms (those

with over $1 billion in revenue) and the

bottom tier of those with less than $100

million in revenue saw growth of 9.66 and

9.77 percent, respectively, the middle tier

of those above $100 million registered 7.08

percent — below average, and well below

the almost 11 percent it reported last year.

That’s not unusual, though, as many

of the fastest growing firms are in the

bottom tier, and one of the perpetual-

ly fastest-growing firms in recent history

made the big jump out of the middle tier

(more on that later). That expanded the

Billion-Dollar Club from six members to

seven — its first change in several years —

while the $100-Million-Plus Club actually

expanded to 31 members, from 29 the year

before. That left 62 firms in the tier below

$100 million, down three from 2015.

There were strong performers in all

three groups (see Databank, page 8), and

overall growth was much more common in

2016: Only four firms reported flat or decli-

ning revenues for this year’s Top 100, ver-

sus 10 for last year, and two of those four

involved strategic sales of large business

units. Ten firms reported growth above 20

percent, and 40 growth above 10 percent,

versus 9 and 38, respectively, for last year.

Even in areas of the greatest concern

to the profession, the Top 100 did bet-

ter this year than in previous years. Take

succession planning: Roughly a third (32

percent) reported flat or declining num-

bers of partners this year, a reflection of the

ongoing retirement of the Baby Boomers

and their failure to create successors — but

that’s compared to almost half of firms (48

percent) reporting the same last year. Simi-

larly, though staffing continues to be a big

issue for firms of all sizes, the Top 100 ma-

naged to grow their total employee roster

by over 12 percent last year, up from 7.7

percent the year before, suggesting that

they’re at least beginning to find some

solutions to that thorny issue.

Growth was also the rule among

our Regional Leaders, with rates up in

most regions, though overall revenue

dropped for some parts of the country,

in many cases as a result of M&A acti-

vity removing strong performers from

the roster. Fully half of the regions had

growth rates that matched or exceeded

the average rate for the Top 100. (See

Regional Leaders, pages 24-34.)

And even as the growth of the

T100 pushed the threshold for mem-

bership up to $36.2 million from $33

million, we still managed to fill our

roster of “Firms to Watch” (see “Beyond

the Top 100,” page 6) with plenty of up-

and-comers eager to make that leap.

MAJOR MOVESM&A has been playing a major role in res-

haping the profession of late, and this year

was no exception, with mergers and acqui-

sitions moving several firms up the lists.

Arguably the biggest move ended up

with the firm in question — BDO USA —

coming in at the same rank as last year, but

light years away, as its many high-profile

mergers propelled it into the exclusive club

of firms with over a billion dollars in reve-

nue. Among its recent combinations: Re-

gional Leaders Stone Carlie & Co., Cross,

Breaking upward in 2015B 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

On the rise Revenue growth of the Top 100 Firms, in percent*

See OVERVIEW on 6

-5

0

5

10

15

20

25

30

15131107050301999795

09

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overview

6

Fernandez & Riley, and Feeley & Driscoll.

The fastest growing firm among the

Top 100 was actually created by a merger

last year: BerganKDV, which reported 111

percent growth, the result of the July 2015

combination of Bergan Paulsen and KDV,

and made No. 83 in its inaugural T100.

Three other firms marked their first

appearances this year: New England’s Ba-

ker Newman & Noyes at No. 96, Georgia’s

Bennett Thrasher at No. 99, and Missouri’s

Brown Smith Wallace at No. 91. All were on

our Firms to Watch and Regional Leaders

lists last year, and represent the growing

firms those lists are meant to highlight.

This year, that means firms that are

taking it up a notch, switching gears from

one pace of growth to another, a new speed

that shows up in many of the statistics in

this year’s report. The question, as always,

is whether they can keep it up next year. AT

If you think your firm should be one

of our Top 100 Firms or Regional Leaders,

send an e-mail to AcToday@SourceMedia.

com, and we will add you to our survey

database for 2017.

OVERVIEW from page 4

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

Year Revenue % Total Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees

Rea & Associates New Philadelphia, Ohio Lee Beall Oct 35.29 6.39 11 22 215

PB Mares Newport News, Va. Alan Witt Dec 35.24 16.38 9 38 201

Padgett, Stratemann & Co. San Antonio John Wright July 34.80 6.72 3 17 187

Clark Nuber Bellevue, Wash. David Katri Dec 34.20 2.86 1 19 186

Wiss & Co. Livingston, N.J. Paul Peterson March 34.00 3.03 4 26 173

Arnett Carbis Toothman Charleston, W. Va. Steven Robey Dec 33.04 59.00 9 30 241

Gursey | Schneider Los Angeles Stephan Wasserman Dec 31.50 0.64 4 11 145

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

Kreischer Miller Horsham, Pa. Stephen Christian Dec 31.00 6.90 1 16 201

Brady, Martz & Associates Grand Forks, N.D. Todd Van Dusen Sept 30.66 8.88 5 32 189

Somerset CPAs Indianapolis Pat Early Dec 30.16 4.87 1 28 159

Lutz & Co. Omaha, Neb. Mark Duren April 29.28 8.04 1 28 144

Peterson Sullivan Seattle Chris Russell Dec 29.20 10.61 1 19 157

Cotton & Co.* Alexandria, Va. Matt Johnson Dec 29.00 16 1 11 180

Lurie Minneapolis Beth Kieffer Leonard April 28.50 1.42 1 17 120

Anders St. Louis Robert Minkler Dec 28.30 4.43 1 NA NA

Janover Garden City, N.Y. Mark Goodman Dec 27.90 4.61 2 21 155

REDW Albuquerque, N.M. Ron Rivera / Steven Cogan Dec 27.89 6.33 2 13 183

Hutchinson and Bloodgood Glendale, Calif. Richard Preciado Sept 27.50 2.38 4 35 121

Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 27.33 0.07 5 23 191

Boulay Minneapolis Mark DeNucci May 26.12 7.22 2 27 154

Anderson ZurMuehlen & Co. Helena, Mont. Donald Laine Sept 26.10 3.45 7 48 230

Brown, Edwards & Co. Roanoke, Va. Domenic Pellillo May 26.04 3.66 7 26 195

Johnson Lambert Falls Church, Va. John Prescott Dec 25.39 5.66 8 15 156

Hagen, Streiff, Newton & Oshiro Dallas Peter Hagen Feb 25.08 5.11 16 16 89

Smith & Howard Atlanta John Lucht Dec 24.90 10.32 1 10 96

Cain Watters & Associates Plano, Texas Dan Wicker Dec 24.90 9.69 1 10 126

Windes Long Beach, Calif. John Di Carlo June 24.80 3.77 3 16 128

ORBA Chicago Mark Thomson May 24.70 6.01 1 16 124

Mize Houser & Co. Topeka, Kansas NA Dec 24.63 5.94 3 20 210

Green Hasson Janks Los Angeles Leon Janks Dec 24.30 3.40 1 12 123

BeachFleischman Tuscon, Ariz. Bruce Beach Dec 23.65 8.34 2 25 144

PKF Texas Houston Kenneth Guidry Dec 23.60 3.55 1 13 125

* Firm estimate NA Not available or not applicable

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niche services

8

databank

Leaders in A&ARanked by revenue

Rev. share Fee Top 7 firms ($ mn) split1. PwC 5,002.00 412. Deloitte 4,682.63 293. Ernst & Young 3,916.50 354. KPMG 2,681.00 345. RSM US 642.80 396. Grant Thornton 606.67 397. BDO USA 546.00 52 Firms over $100 mn 1. CohnReznick 332.20 552. CliftonLarsonAllen 253.50 393. CBIZ/MHM 246.80 404. BKD 238.32 485. Moss Adams 214.65 45

Firms under $100 mn 1. Anchin 43.12 442. Friedman 42.00 503. EKS&H 40.89 434. BlumShapiro 40.71 565. RubinBrown 34.55 44

Leaders in TaxRanked by revenue

Rev. share Fee Top 7 firms ($ mn) split1. PwC 3,416.00 282. Ernst & Young 3,133.20 283. Deloitte 2,906.46 184. KPMG 2,118.00 275. RSM US 603.04 376. Grant Thornton 420.00 277. BDO USA 336.00 32 Firms over $100 mn 1. CBIZ/MHM 215.95 352. CliftonLarsonAllen 208.00 323. Moss Adams 176.49 374. Crowe Horwath 173.16 245. CohnReznick 169.12 28

Firms under $100 mn 1. Frank, Rimerman + Co. 46.44 622. MBAF 43.24 463. Anchin 42.14 434. Weaver 40.89 435. Burr Pilger Mayer 39.93 51

Leaders in MASRanked by revenue

Rev. share Fee Top 7 firms ($ mn) split1. Deloitte 7,750.56 482. PwC 3,782.00 313. Ernst & Young 3,357.00 304. KPMG 3,091.00 395. Grant Thornton 528.89 346. RSM US 372.94 237. BDO USA 168.00 16 Firms over $100 mn 1. Crowe Horwath 339.11 472. Plante Moran 163.05 353. CBIZ/MHM 154.25 254. Dixon Hughes Goodman 126.14 345. Baker Tilly Virchow Krause 105.18 22

Firms under $100 mn 1. FGMK 50.05 552. Horne 39.35 493. Blue & Co. 35.38 504. SC&H Group Inc. 24.34 565. BerryDunn 20.43 39

2016 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) $47,117.37 9.66 $8,380.23 7.08 $3,613.14 9.77 $59.110.74 9.32Partners 12,581 7.05 4,386 6.64 1,981 8.07 18,948 7.06

Professionals 160,248 12.19 30,837 6.98 14,379 11.33 205,464 11.30Total employees 210,926 13.76 42,373 6.85 19,680 9.67 272,979 12.33

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 $18,077.60 34.99 $3,478.86 41.51 $1,278.84 35.39 $22,835.30 35.87Tax $12,932.70 25.03 $2,780.05 33.17 $1,283.92 35.53 $16,996.67 26.70

MAS (consulting) $19,050.39 36.87 $1,684.63 20.10 $572.29 15.84 $21,307.31 33.47Other $1,608.74 3.11 $436.69 5.21 S477.89 13.23 $2,045.43 3.21

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

Pacesetters in growthRanked by % chg.

