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 notes and methodology

SPONSORED BY:
Expect the unexpected
T
here is a difference between be- than risk sharing misleading figures.
ing revealing and being surpris- Next year, we should be able to resume
ing. While usually the former, publishing that data.
this year, our Top 100 Firms/Regional In the meantime, here are a few
Leaders report is also the latter. notes on how to read this year’s report:
The headline surprise is the slow- The previous year’s rankings in-
ing growth demonstrated across the cluded in the Top 100 Firms list are
leading firms in the profession; while NOT the same as those published in last
their revenues continue to swell, and year’s report. They are a re-ranking of
individual firms bucked the trend in the current year’s cohort of T100 Firms
a big way, the average firm grew more based on the latest information, and in-
slowly in 2017 than in the clude firms that were not
part of the list last year.
four or five years before CONTENTS They are only for com-
that — a significant, and
Top 100 Overview 4 parison purposes, and do
unpleasant, surprise.
The other surprise Firms to Watch 6 not replace the rankings
in this year’s report is an published last year.
Top 100 Databank 8
absence: Where we usu- Unless otherwise
ally report the percent Firm Strategies 10 noted, revenue is net rev-
change from year to year enue. Also, unless noted,
Top Tax Firms 12
of individual firms’ num- revenues, offices and staff
Top 100 Rankings 16 are for the U.S. only.
ber of partners, we are
going without those par- Niche Services 22 “Total Employees”
ticular figures this year. is comprised of partners,
Client Categories 24 professionals and all oth-
One State St. Plaza, 27th Fl., New York, NY 10004 For several years,
E-mail: AcToday@SourceMedia.com we’ve been fielding ques- Regional Leaders 25 er personnel, including
http://www.accountingtoday.com
tions from participating owners.
Editor-in-Chief Daniel Hood Firm Highlights 35
Managing Editor Danielle Lee
firms about whether our Where two firms
Senior Editors Roger Russell, Sean McCabe
Technology Editor Ranica Arrowsmith partner figures included reported equal revenue,
Art Director Neesha Haughton
non-equity partners, so this year we the firm with the higher percentage of
ADVERTISING AND BUSINESS SERVICES
specified in our survey form that the revenue increase received the higher
Senior Vice President
and Group Publisher Rob Whitaker number we were looking for included ranking.
Publisher Jack Lynch (212) 803-8803
Advertising Director Alexandria Alati both equity and non-equity partners. “MAS” stands for “management
Ad Sales Coordinator Susan Korcynski advisory services” — or consulting, as
When we came to calculating the
Material in Accounting Today may not be repro-
duced without express written permission. For more percent change, however, it quickly everyone calls it now.
information about reprints and licensing content, As always, this report would not
please visit www.SourceMediaReprints.com or con- became clear that while firms had re-
tact PARS International Corp. (212) 221-9595. ported the requested figures for 2017, a be possible without the dedication of
Publishers Copy Protection Clause: Advertisers and
agencies assume liability for all content (including
significant number hadn’t revised their our editorial staff — without their hard
text, representation and illustrations) of advertis- 2016 figures. (To be fair, our instruc- work, we wouldn’t be able to present
ments and responsibility for claims arising there from
made against the publisher. tions could have been clearer, and will you with this, the 2018 Class of the Top
Copyright © 2018 Accounting Today and Source-
Media, Inc. All rights reserved. be next year.) So this year we’re going 100 Firms and Regional Leaders. Enjoy!
without the percentage change, rather — Dan Hood, Editor-in-Chief
SOURCEMEDIA INC.

3
overview

Growth rates defy prediction

BY DANIEL HOOD

W
e got it wrong. than 20 percent, for instance, versus only buting to bottom-line growth.
In this space last year, our five in 2016, and only two firms reporting One major path to growth is doub-
editors predicted ongoing rev- flat or declining revenues, against five last ling down on a specialization; the Top
enue growth around 9 percent for the Top year — but the overall direction was to a 100 reported growth across a wide range
100 Firms, based on trends that had held lower level, with only 25 reporting growth of specialty services and individual client
true for the previous six years. above 10 percent, versus 37 last year. And niches. (See Niches and Clients, starting on
Instead, in 2017 the T100 reported an no firms made any significant jumps up page 22.) Many of the traditional niches
average growth rate of 6.33 percent — off the list, though two new ones did join it and service areas continue to serve a large
two-and-a-half percentage points from the this year: Florida’s Schellman & Co., at No. number of firms well, but a growing num-
8.8 percent in last year’s report. While ber are seeing rewards in a range of
perfectly respectable in itself, 6.33 per- technology services, most commonly
cent is the lowest growth rate the T100 Dropping off involving cybersecurity.
have seen in a non-recession in the Revenue growth of the Top 100 Firms, in percent* It’s important to remember that
past 20 years. even slower-than-previous growth is
The Top 7 firms (those with over still growth: The threshold for the Top
a billion dollars in revenue, including 30 100 rose $2.6 million, from $37.7 milli-
the Big Four) have an undue influ- on last year to $40.30 million this year.
25
ence here, given the vast size of their Similarly, we had a strong crop of Firms
books of business, and the drop in their 20 to Watch (see page 6), with a number of
growth rate, from 8.6 percent in last firms poised to join the Top 100 next
15
year’s report to 5.94 percent in this year — if they can find a spot. One of
year’s, certainly explains a lot of the 10 the few open spots this year was crea-
relatively smaller number — but not ted by the merger of Colorado’s Hein
all. The 37 firms with revenues bet- 5 & Associates into West Coast regional
ween $100 millon and $1 billion also leader Moss Adams. More combinati-
0
reported a two-percentage-point drop 94 96 98 00 02 04 06 08 12 14 16 17 ons like that may be needed to change
10
in growth rate (to 8.32 percent), while -5 the ranks; that would only require that
the 56 Top 100 Firms with revenues un- the T100 continue their current high
* Compiled from individual firm results as reported
der $100 million were off by over half a at year’s end; includes some estimates rate of M&A, with the group reporting
percentage point, at 7.21 percent. (See 120 individual combinations over the
Databank, page 8.) past year.
Revenues weren’t the only things 89, and Virginia’s PBMares, at No. 100.
growing at a reduced rate: Staff figures It goes without saying that growth is AROUND THE COUNTRY
for all three tiers of the Top 100 expanded never far from the minds of those who run Slower growth rates affected the firms in
more slowly. Among the Top 7, the num- the Top 100, but it would also be safe to say our Regional Leaders list, too. Seven out
ber of total employees grew at less than that this year it was more top of mind than of the 10 regions reported average firm
half the rate reported last year, and it was usual, with a central position on their list growth rates that were lower than last year
off by between two and three percentage of priorities that had been taken by staffing (though generally with larger total reve-
points in the other two tranches. (For tech- challenges in the previous five or so years. nues). (See Regional Leaders, page 25.)
nical reasons, we did not calculate growth (See Strategies, page 10.) Recruiting and On a more positive note, average firm
rates for partner figures this year; see page retention remain a preoccupation, natu- growth rates in seven of the regions were
3 for an explanation.) rally, and adaptation to, and the best use above the average for the Top 100, and se-
There were certainly individual firms of, technology are also important parts veral of the lists gained new members this
that bucked the trend — eight firms repor- of their strategies for 2018, but all with a year, proving that growth remains possible
ted growing their 2017 revenues by more much sharper focus on how they’re contri- — you just have to look for it. AT

4
overview

BEYOND THE TOP 100: FIRMS TO WATCH

Once again, a record crop of firms made this year’s “Firms to Watch” list, with almost 20 firms within striking distance of next year’s list. (Note that
the roster includes only firms with positive growth rates; firms in the revenue range with negative growth rates are excluded.)

Rev %
Firm Headquarters Managing partner Year-end ($ mn.) chg. Offices Partners Employees
RGL Forensics* Denver Angela McPhee Dec 39.40 4.51 18 32 175
Clark Nuber Bellevue, Wash. Robert Wheeler Dec 38.60 6.63 1 22 201
Gursey | Schneider Los Angeles Stephan Wasserman Dec 38.11 4.53 6 16 182
Sax Clifton, N.J. Joseph Damiano Dec 37.70 25.67 4 25 160
Brown, Edwards & Co. Roanoke, Va. Jason Hartman May 37.50 13.05 9 38 317
Brady, Martz & Associates Grand Forks, N.D. Todd Van Dusen Sept 37.29 0.13 5 41 236
Wiss & Co. Livingston, N.J. Paul Peterson Dec 37.00 NC 3 26 197
Briggs & Veselka Co. Houston John Flatowicz Sept 35.55 13.07 3 24 198
Lutz Omaha, Neb. Mark Duren April 35.05 7.38 2 26 175
Kreischer Miller Horsham, Pa. Christopher Meshginpoosh Dec 34.20 4.43 2 18 211
Arnett Carbis Toothman Charleston, W. Va. Steven Robey Dec 34.06 1.92 8 31 225
Somerset CPAs Indianapolis Pat Early Dec 33.77 6.30 3 32 173
Yeo & Yeo Saginaw, Mich. Thomas Hollerback Dec 33.55 9.39 8 11 217
Krost CPAs* Pasadena, Calif. Gregory Kniss Dec 33.47 31.41 7 8 141
Herbein & Co. Reading, Pa. Michael Rowley Sept 33.01 19.95 9 25 202
Peterson Sullivan Seattle Chris Russell Dec 31.81 4.98 1 21 199
Anders St. Louis Robert Minkler Dec 31.80 6.00 1 21 185
AAFCPAs Westborough, Mass. C. McCall / D. McManus Dec 30.10 12.73 3 25 190
ORBA Chicago Mark Thomson May 30.00 13.64 1 26 133
Janover Garden City, N.Y. Mark Goodman Dec 30.00 3.45 2 21 155
Perkins & Co. Portland, Ore. Jared Holum June 29.96 1.87 2 23 168
Johnson Lambert Vienna, Va. John Prescott Dec 29.55 12.57 8 19 184
REDW* Albuquerque, N.M. Steven Cogan Dec 29.54 6.87 2 30 207
Lurie Minneapolis Beth Kieffer Leonard April 29.25 1.39 1 17 152
Green Hasson Janks Los Angeles Tom Barry Dec 29.10 8.99 1 14 152
Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 28.96 1.29 6 33 188
Mize Houser & Co. Topeka, Kan. NA Dec 28.80 9.09 3 19 222
Dean Dorton Allen Ford Lexington, Ky. David Bundy June 28.71 12.10 3 24 210
Cain Watters & Associates Plano, Texas Dan Wicker Dec 28.69 8.96 1 11 141
Boulay Minneapolis Steven Behrns May 28.68 4.67 2 28 160
Hutchinson and Bloodgood Glendale, Calif. Richard Preciado Sept 28.65 4.95 4 33 121
Untracht Early Florham Park, N.J. T. Early / D. Untracht Dec 28.11 7.83 3 9 144
LaPorte Metairie, La. William “Ted” Mason Nov 27.22 2.76 5 15 174
Hertzbach & Co. Owings Mills, Md. Joel Chazen Dec 27.00 12.50 3 22 190
Keiter Glen Allen, Va. L. Michael Gracik Dec 27.00 4.25 1 20 166
Windes Inc.A Long Beach, Calif. John Di Carlo June 26.91 4.99 3 18 146
BeachFleischman Tucson, Ariz. Marc Fleischman Dec 26.82 4.85 2 22 163
Sensiba San Filippo Pleasanton, Calif. John Sensiba April 26.70 14.59 6 22 173
Smith & Howard Atlanta John Lucht Dec 26.64 2.26 1 11 111
Maxwell Locke & Ritter Austin, Texas Steven Knebel Dec 26.60 9.69 2 20 111
Porte Brown Elk Grove Village, Ill. Bruce Jones Dec 26.47 15.39 5 18 119
DiCicco, Gulman & Co. Woburn, Mass. Laurie Austin Dec 26.30 11.91 2 18 138
Calibre CPA Group Bethesda, Md. James Kokolas Dec 26.00 7.44 3 17 163
PKF Texas Houston Kenneth Guidry Dec 26.00 1.96 1 16 130
Whittlesey Hartford, Conn. Drew Andrews Dec 25.90 4.44 3 20 165
Windham Brannon Atlanta Heidi LaMarca Sept 25.84 1.81 1 13 161
* Firm estimate A Accounting Today estimate NC No change NA Not applicable/available

6
Leaders Achieving Change

Congratulations to our CPAmerica member firms that were named to

Accounting Today’s Top 100 Firms and Regional Leaders. We are
proud of our members who continue to improve through sharing.

2018 marks the 40th anniversary of CPAmerica International, an accounting association

made up of independent certified public accounting firms that is built on four key goals:
to continuously improve; to make more money; to strengthen relationships among
member firms; and to bring prestige to firms both domestically and internationally. As a
member of Crowe Horwath International, the eighth largest global accounting network,
CPAmerica expands to more than 200 independent accounting and advisory services
firms in more than 130 countries, and has a combined firm revenue of $3.7 billion. www.cpamerica.org
databank
niche services

2018 TOP 100 FIRMS DATABANK

Overview
Top 7 % Firms over % Firms under % Total Top %
firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $61,270.77 5.94% $10,601.29 8.32% $3,519.29 7.21% $75,391.35 6.33%
Partners 13,817 NA 6,096 NA 2,132 NA 22,045 NA
Professionals 146,841 5.79% 37,039 5.24% 13,673 4.38% 197,553 5.59%
Total employees 245,920 4.21% 52,643 7.70% 18,873 4.57% 317,436 4.79%

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 $21,040.58 34.34% $4,216.24 39.77% $1,231.17 34.98% $26,487.99 35.13%
Tax $14,984.50 24.46% $3,582.22 33.79% $1,213.45 34.48% $19,780.17 26.24%
MAS (consulting) $23,258.35 37.96% $2,229.71 21.03% $557.90 15.85% $26,045.96 34.55%
Notes: Some figures may not correspond exactly due to rounding.

