You are on page 1of 136

ADP

Bank of America Practice Solutions
CCH, a part of Wolters Kluwer
CPA2Biz Inc.
CPAmerica International
PKF North America
SurePayroll
Thomson Reuters
2014 TOP 100 FIRMS
3
One State St. Plaza, 27th Fl., New York, NY 10004
Phone: (212) 803-8200/Fax: (212) 843-9614
http://www.accountingtoday.com
Editor-in-Chief Daniel Hood
Managing Editor Tamika Cody
Senior Editors Roger Russell, Danielle Lee
Art Director Javier Samaniego
ADVERTISING AND BUSINESS SERVICES
Senior Vice President
and Group Publisher Rob Whitaker
Publisher Jack Lynch (212) 803-8803
Advertising Director Matthew Moore
Ad Sales Coordinator Susan Korcynski
Material in Accounting Today may not be repro-
duced without express written permission.
For article reprints: Godfrey R. Livermore,
Tel: (888) 909-6366 Fax: (212) 843-9624
Publishers Copy Protection Clause: Advertisers and
agencies assume liability for all content (including
text, representation and illustrations) of advertis-
ments and responsibility for claims arising there
from made against the publisher.
Copyright © 2014 Accounting Today and Source-
Media, Inc. All rights reserved.
SOURCEMEDIA INC.
W
hile we may some-
times find putting to-
gether our annual Top
100 Firms and Region-
al Leaders lists tiring, we never get tired
of the report itself.
For one thing, it’s constantly new.
The last decade has seen tremendous
changes in the accounting landscape,
with everything from major economic
trends to regulation to waves of M&A
re-arranging the profes-
sion. These changes are
reflected in the report —
in the new firms charg-
ing up the ranks and the
old firms disappearing
through acquisition, in
the hiring and promo-
tion patterns, in the
movement toward and
away from certain niches
and client segments, in
the growth and decline
of parts of the country,
and so on and on.
While the changes
in rankings and the new
names on the lists are often the ones
that get the most attention, the myriad
other details may, in the end, give more
valuable insight into the profession.
That said, we’re always excited to
add new T100 Firms, like Ohio’s Sko-
da Minotti, New York’s Prager Metis
International and Texas’ Montgomery
Coscia Greilich, and the many new
Regional Leaders you’ll find starting on
page 20. And we’re always anxious to
consider new firms for both lists, so if
your firm wasn’t represented and you
think it should be, e-mail us at AcTo-
day@SourceMedia.com, and we’ll put
you on our contact list.
For now, though, let’s focus on the
2014 Top 100 Firms/Regional Leaders,
for which we received responses from
over 200 of the biggest and best firms
in the nation.
As a reminder, here’s a quick tuto-
rial on our T100 guidelines:
Unless otherwise noted, revenue
is net revenue.
Also, unless noted,
firm revenues and offices
are for the U.S. only.
The Total Employ-
ees category is comprised
of partners, professionals
and other personnel.
Where two firms
reported equal revenue,
the firm with the high-
er percentage of revenue
increase will receive the
higher ranking.
“MAS” stands for
“management advisory
services,” or consulting.
Of course, a report this mam moth
is a team effort, and wouldn’t be possi-
ble without the hard work of our man-
aging editor Tamika Cody, our senior
editors Danielle Lee and Roger Russell,
and Mike Cohn, editor of our Web portal
AccountingToday.com.
With that, it’s our pleasure to pres-
ent the 2014 class of the Top 100 Tax and
Accounting Firms and Regional Lead-
ers. As always — enjoy!
— Dan Hood
Editor-in-chief
Tiring, not tiresome
CONTENTS
Top 100 Overview 4
Top 100 Databank 5
Firms to Watch 6
Firm Strategies 8
Top Tax Firms 10
Niche Services 12
Client Categories 13
Top 100 Rankings 15
Regional Leaders 20
Firm Highlights 28
SPONSORED BY:
notes and methodology
overview
4
T
hings are looking pretty good for
this year’s Top 100 Firms and Re-
gional Leaders.
There — we said it. Things are
looking pretty good. Not perfect, but pretty
good. They face some issues, sure (we’ll get
into those later), but for the most part, and
by most of the measures we include in this
report, things are looking up, and moving
in the right direction.
First off, this year marks the third
year of positive overall growth for the
T100 since the miserable low points
of 2009 and 2010, when their revenues
actually shrank. That growth has been
relatively consistent around the 8 per-
cent mark (this year’s is 7.81 percent),
and has also been relatively evenly
distributed among the three tiers into
which we divide the Top 100.
And that’s where we find the first
of the statistics that make us think that
maybe things are just a little bit better
than OK. In the top tier of the Top 100,
we still have the six firms with revenues
of over $1 billion. But in the second tier,
of firms with between $100 million and
$1 billion, we have 25 firms — three
more than last year. (See Databank,
page 5.) Yes, mergers and acquisitions
and inflation played a role in growing that
number, but so did the natural expansion
of strong firms. And while that only left
69 firms for the third tier with less than
$100 million, our Firms to Watch list of up-
and-comers who are hovering just below
the Top 100 matched last year’s record 35
members, even as we continued to leave
out those that were eligible by revenue, but
didn’t show growth in 2013. (See Firms to
Watch, page 6.)
There’s more: While roughly the same
number of T100 Firms reported flat or
declining revenues for this year’s report
as for last year’s (10 in 2013, versus 11 in
2012), the number that grew by more than
20 percent jumped to 10, from six the year
before, and the number that grew by more
than 10 percent was a whopping 37, versus
27 in the prior year.
Among our Regional Leaders, too,
there were higher rates of growth, with
three regions posting double-digit per-
centage gains, against none in our report
last year. At the same time, though, we
should note that there was at least one
outlier on the other side, with growth that
slowed in 2013 — though it didn’t decline.
(See Regional Leaders, page 20.)
That’s the kind of thing we mean when
we say “pretty good” — a fair number of
trends look positive, and then, just when
you’re starting to feel a little too positive,
another, less happy trend will come along
and bring you back to earth.
Last year, it was the difficulty of scrap-
ing out growth in a highly competitive
environment. And while our T100 and
Regional Leader firms are still pursuing
growth in all sorts of niches and with all
sorts of clients (see Niches and Clients, page
10), the main trend that’s keeping T100
Firm leaders up at night this year is the
“War for Talent” — the intense difficulty
many are experiencing in finding and re-
taining qualified staff.
While it’s true that the number of
T100 Firms reporting flat or declining staff
numbers was down to 14, from 19 last
year, that’s likely only because firms
have been stepping up their efforts
— hiring recruiting directors, offering
hiring incentives, developing learn-
ing and training offerings, and gen-
erally going way out of their way to
get and keep the staff they’ll need
to succeed going forward. (See Firm
Strategies,”page 8.)
MOVERS AND SHAKERS
While there were no major shake-ups
on the lines of the CohnReznick merger
in the T100 list this year, there were lots
of small moves, and M&A definitely
played its role.
Long-time Top 100 fixtures Al-
pern Rosenthal and Holtz Rubenstein
Reminick both left the list, merging
into BDO USA and Baker Tilly Virchow
Krause, respectively. Many other firms got
a boost from M&A this year, including Con-
necticut’s BlumShapiro, which jumped 11
spots on the list, and Ohio’s Hill, Barth &
King, which jumped a whopping 22 spots.
Only Pennsylvania’s Reinsel Kuntz Lesher
managed a double-digit move, up 11 posi-
tions from last year.
That’s not counting the spectacular
entrance of Ohio-based Skoda Minotti to
the Top 100 at No. 80, with the highest
growth rate of any firm on the list (and,
it’s worth noting, a much higher growth
rate than any firm on last year’s list). Also
Third time’s the charm?
B Y DANI E L HOOD
‘10
‘08 ‘12 ‘02 ‘04 ‘06 2000
-5
0
5
10
15
20
25
30
‘94 ‘96 ‘98
* Compiled from individual firm results
as reported at year’s end; includes some estimates
Cautiously optimistic
Revenue growth of the Top 100 Firms, in percent*
See OVERVIEW on 6
databank
5
Leaders in A&A
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC 41 4,526.81
2. Deloitte 31 4,307.14
3. Ernst & Young 37 3,367.00
4. KPMG 37 2,271.80
5. McGladrey 42 570.86
6. Grant Thornton 42 547.19