Revenue % Firms over $100 mn. ($mn) chg.1. Armanino 164.25 26.852. Wipfli 227.00 25.423. The Bonadio Group* 102.30 21.504. Kearney & Co. 109.10 20.155. PKF O’Connor Davies 126.00 17.21

Revenue % Firms under $100 mn. ($mn) chg.1. BerganKDV 45.48 111.042. K-Coe Isom 57.60 59.563. Prager Metis 50.78 42.644. Baker Newman & Noyes 38.10 28.285. Brown Smith Wallace 39.77 21.99

Revenue % Overall Top 100 Firms ($mn) chg.1. BerganKDV 45.48 111.042. K-Coe Isom 57.60 59.563. Prager Metis 50.78 42.644. Baker Newman & Noyes 38.10 28.285. Armanino 164.25 26.856. BDO USA 1,050.00 26.057. Wipfli 227.00 25.428. Brown Smith Wallace 39.77 21.999. The Bonadio Group* 102.30 21.5010. Kearney & Co. 109.10 20.1511. Squar Milner 62.00 19.2312. Montgomery Coscia Greilich 50.68 18.2513. PKF O’Connor Davies 126.00 17.2114. EKS&H 95.10 17.1215. Clark, Schaefer, Hackett 63.60 16.2916. Seiler 46.30 15.46

17. Eide Bailly 224.60 14.94

18. Reinsel Kuntz Lesher 57.00 14.90

19. KPMG 7,889.00 14.83

20. Katz, Sapper & Miller 65.94 14.76

21. Macias Gini & O’Connell 37.96 14.61

22. Carr, Riggs & Ingram 195.14 14.11

23. Skoda Minotti 50.14 13.98

24. Novogradac & Co. 117.07 13.29

25. Ernst & Young 11,190.00 13.03

26. Berkowitz Pollack Brant 56.00 12.00

27. LBMC 82.32 11.64

28. Bennett Thrasher 36.23 11.51

29. Citrin Cooperman & Co. 195.00 11.43

30. BKD 496.50 11.37

Notes: * Firm estimate or projection. All Big Four revenue figures are gross, not net. For more details, see pages 15-18.

Improving through Sharing

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Leading the Ride

niche services

10

firm strategies

T he trick to growing your accounting

firm is that there is no trick — just a

lot of them.

As part of this year’s Top 100

Firms survey, we asked respondents to

share their growth strategies for 2016.

The survey responses varied, as firms

picked from a broad range of possibilities.

That, in fact, was the common thread that

bound the answers: Rather than all trying

the same thing, the Top 100 are creating

growth strategies a la carte, selecting the

individual tactics that suit them best from

a plentiful smorgasbord of options.

Within all that customization, some

items on the buffet were more popular

than others. The following represent some

of the tactics that showed up most fre-

quently in the Top 100 Firms’ plans for the

year ahead.

GETTING SPECIFICBy far the most commonly cited strate-

gy was the pursuit of specialization, and

deeper expertise and exposure in those

areas of specialization.

“Our primary growth strategy is to go

deeper in our knowledge of our clients’

needs and challenges, becoming even

more deeply specialized in our target in-

dustries and markets,” said Crowe Hor-

wath chief executive officer James Powers.

Wolf & Co. president and CEO Mark

O’Connell echoed that approach: “We are

refining our niche strategy to focus on

those industries where we have greatest

market potential. We are investing sig-

nificant resources in those services and

products that have the greatest benefit to

our clients.”

And at Blue & Co., chief operating offi-

cer Christiane Olson noted, “The firm will

focus on expansion of several key industry

niches across the organization’s various

offices.”

Jeffery Capron, managing partner of

Aronson, tied the firm’s pursuit of depth

and specificity to strong client relation-

ships: “We purposefully expanded our ser-

vice offerings and deepened our industry

specialties to better serve the needs of

our clients, people, and community. From

startup to exit, we offer a complete busi-

ness solution to help our clients maximize

opportunity, minimize risk, and unlock

their full potential.”

In describing Mayer Hoffman Mc-

Cann’s continued focus on its industry

segments, president Andy Burczyk ex-

plained, “We will have specific business

development efforts, training and market-

ing efforts built around these industries

to create new business opportunities as

well as expand the depth of our expertise.

In addition to our industry segments, we

will continue to focus on enhancing our

capabilities in various tax specialty areas.”

Kemper CPA Group is looking to spe-

cialize in new niches, according to director

of administration Mary Ellen Meador, and

has already identified “forensic account-

ing and technology cyber fraud as well as

other specialty areas,” while Moss Adams

chairman and CEO Chris Schmidt said his

firm “will focus on our industry model,

with additional emphasis on technology,

health care, agribusiness and high-net-

worth individuals.”

Closely related to the idea of devel-

oping industry or specialty expertise, of

course, is being known for that expertise:

“Getting our partners to be famous in one

area,” is a major strategy goal for Carl

Schultz, CEO of SVA CPAs, which is also

hiring business development specialists.

NEW SERVICESFor many firms, a major part of special-

izing is offering unique new services, but

many firms that didn’t mention specializa-

tion noted that they would still be creating

and rolling out new offerings.

“Innovation of existing advisory ser-

vices as well as new service lines” is one of

a number of growth tactics being pursued

by Warren Averett, according to its chief

growth officer, Tommy Sisson.

Similarly, James Sikich, CEO and MP

of Sikich, said that his firm will focus on

“expansion of services into additional spe-

cialty consulting areas, specifically with

a focus on delivering additional services

to our current client base.” The firm also

plans to expand into family office services.

And while billion-dollar firm BDO

USA will continue to pursue its high-pro-

file campaign of M&A, “We will also fo-

cus our energies on continuing to grow

non-compliance offerings in our tax, con-

sulting and advisory service lines,” said

Strategy and tactics: Growth a la carte B Y D A N I E L H O O D

See STRATEGIES on 12

‘We are refining our niche strategy to focus on industries where we have greatest market potential.’

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niche services

12

CEO Wayne Berson.

A number of firms cited value-added

and advisory services. Weaver CEO John

Mackel explained that the firm will “con-

tinue to add and develop talent in our

rapidly growing advisory practices,” which

include risk advisory, IT advisory, SOC

examinations, transaction and forensic

services, and energy compliance and con-

sulting services.

OLD-FASHIONED SERVICENo accounting firm would ever talk down

the level of service it gives clients, but not

every firm is willing to talk it up. A signifi-

cant number of this year’s Top 100 Firms,

though, are making top-notch client ser-

vice a differentiator for 2016.

“Our growth has come from pro-

viding superior client service,” said Bri-

an Kreischer, managing partner of Frank,

Rimerman + Co. “By constantly reinforcing

that service culture, we have been able to

grow organically as fast as we can develop

entry-level staff all the way to partner. Our

clients are served best by our relentless

focus on their business needs, rather than

building a sales-oriented culture.”

The newly renamed PKF O’Connor

Davies plans to pursue a similar approach,

according to MP Kevin Keane: “Our focus

for 2016 centers on providing superior ser-

vice and creating deeper connections that

drive greater value for our clients.”

Aronson managing partner Capron

echoed that dedication: “In 2016, we re-

main committed to excellence in client

service. We distinguish ourselves through

client service, which allows us to maximize

our existing relationships.”

PEOPLE PLANSStaff have always been critical components

of new service lines, quality client service,

and most of the other elements of firms’

strategic plans. While critical, though, they

could be taken for granted, to a certain

degree. With the profession in the midst of

a long and well-entrenched staff crunch,

however, recruitment and retention now

require strategic planning of their own.

“Talent acquisition, retention and de-

velopment is another critically important

aspect of our growth strategy,” said Grant

Thornton chief executive officer J. Michael

McGuire. “Defining, building and sustain-

ing a healthy, high-performance culture

where the best and brightest people in

top tax firms

THE TOP TAX FIRMS Rev. % from tax from Total % Total Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff

PwC§ New York City Robert Moritz 3,416.00 28 12,200.00 4.06 72 49,000

Ernst & Young§ New York City Stephen Howe 3,133.20 28 11,190.00 13.03 NA 39,400

H&R BlockP1 Kansas City, Mo. William Cobb 3,047.87 99 3,078.66 1.80 10,286 98,600

Deloitte§ New York City Cathy Engelbert 2,906.46 18 16,147.00 8.31 108 70,603

KPMG§2 New York City Lynne Doughtie 2,118.00 27 7,889.00 14.83 106 30,903

RSM US2 Chicago Joe Adams 603.04 37 1,636.87 11.30 82 7,731

Liberty Tax Services Virginia Beach, Va. John Hewitt 435.00 100 435.00 3.33 4,069 638

Grant Thornton Chicago J. Michael McGuire 420.00 27 1,555.56 10.20 58 7,906

Ryan* Dallas G. Brint Ryan 374.40 96 390.00 0.23 58 1,591

BDO USA Chicago Wayne Berson 336.00 32 1,050.00 26.05 64 5,383

CBIZ/Mayer Hoffman McCann Cleveland C. Spurio / Burczyk 215.95 35 617.00 2.83 103 2,910

CliftonLarsonAllen NA Denny Schleper 208.00 32 650.00 8.62 31 4,144

Andersen Tax San Francisco Mark Vorsatz 197.00 100 197.00 17.56 19 784

Moss Adams Seattle Chris Schmidt 176.49 37 477.00 11.19 24 2,354

Crowe Horwath Chicago James Powers 173.16 24 721.50 5.08 31 3,386

CohnReznick New York City Frank Longobardi 169.12 28 604.00 5.04 30 2,745

BKD Springfield, Mo. Theodore Dickman 153.92 31 496.50 11.37 35 2,426

Baker Tilly Virchow Krause Chicago Timothy Christen 152.99 32 478.10 0.56 29 2,480

Marcum New York City Jeffrey Weiner 152.60 37 412.43 7.01 23 1,414

Dixon Hughes Goodman Charlotte, N.C. Matt Snow 122.43 33 371.00 9.76 29 1,847

Plante Moran Southfield, Mich. Gordon Krater 121.12 26 465.86 7.57 20 2,170

EisnerAmper New York City Charles Weinstein 110.96 39 284.50 0.71 6 1,282

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

STRATEGIES from page 10

See STRATEGIES on 14

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niche services

14

our industry want to work is a top prior-

ity, for both entry-level and experienced

professionals.”