Leaders in A&A Leaders in Tax Leaders in MAS

Ranked by revenue Ranked by revenue Ranked by revenue
Rev. share Fee Rev. share Fee Rev. share Fee
Top 7 firms ($ mn) split Top 7 firms ($ mn) split Top 7 firms ($ mn) split
PwC 6,560.40 42 PwC 3,905.00 25 Deloitte 9,089.99 49
Deloitte 5,379.79 29 Ernst & Young 3,770.00 29 PwC 5,154.60 33
Ernst & Young 4,160.00 32 Deloitte 3,153.67 17 Ernst & Young 4,030.00 31
KPMG 2,863.53 32 KPMG 2,493.63 28 KPMG 3,600.95 40
RSM US 750.15 38 RSM US 718.25 36 Grant Thornton 665.34 38
BDO USA 690.90 49 BDO USA 479.40 34 RSM US 495.39 25
Grant Thornton 630.32 36 Grant Thornton 455.23 26 BDO USA 239.70 17

Firms over $100 mn Firms over $100 mn Firms over $100 mn

CohnReznick 325.00 52 CliftonLarsonAllen 285.45 33 Crowe Horwath 381.29 45
CliftonLarsonAllen 311.40 36 Moss Adams 213.49 37 CBIZ & MHM 280.24 39
BKD 276.56 49 Crowe Horwath 211.83 25 Plante Moran 187.51 36
Crowe Horwath 254.19 30 CBIZ & MHM 194.01 27 Baker Tilly Virchow Krause 147.58 27
CBIZ & MHM 244.31 34 CohnReznick 181.25 29 Dixon Hughes Goodman 141.40 35

Firms under $100 mn Firms under $100 mn Firms under $100 mn

BlumShapiro 46.85 59 Frank, Rimerman + Co. 54.18 60 FGMK 43.12 44
Schellman & Co.* 46.76 100 Aprio 47.67 56 SC&H Group Inc. 35.49 64
Whitley Penn 44.33 46 BPM 43.15 50 Horne 35.44 43
RubinBrown 40.05 44 RubinBrown 38.23 42 Blue & Co. 33.08 42
Clark, Schaefer, Hackett & Co. 35.27 52 Seiler 38.15 70 PYA 31.17 69

Pacesetters in growth Overall Top 100 Firms

Revenue
($mn)
%
chg.
Frazier & Deeter
Raich Ende Malter & Co.
83.62
56.30
12.98
12.38
Ranked by % chg. Squar Milner 101.10 39.45
LBMC 96.87 11.87
Prager Metis 82.50 35.76
Revenue % Aprio 85.13 11.54
Firms over $100 mn. ($mn) chg. Armanino 248.00 27.18
Berkowitz Pollack Brant 66.80 11.33
Squar Milner 101.10 39.45 MGO 53.60 26.77
MCM CPAs 53.91 10.70
Armanino 248.00 27.18 Schellman & Co.* 46.76 22.96
EisnerAmper 352.60 10.60
Wipfli 282.30 22.05 Cohen & Co. 73.38 22.10
SVA 56.85 10.58
Carr, Riggs & Ingram 286.14 21.35 Wipfli 282.30 22.05
Carr, Riggs & Ingram 286.14 21.35 Weaver 115.20 10.45
Kearney & Co. 152.60 20.44
Kearney & Co. 152.60 20.44 Novogradac & Co. 136.54 10.15

Revenue % SingerLewak 53.52 19.57 Katz, Sapper & Miller 79.34 9.65
Firms under $100 mn. ($mn) chg. Hill, Barth & King 80.00 19.40 Moss Adams 577.00 9.49
Prager Metis 82.50 35.76 Withum 175.42 18.70 BDO USA 1,410.00 9.30
MGO 53.60 26.77 SC&H Group Inc. 55.45 16.39
Schellman & Co.* 46.76 22.96 Whitley Penn 96.37 15.94 Notes: * Firm estimate or projection. All Big
Cohen & Co. 73.38 22.10 Bennett Thrasher 50.41 15.41 Four revenue figures are gross, not net. For
SingerLewak 53.52 19.57 CliftonLarsonAllen 865.00 14.57 more details, see pages 16-19.

8
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niche
firm strategies
services
A drop concentrates the T100’s minds
BY DANIEL HOOD
I
n the halcyon period in the early years of
this century, accounting firms were able
to pursue a growth strategy that amoun-
ted to little more, in the words of one indu-
stry expert, than, “Answering the phone.”
Those days disappeared a decade ago,
in recession and retrenchment, and over
the past several years, firms have found
themselves working harder and harder
for growth, particularly the organic kind,
and despite the continued strength of the
M&A market in the profession, the average
growth rate of the Top 100 was down more
than two percentage points in 2017.
That has put a new emphasis on
growth for many of the firms on the list,
who have been looking at their strategic
priorities and ensuring that they all clearly
support their bottom lines.
REACHING OUT
To start, many are diving into the old-fash-
ioned work of business development —
though they’re often bringing new tools
and programs to the process.
At Kemper CPA Group in Indiana, for
instance, “We will focus on organic growth
and have implemented a number of
growth initiatives,” said partner-in-charge
of administration and HR Jill Koester.
“These initiatives include various em-
ployee incentive programs, niche deve-
lopment, firm-wide CRM implementation,
participation in programs offered by The
Rainmaker Companies, and the hiring of
an internal director of growth.”
Thomas Raffa, CEO of the Washing-
ton, D.C.-based Raffa Companies, reported
a similar intentional approach to bringing
on new clients: “During the past year, we
have also made a significant investment
in business development, reorganizing
our development team, proposal process,
and investing in new CRM software and
training. Utilizing these new tools, we’ve
10
expanded our reach into new sectors that
align with our mission.”
Still other firms are committed to
M&A, which has led to some of the strong-
est growth rates in the Top 100. “Wipfli
will continue to grow through mergers
and acquisitions in 2018, looking for op-
portunities in new geographies, and ex-
pansion of existing and new industry and
solution expertise,” said managing partner
Rick Dreher, whose firm recorded a 22
percent bump in revenue in 2017, along
with five mergers (and two so far in 2018).
He did note, however, that his firm also
‘How do we
stay motivated
and hungry?’
had strategies for organic growth: “These
will focus on helping our clients navigate
the changing industry landscapes prima-
rily through our value-added consulting
solutions and capturing the value of more
efficient delivery of our core services.”
The value-added services he is refer-
ring to are another critical part of the Top
100’s pursuit of growth.
BEYOND COMPLIANCE
One important thing to understand about
the difficulties with growth is that they
are tied increasingly to the profession’s
core offerings of audit, accounting and tax,
which are subject to intense fee pressure
because clients often perceive them as ser-
vices they are required to buy, as opposed
to services they want to buy. What’s more,
many of these services are being commo-
ditized by technology.
“Diminishing attest and compliance
margins will require an evolution of ser-
vice offerings with a focus on specializati-
on and value-added advisory,” explained
Alan Whitman, CEO of Baker Tilly Virchow
Krause. “Clients’ needs are becoming
more sophisticated ... firms that are unable
to pivot will not remain relevant.”
While technology is part of the prob-
em here, it can also be part of the solution,
according to Grassi & Co. CEO and MP
Louis Grassi: “As a result of technological
efficiencies and related automation, we are
capturing additional hours that will allow
us to focus even more on our clients’ needs
in a consulting capacity. ... Technology
frees up the time so even more accoun-
tants can serve as consultants.”
“Clients are no longer satisfied with
mere compliance,” he added. “They de-
mand and deserve trusted business ad-
visors to provide the assistance that will
drive their business success.”
SERVING THEIR BASE
Offering value-added services isn’t the
only way the Top 100 are pursuing growth;
for many, a renewed and deepened focus
on the client experience and client engage-
ment is front and center.
“We added a client experience leader
last year that focuses on our existing rela-
tionships and how to expand and better
serve those,” reported John Litchfield, the
COO of Tennessee-based LMBC. “We are
seeing great results from this.”
Deepening relationships with clients
— and developing stronger cross-selling
skills — is a major strategic priority for a
number of firms in the Top 100, but even
more common was simply doubling down
on very specific client bases: Industry spe-
cialization, often in conjunction with new,
value-added services narrowly aimed at
those clients’ needs, will keep many firms
busy in the coming year.
See STRATEGIES on 12
niche
top tax
services
firms

THE TOP TAX FIRMS

Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
PwC§ New York City Tim Ryan 3,905.00 25 15,620.00 6.69 92 58,133
Ernst & Young§ New York City Stephen Howe 3,770.00 29 13,000.00 6.38 82 43,500
Deloitte§ New York City Cathy Engelbert 3,153.67 17 18,551.00 5.90 115 84,890
H&R BlockP1 Kansas City, Mo. Jeff Jones 3,005.95 99 3,036.31 -0.06 10,036 87,500
KPMG§2 New York City Lynne Doughtie 2,493.63 28 8,960.00 3.82 110 3,5037
RSM US2 Chicago Joe Adams 718.25 36 1,978.88 7.22 90 9,560
BDO USA Chicago Wayne Berson 479.40 34 1,410.00 9.30 67 6,461
Grant Thornton Chicago J. Michael McGuire 455.23 26 1,750.89 3.45 59 8,339
Ryan Dallas G. Brint Ryan 450.81 100 450.81 4.21 54 2,216
Liberty Tax Services Liberty Beach, Va. Edward Brunot 408.00 100 408.00 -7.06 3,823 NA
CliftonLarsonAllen NA Denny Schleper 285.45 33 865.00 14.57 39 5,476
Andersen Tax San Francisco Mark Vorsatz 247.00 100 247.00 12.13 19 999
Moss Adams Seattle Chris Schmidt 213.49 37 577.00 9.49 27 2,883
Crowe Horwath Chicago James Powers 211.83 25 847.30 7.44 35 4,053
CBIZ & MHM3 Cleveland C. Spurio / A. Burczyk 194.01 27 718.57 8.71 75 3,826
CohnReznick New York City Frank Longobardi 181.25 29 625.00 1.13 27 2,647
Marcum New York City Jeffrey Weiner 178.42 38 469.53 4.57 22 1,403
BKD Springfield, Mo. Theodore Dickman 169.32 30 564.40 4.99 36 2,631
Baker Tilly Virchow Krause Chicago Alan Whitman 163.98 30 546.60 4.65 27 2,846
EisnerAmper New York City Charles Weinstein 144.57 41 352.60 10.60 13 1,378
Plante Moran Southfield, Mich. James Proppe 135.42 26 520.86 8.12 21 2,393
Dixon Hughes Goodman Charlotte, N.C. Matt Snow 129.28 32 404.00 2.54 29 1,950
Carr, Riggs & Ingram Enterprise, Ala. William Carr 114.46 40 286.14 21.35 30 1,811
Eide Bailly Fargo, N.D. Dave Stende 113.15 42 269.40 3.86 28 1,841
Holthouse Carlin & Van Trigt* W. Los Angeles, Calif. Philip Holthouse 105.64 76 139.00 8.32 11 546

Notes: § Gross revenue P Figures compiled from public company reports. NA Not available/applicable * Firm estimate
1 Staff figures include seasonal workers. 2 Reported fee split as dollar amount (given here) and percentage. 3 Office figures are for CBIZ;
MHM has 30 offices. For other notes, see pages 16-19.

STRATEGIES
from page 10
“We have a continued focus on buil-
ding out our industry groups, including
more specialized services for each indivi-
dual segment,” explained Anthony Caleca,
MP of Brown Smith Wallace in St. Louis.
“Through thoughtful talent acquisition, we
are expanding our industry group and ser-
vice area practices.”
At Baker Tilly, “We are continuing
our strategy development and execution
of select practices that represent growth
and are undergoing substantial evolution,”
according to Whitman. “These include
health care, financial services, manufac-
turing & distribution, risk, internal audit
and cybersecurity and construction & real
estate. While verticals are common in pro-
fessional services, the distinction for us is
our approach to industry ecosystems. For
example, we deliver more comprehensive
solutions for health care providers and
payers by connecting with our specialists
in financial services and real estate and
human capital services. This approach
enables us to be nimble in the way we res-
pond to client needs and market changes.”
THE WAR FOR TALENT
One of the most important obstacles to
growth is an issue the Top 100 have been
grappling with for several years now: the
ongoing difficulty in recruiting and re-
taining the necessary talent to staff en-
gagements (to say nothing of developing
potential successors).
In fact, it was by far the most common
issue faced by the Top 100, with almost half
citing it as a problem. While the profession
has been devising a standard toolkit for
making itself more attractive to candidates
— emphasizing work/life balance, impro-
ving firm culture, working to empower
staff earlier, and so on — some have gone
further, with innovative new approaches.
“Our Employee Advancement and
Retention Network Initiative at Freed
See STRATEGIES on 14