Firms over $100 mn
1. BDO 60 409.80
2. CohnReznick 52 264.16
3. CliftonLarsonAllen 41 231.06
4. BKD 49 205.02
5. Crowe Horwath 28 186.09
Firms under $100 mn
1. O’Connor Davies 65 64.68
2. Marks Paneth* 63 61.74
3. Kearney & Co. 72 55.90
4. Novogradac & Co. 59 54.56
5. Friedman 60 43.50
Leaders in Tax
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC 28 3,091.48
2. Ernst & Young 30 2,730.00
3. Deloitte 18 2,500.92
4. KPMG 27 1,657.80
5. McGladrey 36 491.37
6. Grant Thornton 29 377.82

Firms over $100 mn
1. BDO 30 204.90
2. CliftonLarsonAllen 34 191.61
3. CohnReznick 33 167.64
4. CBIZ /MHM* 35 167.48
5. Moss Adams 38 153.14
Firms under $100 mn
1. Holthouse Carlin & Van Trigt 76 66.06
2. Anchin, Block & Anchin 43 39.99
3. Frank, Rimerman + Co.* 62 38.50
4. MBAF CPAs 44 36.74
5. WithumSmith+Brown 37 35.88
Leaders in MAS
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. Deloitte 46 6,391.24
2. PwC 31 3,422.71
3. Ernst & Young 26 2,366.00
4. KPMG 36 2,210.40
5. Grant Thornton 29 377.82
6. McGladrey 21 289.61

Firms over $100 mn
1. Crowe Horwath 35 232.62
2. CBIZ /MHM* 35 167.48
3. Plante Moran 33 135.74
4. Baker Tilly Virchow Krause 30 90.39
5. Dixon Hughes Goodman 29 89.90
Firms under $100 mn
1. Sikich 51 49.47
2. Horne 45 30.32
3. Watkins Meegan 56 27.44
4. SC&H Group Inc. 40 23.04
5. Kearney & Co. 28 21.74
2014 TOP 100 FIRMS DATABANK
Overview
Top 6 % Firms over % Firms under % Total Top %
firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $42,844.42 7.90 $7,267.92 6.77 $3,821.78 8.88 $53,934.12 7.81
Partners 11,127 2.78 4,077 4.19 2,221 3.25 17,425 3.17
Professionals 128,367 6.41 26,865 13.60 14,694 8.48 169,926 7.52
Total employees 168,788 5.25 37,667 6.52 20,796 7.05 227,251 5.47