It will also play a major part of Mayer

Hoffman McCann’s plans: “We will focus

on employee acquisition and develop-

ment,” said president Andy Burczyk. “We

will be pursuing employees that are stra-

tegic fits with our growth plans, whether

by industry or service area. Doing so will

provide us additional depth and breadth in

our resources to serve clients. Concurrent-

ly, we will continue our internal training

programs to provide for professional and

personal development of our current pro-

fessionals.”

THE NEXT GENERATIONSome firms are even specializing within

their approach to staff, making a special

priority of working with their Millennial

staff in a number of different ways.

In some cases, it’s a question of build-

ing them up, as does Postlethewaite & Net-

terville. “We are highly focused on helping

our Millennials cultivate their business

development skills through a variety of

tactics, including motivation, training and

recognition,” said managing director and

CEO Bill Balhoff.

In other cases, it’s a matter of address-

ing their unique requirements, as with

CliftonLarsonAllen, which aims to make

“innovating changes to address the needs

of the Millennial workforce” a focus, ac-

cording to CEO Denny Schleper.

And for still other firms, it’s a matter

of using their special skills and connec-

tions to build up the firm, as at Berkowitz

Pollack Brant: “The Millennial members

of our staff are helping us reach out to

their cohort by leading a financial servic-

es/networking/social series that will take

place throughout 2016,” said chief execu-

tive Richard Berkowitz.

HOOKING UPFirms in the Top 100 have seen tremen-

dous success with mergers in the past sev-

eral years, so it should come as no surprise

that it was a major element of the growth

strategies of a large number of firms.

At CliftonLarsonAllen, for instance,

which ended 2015 and started 2016 with

a near-constant flow of merger announce-

ments, the firm expects to add $70 to $80

million in revenue through M&A in 2016,

according to Schleper.

“Growth through mergers and acqui-

sitions will continue to be a major strategic

emphasis for Blue & Co.,” echoed chief

operating officer Olson.

The two were far from alone in their

M&A ambitions, though many were quick

to place geographic and other bound-

aries on them. “We have been actively

pursuing M&A opportunities in the New

York State marketplace and are looking to

expand into Ohio and Pennsylvania,” said

Freed Maxick managing director Timothy

McPoland. “We are being selective in our

approach to M&A, to ensure that there is

a cultural fit and an opportunity to bring

new services and industry expertise into

our respective marketplaces.”

REGIONALISMOther firms are making regional expansion

a part of their plans, whether with M&A or

without.

“SaxBST is positioned to grow its cli-

ent base geographically, with expanded

business development efforts already un-

derway in New York City and throughout

the counties surrounding the firm’s offices

in Clifton, N.J., and Albany, N.Y.,” accord-

ing to marketing manager Corin Huff.

Weaver, meanwhile, will “focus on

growing our Texas markets” in a number of

specific industries, according to Mackel; at

the same time, the firm will also “focus our

expansion outside of Texas” in energy ser-

vices and audit and tax services for hedge

and private equity funds.

MIX IT UPIt’s important to note that most of the firms

cited above as examples of particular strat-

egies are also pursuing other strategies at

the same time; very few are putting all their

eggs in one basket.

Wipfli provides one great example of

the sort of mixed slate of tactics firms

are implementing. “We will continue to

grow through mergers and acquisitions

in 2016,” reported managing partner Rick

Dreher. “In addition, the firm plans to

grow through continued organic growth

in our core services and a focus on the val-

ue-added consulting services desired by

our clients. We also recently added a new

industry niche, agriculture, and we expect

growth in that area this year.”

Taking a similarly broad approach is

Marcum: “Marcum will continue to pursue

a combination of organic growth in our

existing regions, service lines and practice

specialties, and acquired growth through

strategic mergers with like-minded firms

that deepen Marcum’s expertise while

broadening our geographic footprint,” the

firm reported.

The trick to growth is that there is no

trick — just the right set of tricks for your

individual firm. AT

STRATEGIES from page 12

firm strategies

‘We are being selective in our approach to M&A, to ensure that there is a cultural fit.’

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16

Accounting firms continued to

see a high demand for niche

services this year, with the 2016

Top 100 Firms reporting even

higher growth than last year in the con-

tinually hot areas of attest, business valu-

ations and state and local tax. According

to the 81 responding T100 firms, attest

remained the top niche service, with 84

percent — the same ratio as last year — re-

cording growth in that practice area.

Business valuations, meanwhile, grew

in popularity over last year, jumping four

spots and 11 percentage points to rank sec-

ond in fastest-growing niche services, with

80 percent of firms seeing growth. Tying

that 80 percent response, state and local

taxes retained its top 3 spot from last year,

tracking a 6 percentage point increase.

The fourth fastest-growing service, es-

tate/trust/gift tax planning, made a giant

leap this year, up four spots and a whop-

ping 13 percentage points over last year.

Also seeing surges for the Top 100 Firms

were the niches of international tax (up 7

percentage points to 78 percent) and tech-

nology consulting, which ranked eighth

but also rose 7 percentage points over the

year prior to 62 percent of reporting firms.

Mergers and acquisitions fell a few

spots this year but still rose 4 percentage

points, with 78 percent of firms growing

that practice area, while industry special-

izations fell a bit in both ranking and per-

centage, though a strong 70 percent of

respondents saw growth. Litigation sup-

port and nonprofits were steady at the 68

percent that both also earned last year.

New Jersey-based firm SaxBST report-

ed growth in the firm’s assurance services,

particularly in the hot real estate market.

“The transactions of our clients in the

real estate world have become way more

complex, with a lot of moving pieces,”

explained Stuart Berger, partner and the

founder of SaxBST’s real estate industry

services group. More investor money, in-

dustry requirements, and an influx of tax

credits and state incentives have ramped

up the need for attest services in a sector

that is “on a great cycle now, with everyone

seeing positive growth.”

The catalyst for the steep growth in

valuation services was an easy answer

for James Brendel, managing partner of

Denver-headquartered Hein & Associates:

“The main driver is we’ve got some people

with unique talents.”

Specifically, the relatively small but

skilled group of professionals in Hein’s

valuation practice also has a deep knowl-

edge in the energy industry, which the firm

largely serves. Armed with that intersec-

tion of expertise, the valuation team’s busi-

ness development comes down to “basic

blocking and tackling [to reach] folks out

in the market.”

Chicago-based FGMK reported

growth in SALT and international tax ser-

vices, which the firm recently placed under

an expanding specialty tax umbrella. The

firm serves many construction and real

estate clients in this distinct tax group, ac-

cording to managing partner Randy Mar-

kowitz, with research and development

credits and international tax especially

in-demand areas of specialization: “This

Attest on top, biz valuations rise B Y D A N I E L L E L E E

0 20 40 60 80 100

Attest

Business Valuations

SALT

Estate/Trust/Gift Tax Planning

International Tax

M&A

Industry Specializations

Litigation Support

Nonprofits

Forensics/Fraud

Retirement Plans

Tech Consulting

Succession Planning/Family Office

Employee Benefits

SOX Compliance/Risk Mgmt.

Biz Mgmt. for Wealthy Individuals

Strategic Planning/Biz Plans

Personal Financial Planning

Cost Segregation

Cient Accounting Services/BPO

Investment Advice/Services

Biz Mgmt. for Small Businesses

CFO/Project Staffing Services

1031 Like-Kind

Cash Flow Forecasting/Management

IFRS consulting

Payroll Services/ Consulting

Bankruptcy /Insolvency

Top niche servicesPercentage of firms increasing their business in these areas

(of 81 firms responding)

niches and clients

17

being a more and more global economy,

we’re seeing with clients and potential cli-

ents that everything is not just U.S.-driven

anymore, but you need a specialized inter-

national practice area.”

“Another growing area for us, not so

much in construction, but with our real

estate practice, is tapping into the interna-

tional resources we have,” Markowitz said.

“Our clients have real estate deals in the

U.S. with foreign investors, are involved

in international issues, and we have real

estate clients investing in other countries.”

SPECIALIZED SECTORSCompared to last year, virtually all of the

client categories served by the 2016 Top

100 Firms were down in growth, though

manufacturing, midsized businesses and

real estate business clients retained their

top three positions, respectively.

Manufacturing kept its No. 1 client

category position, though with 56 percent

of firms reporting growth, overall it fell

24 percentage points from last year. Simi-

larly, the second high-growth category of

midsized businesses dipped 26 percentage

points to 53 percent and real estate shed 23

percentage points when only 52 percent of

firms reported an uptick.

Construction and technology fol-

lowed close behind, with both categories

garnering 49 percent and both down dou-

ble-digit percentages from last year.

Wholesale distributors, at 48 percent,

and professional services, at 47 percent,

also landed near the top, while large busi-

nesses, health care facilities and nonprofit

organizations were growing categories for

46 percent of reporting firms. Those cat-

egories were also all down double-digit

percentage points from last year.

Still, manufacturing’s steady domi-

nance at the top proved it to be a strong

client category, year-over-year.