12
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firm
nichestrategies
services
STRATEGIES
from page 12
Maxick is a formal way to achieve retention
goals, along with promoting and providing
firm-wide advancement and recognition
opportunities,” explained Henry Koziol,
managing director of the New York State
firm. “Through EARN, our employees find
mentorship, guidance, knowledge, sup-
port, training and a customized approach
to their individual success. ... And with
the hiring of a new recruitment specialist
and career coach, we feel this will assist
us in further combating the recruiting and
retention issues that face firms of our size.”
Thomas Raffa noted that his firm
has “significantly low” turnover rates, but
warned, “This takes constant vigilance,
and so we continue to develop programs
... . We have hired individuals that act as
‘purpose advisors’ to our staff from the day
they start to the time they become mana-
gers. These advisors report to no one in the
company and are responsible only to the
staff and their needs.”
At RSM US, “Our talent development
culture is focused on year-round, real-time
fast feedback to help people perform their
best,” said national public relations direc-
tor Terri Andrews. “We will also continue
to provide unique training programs and
leadership development opportunities to
enable our professionals to achieve their
career objectives, and we will be honing
our new coaching program as well.”
She also noted that it’s not just about
attracting and retaining accountants any
more: “Firms of our size are also aug-
menting our recruiting processes to attract
new groups of talent — from cybersecu-
rity experts to data scientists to computer
programmers, our future workforce will
encompass new skill sets in addition to our
traditional CPA hires.”
THREAT AND OPPORTUNITY IN TECH
For most of the Top 100, the commoditi-
14
zation brought on by new software is less
of an issue than how best to quickly make
the most of the opportunities all these new
tools offer.
At Big Four firm KPMG, for instance,
chairman and CEO Lynne Doughtie ex-
plained, “Our investment platform is fund-
ing innovation where change and oppor-
tunity are most pronounced. Across our
businesses, we’re collaborating with clients
and alliance partners on new technologies,
solutions and tools in intelligent automati-
on, which includes cognitive, AI and RPA,
as well as blockchain. In addition, we are
heavily focused on cybersecurity — a ma-
jor concern for business leaders, govern-
ments and consumers. Through these
efforts, we’re helping companies unlock
value from nontraditional assets, such as
data, to drive better decisions and greater
efficiencies, ultimately transforming into
what we call a ‘21st Century Enterprise.’”
At a more granular level, many firms
cited an interest in cybersecurity, which
was the service offering most likely to have
been launched by a T100 Firm in 2017,
and an even larger number of firms will be
exploring the area this year.
It’s not the only tech-related service
out there, though, as Dixon Hughes Good-
man CEO Matt Snow made clear: “We are
continuing to develop new and relevant
service offerings as the industries we serve
continue to evolve in the new digital mar-
ketplace, namely in areas such as tax trans-
formation, cybersecurity, IT advisory ser-
vices, and data analytics services.”
While the members of the Top 100
may be excited about the opportunities,
and less concerned about the commodi-
tization, they are alive to one other major
risk from the rapid march of technology:
the risk of falling behind.
“The technology revolution won’t be
slowing down any time soon; it’s going to
speed up,” warned Armanino managing
partner Andy Armanino. “With automa-
tion, AI and blockchain, firms that aren’t
future-ready will not be competitive.”
Crowe Horwath CEO Jim Powers
echoed that sentiment: “We have to stay
on the cutting edge of technology and not
be afraid to adopt new uses and imple-
mentations of current and emerging tools,
methods and applications.” The firm is
investing heavily in innovation and new
product development, as well as differen-
tial service delivery platforms.
And while larger firms like Crowe and
KPMG may be out in front in innovating
and creating new tools, that doesn’t relieve
smaller firms on the list of the need to pay
attention. “Firms our size will not be deve-
loping the radical new technologies, but
will need to stay in close step with techno-
logy partners to stay on the leading edge
of adopting these game-changing techno-
logies,” explained Frank, Rimerman & Co.
MP Brian Kreischer. “Projecting the direc-
tion of these changes is critical to shifting
the development paths for our employees
and partners.”
Some of the Top 100 are already on
board with the sort of adoption Kreischer
was talking about. At Texas’ Whitley Penn,
“We will expand the use of data analytics
and automation to allow our teams to fo-
cus on the risk areas and let our systems
provide the data entry and manipulation,
giving us capacity to grow faster,” said MP
Larry Autrey.
STAYING FOCUSED
This strong focus on growth, and the
lower-than-average growth rates of this
year’s Top 100 Firms, shouldn’t obscure
the fact that the Top 100 are, almost by
definition, very successful businesses. Bet-
ter talent, more valuable services, deeper
client relationships, and an aggressive fo-
cus on technology will all help firms boost
their bottom lines — but only if they re-
alize the need to take those extra steps,
and look up from the flood of client work
to look down the road a bit. “We are suc-
cessful,” pointed out Carl Schultz, CEO of
SVA CPAs, in Wisconsin. “How do we stay
motivated and hungry?” AT
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 THE 2018 TOP 100 FIRMS
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Profes- % Total % (in percent)
18 17 Firm Headquarters Chief executive end mn. chg. Offices Partners sionals chg. emps. chg. A&A Tax MAS Other
1 1 Deloitte§ New York City Cathy Engelbert June 18,551.00 5.90 115 3,135 68,077 8.53 84,890 7.94 29 17 49 5
2 2 PwC§1 New York City Tim Ryan June 15,620.00 6.69 92 3,327 NA NA 58,133 0.62 42 25 33 0
3 3 Ernst & Young§ New York City Stephen Howe June 13,000.00 6.38 82 3,200 34,500 4.86 43,500 3.33 32 29 31 8
4 4 KPMG§2 New York City Lynne Doughtie Sept 8,960.00 3.82 110 2,178 25,928 1.59 35,037 2.77 32 28 40 0
5 5 RSM US3 Chicago Joe Adams April 1,978.88 7.22 90 799 7,079 8.71 9,560 8.28 38 36 25 1
6 6 Grant Thornton4 Chicago J. Michael McGuire Dec 1,750.89 3.45 59 615 6,415 -1.94 8,339 -1.84 36 26 38 0
7 7 BDO USA Chicago Wayne Berson June 1,410.00 9.30 67 563 4,842 5.28 6,461 6.67 49 34 17 0
8 9 CliftonLarsonAllen5 NA Denny Schleper Dec 865.00 14.57 39 735 4,081 1.92 5,476 14.66 36 33 5 26
9 8 Crowe Horwath Chicago James Powers Dec 847.30 7.44 35 314 3,041 9.51 4,053 11.38 30 25 45 0
10 10 CBIZ & MHM6 Cleveland Chris Spurio and
Andy Burczyk Dec 718.57 8.71 75 423 2,412 23.19 3,826 23.90 34 27 39 0
11 11 CohnReznick New York City Frank Longobardi Jan 625.00 1.13 27 271 1,892 -1.56 2,647 -2.83 52 29 9 10
12 13 Moss Adams Seattle Chris Schmidt Dec 577.00 9.49 27 327 1,915 12.12 2,883 11.36 42 37 21 0
13 12 BKD Springfield, Mo. Theodore Dickman May 564.40 4.99 36 272 1,843 3.77 2,631 4.03 49 30 21 0
14 14 Baker Tilly Virchow Krause Chicago Alan Whitman May 546.60 4.65 27 292 2,044 -5.72 2,846 5.10 39 30 27 4
15 15 Plante Moran Southfield, Mich. James Proppe June 520.86 8.12 21 268 1,705 8.32 2,393 6.40 38 26 36 0
16 16 Marcum New York City Jeffrey Weiner Dec 469.53 4.57 22 210 937 0.86 1,403 -2.09 44 38 8 10
17 17 Dixon Hughes Goodman Charlotte, N.C. Matt Snow May 404.00 2.54 29 239 1,327 1.76 1,950 1.67 33 32 35 0
18 18 EisnerAmper New York City Charles Weinstein Jan 352.60 10.60 13 176 951 -16.87 1,378 -5.62 50 41 9 0
19 20 Carr, Riggs & Ingram Enterprise, Ala. William Carr Sept 286.14 21.35 30 262 1,265 36.46 1,811 36.27 51 40 9 0
20 21 Wipfli Milwaukee Rick Dreher May 282.30 22.05 43 217 1,182 5.35 1,689 7.99 29 32 32 7
21 19 Eide Bailly Fargo, N.D. Dave Stende April 269.40 3.86 28 240 1,229 8.47 1,841 5.68 42 42 8 8
22 23 Armanino San Ramon, Calif. Andy Armanino Dec 248.00 27.18 10 103 709 20.17 958 25.39 22 36 37 5
23 22 Citrin Cooperman & Co. New York City Joel Cooperman Dec 242.00 5.22 10 208 587 2.09 930 3.33 45 40 6 9
24 24 Mazars USA New York City Victor Wahba Aug 189.00 1.07 9 117 571 2.88 838 3.71 40 38 22 0
25 26 Withum Princeton, N.J. William Hagaman June 175.42 18.70 12 117 530 2.71 809 3.59 42 43 7 8

Key and notes: Last year’s rankings have been revised based on 2016 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate § Gross revenue NC No change NA Not available or not applicable NR Not ranked
1 Revenue figures are Accounting Today estimates based on firm reports; all other figures are firm-supplied. 2 Firm reports business offices, not every physical location. It also reported its fee split as both
a rounded percentage (given here), and exact dollar amounts (given in the Databank on page 8). 3 For its fee split, RSM US reported both rounded percentages (given here) and exact dollar amounts
(given in the Databank on page 8). 4 Total personnel includes professionals in Grant Thornton’s Shared Services Center in Bangalore, India. 5 CLA does not have a headquarters location — there is no
single place from which the firm is controlled or directed. Individual teams/offices are empowered to make decisions as much as possible. 6 Office figures are for CBIZ; MHM has 30 offices.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Profes- % Total % (in percent)
18 17 Firm Headquarters Chief executive end mn. chg. Offices Partners sionals chg. emps. chg. A&A Tax MAS Other
26 25 Cherry Bekaert Richmond, Va. Howard Kies April 173.80 5.85 12 60 681 3.18 947 5.11 40 41 17 2

27 31 Kearney & Co. Alexandria, Va. Ed Kearney Dec 152.60 20.44 3 27 595 6.63 659 8.75 78 0 22 0

28 27 Sikich Naperville, Ill. Christopher Geier Dec 151.90 3.76 19 52 622 -0.16 754 -4.68 25 14 58 3

29 28 PKF O’Connor Davies New York City Kevin Keane Dec 150.00 8.30 9 100 590 5.36 812 3.05 53 30 14 3

30 29 Holthouse Carlin & Van Trigt* W. Los Angeles, Calif. Philip Holthouse Dec 139.00 8.32 11 51 407 9.41 546 8.76 18 76 0 6

31 35 Novogradac & Co. San Francisco Michael Novogradac Dec 136.54 10.15 27 55 439 5.53 576 6.08 57 30 3 10

32 32 UHY Advisors7 Chicago Anthony Frabotta Dec 135.50 7.11 17 74 455 -0.87 660 1.69 31 47 22 0

33 34 Warren Averett Birmingham, Ala. Mary Elliott Dec 133.10 6.99 14 145 506 -7.66 883 -4.75 40 36 4 20

34 30 Marks Paneth New York City Harry Moehringer Dec 131.00 2.34 9 87 479 5.74 686 4.10 38 50 4 8
35 38 Berdon* New York City Mark Bosswick and
Stu Kotler Dec 121.05 8.27 2 43 327 0.93 442 2.79 30 42 28 0

36 37 MBAF CPAs Miami Antonio Argiz June 120.00 6.86 10 75 425 5.46 585 5.60 35 45 14 6

37 33 Elliott Davis8 Greenville, S.C. Richard Davis June 120.00 -4.00 9 80 480 -8.05 699 -8.39 44 42 14 0

38 36 Rehmann Troy, Mich. Randy Rupp Dec 116.00 0.87 17 60 579 3.39 844 1.81 34 37 10 19

39 39 Weaver Fort Worth, Texas John Mackel May 115.20 10.45 9 83 410 11.72 599 11.13 36 41 16 7

40 42 The Bonadio Group* Pittsford, N.Y. Thomas Bonadio April 108.48 8.97 12 82 500 11.61 680 10.21 44 27 12 17

41 41 EKS&H Denver Robert Hottman Sept 105.90 6.33 3 64 439 4.77 613 3.72 39 40 21 0

42 40 Anchin New York City Frank Schettino Dec 104.00 0.97 1 56 245 1.24 374 0.81 44 43 13 0
43 43 Friedman New York City Harriet Greenberg
and Fred Berk Dec 103.00 5.10 8 70 311 0.97 464 0.87 45 45 10 0

44 58 Squar Milner Newport Beach, Calif. Stephen Milner Dec 101.10 39.45 9 41 328 21.48 458 27.22 34 54 12 0

45 44 FGMK Chicago Mario Donato Dec 98.00 2.08 2 67 362 9.04 452 7.11 21 35 44 0

46 45 LBMC Brentwood, Tenn. Jeff Drummonds Dec 96.87 11.87 3 44 405 6.30 514 5.11 29 32 17 22

47 47 Whitley Penn Fort Worth, Texas Larry Autrey Dec 96.37 15.94 5 55 359 3.46 479 10.37 46 38 0 16

48 46 RubinBrown St. Louis John Herber May 91.02 5.75 7 115 479 4.81 679 9.52 44 42 14 0

49 48 Frank, Rimerman + Co. Palo Alto, Calif. Brian Kreischer Dec 90.30 8.93 4 28 385 8.76 421 8.23 31 60 9 0

50 49 BPM San Francisco Jim Wallace Oct 86.30 4.61 7 41 308 11.19 433 9.34 38 50 12 0

Key and notes: Last year’s rankings have been revised based on 2016 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate § Gross revenue NC No change NA Not available or not applicable NR Not ranked
7 UHY Advisors and UHY LLP are affiliated through an alternative practice structure. 8 Changed name from Elliott Davis Decosimo.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Profes- % Total % (in percent)
18 17 Firm Headquarters Chief executive end mn. chg. Offices Partners sionals chg. emps. chg. A&A Tax MAS Other
51 54 Aprio Atlanta Richard Kopelman Dec 85.13 11.54 4 29 310 3.33 401 6.08 26 56 13 5

52 56 Frazier & Deeter Atlanta Seth McDaniel Dec 83.62 12.98 6 42 214 -0.47 296 10.04 35 36 0 29

53 67 Prager Metis New York City David Neste and

Glenn Friedman Jan 82.50 35.76 10 61 267 50.85 407 38.44 28 39 33 0

54 50 Horne Ridgeland, Miss. Joey Havens Dec 82.41 1.75 14 39 414 -1.90 561 -1.06 32 11 43 14

55 51 Schenck Appleton, Wis. Daniel Young Sept 80.30 -0.26 10 62 375 1.35 565 2.54 37 37 19 7

56 62 Hill, Barth & King Canfield, Ohio Chris Allegretti Aug 80.00 19.40 14 49 303 22.67 442 19.46 19 40 10 31

57 53 BlumShapiro West Hartford, Conn. Joseph Kask Dec 79.40 3.79 6 32 303 -5.61 423 -2.31 59 31 2 8

58 59 Katz, Sapper & Miller Indianapolis David Resnick Dec 79.34 9.65 3 39 318 17.78 420 15.07 24 43 15 18