Rev. share % Rev. share % Rev. share % Rev. share %
Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.
Audit & Attest $15,593.91 36.40 $3,122.96 42.97 $1,454.30 38.05 $20,171.17 37.40
Tax $10,849.99 25.32 $2,399.36 33.01 $1,281.11 33.52 $14,530.46 26.94
MAS (consulting) $15,055.15 35.14 $1,387.06 19.08 $503.67 13.18 $16,945.88 31.42
Other $1,345.37 3.14 $358.54 4.93 $582.70 15.25 $2,286.61 4.24
Notes: Some figures may not correspond due to rounding.
Pacesetters in growth
Ranked by % chg.
Revenue %
Firms over $100 mn. ($mn) chg.
1. Carr, Riggs & Ingram 161.31 44.89
2. Marcum 350.10 27.08
3. Plante Moran 411.32 24.27
4. Moss Adams 403.00 17.15
5. Baker Tilly Virchow Krause 301.30 16.33
Revenue %
Firms under $100 mn. ($mn) chg.
1. Skoda Minotti & Co. 40.01 43.25
2. Hill, Barth & King 49.30 39.27
3. BlumShapiro 61.30 28.24
4. Sikich 97.00 26.96
5. The Bonadio Group* 66.29 22.31
Revenue %
Overall Top 100 Firms ($mn) chg.
1. Carr, Riggs & Ingram 161.31 44.89
2. Skoda Minotti & Co. 40.01 43.25
3. Hill, Barth & King” 49.30 39.27
4. BlumShapiro 61.30 28.24
5. Marcum 350.10 27.08
6. Sikich 97.00 26.96
7.Plante Moran 411.32 24.27
8. The Bonadio Group* 66.29 22.31
9. Reinsel Kuntz Lesher 45.21 21.83
10. Frazier & Deeter 53.00 20.18
11. Whitley Penn 58.71 19.84
12. O’Connor Davies 99.50 18.88
13. Kaufman Rossin Group 63.20 18.57
14. Holthouse Carlin & Van Trigt 86.92 17.24
15. Moss Adams 403.00 17.15
16. Clark, Schaefer, Hackett 52.33 16.73
17. Doeren Mayhew 53.20 16.67
18. Prager Metis 35.99 16.59
19. Honkamp Krueger & Co. 43.70 16.47
20. Baker Tilly Virchow Krause 301.30 16.33
21. Montgomery Coscia Greilich 33.54 16.14
22. Rehmann 104.00 15.04
23. Citrin Cooperman & Co. 143.00 14.40
24. Frank, Rimerman + Co.* 62.10 13.99
25. SS&G 90.00 13.92
26. Weaver 83.40 13.32
27. Armanino 112.84 13.11
28. Kahn, Litwin, Renza & Co. 35.32 12.84
29. Marks Paneth* 98.00 12.64
30. Postlethwaithe & Netterville 47.07 12.47
Notes: * Firm estimate or projection
All Big Four revenue figures are gross, not net.
For more details, see pages 15-18.
overview
6
graduating from last year’s Firms to Watch
list to join the T100 this year was New York-
based Prager Metis International, while
the third new T100 Firm this year, Texas’
Montgomery Coscia Greilich, was one that
hadn’t previously been part of our survey.
A number of firms joined our Re-
gional Leaders list in the same way this
year, from Virginia’s PBMares and Wash-
ington, D.C.’s Tate & Tryon, to Atlanta-
based Windham Brannon, the Mid-Atlan-
tic’s Perelson Weiner and Untracht & Early,
St. Louis’ Mueller Prost, Houston’s Melton
& Melton, Oregon’s Perkins & Co., and
California’s NSBN.
If you think your firm should be one of
our Top 100 Firms or our Regional Leaders,
drop us an e-mail at AcToday@SourceMe-
dia.com, and we’ll add you to our contact
database.
After all, things are starting to look
pretty good out there for accounting firms.
If you can keep finding ways to grow — and
the staff to support that growth — next year
should be even better.
There, we said it. AT
OVERVIEW
from page 4
BEYOND THE TOP 100: FIRMS TO WATCH
Our Firms to Watch list is all about movement: New firms are constantly moving in, and others are moving up. In fact, the tier of firms with between
roughly $20 and $30 million seems to be growing apace, forming a deep and wide pool of strong candidates for joining the Top 100, either as members
in their own right, like this year’s FTW graduates Prager Metis International and Skoda Minotti, or by acquisition into a T100 Firm, as with last year’s
merger of former FTW Gainer Donnelly into Southeast mega-regional Carr, Riggs & Ingram.
Year Revenue % Total
Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees
Yeo & Yeo Saginaw, Mich. Thomas Hollerback Dec 31.98 14.62 8 17 185
Rea & Associates New Philadelphia, Ohio Lee Beall Oct 31.56 1.48 11 23 204
Wolf & Co. Boston Mark O’Connell Sept 31.49 7.25 3 19 189
Brown Smith Wallace St. Louis Harvey Wallace Dec 31.00 6.16 3 23 210
Clark Nuber Bellevue, Wash. David Katri Dec 30.96 6.14 1 18 168
Padgett, Stratemann & Co. San Antonio John Wright July 30.07 3.01 2 17 179
Bennett Thrasher Atlanta Michael Dukes June 29.88 14.18 1 23 151
Kreischer Miller Horsham, Pa. Stephen Christian Dec 29.50 10.78 1 16 183
PBMares Newport News, Va. Alan Witt Dec 28.92 1.44 8 34 177
Gursey | Schneider Los Angeles Stephan Wasserman Dec 28.20 6.82 3 10 129
RBZ Los Angeles John Schweisberger Dec 28.00 13.27 1 14 136
Baker Newman & Noyes Portland, Maine Eleanor Baker Dec 27.70 NC 4 30 182
Lurie Besikof Lapidus & Co. Minneapolis Beth Kieffer Leonard April 27.30 5.00 1 14 125
Brady, Martz & Associates Grand Forks, N.D. Ronald Johnke Sept 27.10 2.92 5 33 172
Somerset CPAs Indianapolis Pat Early Dec 26.82 9.42 1 26 163
REDW Albuquerque, N.M. Ron Rivera Dec 26.45 33.52 2 17 181
Briggs & Veselka Co. Houston John Flatowicz Sept 26.17 18.42 2 19 194
Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 26.15 6.69 6 22 176
Anders St. Louis Robert Minkler Dec 25.79 0.62 1 20 155
Anderson ZurMuehlen Helena, Mont. Donald Laine Sept 25.57 2.77 7 27 204
Hutchinson and Bloodgood Glendale, Calif. Richard Preciado Sept 25.43 15.59 4 33 115
Brown, Edwards & Co.† Bluefield, W.Va. Domenic Pellillo May 25.42 2.01 7 25 182
Feeley & Driscoll Boston T. Feeley / M. Poirier March 24.22 3.02 1 12 103
Lutz & Co. Omaha, Neb. Gary Witt June 23.90 16.59 1 26 132
Wolf & Co. Oakbrook Terrace, Ill. Russell Romanelli Dec 23.35 7.55 2 13 146
