august 2012 ipa special report - raffa

AUGUST 2012 – IPA 100 INSIDE PUBLIC ACCOUNTING / 1

IT IS A VIOLATION OF FEDERAL COPYRIGHT LAW TO REPRODUCE ALL OR PART OF THIS PUBLICATION WITHOUT CONSENT. COPYRIGHT ©2012 THE PLATT GROUP/INSIDE PUBLIC ACCOUNTING. ALL RIGHTS RESERVED.

August 2012 Vol. 26, No. 8 IPA 100 HIGHLIGHTS

Staffing 2

Highs And Lows 3

Three-Year Trends 3

Movers And Shakers 5

New IPA 100 MPs 5

IPA 100 At A Glance 5

IPA 100 FIRMS The Complete Listing

Of The IPA 100 6 IPA 100 HIGHLIGHTS - CONT. The Fastest-Growing 10 Comparison Of Profit

Indicators 12 Trends & Analysis 13 IPA 100 By Region 16 Regional Statistics 18 IPA 100 Changes 19

IPA 100 Associations 19

COMING IN SEPTEMBER

INSIDE PUBLIC ACCOUNTING

A publication of

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insidepublicaccounting.com

INSIDE Public Accounting (IPA) is pleased to present the 22nd annual report

on the nation’s largest 100 firms. IPA’s independent report and rankings are

among the longest-running, most accurate and up to date for the nation’s

largest accounting firms. �IPA

“In a chronically leaking boat, energy devoted to changing vessels is more productive

than energy devoted to patching leaks.” – Warren Buffett

Despite the economic turmoil we’ve seen in the past few years, the headline

for the 2011/2012 IPA 100 is “Were On The Move Again.” Organic fee

growth, excluding mergers, was 5.6% compared with the previous year’s

lackluster 1.0% growth. Firm leaders see less demand to lower fees and more

opportunities. In the 2011 report, 40 of the IPA 100 reported a contraction in

revenues; this year, only six firms were in negative territory. That’s a sign that

things are picking up and an indicator of the profession’s ability to rebound.

After a down year in 2010, the Big 4 came back in 2011

with an overall growth rate of 8.7%, adding $2.7 billion to

the top line. The Big 4 collectively accounted for $33.644

billion in revenues. Total revenue of the IPA 100 grew to

$46.024 billion, up from $42.672 billion last year, or an

increase of 7.8%. The Big 4 account for 73% of the

revenue base among the IPA 100. As an aggregate group,

the other 96 firms added $668 million in revenue to the top line, accounting

for $12.380 billion in revenues, up 5.7% from both mergers and organic

growth.

The minimum net revenue for the IPA 100 this year is $30.9 million, up $2.7

million from last year and surpassing the high of 2009. �IPA

IIPPAA SSPPEECCIIAALL RREEPPOORRTT

TTHHEE 22001122 IIPPAA 110000

EXCERPTED IN PART



Voluntary Turnover Outpaces Involuntary Turnover

At the height of the recession, layoffs were a prominent part of firms’ cost-cutting strategies,

and other staff saw opportunities to move elsewhere. By 2011 though, as the economy started

to pick up in some areas, job opportunities were expanding and professional staff in many

firms were heading for the door.

Consider the following: For every staff let go involuntarily or fired last year, three others left

on their own accord. We don’t have enough information to explain the reasons, but clearly

some underperformers saw the handwriting on the wall and left before they were let go, some

professional staff left their firms to seek greener pastures in public accounting, and others left

public accounting altogether – many of them seeking careers

in the private sector.

For the 75 of the IPA 100 that provided data on voluntary

turnover, almost 2,900 staff left on their own last year. How

much does it cost to replace these staff? Pick whatever

number is appropriate for your firm, but even at a very

conservative $50,000 per person for recruiting, training,

“rebuilding” experience, etc., the cost to these firms to

replace experienced staff exceeds $145 million, or nearly $2

million per firm. �IPA

Staff Count Grows, But. . .