59 52 Blue & Co. Carmel, Ind. Brad Shaw Dec 78.77 1.63 11 51 339 14.92 460 10.58 28 26 42 4
60 60 Schneider Downs Pittsburgh Timothy Hammer and
Steven Thompson Dec 76.30 7.77 2 43 372 10.39 448 7.43 45 33 22 0

61 68 Cohen & Co. Cleveland Randall Myeroff Sept 73.38 22.10 9 31 336 17.07 428 15.05 47 38 2 13

62 61 Honkamp Krueger & Co. Dubuque, Iowa Greg Burbach Dec 70.90 4.11 6 45 219 -6.01 450 -1.75 16 21 7 56

63 57 Doeren Mayhew Troy, Mich. Chad Anschuetz Sept 69.51 -4.20 5 62 200 -2.91 324 -1.52 40 31 14 15

64 65 RKL Lancaster, Pa. Edward Monborne Dec 67.93 9.21 14 42 283 -0.35 364 0.55 33 28 9 30

65 64 Clark, Schaefer, Hackett & Co. Cincinnati Carl Coburn June 67.82 4.92 6 28 289 -0.69 388 -0.51 52 36 6 6

66 63 Nigro Karlin Segal Feldstein & Bolno9 Los Angeles Mickey Segal Dec 66.95 3.00 5 28 234 -5.65 301 -2.90 16 10 0 74

67 69 Berkowitz Pollack Brant Miami Joseph Saka Dec 66.80 11.33 5 15 191 28.19 250 16.82 16 43 5 36

68 55 Kaufman Rossin Group Miami Blain Heckaman May 64.70 -13.73 5 44 234 -14.91 346 -14.14 39 37 15 9

69 66 K-Coe Isom Loveland, Colo. Jeff Wald March 64.55 5.56 19 56 211 -0.94 379 6.16 23 44 33 0

70 72 Grassi & Co.* New York City Louis Grassi Dec 61.90 7.65 4 33 200 NC 290 0.69 46 38 8 8

71 70 Postlethwaite & Netterville Baton Rouge, La. William Balhoff April 58.31 1.23 8 27 313 4.68 380 3.54 42 19 30 9

72 76 SVA Madison, Wis. Carl Schultz May 56.85 10.58 5 42 147 2.80 279 NC 16 21 13 50

73 78 Raich Ende Malter & Co. New York City Ellis Ende and

Charles Raich Dec 56.30 12.38 3 43 133 -2.92 213 -4.48 40 60 0 0

74 71 BerryDunn Portland, Maine John Chandler June 55.71 -3.23 6 16 232 5.45 286 4.76 44 14 41 1

75 82 SC&H Group Inc. Sparks, Md. Ronald Causey Dec 55.45 16.39 3 22 186 -5.10 243 -2.02 20 16 64 0

Key and notes: Last year’s rankings have been revised based on 2016 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate § Gross revenue NC No change NA Not available or not applicable NR Not ranked
9 Revenue figures are Accounting Today estimates; all other figures are firm-supplied.
 RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Profes- % Total % (in percent)
18 17 Firm Headquarters Chief executive end mn. chg. Offices Partners sionals chg. emps. chg. A&A Tax MAS Other

76 77 Seiler Redwood City, Calif. George Marinos Dec 54.50 6.65 3 18 159 -3.05 215 NC 6 70 0 24

77 73 Montgomery Coscia Greilich Plano, Texas Gary Boyd Dec 54.03 1.18 3 27 227 -5.42 284 -5.33 27 39 28 6

78 79 MCM CPAs Louisville, Ky. Diane Medley Dec 53.91 10.70 7 46 254 18.69 356 14.84 39 41 5 15

79 74 Aronson Rockville, Md. Larry Davis Dec 53.76 1.38 1 34 176 2.92 253 3.27 38 36 22 4

80 75 Skoda Minotti Cleveland Gregory Skoda Dec 53.66 3.43 4 38 192 2.13 291 0.34 31 25 7 37

81 92 MGO Los Angeles Kevin O’Connell Dec 53.60 26.77 11 32 221 16.93 288 12.06 50 11 7 32

82 86 SingerLewak Los Angeles Jim Pitrat Oct 53.52 19.57 10 44 199 48.51 278 10.76 40 41 5 14

83 80 BerganKDV St. Cloud, Minn. Loren Viere June 52.09 8.23 7 46 218 3.32 308 9.61 19 42 3 36

84 88 Bennett Thrasher Atlanta Jeff Eischeid June 50.41 15.41 1 36 194 8.99 268 8.06 30 58 2 10

85 81 Raffa Washington, D.C. Thomas Raffa Dec 50.00 4.17 2 19 242 -2.02 300 -1.32 15 9 0 76

86 84 Aldrich Salem, Ore. Martin Moll Dec 49.20 4.79 7 34 206 -12.71 291 -2.35 26 35 14 25

87 83 Freed Maxick CPAs* Buffalo, N.Y. Henry Koziol April 48.00 1.05 4 31 212 -7.83 289 -5.25 35 35 30 0

88 87 KLR Providence, R.I. Alan Litwin Dec 46.90 5.87 4 14 191 5.52 233 3.10 26 42 32 0

89 NR Schellman & Co.* Tampa, Fla. Chris Schellman Dec 46.76 22.96 1 14 126 14.55 162 15.71 100 0 0 0

90 90 Brown Smith Wallace St. Louis Anthony Caleca Dec 45.94 6.84 3 29 249 4.62 297 2.77 35 33 20 12

91 93 PYA Knoxville, Tenn. Edward Pershing Dec 45.17 8.53 5 19 162 7.28 245 4.26 11 20 69 0

92 91 Baker Newman & Noyes Portland, Maine Carl Chatto Dec 44.40 4.23 4 39 176 NC 257 -0.39 39 50 11 0

93 85 Mauldin & Jenkins Atlanta Donald Luker May 44.40 -0.89 6 44 181 0.56 283 4.81 64 29 2 5

94 89 Kemper CPA Group Evansville, Ind. John Rubenacker April 43.69 1.32 27 64 225 -7.41 330 -5.17 43 39 18 0

95 95 Miller Kaplan Arase North Hollywood, Calif. Douglas Waite Feb 43.50 5.45 6 26 148 7.25 205 5.13 56 20 21 3

96 94 Wolf & Co. Boston Mark O’Connell Sept 43.20 4.10 4 20 166 5.73 220 6.28 42 23 0 35

97 98 Vavrinek, Trine, Day & Co. Rancho Cucamonga, Calif. Kevin Pulliam Dec 42.50 8.14 9 41 183 2.23 255 5.81 71 21 8 0

98 96 Margolin, Winer & Evens Garden City, N.Y. Craig Savell Dec 41.30 0.49 2 25 150 -7.41 190 -6.40 60 30 10 0

99 97 Rea & Associates New Philadelphia, Ohio Don McIntosh Oct 40.86 0.64 11 22 173 3.59 240 3.90 42 34 11 13

100 NR PBMares Newport News, Va. Alan Witt Dec 40.30 7.52 9 39 122 -7.58 213 -2.74 27 42 10 21

Key and notes: Last year’s rankings have been revised based on 2016 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate § Gross revenue NC No change NA Not available or not applicable NR Not ranked
niches and clients
Niches and clients hang steady
BY DANIELLE LEE
N
iche services were a steady area
of growth for the 2018 Top 100
Firms, with this year’s in-demand
services remaining consistent with prior
years, though a few specialties shifted in
popularity.
The niche services where the most
Top 100 Firms reported growth generally
saw a very slight uptick over 2017, while
many in the top 10 stayed even with last
year’s numbers.
Attest was once again the No. 1 niche,
and the 83 percent of firms experiencing
growth was up 2 percentage points over
last year. Right behind it in the second slot,
state and local tax took a dip of a couple
of percentage points over 2017 but still
climbed one spot in the rankings at 76
percent, overtaking business valuations,
which fell six spots, and a whopping 13
percentage points, to 65 percent this year.
The third most in-demand niche, indus-
try specializations, climbed 6 percentage
points and four spots in 2017, with 74 per-
cent of firms reporting growth. Technology
consulting had even greater gains, vaulting
into the fourth spot at 73 percent, a 10 per-
centage point increase over last year.
The rest of the top 10 niches stayed
relatively steady, with international tax
and M&A still in the fifth and sixth spots,
respectively, with 72 and 71 percent of
the T100 reporting growing demand. Es-
tate/trust/gift tax planning dropped a few
rankings but was an area of growth for the
same proportion of firms as last year, at
71 percent. Behind business valuations,
nonprofits remained steady in position
and percentage, occupying the ninth spot
as a source of growth for 65 percent of
firms. Closing out the top 10 was retire-
ment plans, up a few spots at 60 percent.
Farther down the list were some larg-
er movements, with at least five niches
dropping double-digit percentage points.
22
Among them: forensics/fraud, litigation only compounded by clients unsure of
support, SOX compliance/risk manage- when to charge sales tax — especially the
ment, succession planning/family office, many technology companies that Bennett
and cost segregation. Thrasher serves that have Software-as-a-
One of the top niches for 2018 — state Service models that don’t align with out-
and local tax — was driven by regulatory dated legislation.
uncertainty, according to Stephen Brad- “Clients are reaching out to us, be-
shaw, senior manager in the SALT practice cause they get a notice from the state,”
at Atlanta’s Bennett Thrasher. Bradshaw said. “They want to get their
This relates to the Supreme Court’s books cleaned up, and they want to po-
1992 decision in Quill Corp. v. North tentially sell the company, and don’t want
Dakota, which established the physical a big sales tax liability hanging over their
presence test for sales and use tax nex- head.” In the process of aiding this trans-
us. In 2017, Bradshaw explained, many actional due diligence, Bradshaw has wit-
states cast aside that ruling in favor of nessed sales tax issues in the seven figures.
their own legislation. This confusion is See NICHES on 24
Top niche services
Percentage of firms increasing their business in these service areas
(of 78 firms responding)
Attest
SALT
Industry specializations
Tech consulting
International tax
M&A
Estate/trust/gift tax planning
Business valuations
Nonprofits
Retirement plans
Forensics/fraud
Bus. mgmt. for wealthy individuals
CAS/BPO
Litigation support
SOX compliance/risk mgmt.
Succession planning/family office
Employee benefits
Cost segregation
PFP
Strategic planning/biz plans
Investment advice/services
CFO/project staffing services
Business intelligence
Bus. mgmt. for small businesses
Cash flow forecasting/management
IFRS consulting
1031 like-kind exchanges
Bankruptcy /insolvency
Business management services
Financing arrangements
0 20 40 60 80 100
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niches and clients
NICHES
from page 22
Springfield, Mo.-headquartered BKD
attributed its SALT growth to three factors,
according to Robert Wagner, managing
partner of national tax services. “First, the
firm has a strategic focus to recruit and re-
tain experienced state and local tax talent
… Second, the types of clients BKD serves
continues to evolve. With the growth in
technology, energy and foreign-owned
companies, a greater need for special-
ized tax knowledge exists for clients to
be compliant with the various state and
local taxes imposed. Lastly, our clients
are requesting more assistance to address
new tax laws and regulations. States are
becoming more creative in adopting laws
to tax changing business models, and due
to the complexity of these changes, we are
seeing a greater need for state and local
tax consulting services.”
Another hot niche this year was nich-
es itself — industry specializations took
the third spot.
“Since its inception, our firm has al-
ways focused on niche services,” said Mi-
chael Kaplan, partner at L.A. CPA firm
Miller Kaplan Arase. “I believe we contin-
ue to see stand-out growth in these prac-
tice areas due to the fact that we’ve built
our reputation on putting the client first
and offer a team of nationally recognized
partners in each industry specialization.”
Behind industry specializations, tech-
nology consulting was, perhaps unsurpris-
ingly, a popular niche this year.
In 2017, San Ramon, Calif.-based Ar-
manino continued to grow its technology
practice, which, at $70 million, composes
the largest portion of the firm’s consult-
ing business. “The change I’m seeing in
the marketplace is that, many years ago,
companies were coming to us with an
immediate demand — a new ERP sys-
tem or a discrete need for a solution to
X and were finding something that they
24
Top client categories
Percentage of firms increasing their business with these types of clients
(of 78 firms responding)
Manufacturing
Midsized businesses
Construction
Real estate
Technology
Individuals
Professional services
Health care facilities
Nonprofits
Wholesale distributors
Pension plans
Large businesses
State and local government
Hotels & restaurants
Small businesses
Retail trade
Entertainment
Banking & thrift cos.
Colleges and universities
Auto dealerships
Brokers/dealers
Finance cos./mortgage banks
Investment cos. & mutual funds
Agriculture/farming/forestry/fishing
Government contractors
Insurance carriers/companies
Publishing/broadcasting/media
School districts
Franchising
Insurance agents & brokers
0 20 40 60 80 100
could implement that was project-based, U.S. expatriates who are living and work-
discrete projects-based, more times than ing abroad, either on a short-term basis or
not,” explained chief operating officer longer term.”
Matt Armanino. “[Now] the normal con-
versation we’re having is, ‘Help me think SAME AS LAST YEAR?
through how to really have a technolo- This year’s most in-demand client catego-
gy strategy, a cloud strategy, architecture, ries were very consistent with 2017’s rank-
[advise on the] investments being made, ings, though many of the top 10 fell a few
and to accomplish business objectives for points in terms of distribution throughout
the future.’” the Top 100.
International tax also experienced Manufacturing was once again No.
consistent growth this year. For New Eng- 1, with 83 percent of firms experiencing
land’s KLR, the demand was attributable to growth in that type of client, down three
how their clients conduct business today. percentage points over last year. Midsized
“Our clients are living and working in a businesses were also slightly down, at 76
truly global economy,” explained Paul Ol- percent, but retained the second spot.
iveira, the firm’s shareholder and director Construction (74 percent), real estate (73
of tax services. “As a result, our growth in percent), technology (72 percent) and in-
the international tax area has come from a dividuals (71 percent) occupied the next
mix of advisory work with U.S. companies four spots, as they did last year, with the
expanding into new foreign markets and See NICHES on 34
 regional overview

Slower growth for the regions

M
uch like the Top 100, our Re-
gional Leaders grew at a more
sedate pace than in 2016, with
seven out of 10 regions reporting average
firm growth rates that were lower than in
last year’s report.
With that said, the revenue totals
posted in almost all the regions were larger
than last year, and the combined Regional
Leaders netted $14.19 billion, up more
than a billion dollars from the $13 billion
in last year’s report. Boosting those reve-
nue figures was the addition of a number
of new Leaders this year, including Schell-
man & Co. in the Gulf Coast (which is also
a new member of the Top 100), Boston’s
Edelstein & Co., the Southwest’s Miller
Grossbard Advisors, and California’s Krost
CPAs, among others.
The one area of the country that post-
ed a smaller revenue total than last year
was the Great Lakes Region, and at least
part of that is due to the fact that we pro-
moted UHY Advisors out of the Regional
Leaders list. The Chicago-based firm has
such a broad presence across the country
that our editors decided to treat it as a na-
tional firm going forward.
Despite the subtraction of UHY, the
Great Lakes was one of only three regions
to report an average growth rate that was
higher than in last year’s report; it was
joined by the Southwest and the West in
that, and all three were helped by strong
merger & acquisition activity. AT
If your firm belongs on our Regional Lead-
ers list, e-mail AcToday@SourceMedia.com
to be included in next year’s survey.