Boulay Minneapolis Mark DeNucci May 23.18 7.56 1 30 138
Green Hasson Janks Los Angeles Leon Janks Dec 23.10 5.00 1 13 116
Johnson Lambert* Falls Church, Va. Deborah Lambert Dec 22.68 5.93 8 13 149
Dean Dorton Allen Ford Lexington, Ky. David Bundy June 22.12 1.79 2 33 150
Mize Houser & Co. Topeka, Kansas NA Dec 21.92 1.34 3 21 208
ORBA Chicago Mark Thomson May 21.80 5.31 1 17 109
Gelman, Rosenberg & Freedman Bethesda, Md. NA Dec 21.60 3.85 1 12 94
PKF Texas Houston Kenneth Guidry Dec 21.55 5.53 1 10 108
Windham Brannon Atlanta David Kloess Sept 21.46 10.73 1 14 139
Keiter Glen Allen, Va. L. Michael Gracik Dec 21.43 3.28 1 12 143
* Firm estimate NC No change NA Not available or not applicable † Accounting Today estimate
Wílh A0P
®
, new revenue opporlunílíes
are ríghl under your nose.
Reler Your 0Líenls Run Your 0wn PayroLL 5eLL Your PayroLL Sase
Looking for woys lo grow your business? lDP con help wilh end-lo-end poyroll ond inlegroled
HR resources. Refer your clienls lo our poyroll services, offer our poyroll solulions direclly lo
your clienls or sell us your poyroll bose. 0ounl on our óO- yeors os lhe poyroll leoder lo help
you drive growlh ond profilobilily.
Learn more wílh lhe lree slralegy críel, ¨0rowíng Your Susíness wílh IR.¨
0o lo accounlanl.adp.com}grow
IR. PayroLL. Senelíls.
lDP
®
, ond lhe lDP logo ore regislered lrodemorks of lDP, ínc. 0opyrighl © 2O1/ lDP, ínc.
8
firm strategies
T
he Top 100 Firms are all over the
map, in many ways. Literally, to
start, they span the country, to
say nothing of a wide range of
industry niches, management models,
growth strategies, and cultures. But no
matter their size, whether they offer exotic
advisory services or the plainest of vanilla
audits and tax work, and regardless of their
stance on value pricing, they do all share
one common binding thread: They’re
freaking out about finding qualified staff.
“The war for talent is back on,” warned
Armanino LLP managing partner Andy Ar-
manino. “We are seeing more and more
competition from outside our profession
and we need to plan accordingly. We also
know that change is a constant in today’s
world. Merger mania is real. New compa-
nies are being launched. New information
is coming at us faster than we can compre-
hend. We need, more than ever before, a
workforce that can engage with and adapt
to this new reality. Hiring and retaining the
best and brightest talent is the new com-
petitive advantage.”
“Qualified professionals are being
sought after by a number of good firms,”
said Louis Grassi, managing partner and
chief executive officer of New York-based
Grassi & Co. “As such, typical efforts of
recruiting, including the utilization of re-
cruiters, have become less effective in find-
ing experienced, quality professionals.” Be-
sides establishing a supportive culture and
a healthy work-life balance, Grassi’s firm
has put in palce a “very robust” employee
referral program that accounted for more
than 50 percent of new hires in 2013.
Firms across the country are employ-
ing a wide range of strategies to attract and
retain qualified staff — and some firms
are going so far as to hire people solely to
manage them. California-based Gallina,
for instance, hired its first-ever director of
recruitment and development last year,
with responsibility for multiple new initia-
tives, according to MP Larry Taylor.
At Kentucky’s Mountjoy Chilton Med-
ley, MP Diane Medley said, “We are very
focused on our talent. We are starting a
formal leadership development program
this year, selecting our rising stars with
the most potential for equity partnership
to participate. We also actively engage our
Next Generation Committee in critical is-
sues to help us consider growth, attraction
and retention for the future.”
Recruitment and retention can bene-
fit enormously from a less-frequently cited
R — recognition. National firm McGladrey
made a point of highlighting its top tal-
ent in a series of videos on its Web site as
part of its “Personalities Wanted” recruit-
ing campaign (the messaging for which
was embedded in all of its social media),
and has seen the results. That’s not its only
personnel-related investment, of course,
and merely making the investments is
not enough. “Investing in recruitment,
professional development and work-life
programs is essential,” said national pub-
lic relations director Terri Andrews. “We
are continuously re-assessing practice
and processes to create the best possible
experience for our current and potential
employees. And our people tell us we’re
focused on the right things.” They did that
through the McGladrey People Survey,
which assesses a broad range of employee
engagement and satisfaction measures.
Several firms highlighted efforts at
building up their staff with educational and
career development offerings, with some
developing their own internal institutions
of higher learning: BKD CEO Ted Dickman
pointed to his firm’s BKD University, a vir-
tual on-demand learning and leadership
development platform that landed the firm
on Training magazine’s Training Top 125
list, while Sikich LLP CEO and MP James
Sikich touted the investment made in his
firm’s Sikich University, an internal learn-
ing and development program that trains
staff in technical and soft skills.
For its part, Big Four firm KPMG went
to the source. “The need for highly skilled
talent is a top priority,” said chair and CEO