While previous years saw some reduction in total staff numbers, this year we saw an

average growth in total staff of the IPA 100 at about 4.3% over the 2010/2011 fiscal year,

corresponding with the increased workload that is being seen across the country.

However, that number is a bit deceiving. Clearly, some of this growth came from merger

activity and consolidation among the IPA 100, making firms bigger with the stroke of a pen.

Among those firms who reported no merger activity, average staff growth was just 1.8%,

with three out of five firms adding staff, and two of five reducing staff. �IPA

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THE 2012 IPA 100 RANKED BY U.S. NET REVENUE

RANK

’12 ’11 FIRM / HEADQUARTERS MP / CEO OFFICES FYE NET REVENUE % CHG.

1 1 Deloitte LLP�� / New York Joe Echevarria 100 5/11 $11,939,000,000 9.2

2 2 PwC U.S.�� / New York Bob Moritz 75 6/11 $8,844,000,000 10.1

3 3 Ernst & Young LLP�� / New York Steve Howe Jr. 78 6/11 $7,500,000,000 4.8

4 4 KPMG LLP�� / New York John B. Veihmeyer 88 9/11 $5,361,000,000 9.7

5 5 McGladrey LLP1�� / Minneapolis Joe Adams 75 4/12 $1,283,440,000 0.4

6 6 Grant Thornton LLP�� / Chicago Stephen Chipman 56 12/11 $1,146,121,000 5.6

7 8 BDO USA LLP�� / Chicago Jack Weisbaum 42 6/12 $618,000,000 6.7

8 7 CBIZ & Mayer Hoffman McCann PC2 /

Cleveland / Leawood, Kan.

Dave Sibits

Bill Hancock 133 / 36 12/11 $598,000,000 -1.6

9 9 Crowe Horwath LLP / Oak Brook, Ill. Charles M. Allen 28 3/12 $553,295,000 8.9

10 10 BKD LLP / Springfield, Mo. Theodore D. Dickman 29 5/12 $401,796,000 1.5

11 12 Plante Moran�� / Southfield, Mich. Gordon E. Krater 18 6/12 $331,000,000 8.9

12 11 Moss Adams LLP / Seattle Rick Anderson 21 12/11 $323,000,000 2.1

13 13 Dixon Hughes Goodman LLP / Charlotte, N.C. Ken Hughes 30 5/12 $301,189,000 4.2

14 19 LarsonAllen LLP / Minneapolis Gordon A. Viere 26 10/11 $285,000,000 1.0

15 16 Marcum LLP� / New York Jeffrey M. Weiner 20 12/11 $274,223,400 5.4

16 17 Baker Tilly Virchow Krause LLP / Chicago Timothy Christen 11 5/12 $259,000,000 7.2

17 15 EisnerAmper LLP �� / New York Howard Cohen

Charles Weinstein 8 1/12 $256,924,000 1.0

18 14 Clifton Gunderson LLP / Milwaukee Krista M. McMasters 43 5/11 $254,652,060 0.0

19 18 J.H. Cohn LLP / Roseland, N.J. Thomas J. Marino 15 1/12 $252,049,000 3.0

20 20 Reznick Group PC / Bethesda, Md. Kenneth E. Baggett 10 5/12 $215,202,000 6.3

21 21 UHY Advisors Inc.3 / Chicago Anthony Frabotta

Rick Stein 16 12/11 $182,751,254 -3.7

22 23 Rothstein Kass / Roseland, N.J. Howard Altman

Steven Kass 8 12/11 $181,565,300 11.3

23 22 ParenteBeard LLC / Philadelphia Robert J. Ciaruffoli 20 12/11 $169,601,367 0.0

24 24 Eide Bailly LLP�� / Fargo, N.D. Jerry A. Topp 19 4/12 $157,695,636 1.1

25 26 Wipfli LLP / Milwaukee Rick Dreher 20 5/12 $151,600,000 8.6

Key: For ranking purposes, net revenue includes revenue from mergers. Percentage change excludes merger revenue. Revenues for the Big 4 are U.S.-based only. ��Firm reported only net revenue, data not verified against gross. ��Gross revenue reported and percentage

growth is based on gross revenue. ��Firm provided the same gross and net revenue. 1In prior years, McGladrey & Pullen / RSM McGladrey operated under an alternative practice structure. In November 2011, MP purchased the shares of RSM. Full year comparable combined revenues of the ongoing practices are reported in FY12. On May 1, McGladrey & Pullen changed its name to McGladrey LLP.