Hein & Associates grew its already

strong manufacturing base by specializing

its approach. “Probably the biggest reason

[for our growth] was we tried to get more

specific in terms of manufacturing, be-

cause it’s such a broad niche,” explained

managing partner James Brendel. “We’ve

tried to drill down into specific sectors

as opposed to manufacturing as a group.

Some of them, like medical devices, have

been a good sector for us.”

Another micro industry the firm

tapped into over the last year was brew-

eries and distilleries, a burgeoning market

that Hein’s younger staff identified as ripe

for accounting services. The firm custom-

ized cloud enterprise resource planning

solution NetSuite to meet the accounting

needs of this vertical.

“It’s a high-growth industry as a

whole, and it doesn’t seem a lot of firms

have jumped into that with as much depth

as we have,” Brendel continued. “It’s a

pretty unique industry — owners are very

open to helping each other, so getting in

to do a good job for one or two of them

— they are good about introducing us to

other breweries.”

FGMK, meanwhile, has long sup-

ported a large real estate practice, so the

increased business in construction “goes

hand-in-hand with that,” according to

Markowitz.

While Markowitz credits the cyclical

rebound from the economic downturn as

powering the abundance of construction

industry clientele, the firm is also strategic

in marketing itself as a one-stop shop.

“We’ve definitely added to our spe-

cialty practice areas, like research and de-

velopment credits and cost segregation

and we’re doing that in-house,” he said.

“Some firms will outsource that, but we’re

able to go to clients as one firm proposi-

tioning that we’re doing it all, with every-

thing linked together, and nothing slips

through the cracks.” AT

niches and clients

0 10 20 30 40 50 60

Manufacturing

Midsized Businesses

Real Estate

Construction

Technology

Wholesale Distributors

Professional Services

Large Businesses

Healthcare Facilities

Nonprofit Organizations

Individuals

Pension Plans

Hotels & Restaurants

State and Local Government

Brokers/Dealers in Securities, etc.

Entertainment

Retail Trade

Banking & Thrift Companies

Small Businesses

Auto Dealerships

Colleges and Universities

Government Contractors

Franchising

Investment Cos. & Mutual Funds

Insurance Carriers/Companies

Finance Cos./Mortgage Banks

Publishing/Broadcasting/Media

Insurance Agents & Brokers

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

(of 81 firms responding)

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Dec

12

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War

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Elli

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Dav

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.C.

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June

11

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Wit

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n, N

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ne

114.

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40

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31.0

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42

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33

19

UH

Y A

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sors

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Chi

cag

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Dec

11

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60

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112.

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40

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an T

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Dec

11

0.65

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0

8

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Kea

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E

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Dec

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N

C

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Ber

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104.

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and

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The

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Sep

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May

95

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505

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43

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9

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MB

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mi

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ne

94.0

0 9.

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24

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FGM

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to

Dec

91

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Dec

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Sche

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Key

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year

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nkin

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been

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even

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16

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rs

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Tax

MA

S O

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51

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Kau

fman

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ssin

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up

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mi

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in H

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ay

73.9

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52

51

Hab

if, A

rog

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R

icha

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Dec

73

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NC

28

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Blu

mSh

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sep

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ask

Dec

72

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32

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30

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42

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56

32

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8

54

54

Whi

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rt W

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rry

Aut

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Dec

72

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4 -3

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12

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haw

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70.7

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27.2

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24

23

50

3

56

57

Fraz

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ven

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mp

son

58

61

Kat

z, S

app

er &

Mill

er

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iana

po

lis

Dav

id R

esni

ck

Dec

65

.94

14.7

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NC

25

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342

11.0

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38

23

15

59

56

Nig

ro K

arlin

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n &

Bo

lno

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s A

ngel

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Mic

key

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al

Dec

65

.00

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23

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86

256

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0 -4

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16

10

0 74

60

64

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cinn

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bur

n Ju

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63.6

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.29

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pt

61.9

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63

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Hill

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field

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lleg

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60.0

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11

43

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33

327

3.15

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65

SVA

M

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Wis

. C

arl S

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May

58

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24

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399

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15

20

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nkam

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a G

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57.6

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57.0

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10

29

68

69

Ber

kow

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Po

llack

Bra

nt

Mia

mi

Ric

hard

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Dec

56

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NC

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1 2.

92

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42

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Hei

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D

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53.6

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71

Po

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& N

ette

rvill

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ato

n R

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e, L

a.

Will

iam

Bal

hoff

A

pri

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7.68

8

28

NC

29

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Ber

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aine

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hn C

hand

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June

52

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17

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12.8

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15

39

5

72

95

Pra

ger

Met

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Dav

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and

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ec

50.7

8 42

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16

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146

10.6

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Mo

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Mo

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Dec

50

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25

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74

72

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ville

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50.4

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164

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36

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4

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Dec

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Key

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year

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hose

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stim

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Acc

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Toda

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timat

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N

A N

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R N

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anke

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RA

NK

R

EV

EN

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ER

SON

NE

L FE

E S

PLI

T

Yea

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%

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l %

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per

cent

)

16

15

Firm

H

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qua

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g.

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chg

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&A

Ta

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AS

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R

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77

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ssi &

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New

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s G

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49.0

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90

167

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8 24

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78

79

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pt

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Dec

46

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193

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Free

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46.0

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Rai

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Elli

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nde

Dec

46

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40

5.26

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NC

40

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83

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84

82

SaxB

ST

Clif

ton,

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sep

h D

amia

no

Dec

45

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14

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32

220

6.28

42

40

1

17

and

Jo

sep

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85

75

Mau

ldin

& J

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ns

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D

ona

ld L

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M

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44.9

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.

Overall, it was a good year for

the firms in our ten sub-re-

gions of the U.S., with all of

them turning in respect-

able-to-strong growth — despite being fre-

quently raided as merger targets by the na-

tional and larger regional accounting firms.

Hardly any of the regions escaped

2015 without losing at least a member or

two to roving acquirers, many of whom

were larger firms from nearby regions look-

ing to expand beyond their native market-

places. The Gulf Coast Region (below) was

particularly hard hit — but nonetheless

turned in above-trend growth, with the

average firm rate at 9.45 percent.

At the same time, mergers created

some formidable competitors in certain

regions — West Virginia’s Arnett Carbis

Toothman, for instance, took a major leap

up among Capital Region firms through a

merger in early 2015, while the Midwest’s

BerganKDV jumped onto both the Region-

al Leaders’ list and the Top 100 through a

similar combination. All in all, merger-led

growth outstripped the organic kind, with

higher rates for both serial acquirers and

those who crafted just one careful union.

On a procedural note, sharp-eyed

readers will spot that we do not include

a number of firms from the Top 100 in

our Regional Leaders’ lists. The Big Four

and the major national firms are left out

because they are too widespread to be con-

sidered primarily in terms of any one par-

ticular geography. This year, after looking at

the firm’s expansion and its national reach,

we’ve removed Baker Tilly Virchow Krause

from the Great Lakes Regional Leaders,

and placed it in the ranks of supra-regional

firms.

And finally, as always, we’ll end by

saying that we’re constantly on the lookout

for more Regional Leaders; if you think

your firm should be considered for these

lists, please contact us at AcToday@Source-

Media.com and we’ll make sure you get

sent a survey for next year’s report. AT

THE 2016 REGIONAL LEADERS

regional overview

Strong regional performances lure M&A-minded large firms

24

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

Carr, Riggs & Ingram Enterprise, Ala. 195.14 14.11 24 143 747 1,048 51 40 9 0Warren Averett Birmingham, Ala. 123.30 8.35 14 129 512 896 34 35 11 20MBAF CPAs Miami 94.00 9.30 10 24 393 487 33 46 14 7Horne Ridgeland, Miss. 80.31 11.05 13 21 404 537 32 9 49 10Kaufman, Rossin Group Miami 73.90 11.13 9 44 274 405 27 28 5 40Berkowitz Pollack Brant Miami 56.00 12.00 3 16 141 200 17 42 4 37Postlethwaite & Netterville Baton Rouge, La. 53.16 7.68 8 28 290 361 42 20 27 11Jackson Thornton & Co. Montgomery, Ala. 27.33 0.07 5 23 130 191 31 29 15 25LaPorte Metairie, La. 23.34 7.36 4 12 101 145 52 39 9 0Daszkal Bolton Boca Raton, Fla. 19.35 10.57 3 12 87 126 23 73 1 3Goldstein Schechter Koch Coral Gables, Fla. 18.30 -1.08 4 14 68 116 24 57 8 11Heard, McElroy & Vestal Shreveport, La. 17.20 NC 2 14 69 108 40 42 14 4Barfield, Murphy, Shank & Smith Birmingham, Ala. 16.80 5.99 1 16 67 104 32 36 11 22The LBA Group Jacksonville, Fla. 16.00 5.12 1 16 70 104 18 49 13 20Saltmarsh, Cleaveland & Gund Pensacola, Fla. 15.62 5.97 4 17 91 124 37 28 4 31Gerson, Preston, Robinson, Klein, Lips & Eisenberg Miami 14.29 1.06 2 5 46 66 NA NA NA NA

Notes: * Firm estimate or projection NC No change NA Not available/applicable

Top Firms: Gulf CoastAlabama, Florida, Louisiana and MississippiTotal revenue: $845.04 million. Average firm growth: 9.45%M&A changed the Regional Leaders roster here in a major way, with Averett Warmus Durkee, Cross Fer-nandez & Riley and Sellers, Richardson, Holman & West all merging out.