John Veihmeyer. In addition making a stra-
tegic priority of diversity, “We work close-
ly with universities, our main workforce
pipeline, to promote learning and skillsets
our professionals need, and emphasize the
importance of global and diverse perspec-
tives and technological savvy.”
At Louisiana’s Postlethwaite & Netter-
ville, meanwhile, CEO (and current Ameri-
can Institute of CPAs chair) William Balhoff
noted the firm’s increased focus on leader-
ship development and soft skills training
at all levels — but also highlighted its busi-
ness development training curriculum.
After all, hiring and keeping a great
staff only makes sense if you can bring in
work for them do.
GETTING COMPETITIVE
“Accounting firms are operating in a highly
competitive environment,” noted Weiser-
Mazars chair and managing partner Doug-
las Phillips. Besides the pressures around
staffing, “Firms are under continuing fee
pressure from clients, which intensifies
market competition.”
Hanging out the help wanted sign
B Y DANI E L HOOD
See STRATEGIES on 10
‘Our people
tell us we’re
focused on the
right things.’
CONGRATULATIONS
1O 1HL 1OP J00 |lRMS O| 20J4
Reochlng lhe plnnocle ol success ls qulle on occompllshmenl. Lven more so os lhe buslness ol
occounllng ls conslonlly chonglng. Sloylng on lop ol regulollon ond lnduslry chonges ls lncredlbly
chollenglng-bul lhol's jusl porl ol ll. A successlul procllce olso requlres helplng your cllenls lo
ochleve lhelr buslness ond personol gools, ond nndlng lhe llme lo odvonce your own nrm.
Wllh 1homson Reulers, you hove o slngle source lor oll ol your needs now ond ln lhe lulure:
C5 Þrofess|onal 5u|te¹: lnlegroled lox ond occounllng producls ond servlces lor every
ospecl ol your nrm's operollons
Cbeckµo|nt¹: eoslly seorchoble, onllne lox ond occounllng lnlormollon lncludlng edllorlol
lnslghl, news ond lools
· Cbeckµo|nt Learn|ng: courses ond lrocklng lools lo expond your knowledge ond keep
on lop ol CPL requlremenls
ln locl, 1homson Reulers ls regulorly relled upon by eoch ol lhe 1op J00 |lrms lo reoch lhelr
gools. We look lorword lo conllnulng lo help you reoch yours. vlsll us ol Tax.TbomsonReuters.com
lo leorn more.
©2014 Thomson Reuters/Tax & Accounting.
All Rights Reserved.
Armanino is alive to these concerns.
“The dynamics of our profession require
constant change. Our products and serv-
ices need to keep pace with those of our
clients. Providing traditional accounting
services will only prove ineffectual. What’s
needed is a best-of-breed approach to tak-
ing on current and future tax and account-
ing challenges if we’re to succeed and our
clients are to prosper. While we’ll always
need to maintain our core competencies,
there should be no lack of acceleration in
our ability to integrate cutting-edge solu-
tions — strategic and technological — into
our products and services offerings. The
long-term viability of our firm relies on it.”
Other firms are aiming to stay on the
cutting-edge — though not always specifi-
cally through technology. Wayne Berson,
CEO of BDO USA, is concerned about
enhancing the value of the audit: “It is
clear that in order for the profession’s core
element to remain relevant, there will have
to be an expansion of the auditor’s role in
providing greater insight into the clients’
financial statements and perhaps varying
degrees of assurance on areas outside of
the financial statements. This will affect
firms of all size by requiring substantially
more business and analytical skills and
may also result in a demand for more spe-
cialists to be involved in audits.”
Big Four firm KPMG is engaged in a
similar pursuit of the new and improved.
“We continue to focus on innovation and
the enhancement of our offerings and ca-
pabilities for specific industries and growth
areas,” said chairman and CEO John Veih-
meyer. “We’re also continuing to build out
our alliance ecosystem to help create new
services, enhance existing services and
extend the KPMG brand promise to meet
the needs of clients in new ways.” Last year
the firm rolled out a number of “alliance-
based offerings” created in conjunction
with various partners to offer clients more
focused services and solutions.
Crowe Horwath, meanwhile, took in-
novation even one step further — by nam-
ing its own chief innovation officer. “We
are most focused on, and are investing
in, innovation as a driver of growth where
we can bring together functional exper-
tise, industry knowledge, along with proc-
ess and technology to provide high-value
solutions,” explained CEO Charles Allen.
“Many of these solutions will be focused in
broader assurance services that the inves-
tor community and stakeholders in public
interest entities are requesting.” AT
10
top tax firms
THE TOP TAX FIRMS
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
PwC§ New York City Robert Moritz 3,091.48 28 11,041.00 8.70 72 39,158
H&R Block
P1
Kansas City, Mo. William Cobb 2,877.97 99 2,905.94 0.42 11,000+ 100,000+
Ernst & Young§ New York City Steve Howe 2,730.00 30 9,100.00 10.98 80 30,900
Deloitte§ New York City Joe Echevarria 2,500.92 18 13,894.00 6.33 104 60,951
KPMG§ New York City John Veihmeyer 1,657.80 27 6,140.00 6.73 90 24,618
McGladrey
2
Chicago Joe Adams 491.37 36 1,366.59 6.26 75 6,723
Ryan* Dallas G. Brint Ryan 390.37 100 390.37 10.59 59 1,711
Liberty Tax Services Virginia Beach, Va. John Hewitt 381.20 100 381.20 6.15 4,262 798
Grant Thornton Chicago Stephen Chipman 377.82 29 1,302.83 4.61 56 6,438