2CBIZ and Mayer Hoffman McCann PC have an alternative practice structure. 3UHY Advisors and UHY LLP are affiliated through an alternative practice structure.

Source: INSIDE Public Accounting www.insidepublicaccounting.com




RANK


26 25 WeiserMazars LLP�� / New York Douglas A. Phillips 9 12/11 $141,000,000 3.0

27 27 Cherry, Bekaert & Holland LLP�� / Richmond, Va. Howard Kies 14 4/12 $123,597,091 6.0

28 28 Citrin Cooperman� / New York Joel A. Cooperman 5 12/11 $120,000,000 3.9

29 32 Carr, Riggs & Ingram LLC� / Enterprise, Ala. William H. Carr 17 9/11 $102,312,804 7.0

30 29 Berdon LLP� / New York Mark G. Bosswick

Stuart B. Kotler 2 12/11 $95,000,000 2.2

31 30 Anchin, Block & Anchin LLP / New York Frank A. Schettino 1 9/11 $92,000,000 3.4

32 34 Rehmann / Saginaw, Mich. Steven D. Kelly 20 12/11 $87,401,968 1.0

33 33 WithumSmith+Brown PC / Princeton, N.J. William R. Hagaman Jr. 14 6/12 $87,200,000 3.5

34 31 Marks Paneth & Shron LLP / New York Arthur E. Cannata

Mark Levenfus 3 12/11 $87,004,000 1.0

35 35 Armanino McKenna LLP / San Ramon, Calif. Andy Armanino 5 12/11 $84,024,577 17.6

36 70 Warren Averett LLC4 / Birmingham, Ala. James W. Cunningham 13 12/11 $80,987,475 0.3

37 37 MBAF Certified Public Accountants LLP5 / Miami Antonio L. Argiz 9 12/11 $80,200,000 0.0

38 36 Kearney & Company� / Alexandria, Va. Ed Kearney 2 12/11 $79,780,000 10.0

39 38 Weaver / Fort Worth, Texas Tommy D. Lawler 7 5/12 $73,568,220 9.3

40 44 O’Connor Davies LLP6 / Harrison, N.Y. Kevin J. Keane 7 12/11 $72,500,000 14.0

41 40 Novogradac & Company LLP / San Francisco Michael J. Novogradac 13 12/11 $72,060,204 10.0

42 39 Burr Pilger Mayer Inc. / San Francisco Stephen D. Mayer 6 12/11 $70,693,718 6.0

43 43 Holthouse Carlin & Van Trigt LLP / Los Angeles Philip J. Holthouse 7 12/11 $67,109,352 5.3

44 42 Friedman LLP / New York Bruce A. Madnick 7 12/11 $67,086,970 5.0

45 41 SS&G Inc.7 / Cleveland Gary Shamis 9 12/11 $67,077,000 3.5

46 46 RubinBrown LLP�� / St. Louis James Castellano

John Herber Jr. 3 5/12 $65,985,000 6.9

47 50 Sikich LLP / Aurora, Ill. James A. Sikich 8 12/11 $65,755,375 9.7

48 69 The Siegfried Group LLP / Wilmington, Del. Robert L. Siegfried Jr. 16 12/11 $65,363,474 59.0

49 45 Schenck SC / Appleton, Wis. William D. Goodman 9 9/11 $64,722,844 3.5

50 48 Elliott Davis LLC / Greenville, S.C. Richard E. Davis 10 6/12 $61,021,637 6.0

Key: ��Firm reported only net revenue, data not verified against gross. ��Firm provided the same gross and net revenue. 4Newly merged firm, changed name from Warren Averett Kimbrough & Marino. 5Changed name from Morrison Brown Argiz &

Farra. 6Changed named from O’Connor Davies Munns & Dobbins. 7Changed name from SS&G Financial Services Inc.