THE 2018 REGIONAL LEADERS

Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
Total revenue: $1,061.26 million. Average firm growth: 8.46%
The region maintained healthy growth in 2017, though it was not quite as scorching as its double-digit
expansion in 2016. It also welcomed one of the few new Top 100 Firms this year — Tampa’s Schellman.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Carr, Riggs & Ingram Enterprise, Ala. 286.14 21.35 30 262 1,265 1,811 51 40 9 0
Warren Averett Birmingham, Ala. 133.10 6.99 14 145 506 883 40 36 4 20
MBAF CPAs Miami 120.00 6.86 10 75 425 585 35 45 14 6
Horne Ridgeland, Miss. 82.41 1.75 14 39 414 561 32 11 43 14
Berkowitz Pollack Brant Miami 66.80 11.33 5 15 191 250 16 43 5 36
Kaufman Rossin Group Miami 64.70 -13.73 5 44 234 346 39 37 15 9
Postlethwaite & Netterville Baton Rouge, La. 58.31 1.23 8 27 313 380 42 19 30 9
Schellman & Co.* Tampa, Fla. 46.76 22.96 1 14 126 162 100 0 0 0
Jackson Thornton & Co. Montgomery, Ala. 28.96 1.29 6 33 112 188 33 29 12 26
LaPorte Metairie, La. 27.22 2.76 5 15 126 174 54 38 8 0
Daszkal Bolton Boca Raton, Fla. 21.65 7.18 3 11 99 142 29 64 5 2
Barfield, Murphy, Shank & Smith Birmingham, Ala. 20.64 12.73 5 23 105 156 39 35 5 21
Heard, McElroy & Vestal Shreveport, La. 20.20 4.66 2 16 74 116 39 44 13 4
Saltmarsh, Cleaveland & Gund Pensacola, Fla. 18.54 12.36 5 19 110 148 34 26 10 30
Gerson Preston Klein Lips Eisenberg & Gelber Miami 17.00 -7.10 2 12 39 68 NA NA NA NA
Watkins, Ward & Stafford West Point, Miss. 13.99 8.37 16 25 106 157 54 38 8 0
Kabat, Schertzer, De La Torre, Taraboulos Miami 13.00 19.82 3 10 78 100 31 55 8 6
Kushner LaGraize Metairie, La. 11.84 -8.07 1 9 38 58 17 63 6 14
Vestal & Wiler Orlando, Fla. 10.00 NC 1 8 39 53 54 46 0 0

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

25
regional
tktktkt leaders

Top Firms: Mid-Atlantic

New Jersey, New York and Pennsylvania
Total revenue: $3,592.97 million. Average firm growth: 6.37%
With its growth rate off two full percentage points from the previous year, the region ranked in the lower half by growth,
but still topped the ranks by sheer revenue, and had one of the fastest growing firms in the country in Prager Metis.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
CohnReznick New York City 625.00 1.13 27 271 1,892 2,647 52 29 9 10
Marcum New York City 469.53 4.57 22 210 937 1,403 44 38 8 10
EisnerAmper New York City 352.60 10.6 13 176 951 1,378 50 41 9 0
Citrin Cooperman & Co. New York City 242.00 5.22 10 208 587 930 45 40 6 9
Mazars USA New York City 189.00 1.07 9 117 571 838 40 38 22 0
Withum Princeton, N.J. 175.42 18.70 12 117 530 809 42 43 7 8
PKF O’Connor Davies New York City 150.00 8.30 9 100 590 812 53 30 14 3
Marks Paneth New York City 131.00 2.34 9 87 479 686 38 50 4 8
Berdon* New York City 121.05 8.27 2 43 327 442 30 42 28 0
The Bonadio Group* Pittsford, N.Y. 108.48 8.97 12 82 500 680 44 27 12 17
Anchin New York City 104.00 0.97 1 56 245 374 44 43 13 0
Friedman New York City 103.00 5.10 8 70 311 464 45 45 10 0
Prager Metis New York City 82.50 35.76 10 61 267 407 28 39 33 0
Schneider Downs Pittsburgh 76.30 7.77 2 43 372 448 45 33 22 0
RKL Lancaster, Pa. 67.93 9.21 14 42 283 364 33 28 9 30
Grassi & Co.* New York City 61.90 7.65 4 33 200 290 46 38 8 8
Raich Ende Malter & Co. New York City 56.30 12.38 3 43 133 213 40 60 0 0
Freed Maxick CPAs* Buffalo, N.Y. 48.00 1.05 4 31 212 289 35 35 30 0
Margolin, Winer & Evens Garden City, N.Y. 41.30 0.49 2 25 150 190 60 30 10 0
Sax Clifton, N.J. 37.70 25.67 4 25 93 160 41 45 3 11
Wiss & Co. Livingston, N.J. 37.00 NC 3 26 137 197 52 30 18 0
Kreischer Miller Horsham, Pa. 34.20 4.43 2 18 172 211 41 38 16 5
Herbein & Co. Reading, Pa. 33.01 19.95 9 25 149 202 36 42 18 4
Janover Garden City, N.Y. 30.00 3.45 2 21 99 155 30 57 10 3
Untracht Early Florham Park, N.J. 28.11 7.83 3 9 116 144 23 65 4 8
Perelson Weiner New York City 25.35 4.06 1 16 38 70 20 80 0 0
Gettry Marcus CPA Woodbury, N.Y. 22.90 5.05 2 21 53 98 46 43 0 11
Spielman Koenigsberg & Parker New York City 22.27 6.56 1 6 45 63 23 43 34 0
Buchbinder Tunick & Co. New York City 20.50 1.99 3 21 85 118 80 14 6 0
Wilkin & Guttenplan* East Brunswick, N.J. 18.00 5.20 3 15 67 98 44 48 3 5
Lumsden & McCormick Buffalo, N.Y. 17.20 2.99 1 14 67 94 53 32 12 3
Bowman & Co. Voorhees, N.J. 16.04 4.84 2 18 64 98 91 9 0 0
BST & Co. CPAs Albany, N.Y. 15.95 8.50 2 19 52 90 33 30 14 23
Boyer & Ritter Camp Hill, Pa. 15.89 14.98 4 12 68 100 54 37 3 6
RBT CPAs Newburgh, N.Y. 13.54 20.68 4 11 80 102 58 31 11 0

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

26
 regional leaders

Top Firms: Capital Region

Delaware, Maryland, Virginia, Washington, D.C., and West Virginia
Total revenue: $736.16 million. Average firm growth: 8.48%
The region turned in a strong growth rate, a little lower than in the previous year but buoyed by some stand-
out performances, including one of the fastest growing firms in the Top 100, Kearney & Co., and one of the
fastest growing Regional Leaders, Smith Elliott Kearns & Co.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Kearney & Co. Alexandria, Va. 152.60 20.44 3 27 595 659 78 0 22 0
SC&H Group Inc. Sparks, Md. 55.45 16.39 3 22 186 243 20 16 64 0
Aronson Rockville, Md. 53.76 1.38 1 34 176 253 38 36 22 4
Raffa Washington, D.C. 50.00 4.17 2 19 242 300 15 9 0 76
PBMares Newport News, Va. 40.30 7.52 9 39 122 213 27 42 10 21
Brown, Edwards & Co. Roanoke, Va. 37.50 13.05 9 38 238 317 60 39 1 0
Arnett Carbis Toothman Charleston, W. Va. 34.06 1.92 8 31 159 225 38 30 32 0
Johnson Lambert Vienna, Va. 29.55 12.57 8 19 145 184 76 14 3 7
Cotton & Co. Alexandria, Va. 27.40 -16.97 1 11 169 195 28 0 33 39
Hertzbach & Co. Owings Mills, Md. 27.00 12.50 3 22 142 190 40 50 10 0
Keiter Glen Allen, Va. 27.00 4.25 1 20 112 166 41 52 3 4
Calibre CPA Group Bethesda, Md. 26.00 7.44 3 17 129 163 76 11 0 13
Tate & Tryon Washington, D.C. 25.12 11.30 2 13 117 138 65 6 1 28
YHB CPAs Winchester, Va. 24.47 7.23 7 24 90 138 44 42 12 2
Gelman, Rosenberg & Freedman Bethesda, Md. 24.23 5.35 1 16 69 110 68 30 2 0
Ellin & Tucker1 Baltimore 20.66 1.77 2 15 65 106 43 39 18 0
Gross Mendelsohn & Associates Baltimore 20.41 -0.10 2 17 80 115 40 30 30 0
Smith Elliott Kearns & Co. Hagerstown, Md. 19.00 22.10 6 21 125 166 42 38 12 8
KatzAbosch Timonium, Md. 17.52 4.47 3 22 49 94 32 52 16 0
KWC CPAs Alexandria, Va. 12.82 18.37 2 15 52 77 23 67 10 0
RS&F Owings Mills, Md. 11.31 2.82 3 6 52 63 17 45 24 14

Notes: * Firm estimate NA Not available/applicable 1 Revenue and personnel figures do not include M&A figures from a related entity.

4.69%
6.56% 5.17%

6.37%
11.68% 10.11%

8,48%

8.01%
4.4

Where the growth is

Average individual firm growth rate,
in percent by region

27
regional leaders

Top Firms: New England

Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
Total revenue: $508.37 million. Average firm growth: 4.69%
Average firm growth was down for the second year in a row in the region, though they generated more revenue than in
2016, helped in part by a new addition to the regional list, Boston’s Edelstein & Co.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BlumShapiro West Hartford, Conn. 79.40 3.79 6 32 303 423 59 31 2 8
BerryDunn Portland, Maine 55.71 -3.23 6 16 232 286 44 14 41 1
KLR Providence, R.I. 46.90 5.87 4 14 191 233 26 42 32 0
Baker Newman & Noyes Portland, Maine 44.40 4.23 4 39 176 257 39 50 11 0
Wolf & Co. Boston 43.20 4.10 4 20 166 220 42 23 0 35
AAFCPAs Westborough, Mass. 30.10 12.73 3 25 132 190 60 22 18 0
DiCicco, Gulman & Co. Woburn, Mass. 26.30 11.91 2 18 95 138 30 52 18 0
Whittlesey Hartford, Conn. 25.90 4.44 3 20 130 165 40 30 30 0
Gray, Gray & Gray Canton, Mass. 23.00 13.30 2 8 100 126 45 35 20 0
Edelstein & Co. Boston 18.66 4.66 1 10 64 87 18 46 0 36
O’Connor & Drew Braintree, Mass. 16.80 11.26 2 16 72 102 70 13 0 17
Walter & Shuffain Boston 14.70 1.73 2 8 45 60 39 57 4 0
Macpage South Portland, Maine 13.30 2.31 3 18 68 96 35 33 21 11
Melanson Heath & Co.1 Nashua, N.H. 12.28 5.05 5 11 66 93 76 21 2 1
DiSanto Priest & Co. Warwick, R.I. 11.30 3.67 1 11 40 62 28 54 18 0
Gallagher, Flynn & Co. South Burlington, Vt. 11.10 3.74 2 10 53 73 NA NA NA NA
Meyers Brothers Kalicka Holyoke, Mass. 9.80 -2.00 1 5 36 52 56 40 4 0
Nathan Wechsler & Co. Concord, N.H. 8.72 8.19 3 6 31 45 32 58 8 2
MahoneySabol Glastonbury, Conn. 8.40 6.33 3 5 42 51 50 40 10 0
ALL CPAs Chestnut Hill, Mass. 8.40 2.44 1 9 30 49 32 63 5 0

Notes: NA Not available/applicable 1 Figures do not reflect July 2017 mergers with Lapointe, Torrisi, Stanley & Co. and JC Driscoll & Co.