25

regional leaders

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

CohnReznick New York City 604.00 5.04 30 292 1,923 2,745 55 28 8 9

Marcum New York City 412.43 7.01 23 199 856 1,414 45 37 6 12

EisnerAmper New York City 284.50 0.71 6 176 1,094 1,282 48 39 13 0

Citrin Cooperman & Co. New York City 195.00 11.43 7 156 450 708 46 43 7 4

WeiserMazars New York City 171.00 8.50 7 107 500 738 40 40 20 0

PKF O’Connor Davies New York City 126.00 17.21 10 108 426 631 60 29 11 0

Withum Princeton, N.J. 114.73 8.79 12 40 388 576 39 42 2 17

Marks Paneth New York City 112.00 9.80 5 40 419 554 61 27 1 11

Berdon* New York City 104.00 2.97 2 40 306 409 35 45 20 0

The Bonadio Group* Pittsford, N.Y. 102.30 21.50 10 74 400 539 42 26 11 21

Anchin New York City 98.00 4.26 1 54 223 364 44 43 13 0

Friedman New York City 84.00 7.69 8 71 285 423 50 43 7 0

Schneider Downs Pittsburgh 66.16 11.03 2 37 311 381 43 37 20 0

Reinsel Kuntz Lesher Lancaster, Pa. 57.00 14.90 13 38 306 366 31 30 10 29

Prager Metis New York City 50.78 42.64 8 43 146 235 27 43 30 0

Grassi & Co.* New York City 49.00 7.46 3 31 167 242 49 36 8 7

Freed Maxick Buffalo, N.Y. 46.00 5.02 4 37 264 349 37 38 25 0

Raich Ende Malter & Co. New York City 46.00 4.55 4 40 136 206 40 60 0 0

SaxBST Clifton, N.J. 45.10 5.65 3 23 145 220 42 40 1 17

Margolin, Winer & Evens Garden City, N.Y. 40.60 2.78 2 25 165 205 60 30 10 0

Wiss & Co. Livingston, N.J. 34.00 3.03 4 26 115 173 56 30 14 0

Kreischer Miller Horsham, Pa. 31.00 6.90 1 16 153 201 43 38 13 6

Janover Garden City, N.Y. 27.90 4.61 2 21 95 155 30 57 10 3

Untracht Early* Florham Park, N.J. 22.70 10.62 3 8 106 125 23 65 4 8

Gettry Marcus Woodbury, N.Y. 18.00 1.81 2 17 50 82 44 37 0 19

Buchbinder Tunick & Co. New York City 17.61 13.61 3 18 68 98 79 15 6 0

Boyer & Ritter Camp Hill, Pa. 14.25 9.87 4 11 53 82 52 37 4 7

Notes: * Firm estimate or projection NC No change NA Not available/applicable

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

No. of firms from New York City in the Top 100: 17

26

regional leaders

Top Firms: Capital RegionDelaware, Maryland, Virginia, Washington, D.C., and West VirginiaTotal revenue: $548.57 million. Average firm growth: 8.24%While not the strongest-performing part of the country, the Capital Region was up significantly over last year, with a number of double-digit scores — include the 59 percent generated by Arnett Carbis Toothman by an early 2015 merger.