RANK


51 49 Lattimore Black Morgan & Cain / Brentwood, Tenn. David Morgan 3 5/12 $60,917,231 9.6

52 51 Ehrhardt Keefe Steiner & Hottman PC / Denver Bob Hottman 3 9/11 $58,473,228 7.0

53 47 Habif, Arogeti & Wynne LLP / Atlanta Joseph D. Simms 2 12/11 $58,143,000 -1.0

54 63 HORNE LLP / Ridgeland, Miss. Hugh J. Parker 12 12/11 $56,845,329 4.2

55 54 Blue & Co. LLC / Carmel, Ind. Brad Shaw 8 12/11 $55,059,700 9.1

56 52 Kaufman Rossin Group / Miami James R. Kaufman 7 5/12 $53,300,000 4.0

57 57 Schneider Downs & Co. Inc. / Pittsburgh Raymond W. Buehler Jr. 2 6/12 $52,300,000 7.8

58 59 Aronson LLC / Rockville, Md. Jeffery P. Capron 1 12/11 $52,200,000 10.0

59 53 Blackman Kallick LLP / Chicago Steven Schneider 1 12/11 $52,005,382 3.0

60 56 Rosen Seymour Shapss Martin & Co. LLP�/ New York Martin Greenberg 4 12/11 $51,700,000 4.2

61 64 SVA Certified Public Accountants SC / Madison, Wis. Jack Cotton 5 5/12 $51,645,196 1.1

62 58 Frank, Rimerman + Co. LLP / Palo Alto, Calif. Bryan C. Polster 5 5/12 $50,825,189 4.4

63 61 Watkins Meegan LLC / Bethesda, Md. Michael R. Micholas 4 12/11 $50,200,000 8.6

64 55 Argy, Wiltse & Robinson PC / McLean, Va. Paul J. Argy 3 12/11 $50,000,944 2.6

65 60 SC&H Group / Sparks, Md. Ronald M. Causey 3 12/11 $49,623,700 6.7

66 68 The Bonadio Group / Pittsford, N.Y. Thomas Bonadio 7 4/12 $47,528,262 7.4

67 67 Blum, Shapiro & Company PC / West Hartford, Conn. Carl R. Johnson 3 12/11 $47,266,715 3.1

68 65 Katz, Sapper & Miller / Indianapolis David Resnick 2 12/11 $46,712,400 3.0

69 62 Hein & Associates LLP / Denver Brian Mandell-Rice 4 12/11 $45,796,366 0.0

70 66 Clark, Schaefer, Hackett & Co. / Cincinnati Carl R. Coburn 6 6/12 $45,615,037 0.0

71 73 Doeren Mayhew / Troy, Mich. Mark A. Crawford 2 9/11 $42,050,000 0.1

72 72 Postlethwaite & Netterville APAC / Baton Rouge, La. William E. Balhoff 10 4/12 $41,845,646 8.6

73 NR Nigro Karlin Segal & Feldstein LLP / Los Angeles Mickey Segal 2 12/11 $41,092,057 8.5

74 71 Margolin, Winer & Evens LLP�� / Garden City, N.Y. Teddy Selinger 2 12/11 $40,500,000 3.8

75 74 SingerLewak / Los Angeles David Krajanowski 5 12/11 $40,210,878 8.3

Key: ��Firm provided the same gross and net revenue. NR = Not ranked in 2011. ��Gross revenue reported and percentage growth is based on gross revenue.