Where the growth is, Pt. 2

Average individual firm growth rate,
in percent by region
12

10

0
The Great Capital Gulf The Mountain Mid- The New The
West Lakes Region Coast Southwest Atlantic Midwest England Southeast

28
 regional leaders

Top Firms: Mountain

Colorado, Idaho, Montana, Utah and Wyoming
Total revenue: $580.92 million. Average firm growth: 6.56%
High growth at Richey May & Co., Haynie & Co., and Tanner flattered the average for the region, which remained
above the Top 100 average — though lower than in 2016, in part due to the removal of mainstay Hein by M&A.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
EKS&H Denver 105.90 6.33 3 64 439 613 39 40 21 0
K-Coe Isom Loveland, Colo. 64.55 5.56 19 56 211 379 23 44 33 0
RGL Forensics* Denver 39.40 4.51 18 32 106 175 0 0 0 100
Anderson ZurMuehlen & Co. Helena, Mont. 25.80 -1.15 7 28 134 199 41 42 6 11
Anton Collins Mitchell Denver 24.10 9.30 4 18 124 166 37 53 10 0
Tanner Salt Lake City 23.47 19.62 1 13 84 110 58 23 12 7
Richey May & Co. Englewood, Colo. 21.38 26.43 2 14 117 146 43 47 10 0
Squire & Co. Orem, Utah 18.77 13.90 1 16 72 105 31 28 34 7
Haynie & Co. Salt Lake City 16.00 33.33 6 10 98 123 41 48 2 9
WSRP Salt Lake City 13.95 -1.55 3 13 75 98 54 34 8 4
JCCS Great Falls, Mont. 13.02 0.46 6 18 68 114 38 47 3 12
Dalby, Wendland & Co. Grand Junction, Colo. 13.02 -3.77 4 11 48 80 18 13 61 8
MHP Cheyenne, Wyo. 11.49 1.77 2 10 52 74 40 40 4 16
HintonBurdick CPAs St. George, Utah 11.09 5.22 6 12 56 84 63 25 0 12
Stockman Kast Ryan & Co. Colorado Springs, Colo. 9.00 1.47 1 9 49 68 28 60 4 8

Top Firms: The Southwest

Arizona, New Mexico, Oklahoma and Texas
Total revenue: $588.97 million. Average firm growth: 8.01%
Only the second of the three regions to outperform the previous year, the Southwest boasted
an average growth rate more than two percentage points higher than in 2016, and particu-
larly strong showings from Regional Leaders Miller Grossbard Advisors and McConnell &
Jones, both in Houston.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Weaver Fort Worth, Texas 115.20 10.45 9 83 410 599 36 41 16 7
Whitley Penn Fort Worth, Texas 96.37 15.94 5 55 359 479 46 38 0 16
Montgomery Coscia Greilich Plano, Texas 54.03 1.18 3 27 227 284 27 39 28 6
Briggs & Veselka Co. Houston 35.55 13.07 3 24 151 198 37 50 7 6
REDW* Albuquerque, N.M. 29.54 6.87 2 30 136 207 45 25 15 15
Cain Watters & Associates Plano, Texas 28.69 8.96 1 11 97 141 10 18 0 72
BeachFleischman Tucson, Ariz. 26.82 4.85 2 22 108 163 29 50 3 18
Maxwell Locke & Ritter Austin, Texas 26.60 9.69 2 20 73 111 34 42 0 24
PKF Texas Houston 26.00 1.96 1 16 105 130 50 50 0 0
Hagen, Streiff, Newton & Oshiro Dallas 25.22 6.68 11 16 62 90 0 0 70 30
Henry & Horne Tempe, Ariz. 24.90 8.73 3 18 108 154 30 60 9 1
Lane Gorman Trubitt Dallas 24.00 NC 1 18 75 106 44 38 9 9
Johnson, Miller & Co. CPAs Odessa, Texas 19.99 -7.58 3 13 86 113 30 54 5 11
McConnell & Jones Houston 12.69 26.39 4 7 62 83 72 18 10 0
Huselton, Morgan & Maultsby Dallas 11.82 5.07 3 7 64 83 29 71 0 0
MiddletonRaines+Zapata Houston 11.18 -0.53 3 8 57 78 20 70 10 0
MaloneBailey Houston 10.20 -7.94 1 6 38 50 100 0 0 0
Miller Grossbard Advisors Houston 10.17 28.09 1 3 32 40 26 60 6 8
Notes: * Firm estimate NA Not available/applicable NC No change

29
regional leaders

Top Firms: The Great Lakes

Illinois, Indiana, Michigan, Ohio and Wisconsin
Total revenue: $2,289.24 million. Average firm growth: 10.11%
The region with the second-highest average growth, the Great Lakes was also one of only three that outperformed the
previous year — helped no doubt by strong showings from Wipfli, CDH and Kutchins, Robbins & Diamond.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Plante Moran Southfield, Mich. 520.86 8.12 21 268 1,705 2,393 38 26 36 0
Wipfli Milwaukee 282.30 22.05 43 217 1,182 1,689 29 32 32 7
Sikich Naperville, Ill. 151.90 3.76 19 52 622 754 25 14 58 3
Rehmann Troy, Mich. 116.00 0.87 17 60 579 844 34 37 10 19
FGMK Chicago 98.00 2.08 2 67 362 452 21 35 44 0
Schenck Appleton, Wis. 80.30 -0.26 10 62 375 565 37 37 19 7
Hill, Barth & King Canfield, Ohio 80.00 19.4 14 49 303 442 19 40 10 31
Katz, Sapper & Miller Indianapolis 79.34 9.65 3 39 318 420 24 43 15 18
Blue & Co. Carmel, Ind. 78.77 1.63 11 51 339 460 28 26 42 4
Cohen & Co. Cleveland 73.38 22.1 9 31 336 428 47 38 2 13
Doeren Mayhew Troy, Mich. 69.51 -4.20 5 62 200 324 40 31 14 15
Clark, Schaefer, Hackett & Co. Cincinnati 67.82 4.92 6 28 289 388 52 36 6 6
SVA Madison, Wis. 56.85 10.58 5 42 147 279 16 21 13 50
Skoda Minotti Cleveland 53.66 3.43 4 38 192 291 31 25 7 37
Kemper CPA Group Evansville, Ind. 43.69 1.32 27 64 225 330 43 39 18 0
Rea & Associates New Philadelphia, Ohio 40.86 0.64 11 22 173 240 42 34 11 13
Somerset CPAs Indianapolis 33.77 6.30 3 32 99 173 36 31 33 0
Yeo & Yeo Saginaw, Mich. 33.55 9.39 8 11 164 217 38 23 5 34
ORBA Chicago 30.00 13.64 1 26 85 133 34 56 10 0
Porte Brown Elk Grove Village, Ill. 26.47 15.43 5 18 77 119 49 39 12 0
Brady Ware & Co.* Miamisburg, Ohio 19.90 13.71 4 28 106 146 33 53 14 0
Barnes, Dennig & Co. Cincinnati 19.78 4.38 3 26 75 120 53 38 7 2
Maner Costerisan* Lansing, Mich. 19.72 4.56 1 20 72 106 44 20 12 24
Wegner Madison, Wis. 16.82 12.36 6 13 100 127 57 34 6 3
Warady & Davis Deerfield, Ill. 16.50 0.92 1 23 65 97 45 51 1 3
Hawkins Ash CPAs La Crosse, Wis. 16.01 4.71 8 16 103 129 44 39 1 16
Apple Growth Partners Akron, Ohio 13.06 13.17 4 8 99 122 38 46 0 16
CDH Itasca, Ill. 12.80 25.61 3 5 70 90 26 39 28 7
Kutchins, Robbins & Diamond* Schaumburg, Ill. 12.75 23.79 2 14 47 70 46 43 11 0
Clayton & McKervey Southfield, Mich. 12.55 4.85 1 9 46 66 50 50 0 0

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

12
No. of Illinois firms
in the Top 100 and

8
Regional Leaders

No. of Ohio firms

30
 regional leaders

Top Firms: The Midwest

Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota
Total revenue: $1,455.65 million. Average firm growth: 5.17%
After reporting fairly strong growth for 2016, the region took it more slowly in 2017 — with only two firms registering
double-digit growth: MarksNelson, and Mueller Prost, both in Missouri.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BKD Springfield, Mo. 564.40 4.99 36 272 1,843 2,631 49 30 21 0
Eide Bailly Fargo, N.D. 269.40 3.86 28 240 1,229 1,841 42 42 8 8
RubinBrown St. Louis 91.02 5.75 7 115 479 679 44 42 14 0
Honkamp Krueger & Co. Dubuque, Iowa 70.90 4.11 6 45 219 450 16 21 7 56
BerganKDV St. Cloud, Minn. 52.09 8.23 7 46 218 308 19 42 3 36
Brown Smith Wallace St. Louis 45.94 6.84 3 29 249 297 35 33 20 12
Brady, Martz & Associates Grand Forks, N.D. 37.29 0.13 5 41 148 236 43 46 11 0
Lutz Omaha, Neb. 35.05 7.38 2 26 123 175 29 31 10 30
Anders St. Louis 31.80 6.00 1 21 130 185 19 47 4 30
Lurie Minneapolis 29.25 1.39 1 17 104 152 39 49 8 4
Mize Houser & Co. Topeka, Kan. 28.80 9.09 3 19 138 222 70 23 7 0
Boulay Minneapolis 28.68 4.67 2 28 102 160 33 31 18 18
MarksNelson Kansas City, Mo. 23.50 12.98 1 20 95 146 44 31 25 0
Abdo, Eick & Meyers Edina, Minn. 23.00 6.48 2 23 120 169 45 50 5 0
Redpath & Co. St. Paul, Minn. 22.20 9.90 2 16 110 157 46 42 12 0
Mueller Prost St. Louis 20.01 14.54 3 18 105 144 32 43 25 0
Allen, Gibbs & Houlik Wichita, Kan. 18.45 2.16 1 13 80 116 37 29 31 3
Seim Johnson Omaha, Neb. 17.86 7.40 1 20 51 83 42 30 27 1
Olsen Thielen & Co. Roseville, Minn. 15.76 2.20 2 11 71 100 41 33 26 0
KPM CPAs Springfield, Mo. 15.70 3.29 2 21 52 93 42 32 26 0
Williams-Keepers Columbia, Mo. 14.55 4.83 2 13 55 88 51 43 6 0

Notes: NA Not available/applicable NC No change

Where the money is

Combined 2017 revenues, in millions of dollars by region

4000

3500

3000

2500

2000

1500

1000

500

0 Mid- Great The The The Gulf Capital The Mountain New
Atlantic Lakes West Midwest Southeast Coast Region Southwest England

31
regional leaders

Top Firms: The Southeast

Arkansas, Georgia, Kentucky, North Carolina, South Carolina and Tennessee
Total revenue: $1,423.35 million. Average firm growth: 4.48%
The region reported the lowest average growth rate, though Savannah-based Regional
Leader Hancock Askew posted standout growth above 23 percent.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Dixon Hughes Goodman Charlotte, N.C. 404.00 2.54 29 239 1,327 1,950 33 32 35 0
Cherry Bekaert1 Richmond, Va. 173.80 5.85 12 60 681 947 40 41 17 2
Elliott Davis2 Greenville, S.C. 120.00 -4.00 9 80 480 699 44 42 14 0
LBMC Brentwood, Tenn. 96.87 11.87 3 44 405 514 29 32 17 22
Aprio Atlanta 85.13 11.54 4 29 310 401 26 56 13 5
Frazier & Deeter Atlanta 83.62 12.98 6 42 214 296 35 36 0 29
MCM CPAs Louisville, Ky. 53.91 10.70 7 46 254 356 39 41 5 15
Bennett Thrasher Atlanta 50.41 15.41 1 36 194 268 30 58 2 10
PYA Knoxville, Tenn. 45.17 8.53 5 19 162 245 11 20 69 0
Mauldin & Jenkins Atlanta 44.40 -0.89 6 44 181 283 64 29 2 5
Dean Dorton Allen Ford Lexington, Ky. 28.71 12.10 3 24 158 210 31 46 21 2
Smith & Howard Atlanta 26.64 2.26 1 11 69 111 45 53 2 0
Windham Brannon Atlanta 25.84 1.81 1 13 120 161 30 52 18 0
GreerWalker Charlotte, N.C. 23.17 6.04 2 13 73 106 29 49 0 22
Moore Colson Marietta, Ga. 22.11 1.80 1 19 69 102 40 33 27 0
Alexander Thompson Arnold Union City, Tenn. 21.61 6.51 17 21 130 168 58 35 4 3
VonLehman & Co. Ft. Wright, Ky. 19.99 6.05 3 18 68 113 42 41 17 0
WebsterRogers* Florence, S.C. 18.00 0.56 9 20 89 129 16 50 5 29
Bernard Robinson & Co. Greensboro, N.C. 15.76 -0.51 3 15 99 134 43 51 6 0
Hancock Askew & Co. Savannah, Ga. 14.47 23.68 3 11 63 89 55 35 9 1
TJS Deemer Dana Dublin, Ga. 13.60 10.30 3 17 26 81 61 28 0 11
Porter Keadle Moore Atlanta 13.20 -0.83 1 12 51 75 47 18 35 0
Blackburn, Childers & Steagall Johnson City, Tenn. 12.28 4.07 3 11 71 94 46 47 7 0
Beall Barclay* Fort Smith, Ark. 10.66 -1.30 3 12 51 77 55 40 5 0
Notes: NA Not available/applicable NC No change * Firm estimate 1 Cherry Bekaert is headquartered in Virginia, but has operations
throughout the Southeast 2 Changed name from Elliott Davis Decosimo

Where the money is, Pt. 2

Combined 2017 firm revenues

T100 under
Regional T100 over $100 mn
Leaders $100 mn ($3.52 bn)
Top 7 Firms ($14.19 bn) ($10.60 bn)
($61.27 bn)

32
 regional leaders

Top Firms: The West

California, Nevada, Oregon and Washington
Total revenue: $2,234.14 million. Average firm growth: 11.68%
The last of the three regions to grow faster than in the previous year, the West also turned in the strongest performance,
with the only double-digit average growth rate among the Regional Leaders. It’s also home to three of the five fast-
est-growing firms in the Top 100 — Squar Milner, Armanino, and MGO — as well as two of the fastest growing Regional
Leaders Krost CPAs, which is new to the list, and Sweeney Conrad. It was also the beneficiary of one of the year’s biggest
deals, when Moss Adams merged in the Mountain Region’s Hein & Associates.