BDO Chicago Wayne Berson 204.90 30 683.00 10.52 49 3,248
CliftonLarsonAllen Minneapolis Gordy Viere 191.61 34 563.55 -0.78 29 3,660
CohnReznick New York City T. Marino / K. Baggett 167.64 33 508.00 4.10 24 2,521
CBIZ /Mayer Hoffman McCann* Cleveland C. Spurio / B. Hancock 167.48 35 478.50 -22.20 100 2,862
Moss Adams Seattle Chris Schmidt 153.14 38 403.00 17.15 22 2,072
Crowe Horwath Chicago Charles Allen 146.22 22 664.62 11.68 28 3,006
WTAS San Francisco Mark Vorsatz 145.09 100 145.09 13.44 16 621
BKD Springfield, Mo. Theodore Dickman 129.70 31 418.40 4.00 32 2,013
Marcum New York City Jeffrey Weiner 126.04 36 350.10 27.08 17 1,300
Dixon Hughes Goodman Charlotte, N.C. Ken Hughes 108.50 35 310.00 1.97 26 1,661
Plante Moran Southfield, Mich. Gordon Krater 106.94 26 411.32 24.27 19 1,947
Notes: P Figures compiled from public company reports. * Firm estimate or projection NA Not available/applicable
§ Gross revenue 1 Staff figures include seasonal workers 2 Reported fee split as both dollar amount (given here) and percentage
STRATEGIES
from page 8
12
I
nternational tax remained the highest
growing niche service this year for the
2014 Top 100 Firms, increasing 6 per-
centage points over 2013 reports, ac-
cording to this year’s 77 responding firms.
State and local taxes grew 7 percent-
age points to be the second-most common
area of growth and bringing it even, at 82
percent, with business valuations, which
similarly expanded 8 percentage points in
2014. Rounding out the top four again this
year was attest services, growing 2 percent-
age points to 75 percent.
Leading the pack in year-over-year
growth, unsurprisingly, was mergers and
acquisition, which saw an 11-point uptick
in 2014, with 70 percent of firms reporting
increased business.
Below that, many services saw double-
digit increases in firms reporting growth;
most notably, SOX compliance/risk man-
agement saw a list-high rise of 16 percent-
age points to bring it to 53 percent. Tech-
nology consulting and personal financial
planning also had strong 2014 gains of 12
and 11 percentage points, respectively.
ON THE GROUND
Doug Wright, partner-in-charge of inter-
national tax and transfer pricing services
at California-based firm Burr Pilger Mayer,
attributes the continued growth in inter-
national tax services to an unusual conflu-
ence of economic recovery, globalization,
and the tax and regulatory issues of about
a dozen years ago that brought the niche
to prominence.
“Basically, it’s navigating the perfect
storm,” he said. “We’ve had a lot of changes
in the way in which not just the U.S. but
foreign countries monitor and scrutinize
international business transactions from a
tax perspective. The kind of international
tax and accounting standards that the U.S.
has applied for some time now have been
adopted increasingly by countries outside
the U.S.”
Along with the tightening accounting
standards that followed corporate scandals
like Enron, these regulatory concerns have
led companies to take more initiative in
their overseas business, Wright explained.
“There’s a kind of heightened sense of cor-
porate responsibility we’re seeing, where
companies want to make sure they’re do-
ing things in the appropriate way and are
not going to be attacked by the IRS or
foreign taxing authorities or are not viewed
as unethical. We frequently see situations
where, before companies engage us to do
a major global project, they talk to other
companies that have done it. Not to get a
referral on us, but to talk to other compa-
nies. They didn’t do similar planning in
the past, so [they want] to understand how
that planning was ultimately viewed by the
IRS and foreign tax authorities.”
This kind of due diligence tends to
be pre-emptive, Wright continued. “They
don’t want to see their names in the news-
paper as caught up in substantial litigation
in the U.S. and outside the U.S. Corporate
executives have a heightened awareness
that they need to do things properly, and
do them upfront. ... Companies [used to]
just expand internationally and deal with
some of these issues after the fact — the
International tax work in demand
B Y DANI E L L E L E E
0 20 40 60 80 100
International Tax
Business Valuations
State and Local Taxes
Attest Services
Litigation Support
Estate/Trust/Gift Tax Planning
Industry Specializations
Mergers and Acquisitions
Forensics/Fraud
Nonproft Organizations
Employee Benefts
Biz Mgmt. for Wealthy Individuals
Succession Planning/Family ofce
Retirement Plans
SOX Compliance/Risk Mgmt.
Strategic Planning/Business Plans
Technology Consulting
Cost Segregation
Personal Financial Planning
Biz Mgmt. for Small Businesses
Investment Advice/Services
CFO/Project Stafng Services
Cash Flow Forecasting/Management
Financing Arrangements
Bankruptcy/Insolvency
Employment Search
Export/Import
1031 Like-Kind
IFRS consulting
Business Recovery/Recession Advice
Payroll Services/Consulting
Lease vs. Buy Analysis
Top niche services
Percentage of firms increasing their business in these areas
(of 77 firms responding)
niches and clients
13
cart leading the horse. Now there’s much
more awareness and sensitivity, tax and
otherwise. … At our firm, we have a phe-
nomenal amount of new international tax
planning and consulting work and new
clients coming our way, including very
early-stage companies as they expand.”
When Wright joined BPM more than
five years ago, he was the firm’s first and