RANK


76 76 BerryDunn / Portland, Maine John M. Chandler 5 6/12 $40,115,500 14.8

77 91 Mauldin & Jenkins LLC / Atlanta Donald L. Luker 5 5/12 $38,493,433 4.1

78 79 Squar, Milner, Peterson, Miranda & Williamson LLP /

Newport Beach, Calif. Stephen P. Milner 5 12/11 $37,947,766 4.0

79 75 Freed Maxick CPAs PC8 / Buffalo, N.Y. Ronald J. Soluri Sr. 3 4/12 $37,640,824 5.3

80 88 Whitley Penn LLP / Fort Worth, Texas Larry G. Autrey 2 12/11 $37,587,464 17.2

81 84 Cohen & Company / Cleveland Randy Myeroff 9 1/12 $37,344,741 8.9

82 77 Frazier & Deeter LLC / Atlanta Seth McDaniel 2 12/11 $37,287,000 7.0

83 112 Grassi & Co. / Jericho, N.Y. Louis Grassi 2 4/12 $36,948,112 12.0

84 81 Alpern Rosenthal / Pittsburgh Alexander Paul 3 12/11 $36,740,269 7.9

85 82 Hill, Barth & King LLC / Boardman, Ohio Chris Allegretti 12 8/11 $35,500,000 7.5

86 87 Honkamp Krueger & Co. PC / Dubuque, Iowa Gregory C. Burbach 6 12/11 $35,167,055 9.4

87 78 Holtz Rubenstein Reminick LLP / Melville, N.Y. Francis J. Candia 2 9/11 $34,664,456 0.6

88 86 Mohler, Nixon & Williams / Campbell, Calif. Steve Vidlock 3 4/12 $34,360,677 4.6

89 83 Joseph Decosimo and Company / Chattanooga, Tenn. Nick Decosimo 8 12/11 $34,000,000 1.5

90 93 Kemper CPA Group LLP / Greenfield, Ind. Ronald J. Dezelan 22 4/12 $33,523,704 0.7

91 111 Raich Ende Malter & Co. LLP / New York Ellis Ende 4 12/11 $33,359,776 18.2

92 85 Raffa PC / Washington, D.C. Thomas J. Raffa 3 12/11 $33,002,061 -1.0

93 89 Seiler LLP / Redwood City, Calif. James DeMartini III 2 12/11 $32,900,000 3.1

94 99 Wiss & Company LLP / Livingston, N.J. Paul L. Peterson 4 3/12 $32,775,000 9.0

95 103 Reinsel Kuntz Lesher LLP / Lancaster, Pa. Edward W. Monborne 5 12/11 $32,545,406 18.2

96 96 Berkowitz Pollack Brant Advisors and Accountants9 /

Miami Richard A. Berkowitz 3 12/11 $32,020,621 8.5

97 94 Kennedy and Coe LLC / Salina, Kan. Kurt Siemers 8 3/12 $31,883,866 4.7

98 90 AKT LLP CPAs and Business Consultants / Salem, Ore. Stephen M. Tatone 5 12/11 $31,809,900 -0.1

99 92 Vavrinek, Trine, Day and Co. LLP / Rancho Cucamonga,

Calif. Ronald S. White 7 12/11 $31,683,224 -0.4

100 102 Kahn, Litwin, Renza & Co. Ltd. / Providence, R.I. Alan H. Litwin 3 12/11 $30,860,506 11.7

Key: 8Changed name from Freed Maxick & Battaglia CPAs. 9Changed name from Berkowitz Dick Pollack & Brant.




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SUSTAINABLE GROWTH STRATEGIESFOR LEADING CPA FIRMS

(800) 959-8461 | [email protected] N. Central Expressway | Suite 500 | Dallas, TX 75206 | www.1stGlobal.com

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© Copyright 2012 1st Global. All right reserved.

ROAD MAP TO SUCCESSCreating double-digit revenue and profit growth in your CPA firm not only takes the will to succeed, but also a tested road map for reaching your firm’s highest potential.

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Align with 1st Global, and create a road map for reaching your firm’s highest potential. Contact us today to learn more about our Niche Practice Consulting or Feasibility Analysis and Consultation™.