Rev. % Profess- Total ———— Fee split ————

Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Moss Adams Seattle 577.00 9.49 27 327 1,915 2,883 42 37 21 0
Armanino San Ramon, Calif. 248.00 27.18 10 103 709 958 22 36 37 5
Holthouse Carlin & Van Trigt* W. Los Angeles, Calif. 139.00 8.32 11 51 407 546 18 76 0 6
Novogradac & Co. San Francisco 136.54 10.15 27 55 439 576 57 30 3 10
Squar Milner Newport Beach, Calif. 101.10 39.45 9 41 328 458 34 54 12 0
Frank, Rimerman + Co. Palo Alto, Calif. 90.30 8.93 4 28 385 421 31 60 9 0
BPM San Francisco 86.30 4.61 7 41 308 433 38 50 12 0
Nigro Karlin Segal Feldstein & Bolno1 Los Angeles 66.95 3.00 5 28 234 301 16 10 0 74
Seiler Redwood City, Calif. 54.50 6.65 3 18 159 215 6 70 0 24
MGO Los Angeles 53.60 26.77 11 32 221 288 50 11 7 32
SingerLewak Los Angeles 53.52 19.57 10 44 199 278 40 41 5 14
Aldrich Salem, Ore. 49.20 4.79 7 34 206 291 26 35 14 25
Miller Kaplan Arase North Hollywood, Calif. 43.50 5.45 6 26 148 205 56 20 21 3
Vavrinek, Trine, Day & Co. Rancho Cucamonga, Calif. 42.50 8.14 9 41 183 255 71 21 8 0
Clark Nuber Bellevue, Wash. 38.60 6.63 1 22 147 201 49 42 0 9
Gursey | Schneider Los Angeles 38.11 4.53 6 16 131 182 4 32 0 64
Krost CPAs* Pasadena, Calif. 33.47 31.41 7 8 86 141 12 12 0 76
Peterson Sullivan Seattle 31.81 4.98 1 21 154 199 39 58 3 0
Perkins & Co. Portland, Ore. 29.96 1.87 2 23 127 168 25 49 21 5
Green Hasson Janks Los Angeles 29.10 8.99 1 14 119 152 35 35 13 17
Hutchinson and Bloodgood Glendale, Calif. 28.65 4.95 4 33 64 121 38 50 12 0
Windes Inc.A Long Beach, Calif. 26.91 4.99 3 18 NA 146 NA NA NA NA
Sensiba San Filippo Pleasanton, Calif. 26.70 14.59 6 22 118 173 37 54 9 0
Geffen Mesher & Co. Portland, Ore. 21.57 1.84 1 18 73 111 28 70 2 0
Gumbiner Savett Santa Monica, Calif. 20.00 NC 1 10 80 104 40 50 8 2
Genske Mulder & Co.* Costa Mesa, Calif. 19.67 15.98 4 24 62 98 42 54 4 0
Abbott, Stringham & Lynch San Jose, Calif. 19.00 4.40 1 14 70 97 32 59 4 5
OUM & Co. San Francisco 18.90 7.39 2 11 65 84 45 48 7 0
Delap* Lake Oswego, Ore. 18.50 2.83 2 14 74 104 32 60 8 0
RINA Accountancy Corp. Walnut Creek, Calif. 16.79 2.57 4 10 53 79 25 64 2 9
Hood & Strong San Francisco 16.67 6.38 3 15 77 102 55 45 0 0
Lindquist San Ramon, Calif. 16.32 7.09 5 11 77 113 98 1 0 1
Bader Martin Seattle 15.07 1.28 1 10 59 94 30 70 0 0
Sweeney Conrad Bellevue, Wash. 14.08 25.04 1 11 62 84 26 70 4 0
Jones & Roth CPAs Eugene, Ore. 12.25 5.60 4 9 59 85 51 40 3 6

Notes: * Firm estimate NA Not available/applicable NC No change A Accounting Today estimate

1 Revenue figures are AT estimates; all other figures are firm-supplied.

33
niches and clients
NICHES
from page 24
percentage of distribution trending only
slightly downward.
Tied with individuals at 71 percent,
professional services overtook nonprofit
organizations in popularity. Nonprofit or-
ganizations fell five percentage points to
be even with the upward-trending health
care facilities, tied at 65 percent. Also mov-
ing up were wholesale distributors, oc-
cupying the tenth spot on the list, up 6
percentage points to 60 percent.
Karin Gale, shareholder and manu-
facturing and distribution team leader at
Appleton, Wis.-based Schenck, believes
manufacturers’ adaptability is responsi-
ble for their top spot. “We’re seeing man-
ufacturers focusing significant resources
around cutting-edge technology as a way
to reduce risk and enhance their long-term
sustainability,” said Gale. “At Schenck,
we’ve done the same. We offer clients in-
novative tools to help their manufacturing
organizations meet the scope of their busi-
ness challenges, including access to spe-
cialists in human resources, operations,
risk and technology. In addition, our ex-
pertise in addressing their international,
tax and financial reporting needs provides
valuable insight to aid their decision-mak-
ing and ultimately help them grow.”
Meanwhile, Ridgeland, Miss.-head-
quartered Horne credits its commitment
to the construction industry as helping
the firm grow that client base. “Our con-
struction team members work exclusively
on construction clients,” said Joel Bobo,
partner-in-charge of Horne’s construction
services. “This focus allows us to provide
relevant advisory services, collaborate
with clients on anticipatory insights, and
provide services which help improve their
profitability and growth. Our construction
team members also collaborate with other
focus areas in our firm to assist many con-
34
tractors with succession and exit planning,
which is common for many family-owned
businesses.”
For Miami firm Kaufman Rossin, its
South Florida location has been beneficial
to growing not only its construction client
base, but its real estate clientele. “As the
real estate market continues to evolve,
deals are becoming more complicated
and often require a more specialized ap-
proach,” explained Marc Feigelson, prin-
cipal of assurance and advisory services.
“Companies in this industry face many
challenges, from increasing competition
that is driving up prices and labor to rising
‘The consulting team and
the CPA team work hand
in hand to serve our clients
using data to help
support our ... findings.’
compliance costs, and so being flexible
and creative in deal structuring is often
key. We’ve helped numerous clients in this
arena … . In recent years, we’ve expanded
our real estate and construction practice
area by continuing to build our specialized
service offerings such as cost segregation,
real estate private equity advisory, interna-
tional and domestic transaction advisory.”
New York City-based CohnReznick’s
success in real estate is similarly mar-
ket-driven. “Our national commercial real
estate practice continues to experience
strong year-over-year growth due to ex-
ceptional market conditions in that indus-
try, as well as our expanded service offer-
ings for all property sectors and markets
throughout the capital stack,” said chief
growth officer Thomas Fassett.
Armanino’s Matt Armanino attributes
the firm’s growing roster of technology
clients to two distinct things: “The tech-
nology industry has been a massive area of
focus and growth for Armanino for many
years now. It’s by far our largest industry
niche, at almost 40 percent of the firm’s
revenue. We have a deep specialization
and expertise with technology companies.
Last year, the market for technology com-
panies was a strong market. There was a
shift from companies that have been may-
be doing M&A transactions now back into
a true, healthy IPO cycle. There were a lot
of new opportunities to support existing
technology clients, and get new opportu-
nities for companies.”
Aldrich CPAs + Advisors in the North-
west provides a similar mix of accounting
and advisory services to one of its fast-
est-growing client bases: health care facili-
ties. “Our health care services team has ex-
panded our offerings to include consulting
to provide the total practice solution,” said
Kate Othus, partner and health care ser-
vices director. “The consulting team and
the CPA team work hand in hand to serve
our clients using data to help support our
recommendations and findings. While the
CPA team effectively handles their compli-
ance and accounting needs, the consulting
team provides a deep-dive look into the
business side of medicine by conducting
practice assessments, and also helps our
clients evaluate their growth initiatives and
needs by facilitating strategic planning.” AT

2018 Top 100 highlights
Aldrich: In October 2017, acquired a
Pasadena, Calif.-based construction ac-
counting practice. Added a chief financial
officer and a chief operating officer.
Anchin: In February 2017, held its third
annual Anchin Construction & Develop-
ment Forum.
Aprio: In January 2017, rebranded from
Habif, Arogeti & Wynne. In March, merged
in Birmingham, Ala.-based Yeager & Boyd.
In January 2018, merged in Atlanta-based
RRB Business Services. Added a process
improvement service offering.
Armanino: In February 2017, formed
a charitable giving arm, the Armanino
Foundation. In March, merged in Cali-
fornia-based Bernstein Business Manage-
ment Group. In May, joined the BlackLine
partner program. In June, merged in El
Segundo and San Jose, Calif.-based Team
Jenn Corp., and the Brenner Group, in
Menlo Park, Calif. Promoted its largest
internal partner class ever.
Aronson: Expanded learning and de-
velopment platform, adding a director.
Implemented new performance manage-
ment process and technology. Made in-
vestments and saw growth in a number
of advisory services, including technology
risk, enterprise risk management, and ac-
counting advisory services.
Baker Newman & Noyes: Saw “great
growth” in advisory services, particularly
the health care and biotech industries.
Baker Tilly Virchow Krause: Launched
Center for the Return of Manufacturing.
Created online Healthcare and Tax Reform
Resource Centers, and Disaster Recovery
Online Resource. Launched Revenue Cy-
cle Innovation Center.
BDO USA: In April 2017, merged in Jack-
sonville, Fla.-based LBA Wealth Advisors,
and Virginia-based Hilton Consulting. In-
vesting “significant resources” in cybersec-
urity, and technology and risk advisory.
Bennett Thrasher: In May 2017, moved
to brand-new office space. Added risk ad-
visory service and tax controversy services.
Near to completing a 10-year transition to
the next generation of leadership. Saw rev-
enue growth of over 15 percent. Named an
Accounting Today Best Firm to Work For.
Berdon: In July 2017, merged in New
York City-based Koch Group & Co. En-
hanced strategic planning process to in-
clude all levels of professionals and vari-
ous administrative functions.
BerganKDV: In July 2017, merged in
Farmington, Minn.-based Beltz, Kes, Dar-
ling & Associates. Chose new chief exec-
utive officer, to take office in July 2018.
Moved Iowa city and Coralville staff to a
new office.
Berkowitz Pollack Brant: Added two
new offices, in West Palm Beach, Fla., and
New York City.
BerryDunn: In July, merged in Portland,
Maine-based Compass Health Analytics.
BKD: In May 2017, merged in Den-
ver-based Paragon Audit & Consulting. In
January 2018, acquired financial institu-
tion practice of Houston-based Harper &
Pearson Co.
Blue & Co.: In January 2017, merged
in third-party benefit plan administrator
Indiana Benefits Inc. Now offering IT risk
management solutions.
BlumShapiro: Launched an innova-
tions office to focus on capitalizing on new
technologies. Formalized technology, life
science, clean energy, and food and bever-
age industry groups.
The Bonadio Group: In October 2017,
merged in the nursing home practice of
Rochester, N.Y.-based EFPR Group. In No-
vember, merged in Buffalo, N.Y.-based Vin-
cent J. Muffoletto CPA.
BPM: In July 2017, combined with Eu-
gene, Ore.-based information security firm
firm highlights
Info@Risk. Committed to growing special-
ty services in risk advisory, corporate tax
and transactional advisory services.
Brown Smith Wallace: Launched a
three-year strategic plan. Updated the
firm’s mission, vision and values. Launched
new service offerings, including business
performance consulting; refocused effort
on industry segments.
Carr, Riggs & Ingram: In February 2017,
merged in Nashville, Tenn.-based Rayburn
Fitzgerald, and Florida-based Proctor,
Crook, Crowder & Fogal. In July, merged in
Atlanta-based AGH. In November, merged
in New Mexico-based RPC CPAs.
CBIZ & MHM: In June 2017, acquired
private equity consulting firm CMF Asso-
ciates. In December, acquired Newport
Beach, Calif.-based McKay & Carnahan.
In February 2018, acquired Denver-based
M&A due diligence services provider Lau-
rus Transaction Advisors.
Cherry Bekaert: In October 2017, elect-
ed a new managing partner (its first female
MP), to be installed in May 2018. In No-
vember, acquired Nashville, Tenn.-based
Frasier, Dean & Howard, and Washington,
D.C.-area Berlin Ramos & Co.; established
new tech solutions arm with acquisition of
consultancy The Computer Solution Co. of
Virginia. In January, acquired Alpharetta,
Ga.-based Windward Tax.
Citrin Cooperman: In October 2017,
merged in New York-based Kera & Co. In
January 2018, merged in Bethesda, Md.-
based Schneider & Associates. Added a
number of lateral partners in specialty
services.
Clark, Schaeffer, Hackett & Co.: In July
2017, merged in Toledo, Ohio-based Lub-
linSussman Group. New service revenues
in leadership and development, as well as
HR consulting.
CliftonLarsonAllen: In January 2017,
merged with Reno, Nev.-based The Bosma
Group, Las Vegas-based Main Amundson
and Associates, and Oregon’s Mack, Rob-
erts & Co. In June, merged in Glendora,
35
firm highlights
Calif.-based Vicenti, Lloyd & Stutzman.
In January 2018, merged in Los Ange-
les-based NSBN.
Cohen & Co.: In October, merged in
Baltimore-based Arthur Bell. Made “a sig-
nificant number” of lateral hires; increased
total staff by over 15 percent.
CohnReznick: Launched its first subsid-
iary in Europe; launched Cloud Solutions
Group.
Crowe Horwath: In April 2017, merged
in cybersecurity risk management firm
SDGblue. In October, merged in San Fran-
cisco-based Rowbotham International. In
January 2018, merged in Atlanta-based risk
consulting firm TRU8 Solutions. Opened
offices in San Jose, Calif., and downtown
Los Angeles. Marked its 70th anniversary.
Deloitte: In January 2017, opened block-
chain lab in New York City. In March,
acquired McLean, Va.-based cloud con-
sulting firm Day 1 Solutions. In August,
acquired Swedish creative agency Acne.
In November, launched Auvenir audit-
ing technology for small firms. In January
2018, partnered with Tableau to launch
data analytics and visualization tool for tax
departments.
Dixon Hughes Goodman: In February
2017, merged in Nashville, Tenn.-based
health care consulting firm HDR Con-
sulting. Developed and expanded people
strategy. Developed new offerings, mostly
in advisory services.
Doeren Mayhew: In January 2017,
merged in Swiss tax firm Emerson & Part-
ner U.S. Tax. In October, installed new
managing shareholder.
Eide Bailly: In January 2017, merged
in Spokane, Wash.-based Langerhorst &
Self-Merritt CPAs. In June, merged in Des
Moines, Iowa-based Roth & Co. In Octo-
ber, merged in Orem, Utah-based Haw-
kins Advisors. In December, merged in
Texas-based Davis Kinard & Co. In Janu-
ary 2018, merged in Denver-based Heider,
Tanner & Dirks, and American Fork, Utah-
based digital forensics and data recovery
36
No. of
mergers
reported by
the T100:
120
firm Decipher Forensics. Announced plans
to merge in Gooding, Idaho-based France,
Basterrechea, Wagner & Bunn in May.
EisnerAmper: In January 2017, merged
in Princeton, N.J.-based Field & Higgins,
and New York City-based Goldberg CPA.
In December, merged in New York-based
Cohen & Schaeffer. Created the Eisner-
Amper Center for Family Business Excel-
lence, and partnered with a tech company
to start a health care advisory company.
EKS&H: Established an investment
banking operation.
Elliott Davis: In October, shortened
name from Elliott Davis Decosimo. Tran-
sitioned from an office-centric focus to a
“One Firm” focus. “Clarified and consoli-
dated” several industry service lines. Cre-
ated a shared service platform to centrally
provide general/administrative services.
Ernst & Young: In February 2017, ac-
quired the technology platform assets of
TaxChat. In July, merged in family enter-
prise business services firm Headwaters
SC. In December, announced a new chair
and manager partner-elect (its first female
MP), who will take office in July 2018. In
January 2018, merged in San Diego-based
RPR Partners and Portland, Ore.-based
digital design firm Citizen; opened learn-
ing hub in Hoboken, N.J.
FGMK: Expanded offerings in its spe-
cialty tax practice, family office, real estate,
financial services, M&A, and profit en-
hancement consulting service lines.
Frank, Rimerman & Co.: Saw revenue
growth of almost 9 percent.
Frazier & Deeter: Saw revenue growth
of almost 13 percent.
Freed Maxick: Installed a new man-
aging director. Updated firm governance
documents. Developed a business intelli-
gence and data analytics practice. Added
a career coach and recruiting specialist,
and a training and development specialist.
Marking its 60th anniversary in 2018.
Friedman: Installed new co-manag-
ing partners. Launched a digital curren-
cy practice and a cybersecurity practice.
Named an Accounting Today Best Firm to
Work For.
Grant Thornton: Saw double-digit
growth in advisory services, and in five
industry groups. Made major investments
in brand-building with PGA and golf spon-
sorships. Added a chief economist.
Grassi & Co.: In January 2017, merged in
Ronkonkoma, N.Y.-based James Bohl CPA
PC, and Scarsdale, N.Y.-based Bernstein &
Seidman. Entered the New Jersey market
with an office in Bergen County. Enhanced
consulting services.
Hill, Barth & King: In September 2017,
merged in Pittsburgh-based appraisal firm
Brabender Mascetta Pattison. In October,
acquired Fort Myers, Fla.-based Sally Friz-
zell Coleman CPA; HBKS Wealth Advi-
sors merged in Philadelphia-based Locust
Capital Management.
Holthouse Carlin & Van Trigt: Marked
25th anniversary in 2017. Appointed a
new COO. Saw growth and momentum in
M&A, private equity, and trust and estate
services practices.
Honkamp Krueger & Co.: In January
2018, acquired Iowa-based Gabelmann &
Associates. Continued expansion of deci-
sion-support services.
Horne: Developed new tech solutions
for government services team and fran-