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

Kearney & Co. Alexandria, Va. 109.10 20.15 2 13 496 546 71 0 29 0

Aronson Rockville, Md. 50.40 5.51 1 30 164 236 38 36 22 4

Raffa Washington, D.C. 44.82 9.05 2 17 218 274 51 11 38 0

SC&H Group Inc.1 Sparks, Md. 43.46 -27.15 3 19 171 218 23 21 56 0

PB Mares Newport News, Va. 35.24 16.38 9 38 121 201 31 42 19 8

Arnett Carbis Toothman2 Charleston, W. Va. 33.04 59.00 9 30 167 241 37 30 33 0

Cotton & Co.* Alexandria, Va. 29.00 16.00 1 11 159 180 40 0 18 42

Brown, Edwards & Co. Roanoke, Va. 26.04 3.66 7 26 139 195 68 32 0 0

Johnson Lambert Falls Church, Va. 25.39 5.66 8 15 121 156 79 14 7 0

Calibre CPA Group Bethesda, Md. 23.53 12.10 3 16 108 150 77 11 0 12

Ellin & Tucker Chartered Baltimore 23.39 25.01 3 10 77 114 32 36 5 27

Keiter Glen Allen, Va. 23.07 3.45 1 12 92 134 32 61 2 5

Yount, Hyde & Barbour Winchester, Va. 23.01 1.01 9 19 84 125 42 44 12 2

Gelman, Rosenberg & Freedman Bethesda, Md. 22.00 0.92 1 11 72 106 72 26 2 0

Gross Mendelsohn & Associates Baltimore 19.68 4.74 2 14 78 113 40 30 30 0

Smith Elliott Kearns & Co. Hagerstown, Md. 17.40 2.96 5 21 110 159 34 33 25 8

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

9.26%

7.62%

8.24%

8.47%

9.45%

10.17%9.95%

9.13%

14.66%6.96%

Where the growth isAverage individual firm growth rate,

in percent by region

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regional leaders

28

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

BlumShapiro West Hartford, Conn. 72.70 6.13 5 32 309 410 56 32 4 8

BerryDunn Portland, Maine 52.38 1.22 5 17 197 254 41 15 39 5

KLR Providence, R.I. 39.60 9.70 4 15 161 206 30 40 30 0

Baker Newman & Noyes Portland, Maine 38.10 28.28 6 38 172 254 38 51 11 0

Wolf & Co. Boston 37.80 8.62 4 19 143 190 44 24 0 32

Whittlesey & Hadley Hartford, Conn. 22.10 28.49 3 20 123 158 55 25 20 0

DiCicco, Gulman & Co. Woburn, Mass. 20.70 6.70 2 18 87 125 38 45 17 0

Gray, Gray & Gray Canton, Mass. 18.90 20.38 3 7 88 113 46 30 24 0

Edelstein & Co. Boston 16.40 13.34 1 10 56 80 18 57 0 25

O’Connor & Drew Braintree, Mass. 14.40 9.92 2 13 63 88 73 14 0 13

Macpage South Portland, Maine 13.25 -1.85 4 18 70 100 37 33 21 9

Walter & Shuffain Boston 12.98 10.94 2 10 40 57 35 61 4 0

KAF Braintree, Mass. 12.40 5.08 2 12 45 80 50 30 20 0

Melanson Heath Nashua, N.H. 11.18 4.49 5 12 64 89 73 23 3 1

DiSanto Priest & Co. Warwick, R.I. 10.40 5.69 1 8 42 63 28 57 15 0

Gallagher Flynn & Co. South Burlington, Vt. 10.20 5.92 2 11 55 80 NA NA NA NA

Meyers Brothers Kalicka Holyoke, Mass. 9.60 -4.95 1 6 40 59 55 41 4 0

Abrams Little-Gill Loberfeld Chestnut Hill, Mass. 8.15 8.09 1 10 27 45 32 63 5 0

Notes: * Firm estimate or projection NC No change NA Not available/applicable

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

0

3

6

9

12

15

Mid-Atlantic

GreatLakes

TheWest

TheMidwest

The Southeast

GulfCoast

NewEngland

MountainTheSouthwest

CapitalRegion

Where the growth isAverage individual firm growth rate,

in percent by region

regional leaders

29

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

EKS&H Denver 95.10 17.12 4 39 388 525 43 40 17 0

Hein & Associates Denver 53.69 -3.12 4 36 204 285 50 37 9 4

RGL Forensics* Denver 38.50 -3.53 17 24 108 179 0 0 0 100

Anderson ZurMuehlen & Co. Helena, Mont. 26.10 3.45 7 48 NA 230 NA NA NA NA

Tanner Salt Lake City 17.79 12.38 1 11 67 90 61 25 11 3

Anton Collins Mitchell Denver 16.33 15.49 3 13 74 104 45 45 10 0

Squire & Co. Orem, Utah 15.42 14.39 1 16 57 89 33 30 30 7

Dalby, Wendland & Co. Grand Junction, Colo. 13.37 5.03 4 13 52 84 21 61 7 11

Haynie & Co. Salt Lake City 10.60 -5.36 4 5 42 58 43 43 5 9

HintonBurdick St. George, Utah 10.37 6.69 6 12 55 83 53 36 0 11

Joseph Eve Great Falls, Mont. 9.50 11.76 4 3 42 58 76 6 7 11

Mantyla McReynolds Salt Lake City 8.90 14.10 1 10 48 62 47 36 17 0

Notes: * Firm estimate or projection NC No change NA Not available/applicable

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

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

Dixon Hughes Goodman Charlotte, N.C. 371.00 9.76 29 159 1,329 1,847 33 33 34 0

Cherry Bekaert Richmond, Va. 143.80 9.94 12 56 619 836 44 46 10 0

Elliott Davis Decosimo1 Greenville, S.C. 117.00 6.75 18 93 546 791 46 42 12 0

LBMC Brentwood, Tenn. 82.32 11.64 3 46 397 528 23 28 21 28

Habif, Arogeti & Wynne Atlanta 73.53 7.25 2 26 288 360 40 45 11 4

Frazier & Deeter Atlanta 66.94 8.63 5 12 195 245 34 36 0 30

Mauldin & Jenkins Atlanta 44.95 0.18 6 38 187 270 65 29 2 4

Mountjoy Chilton Medley Louisville, Ky. 39.10 4.57 5 36 182 258 42 35 8 15

Bennett Thrasher Atlanta 36.23 11.51 1 32 156 223 29 59 4 8

Smith & Howard Atlanta 24.90 10.32 1 10 63 96 40 55 5 0

Windham Brannon Atlanta 22.67 4.71 1 13 108 147 NA NA NA NA

Dean Dorton Allen Ford Lexington, Ky. 21.41 1.61 2 33 81 140 34 41 25 0

Notes: * Firm estimate or projection NC No change NA Not available/applicable

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

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

regional leaders

30

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

Plante Moran Southfield, Mich. 465.86 7.57 20 265 1,522 2,170 39 26 35 0

Wipfli Milwaukee 227.00 25.42 32 181 989 1,504 30 31 39 0

Rehmann Saginaw, Mich. 116.00 6.42 20 60 554 817 34 36 11 19

Sikich Naperville, Ill. 115.70 8.64 12 51 540 652 27 16 54 3

FGMK Chicago 91.00 4.60 2 65 312 398 13 32 55 0

Schenck Appleton, Wis. 78.01 9.04 10 61 356 531 34 39 20 6

Blue & Co. Carmel, Ind. 70.76 9.88 10 42 245 346 24 23 50 3

Katz, Sapper & Miller Indianapolis 65.94 14.76 3 32 256 342 24 38 23 15

Clark, Schaefer, Hackett & Co. Cincinnati 63.60 16.29 6 27 277 368 49 35 6 10

Doeren Mayhew Troy, Mich. 61.91 2.91 3 28 179 262 42 35 13 10

Hill, Barth & King Canfield, Ohio 60.00 7.14 11 43 217 327 18 40 12 30

SVA Madison, Wis. 58.70 10.50 6 24 196 399 15 20 12 53

Skoda Minotti Cleveland 50.14 13.98 4 23 177 252 24 24 10 42

Cohen & Co. Cleveland 47.64 10.23 6 23 200 273 46 39 1 14

Kemper CPA Group Evansville, Ind. 40.26 8.61 25 57 225 318 40 39 21 0

Rea & Associates New Philadelphia, Ohio 35.29 6.39 11 22 153 215 43 33 10 14

Yeo & Yeo Saginaw, Mich. 31.11 -6.32 8 14 154 207 22 26 24 28

Somerset CPAs Indianapolis 30.16 4.87 1 28 92 159 39 30 31 0

ORBA Chicago 24.70 6.01 1 16 83 124 33 54 13 0

Porte Brown Elk Grove Village, Ill. 21.70 23.30 1 NA NA 109 NA NA NA NA

Maner Costerisan Lansing, Mich. 18.24 24.42 1 23 61 98 45 23 8 24

Brady Ware & Co.* Miamisburg, Ohio 16.40 2.50 4 23 69 106 34 54 12 0

Notes: * Firm estimate or projection NC No change NA Not available/applicable

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

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

No. in the Top 10:

54

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0

500

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1500

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Where the money isCombined 2015 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. 496.5 11.37 35 260 1,695 2,426 48 31 21 0

Eide Bailly Fargo, N.D. 224.6 14.94 26 116 1,415 1,857 41 41 9 9

RubinBrown St. Louis 78.53 6.68 5 27 416 508 44 37 19 0

Honkamp Krueger & Co. Dubuque, Iowa 58.40 10.40 9 22 222 406 15 20 6 60

K-Coe Isom Salina, Kan. 57.60 59.56 17 55 201 360 22 47 31 0

BerganKDV St. Cloud, Minn. 45.48 111.04 7 29 219 278 19 45 8 28

Brown Smith Wallace St. Louis 39.77 21.99 3 30 227 280 36 31 25 8

Brady, Martz & Associates Grand Forks, N.D. 30.66 8.88 5 32 116 189 49 41 10 0

Lutz & Co. Omaha, Neb. 29.28 8.04 1 28 95 144 32 34 9 25

Lurie Minneapolis 28.50 1.42 1 17 83 120 32 45 18 5

Anders St. Louis 28.30 4.43 1 NA NA NA 19 48 2 31

Boulay Minneapolis 26.12 7.22 2 27 100 154 34 45 6 15

Mize Houser & Co. Topeka, Kan. 24.63 5.94 3 20 113 210 63 27 10 0

Abdo, Eick & Meyers Mankato, Minn. 20.91 31.51 2 22 104 143 40 55 5 0

Redpath & Co. St. Paul, Minn. 18.55 7.85 2 15 95 145 47 40 13 0

MarksNelson Kansas City, Mo. 17.00 23.19 1 17 101 136 45 34 21 0

Seim Johnson Omaha, Neb. 16.55 3.18 1 20 45 82 41 30 29 0

Mueller Prost St. Louis 15.76 12.57 3 14 87 118 28 44 28 0

KPM* Springfield, Mo. 15.50 6.90 2 24 53 102 47 31 22 0

Olsen Thielen & Co. St. Paul, Minn. 15.17 2.29 2 11 71 100 40 33 27 0

Williams-Keepers Columbia, Mo. 13.60 7.09 2 14 52 88 52 45 3 0

Notes: * Firm estimate or projection NC No change NA Not available/applicable

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

regional leaders

32

33

Top 7 Firms($47.12 bn)

RegionalLeaders

($11.56 bn)

T100 under$100 mn

($3.61 bn)T100 over$100 mn

($8.30 bn)

Where the money isCombined 2015 firm revenues

Rev. % Profess- Total ———— Fee split ————Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other Weaver Fort Worth, Texas 95.10 7.95 9 38 377 505 33 43 15 9Whitley Penn Fort Worth, Texas 72.44 9.34 4 43 234 311 46 42 0 12Montgomery Coscia Greilich Plano, Texas 50.68 18.25 3 25 258 304 25 41 28 6Padgett, Stratemann & Co. San Antonio 34.80 6.72 3 17 131 187 49 41 10 0Briggs & Veselka Co. Houston 31.44 5.79 2 20 129 173 41 48 8 3REDW Albuquerque, N.M. 27.89 6.33 2 13 133 183 48 24 12 16Hagen, Streiff, Newton & Oshiro Dallas 25.08 5.11 16 16 55 89 0 0 68 32Cain Watters & Associates Plano, Texas 24.90 9.69 1 10 70 126 10 17 0 73BeachFleischman Tuscon, Ariz. 23.65 8.34 2 25 83 144 31 52 3 14PKF Texas Houston 23.60 3.55 1 13 94 125 54 46 0 0Maxwell Locke & Ritter Austin, Texas 23.01 10.68 2 20 64 95 37 42 19 2TravisWolff Dallas 21.00 11.11 1 7 88 114 25 65 10 0Lane Gorman Trubitt Dallas 21.00 5.00 1 16 68 98 55 38 0 7Johnson Miller & Co. Odessa, Texas 20.78 -1.61 3 14 89 115 30 49 6 15Henry & Horne Tempe, Ariz. 20.10 5.24 3 14 87 130 32 58 5 5RPC Albuquerque, N.M. 15.09 18.54 8 8 101 127 33 5 21 41Brown, Graham & Co. Amarillo, Texas 12.90 0.78 7 24 60 110 21 60 3 16MaloneBailey Houston 11.78 18.39 1 7 40 53 100 0 0 0MiddletonRaines+Zapata Houston 9.02 91.10 3 7 43 62 20 65 15 0

Notes: * Firm estimate or projection NC No change NA Not available/applicable

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

regional leaders

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

Moss Adams Seattle 477.00 11.19 24 268 1,564 2,354 45 37 18 0

Armanino San Ramon, Calif. 164.25 26.85 7 68 518 669 25 33 36 6

Novogradac & Co. San Francisco 117.07 13.29 20 44 370 493 57 29 3 11

Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 110.65 11.18 10 38 318 428 18 74 0 8

Burr Pilger Mayer San Francisco 78.30 8.75 6 42 294 422 36 51 12 1

Frank, Rimerman + Co. Palo Alto, Calif. 74.90 6.76 5 24 312 340 28 62 10 0

Nigro Karlin Segal Feldstein & Bolno Los Angeles 65.00 4.84 5 23 256 310 16 10 0 74

Squar Milner Newport Beach, Calif. 62.00 19.23 4 30 210 286 39 52 9 0

Gallina Roseville, Calif. 49.80 8.73 12 33 211 295 43 45 12 0

Seiler Redwood City, Calif. 46.30 15.46 2 13 148 193 8 71 0 21

AKT Salem, Ore. 46.22 8.88 6 15 235 289 27 35 14 24

SingerLewak Los Angeles 41.37 8.75 7 30 145 216 43 41 3 13

Miller Kaplan Arase North Hollywood, Calif. 39.50 3.95 5 25 120 175 61 15 19 5

Macias Gini & O’Connell Sacramento, Calif. 37.96 14.61 8 10 179 247 67 12 7 14

Vavrinek Trine Day Rancho Cucamonga, Calif. 36.20 5.85 9 34 185 243 76 18 6 0

Clark Nuber Bellevue, Wash. 34.20 2.86 1 19 136 186 50 48 0 2

Gursey | Schneider Los Angeles 31.50 0.64 4 11 105 145 4 32 0 64

Peterson Sullivan Seattle 29.20 10.61 1 19 114 157 45 55 5 0

Hutchinson and Bloodgood Glendale, Calif. 27.50 2.38 4 35 62 121 36 50 14 0

Windes Long Beach, Calif. 24.80 3.77 3 16 84 128 42 50 2 6

Green Hasson Janks Los Angeles 24.30 3.40 1 12 94 123 32 34 18 16

Perkins & Co.* Portland, Ore. 22.87 4.33 2 19 104 148 26 43 22 9

Sensiba San Filippo Pleasanton, Calif. 20.70 21.05 6 18 77 121 48 46 1 5

Gumbiner Savett Santa Monica, Calif. 20.00 -6.54 1 11 79 105 40 50 8 2

Geffen Mesher & Co. Portland, Ore. 19.22 1.75 1 17 77 116 30 65 5 0

Abbott, Stringham & Lynch San Jose, Calif. 17.80 7.88 1 13 55 82 33 62 2 3

OUM & Co. San Francisco 17.20 12.42 3 11 76 94 43 49 8 0

NSBN* Los Angeles 17.20 3.61 1 10 74 91 37 49 5 9

Hood & Strong San Francisco 14.00 -6.67 3 14 60 85 61 39 0 0

Notes: * Firm estimate or projection NC No change

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

No. of California firms in the Top 100: 13

34

regional leaders

35

AKT: Admitted its largest partner class

ever. In January 2016, transitioned to first

new chief executive officer in 30 years.