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A new one-of-a-kind program customized to the specific needs of your firm.

Strategies for Success ▶ Create great value for your clients & become a “client centric” firm.

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[email protected] New Mexico (505) 331-9100 New Jersey (732) 970-6412

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Call us today. Let’s get started!

Over 35 years ago, Don Scholl was a pioneer in establishing Management for Results (MFR), the premier CPA Practice Management program. In the spirit of continuing his great work, Steve Erickson and Phil Whitman have created - Strategies for Success, Management for Results™, a unique program to train the next generation of certified public accountants. Over 12+ years of teaching leadership development, the most often expressed wish by attendees is that everyone in their firm could hear the same message. Getting firm wide “buy-in” for individual and practice improvement initiatives proves difficult.The truth is that you cannot get “buy-in” and improved performance and accountability at all levels in your firm when just a few members have been sent to a leadership development program.

True leadership skills are developed through group interaction and successful problem solving within your firm.

Strategies for Success, Management for Results™ has been specifically developed as an affordable “in- house” program that can be presented to partners or managers or staff or to everyone in your firm based upon your specific needs. Why just send one or two people to a leadership program when you can get everyone trained and involved in a more cost effective manner.

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Steve is Experienced

Steve Erickson knows the public accounting business, having practiced in and consulted to the profession for over 30 years. A nationally recognized consultant (rated top 10 by Inside Public Accounting for the last 8 consecutive years), Steve specializes in resolving the partner and people issues that limit the success of professional CPA firms. Steve’s hands-

on and results-oriented approach helps firms to identify, establish & achieve their goals.Erickson is a masterful presenter, gifted teacher and one of only a handful of CPAs who belong to the National Speaker’s Association. He speaks frequently throughout North America, and has written extensively for professional journals and other trade publications. Steve is a proud member of the Professional Coaches and Mentors Association, the International Association of Facilitators, NSA, the AICPA and the NMSCPAs.

National CPA Firm Consultants [email protected] New Mexico (505) 331-9100 New Jersey (732) 970-6412

The ProcessThe firm leaders are involved in every stage of the process to make sure the training is on target and specific to the unique needs of their firm.

▶ In advance of the sessions every partner and employee is surveyed to determine the current situation in your practice. This information is reviewed with the leadership of the firm and goals and objectives for the sessions are agreed to.

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Here’s an example of a recent training program:Day 1 : Meet with the partners of the firm to gain unity and set the strategic direction for the firm

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Good things have been said... “Steve has been instrumental with our Firm, and our success can—in part—be attributed to his involvement. We’ve had him help with our staff survey, facilitate retreats, design & conduct our Upward Feedback and Leadership Development programs, and act as Executive coach to our partners. The more Steve has gotten to know us, the more value he adds.” ~ Managing Partner, Top 100 Firm“Phil facilitated a leadership retreat for our firm that all involved deemed to be very successful. His objective approach and style enabled us to address and resolve topics which have previously eluded us. That retreat jump-started several strategic initiatives that have resulted in significant, measurable improvements to the firm, operationally and financially.”~ LitmanGerson & Associates, LLP

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Phil is Experienced

Philip J. Whitman, CPA, knows CPA firms! 15+ years running firms. Now working with managing partners across North America.Firms of all sizes, from sole practitioners to top 10 global firms rely on him. Phil specializes in succession planning, mergers & acquisitions, strategic talent acquisition and practice management consulting, and his experience

extends to labor law, human resources, organizational leadership, and even auditing.Whitman has authored articles and has chaired numerous committees for the New York State Society of CPAs. He has been a featured speaker for various state societies of CPA, international CPA firm associations as well as a presenter for CCHs annual user conference. He has served as conference chair of the Foundation for Accounting Education’s Practice Management Conference and the CFOs, Controllers and Financial Executives Conference.

LLC

EricksonWhitman

august 2012 ipa special report - raffa

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