chise outsourcing team. Expanding cyber-
services footprint. Opened project offic-
es in South Carolina, North Carolina and
West Virginia.
Katz, Sapper & Miller: Grew overall staff
by more than 15 percent.
Kaufman Rossin Group: Organic
growth a “key driver.” Seeing growth in
South Florida, particularly in outsourced
accounting for small businesses and fam-
ily offices; bank consulting services; and
real estate services.
K-Coe Isom: In July 2017, merged in
Missouri-based Baer & Co. In Decem-
ber, merged in Des Moines, Iowa-based
agricultural training and consulting firm
Praedium Ventures. New market focus on
specialty transportation and beverage dis-
tribution. Named a new chair.
Kearney & Co.: Grew net revenue by
more than 20 percent. Named an Account-
ing Today Best Firm to Work For.
Kemper CPA Group: Marking its 60th
anniversary in 2018. Fastest growing spe-
cialty service — CAS/BPO; fastest growing
client category — nonprofits.
KLR: In December 2017, merged Kir-
adjieff & Goode Inc. into KLR Executive
Search Group.
KPMG: In May 2017, broke ground on 55-
acre learning facility in Orlando, Fla. In Au-
gust, announced expansion of its data and
analytics program to nine more colleges
and universities. In October, launched Ig-
nite, a portfolio of AI tools. Over the course
of 2017, created alliances with ADP, Auto-
mation Anywhere, BlackLine, Blue Prism,
Case Commons, Dell Boomi, JDA Software
Group, Nasdaq’s BWise, and Ping Identity.
In January 2018, announced plans to ac-
quire the identity and access management
business of Silicon Valley-based Cyberinc.
LBMC: In April 2017, merged an Atlan-
ta-based Intacct practice into its technol-
ogy group. In August, merged in Tennes-
see-based business outsourcing compa-
ny W Squared. Returned to double-digit
growth in traditional service lines.
Marcum: In April 2017, named a chief
human capital officer. In May, merged in
New Haven, Conn.-based Meyers, Harri-
son & Pia. In June, merged in the Califor-
nia-based construction accounting prac-
tice of Warren Hennagin; MP was named
chairman and CEO.
Margolin, Winer & Evens: Announced
succession plan in February 2017; installed
new managing partner in January 2018.
Marks Paneth: In February 2017,
merged in New York City-based Shedler
& Cohen. In November, expanded to Con-
necticut by merging in Stamford-based
Dylewsky, Goldberg & Brenner. In Janu-
ary 2018, merged in New York City-based
Buck, Sturmer & Co. Opened an office in
Boca Raton, Fla.; expanded office space in
Parsippany, N.J.
Mauldin & Jenkins: In October 2017,
merged in Columbia, S.C.-based Derrick,
Stubbs & Stith. Elected a new managing
partner to take office in August 2018.
Mazars USA: In November, merged in
New York City-based Elliot Horowitz & Co.
Invested in cybersecurity and related con-
sulting. Launched new training curricula,
and leadership and soft-skill programs.
MBAF CPAs: Expanded cybersecuri-
ty services. Added a number of manag-
ing principals to oversee specific offices
and markets. Hired a team to coordinate
learning and development across the firm.
Named an Accounting Today Best Firm to
Work For.
MCM CPAs: In August 2017, merged in
Indianapolis-based K.B. Parrish & Co. Saw
rapid growth in several niches, including
auto dealerships, construction, hospitality
and insurance.
MGO: Launched a cannabis practice.
Opened its first international office in
Delhi, India. Doubled its entertainment,
sports and media practice.
Miller Kaplan Arase: Invested heavily in
training and development. Moved to a new
firm highlights
location in San Francisco.
Montgomery Coscia Greilich: Fastest
growing specialty service — M&A; fastest
growing client category — private equity.
Moss Adams: In August 2017, announced
plans to merge with Denver-based Top 100
Firm Hein & Associates. In September,
merged in Seattle-based Rona Consulting
Group.
Nigro Karlin Segal Feldstein & Bolno:
Revenue figures are Accounting Today esti-
mates; all other data is firm-supplied.
Novogradac & Co.: Grew revenue by
over 10 percent; increased number of em-
ployees by over 6 percent.
PBMares: New to the list. Fastest grow-
ing specialty service — cyber-related ser-
vices; fastest growing client category —
government contractors.
PKF O’Connor Davies: In January 2017,
merged in Suffern, N.Y.-based Scialo, Rei-
mann & Varley CPA.
Plante Moran: In July 2017, installed
new MP.
Postlethwaite & Netterville: In May,
elected new CEO and managing director,
to take office in May 2018. Saw an increase
in “non-CPA personnel, special projects
and project management-related services.”
Prager Metis: In January 2017, merged in
Morganville, N.J.-based Bernknopf Group,
and Los Angeles-based Stuart A. Ditsky
CPA. In August, merged in Miami-based
Vizcaino Zomerfeld. In October, merged
in Cameo Wealth & Creative Management
Inc. and the Asteri Group. In January 2018,
merged in New York City-based Geibelson,
Young & Co., and U.K.-based Smallfield
Cody. Created new technology entity.
PwC: In January 2017, announced $11
million investment in Carnegie Mellon’s
new Risk and Regulatory Services Inno-
vation Center; announced acquisition of
GE’s tax unit, with 600 professionals and its
tax technologies. In May, acquired corpo-
rate asset recovery company The Locator
Service Group. In September, announced
37
firm highlights
launch of independent law firm, ILC Legal.
In February 2018, announced sale of its
U.S. public sector business.
PYA: Grew revenue by over 8 percent.
Fastest growing specialty service — valua-
tion services; fastest growing client catego-
ry — health care facilities.
Raffa: In March 2017, acquired em-
ployee engagement tool developer Aspire;
launched global e-mentoring partnership.
More than 60 percent of owners and 60
percent of staff are women. Launched Raf-
fa Social Capital Advisors to support social
impact investors seeking investment.
Raich Ende Malter & Co: Added foren-
sic/fraud accounting services. Saw reve-
nue growth of over 12 percent.
Rea & Associates: In November 2017,
merged in Cleveland-based Walthall CPAs.
Continued to further learning and devel-
opment efforts, and to implement strategic
plan.
Rehmann: In January 2018, merged in
Bonita Springs, Fla.-based Wiebel, Hen-
nells & Carufe; Naples, Fla.-based CPA
Jana Knudson; and Lansing, Mich.-based
Godfrey Wise Berg CPAs.
RKL: In October 2017, merged in Me-
chanicsburg, Pa.-based Padden, Guerrini
& Associates. In January 2018, merged tech
consulting firm Arxis Technology into its
RKL eSolutions unit. Expanded focus of its
financial services industry group.
RSM US: Marked its 91st anniversary. In
March 2017, acquired assets of consulting
firm Athens Partners and launched First-
Choice Advisor Center. In December 2017,
launched RSM Canada. In January 2018,
acquired Cleveland-based security and
privacy consulting firm SecureState.
RubinBrown: In June 2017, merged
in Las Vegas-based Archibald & Barney.
In December, expanded to Chicago by
merging in FLS Group. In January 2018,
merged in St. Louis-based Goltermann &
Associates.
SC&H Group: Saw growth in technol-
38
ogy advisory and CFO advisory services,
and “large growth” in investment banking
services. Named an Accounting Today Best
Firm to Work For.
Schellman & Co.: New to the list. Saw
revenue growth of almost 23 percent.
Schenck: Transitioning to a new man-
aging partner, and a new COO. Joined the
Leading Edge Alliance.
Schneider Downs: Expanded capabil-
ities and service offerings in the high-
net-worth family office space; expanded
cybersecurity practice.
Seiler: Added an office.
Sikich: In January 2017, installed new
managing partner. In March, acquired em-
ployee benefit services business, Milwau-
kee-based Evolution Retirement Services.
SingerLewak: In January 2017, merged
in South San Francisco, Calif.-based Good
& Fowler. In December, merged in Tor-
rance, Calif.-based Kakimoto & Nagashi-
ma.
Skoda Minotti: Named an Accounting
Today Best Firm to Work For.
Squar Milner: In November 2017,
merged in Campbell, Calif.-based Loom-
is & Co., and San Francisco-based DZH
Phillips.
SVA: Saw revenue growth of over 10 per-
cent. Expects “rapid growth” in technology
consulting.
No. of
new CEOs
elected or
installed:
12
UHY Advisors: In February 2017, ac-
quired Byrne International. In January
2018, acquired Raleigh, N.C.-based soft-
ware implementation firm Bright Point
Consulting. “Greatly enhanced” cyberse-
curity services.
Vavrinek, Trine, Day & Co.: Added a
cybersecurity division.
Warren Averett: In April 2017, merged
Kinsight into Warren Averett Asset Man-
agement. Installed new CEO. Opened an
office in Chennai, India.
Weaver: Opened an office in New York.
Grew investment fund practice; invested
in health care services; rebuilt forensic and
litigation practice. In February 2018, ac-
quired the tax practice of Houston-based
Condon & Co.
Whitley Penn: In January 2017, merged
in Texas-based Wagner, Eubank & Nichols,
and Texas-based Hanner & Associates. In
March, merged in specialty litigation ser-
vices firm OverMont Consulting. Saw “sig-
nificant organic growth in each market.”
Wipfli: In January 2017, merged in Chi-
cago-based BIK & Co. In February, merged
in Chicago-based Horwich Coleman
Levin, and Minneapolis-based Barefoot
Technologies. In September, launched
website development service. In October,
merged in Great Falls, Mont.-based Re-
gional Leader Joseph Eve. In December,
merged in Milwaukee-based Sattell, John-
son, Appel & Co. In January 2018, merged
in Chicago-based Kessler Orlean Silver &
Co. In February, merged in Denver-based
Bauerle & Co.
Withum: In April 2017, united with part-
ner PWM Advisory Group to form Withum
Wealth Management. In May, merged in
IT consulting firm Portal Solutions. In Sep-
tember, merged in Bethesda, Md.-based
Regional Leader Bond Beebe.
Wolf & Co.: Named an Accounting Today
Best Firm to Work For. Integrated separate
audit and tax groups. Reorganized to focus
on niches.
 Are you one of the
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2018 For 2018 program information, please visit:

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Accounting Today’s 11th annual

Vol. 31 I No. 11 I November 2017
IF YOU BUILD IT ... P.27
CPAs should ask these questions before
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TARGET: CPAS P.29
The increasing threat of cybersecurity breaches
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LANDING THE BIG FISH P.37
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THE TOP WORKPLACES IN ACCOUNTING FOR 2017. SEE PAGE 9
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