Anchin: Number of professionals grew

11 percent, and overall staff 7 percent.

Armanino: Launched business man-

agement and family office service offer-

ings. In January 2015, merged in Silicon

Valley-based Berger Lewis Accountancy

Corp. In June, agreed to merge with Los

Angeles-based RBZ. In September, merged

in Silicon Valley-based Brenner Group. In

January 2016, merged in Woodland Hills,

Calif.-based LaRue, Corrigan, McCormick

& Teasdale. Partnered with Convergent

Computing to expand Microsoft Cloud

Solutions practice.

Aronson: In February 2015, acquired

GSA schedule consulting business of

Deltek’s Washington Management Group.

Launched a financial advisory services

practice. Saw growth in technology risk

services practice.

Baker Newman & Noyes: New to the

list. In January 2015, merged in Manches-

ter, N.H.-based William Steele & Asso-

ciates. In July, merged in Boston-based

Shatswell, MacLeod & Co. In November,

merged in Portsmouth, N.H.-based Albert

Stowe CPA. In January 2016, named new

managing principal.

Baker Tilly Virchow Krause: In June

2015, merged in Michigan-based Wolins-

ki & Co.; announced merger with Troy,

Mich.-based Global Development Part-

ners. In August, announced merger with

Pennsylvania-based SF&Co. Elected new

chief executive officer to take office in

June 2016.

BDO USA: Topped $1 billion in revenue.

In June 2015, merged in St. Louis-based

Stone Carlie & Co. In August, merged in

Central Florida-based Cross, Fernandez &

Riley. In December, merged in Carlsbad,

Calif.-based CEA. In January 2016, an-

nounced merger with Boston-based Fee-

ley & Driscoll.

Bennett Thrasher: New to the list. In July

2015, acquired Taylor Consulting Group.

Marked its 35th anniversary. Named an

Accounting Today Best Firm to Work For.

Berdon: Fastest growing specialty ser-

vice — industry specializations. Fastest

growing client category — real estate.

BerganKDV: New to the list. Formed

by the July 2015 merger of Bergan Paulsen

and KDV.

Berkowitz Pollack Brant: Added a new

CAS business line, Accounting Intelli-

gence. Marked its 35th anniversary. Laid

out a management transition plan at the

executive level.

BerryDunn: In January 2015, merged in

Concord, N.H.-based Brad Borbidge.

BKD: In December 2015, merged in

Wichita, Kan.-based Peterson, Peterson

& Goss. Added a public sector consult-

ing practice to its risk advisory services

division. Named a principal partner for

accounting and related services by the

Construction Financial Management As-

sociation.

Blue & Co.: In July 2015, merged in Cin-

cinnati-based Ossege, Mann & Combs. In

January 2016, merged in Cincinnati-based

Fleming, Brockschmidt & Durkin and Lub-

bock, Texas-based JW Anderson & Asso-

ciates.

BlumShapiro: Merged in Newton,

Mass.-based Schneider & Schneider. In

January 2016, appointed new chief exec-

utive officer.

The Bonadio Group: In January 2015,

merged in Central New York-based Te-

stone, Marshall & Discenza. Launched

Bonadio Corporate Security Services.

Brown Smith Wallace: New to the

list. In December 2015, merged in Creve

Coeur, Mo.-based Bergman, Schraier & Co.

In January 2016, installed new managing

partner. Switched from being an LLC to

an LLP. Named an Accounting Today Best

Firm to Work For.

Burr Pilger Mayer: Increased staff by

over 18 percent. Named an Accounting

Today Best Firm to Work For.

Carr, Riggs & Ingram: In February 2015,

merged in Oneonta, Ala.-based Self, Ma-

ples & Copeland, and The Woodlands,

Texas-based Oman Berry & Associates and

BOI Consulting. In September, merged in

Jacksonville, Fla.-based Harbeson, Fletch-

er & Bateh.

CBIZ/Mayer Hoffman McCann: Re-

aligned five offices in Southern Califor-

nia to form a single business unit. In July

2015, named a new president for MHM. In

January 2016, acquired San Diego-based

Millimaki Eggert.

Cherry Bekaert: In January 2015,

merged in North Carolina-based Thomas,

Knight, Trent, King and Co.

Citrin Cooperman & Co.: In July 2015,

rebranded with new tagline and Web site;

merged in Real-Time Computer Services.

In August, merged in Bethesda, Md.-based

Regardie, Brooks & Lewis. In October,

merged in New York City-based Joel Pop-

kin & Co.

Clark, Schaefer, Hackett & Co.: Saw rev-

enue growth of almost 16 percent.

CliftonLarsonAllen: In January 2015, in-

stalled new chief executive officer. Entered

five new major markets. Established the

CLA Foundation; CLA Trust Company to

support wealth advisory clients; and CLA

Global as a joint venture to support U.K.

clients. In May, merged in Tampa, Fla.-

based HighWire Telecom. In July, merged

in New Bedford, Mass.-based Hodgson

Pratt Pratt & Saunders. In September,

merged in Texas-based Sanford, Baumeis-

ter & Frazier, and information security

consulting firm TrustCC. In November,

merged in Tucson Ariz.-based Camp Low-

ell CPAs; Pittsburgh-based KFMR Katz Fer-

raro McMurtry; and Waltham, Mass.-based

2016 firm highlights

firm highlights

36

Accounting Management Solutions. In De-

cember, merged in Pasadena, Calif.-based

Stanislawski & Harrison; Midwest-based

Titus; and Overland Park, Kansas-based

Gottlieb, Flekier & Co. In January 2016,

merged in four more accounting firms.

Cohen & Co.: Opened a New York City

office. In January 2016, merged in De-

troit-based GHD CPAs & Advisors.

CohnReznick: In March 2015, an-

nounced plan to merge in real estate con-

sulting boutique NOI Strategies. In May,

elected new chief executive officer. Ex-

panded advisory practice, and increased

presence in Chennai, India.

Crowe Horwath: In April 2015, installed

new chief executive officer. In July, merged

in Connecticut-based Saslow Lufkin &

Buggy. In December, rolled out new dress

code and remote-work policies.

Deloitte: In February 2015, became the

first Big Four firm to elect a female chief

executive. In June, acquired measurement

service provider LRA Worldwide. In July,

acquired life sciences consulting firm CIS.

In September, acquired leadership consul-

tancy Kaisen Consulting.

Dixon Hughes Goodman: Added a chief

people officer. Continued to develop new

service offerings, mostly in advisory ser-

vices. Saw strong growth in service lines

related to private equity. In January 2016,

announced merger with Baltimore-based

Stegman & Co.

Doeren Mayhew: In August 2015, ac-

quired Farmington, Mich.-based dental

CPA firm Davis and Davis. In September,

announced merger with credit union spe-

cialist Orth, Chakler, Murnane & Co.

Eide Bailly: In June 2015, announced

merger with Tulsa, Okla.-based Sartain

Fischbein & Co. In July, announced merg-

er with Ogden, Utah-based James & Co.

In October, announced merger with Ar-

izona-based Beckman & Kunkin. In No-

vember, announced mergers with Enter-

prise, Ore.-based Edison, Perry & Co., and

Billings, Mont.-based Schafer & Associ-

ates; elected managing partner to second

three-year term. Added an R&D tax credit

group.

EisnerAmper: Formed EisnerAmper

Global and added locations in Ireland, the

Caymans and Israel. Added a digital foren-

sics lab, and started EisnerAmper Portfo-

lio Analytics. In July 2015, added founder

and staff of New York City-based Har-

old Zoref LLP. In November, announced

mergers with South Florida-based Mallah

Furman and California-based Ueltzen &

Co.; consolidated Pennsylvania locations

in Philadelphia.

EKS&H: Opened office in San Francisco.

Continued to expand business analytics

offerings.

Elliott Davis Decosimo: In January

2016, merged in Tennessee-based Crowell

& Crowell.

Ernst & Young: In August 2015, part-

nered with software provider Hortonworks

on new data management offerings. In

September, merged in Washington, D.C.-

based tax law firm Burt, Staples & Maner.

In November, merged in New York-based

digital services company NorthPoint

Digital. In December, merged in enter-

prise project portfolio management firm

UMT Consulting Group. In January 2016,

merged in New York City-based Family

Office Metrics. In February, added BCRS

Associates.

FGMK: Continued to build national

footprint in IT. Created a specialty tax ser-

vices practice, and expanded management

consulting services.

Frank, Rimerman + Co.: Significantly

enhanced its management development

curriculum. Marked its 65th anniversary.

Frazier & Deeter: Named an Accounting

Today Best Firm to Work For.

Freed Maxick: In July 2015, announced

new managing director. Created a pro-

fessional development officer position.

Saw “substantial growth” in its health care

practice.

Friedman: In January 2015, named

new co-managing partners. Expanded fo-

rensic accounting, litigation support and

valuation services and corporate recovery

services teams. Launched a statement of

purpose and core values. In January 2016,

merged in Philadelphia-based Shechtman

Marks Devor.

Gallina: In January 2015, merged in

Midvale, Utah-based Leverich Group.

Grant Thornton: Saw double-digit gains

in its consumer and industrial products,

energy and financial services groups.

Opened a new office in Jacksonville, Fla.

Launched a new flexible time-off poli-

cy that lets employees take vacation time

without a set number of days off.

Grassi & Co.: In September 2015, merged

in Long Island-based Rispoli and Co. Add-

ed a state and local sales tax practice.

Habif, Arogeti & Wynne: Re-elected

managing partner. Introduced CAS and

payroll services. Saw significant growth

in title industry service line, Compliance-

Success.

Hein & Associates: Expanded interna-

tional tax and transactional advisory ser-

vices teams. In January 2016, named new

managing partner.

Hill, Barth & King: In October 2015,

merged in Columbus, Ohio-based Nor-

man, Jones, Enlow & Co.