only full-time international tax special-
ist, and while he has grown that practice
to the largest in the firm for the last three
years, the now roughly 12 full-time tax
professionals in the practice can’t keep up
with all the new work. He estimates that
his group can only serve half of the op-
portunities that come their way, but shares
that finding experienced specialists in the
extremely complex area of international
tax is “exceedingly difficult.”
Atlanta firm Habif, Arogeti & Wynne
has been doing international work of all
sorts, particularly with their manufactur-
ing and technology clients, since the early
1990s, and now has roughly 70 people in
that service line who speak 26 different
languages among them.
Though HA&W is also a member firm
of global accountancy and business ad-
visory network Baker Tilly International,
chief executive officer Richard Kopelman
credits most of the firm’s growth in this
niche to the “inbound, grass-roots effort
with the people from those countries.”
“International tax aligns with our
manufacturing and technology niche and
dovetails really well,” he explained. “We do
as much business inbound as outbound.”
ADDING VALUE
Nearly all of the client categories for this
year’s Top 100 Firms displayed strong
growth this year, with manufacturing lead-
ing the list at 82 percent, a 9 percentage
point gain over last year.
Manufacturing overtook 2013’s lead-
er, midsized businesses in general, by only
one percentage point. Midsized businesses
saw a modest 4 percentage point increase
this year though real estate, ranked behind
it, recorded a big 12 percentage point rise
to bring it to 77 percent.
Only two other categories on the list
surpassed that gain this year: construction,
which increased 14 percentage points to
66 percent of responding firms, and, much
farther down the list, small businesses,
which at 44 percent also recorded a 14
percent increase over last year.
Central Pennsylvania-based Rein-
sel Kuntz Lesher’s location gives it an
advantage in this market, according to
Steve Fisher, a partner in the firm’s audit
services group and leader of the manu-
facturing and distribution services group.
“In the past ten to 20 years, companies
were leaving that were not as involved in
manufacturing, but some of that is com-
ing back now with longstanding compa-
nies in manufacturing in that region,” he
explained. “And a lot of them aren’t in
manufacturing, but in bringing good over-
seas and distribution channels. There are
a lot of opportunities.”
RKL has capitalized on them, Fisher
continued, by evaluating specific client
needs. “One thing we’ve done in the past
year is a focus group with financial folks,
owners, consultants that touch consum-
ers in the manufacturing and distribution
area. We said, ‘What do you need, what
are your expectations of people provid-
ing tax and audit services?’ And whether
we can do it and align with them to help
fulfill their needs, and bring value. When
you hand them a financial statement or tax
return, it looks the same no matter who did
it. We’re responding, communicating, and
trying to educate folks and arm them to do
these things and help across the market.
We go through the proposals and differen-
tiate ourselves.” AT
niches and clients
0 20 40 60 80 100
Manufacturing
Midsized Businesses
Real Estate
Technology
Individuals
Construction
Healthcare Facilities
Nonproft Organizations
Professional Services
Wholesale Distributors
Large Businesses
Pension Plans
State and Local Government
Hotels & Restaurants
Small Businesses
Retail Trade
Banking & Thrift Companies
Entertainment
Brokers/Dealers in Securities & Commodities
Colleges and Universities
Investment Companies & Mutual Funds
Auto Dealerships
Government Contractors
Franchising
Finance Companies/Mortgage Banks
School Districts
Publishing/Broadcasting/Media
Insurance Carriers/Companies
Insurance Agents & Brokers
Gaming
Agriculture/Farming/Forestry/Fishing
Leasing Companies
Top client categories
Percentage of firms increasing their business with these types of clients
(of 77 firms responding)
Ascend to Higher-Value
Client Advisory Services
Contact Us Today! 855.855.5CPA | Learn More at: CPA.com
We’ll Give You a Lift…
When you move your frm to the Cloud, you position yourself for higher-
value advisory services and cement your position as your clients’ most
trusted business advisor. Operating within a fully integrated online client
accounting system opens the door to:
1. Work with clients in a true environment of collaboration.
2. Elevate business intelligence with real-time access to data.
3. Support clients with premium advisory services—all year round!
When you work in the Cloud, connecting with your clients is easy.
Your solution is ready and waiting…
Integrated, Cloud-based Bill Management
& Client Accounting…
AICPA Trusted Business Advisor
SM
Solutions ofer you proven applications
and services to increase efciency and proftability in your frm and for
your clients!
Bill.commakes easy work of bill management, ofering a simple, efcient
online system to automate your clients’ accounts payable and receivable
processes. For more information visit: cpa.com/bill
Intacct is a best-in-profession online client accounting application,
delivering on-demand fnancial data and the ability to create custom
reports and monitor activity via personalized dashboards. For more
information visit: cpa.com/intacct
FIRM CLIENTS
T
H
E