Holthouse Carlin & Van Trigt: Re-

No. of mergers reported by the T100:

125

firm highlights

37

freshed its brand and rolled out a new

Web site. Established a women’s initiative.

Expanded its Orange County office with an

audit practice. Promoted its largest-ever

class of partners. At year’s end, merged in

Northern California-based real estate tax

services firm Zeigler & Associates. 2016

marks its 25th anniversary.

Honkamp Krueger & Co.: In January

2016, merged in Davenport, Iowa-based

Doyle & Keenan.

Horne: Saw revenue growth of over

11 percent. Launched a “Feedback Move-

ment.” In January 2016, acquired cyberse-

curity firm Halberd Group and established

a new unit, Horne Cyber Solutions.

Katz, Sapper & Miller: In November

2015, announced merger with Fort Wayne,

Ind.-based Krouse, Kern & Co.

Kaufman Rossin Group: In January

2015, rebranded. Expanded business ad-

visory practice. In December, agreed to

sell independent fund accounting affiliate.

Named an Accounting Today Best Firm to

Work For.

K-Coe Isom: Formed from the January

2015 merger of Kennedy and Coe and

Matson & Isom.

Kearney & Co.: Saw revenue growth of

over 10 percent; grew staff by almost 30

percent.

Kemper CPA Group: In July 2015,

named a new managing partner.

KLR: In January 2015, merged in Bos-

ton-based  Freshman & Ferraro. Opened a

new office in downtown Boston.

KPMG: In April 2015, became the sec-

ond Big Four firm to elect a female chief

executive officer. Agreed to acquire health

care consulting firm Beacon Partners. In

July, acquired human resource services

practice of Tower Watson. In August,

KPMG Corporate Finance acquired an

energy practice from Ewing Bemiss. In

November, acquired the tax software of G2

FinTech. Also acquired IT service manage-

ment practice of Triad Technology and the

workday consulting practice of Axia Con-

sulting. Launched a number of alliances in

information protection, business process

automation, FATCA compliance, GRC con-

sulting and other areas.

LBMC: In August 2015, rebranded from

Lattimore, Black, Morgan & Cain. Elected a

new managing partner. Increased focus on

strategic planning.

Macias Gini & O’Connell: Updated the

firm’s brand. Opened a new office in San

Francisco.

Marcum: In May 2015, launched nation-

wide TV ad campaign. In June, expanded

charitable foundation across the country.

In November, merged in Illinois-based

Frost, Ruttenberg & Rothblatt. In Decem-

ber, merged in Philadelphia-based Smart

Devine and Nashville, Tenn., and Orlando,

Fla.-based DGLF.

Margolin, Winer & Evens: Fastest grow-

ing specialty services — state and local

taxes, and estate planning.

Marks Paneth: In March 2015, merged

in  Parsippany, N.J.-based Fischer Barr &

Wissinger.

Mauldin & Jenkins: Fastest growing

specialty service and fastest growing client

category — nonprofits.

MBAF: In February, merged in Flori-

da-based Kane & Co.

Miller Kaplan Arase: Expanded media

practice through agreement with advisory

firm to assume its broadcast client rela-

tionships. Launched an e-commerce Web

site trademark enforcement service.

Montgomery Coscia Greilich: Saw rev-

enue growth of over 18 percent.

Moss Adams: In January 2015, acquired

regulatory compliance and financial con-

sulting portion of Houston-based tele-

communications company CHR Solutions.

In August, merged in Issaquah, Wash.-

based IT consulting firm Curtis Consult-

ing Group. In November, merged in Spo-

kane-based financial services consulting

firm Contineo.

Mountjoy Chilton Medley: In January

2016, merged in Cincinnati-based Cooney

Faulkner & Stevens. Saw “a strong increase”

in work in regulated industries. Expanded

human resources consulting services.

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 June 2015, opened

an office in the Philadelphia area.

PKF O’Connor Davies: In January 2015,

merged in New York-based Daniel J. Mc-

Mahon Co. In May, announced merger

with   Livingston, N.J.-based McEnerney,

Brady & Co. In November, announced

merger with Newburgh, N.Y.-based Stan-

ley Marks & Co. In January 2016, merged

in New Jersey-based Flackman, Goodman

& Potter. In February, rebranded from

O’Connor Davies. Recently acquired Swit-

zerland-based fund administration firm

VBK & Co.

Plante Moran: Grew revenue by over 7

percent. Fastest growing specialty service

— assurance and tax compliance. Fastest

growing client category — manufacturing

and distribution.

Postlethwaite & Netterville: Launched

custom-developed marketing software

aimed at making business development

easier for staff.

Prager Metis: In February 2015, merged

in Los Angeles-based Bruce Kohlbrenner

& Co. In March, agreed to merge in New

York City-based Polakoff & Michaelson. In

August, merged in U.K.-based Peter Bryan

& Co.

PwC: In September 2015, announced

plans to start making all associates and

senior associates eligible for as much as

$1,200 a year in help paying back their

student loans, starting in July.

Raffa: Began offering consulting ser-

vices to companies looking to begin or

bolster philanthropic efforts. Launched a

firm highlights

38

nonprofit executive search and leadership

development practice.

Raich Ende Malter & Co.: In July 2015,

merged in New York-based Arthur Yorkes

& Co.

Rehmann: In July 2015, installed new

chief executive officer. In August, merged

with Jackson, Mich.-based Drake, Watters

& Associates. In November, merged in Stu-

art, Fla.-based Roegiers Goldin Chappel

Nall & Associates.

Reinsel Kuntz Lesher: In May, es-

tablished a new Business Risk Services

Practice. In December, rebranded its two

investment advisory subsidiaries as RKL

Wealth Management.

RGL Forensics: Expanded fraud prac-

tice. Named an Accounting Today Best

Firm to Work For.

RSM US: In May 2015, merged in Ala-

bama-based Sellers Richardson Holman

& West. In August, merged in PKF San

Francisco and St. Louis-based Wolfe Nilg-

es Nahorski. In October, rebranded as

RSM US from McGladrey. In December,

merged in Dynamics AX reseller Junction

Solutions.

RubinBrown: In March 2015, created

Cyber Security Advisory Services Group.

In January 2016, merged in Denver-based

Business Manager LLC.

SaxBST: Named new co-managing part-

ner. Saw the most growth in its real estate

and construction industry services groups.

Marking 60th anniversary in 2016.

SC&H Group: Launched three new

service lines: IT advisory, Microsoft Dy-

namics, and CFO advisory services with

Intacct. Named an Accounting Today Best

Firm to Work For.

Schenck: In January 2015, announced

merger with Manitowoc, Wis.-based Kro-

ening, Stangel, Swetlik & Zinkel. Imple-

mented a client tiering strategy to focus on

top 20 percent of clients.

Schneider Downs: In April 2015, an-

nounced merger with investment bank-

ing and management consulting company

The Meridian Group.

Seiler: Saw revenue growth of almost 15

percent.

Sikich: In August 2015, merged in Bos-

ton-based tech firm Altico Advisors. In

September, acquired Milwaukee-based

Jannsen + Co. Expanded Houston office.

SingerLewak: In January 2016, an-

nounced merger with Pomona, Ca-

lif.-based Jeffery, Corrigan & Shaw.

Skoda Minotti: Implemented a new per-

formance coaching program, psychologi-

cal assessments, and a firm-wide recogni-

tion program. Started a Lean initiative for

its tax department. Named an Accounting

Today Best Firm to Work For.

Squar Milner: In November, announced

merger with Encino, Calif.-based Solo-

mon, Winnett and Rosenfield. In February

2016, merged in San Diego-based McLean,

Rotherham & Co. and its subsidiary, Hosa-

ka, Rotherham & Co.

SVA: Developed security services and

government regulatory compliance ser-

vices.

UHY Advisors: 2015 data reflects sale of

Texas practice in late 2014. “Same-store”

offices recorded double-digit organic

growth. Adapted a new corporate gover-

nance structure. In January 2016, merged

in Maryland-based MohnAllen.

Vavrinek, Trine, Day & Co.: Added

an office. Moved headquarters to a new

location in Rancho Cucamonga, Calif. In-

creased staff by over 13 percent.

Warren Averett: In February 2015,

formed a joint venture with Redstone Gov-

ernment Consulting to serve government

contractors. In May, added a new human

capital services practice, Warren Averett

Workplace. In October, merged with tech

consultancy Kianoff & Associates. In De-

cember, announced merger with Panama

City, Fla.-based Jinks & Moody PA.

Weaver: In June 2015, installed new

chief executive officer. In July, launched a

new IT advisory service. In January 2016,

announced merger with Houston-based

Hereford, Lynch, Sellars & Kirkham.

WeiserMazars: In April 2015, installed

new chief executive officer. Continued to

expand subject matter expertise and con-

sulting group.

Whitley Penn: Added international tax

expertise, increased its SALT footprint, and

expanded its Transaction Advisory Ser-

vices team. Added educational seminars

for clients.

Wipfli: In January 2015, acquired Phil-

adelphia-based Elko & Associates and

Helena, Mont.-based Galusha, Higgins &

Galusha. In August, joined the NetSuite

Solution Provider Program, and joined the

Microsoft BPO Platform. In January 2016,

merged in Chicago-based Steinberg Ad-

visors.

Withum: Rebranded from Withum-

Smith+Brown. In March 2015, merged

in New Jersey and Pennsylvania-based

Mironov Group, and Boston-based Walsh,

Jastrem & Browne. Added information

technology and business process consult-

ing. In January 2016, announced merger

with Central Florida-based Averett War-

mus Durkee. Named an Accounting Today

Best Firm to Work For.

Wolf & Co.: Opened a new office in Liv-

ingston, N.J. Named an Accounting Today

Best Firm to Work For.

No. of new CEOs elected or installed:

24

firm highlights

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