2
0
1
4






























T
O
P

1
0
0

F
I
R
M
S




R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
4

1
3

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
1

1

D
e
l
o
i
t
t
e

§

N
e
w

Y
o
r
k

C
i
t
y

J
o
e

E
c
h
e
v
a
r
r
i
a

M
a
y

1
3
,
8
9
4
.
0
0

6
.
3
3

1
0
4

3
,
0
3
9

3
.
0
5

4
7
,
0
5
0

8
.
6
8

6
0
,
9
5
1

7
.
2
6

3
1

1
8

4
6

5
2

2

P
w
C

§

N
e
w

Y
o
r
k

C
i
t
y

R
o
b
e
r
t

M
o
r
i
t
z

J
u
n
e

1
1
,
0
4
1
.
0
0

8
.
7
0

7
2

2
,
5
8
1

4
.
3
2

3
0
,
5
0
8

7
.
1
0

3
9
,
1
5
8

6
.
3
4

4
1

2
8

3
1

0
3

3

E
r
n
s
t

&

Y
o
u
n
g

§

N
e
w

Y
o
r
k

C
i
t
y

S
t
e
v
e

H
o
w
e

J
u
n
e

9
,
1
0
0
.
0
0

1
0
.
9
8

8
0

2
,
6
0
0

4
.
0
0

2
3
,
2
0
0

5
.
4
5

3
0
,
9
0
0

4
.
3
9

3
7

3
0

2
6

7
4

4

K
P
M
G

§
1

N
e
w

Y
o
r
k

C
i
t
y

J
o
h
n

V
e
i
h
m
e
y
e
r

S
e
p
t

6
,
1
4
0
.
0
0

6
.
7
3

9
0

1
,
7
6
7

-
0
.
4
5

1
8
,
1
3
1

1
.
8
1

2
4
,
6
1
8

0
.
9
6

3
7

2
7

3
6

0
5

5

M
c
G
l
a
d
r
e
y

C
h
i
c
a
g
o

J
o
e

A
d
a
m
s

A
p
r
i
l

1
,
3
6
6
.
5
9

6
.
2
6

7
5

6
1
7

-
0
.
3
2

4
,
8
1
0

4
.
8
6

6
,
7
2
3

3
.
0
2

4
2

3
6

2
1

1
6

6

G
r
a
n
t

T
h
o
r
n
t
o
n

C
h
i
c
a
g
o

S
t
e
p
h
e
n

C
h
i
p
m
a
n

D
e
c

1
,
3
0
2
.
8
3

4
.
6
1

5
6

5
2
3

2
.
7
5

4
,
6
6
8

4
.
6
4

6
,
4
3
8

3
.
6
0

4
2

2
9

2
9

0
7

7

B
D
O


C
h
i
c
a
g
o

W
a
y
n
e

B
e
r
s
o
n

J
u
n
e

6
8
3
.
0
0

1
0
.
5
2

4
9

3
0
5

1
4
.
2
3

2
,
3
3
9

2
1
.
8
9

3
,
2
4
8

1
7
.
2
1

6
0

3
0

1
0

0
8

9

C
r
o
w
e

H
o
r
w
a
t
h

C
h
i
c
a
g
o

C
h
a
r
l
e
s

A
l
l
e
n

D
e
c

6
6
4
.
6
2

1
1
.
6
8

2
8

2
5
5

-
2
.
6
7

2
,
2
4
4

2
0
.
6
5

3
,
0
0
6

1
5
.
4
8

2
8

2
2

3
5

1
5
9

1
0

C
l
i
f
t
o
n
L
a
r
s
o
n
A
l
l
e
n
2

M
i
n
n
e
a
p
o
l
i
s

G
o
r
d
y

V
i
e
r
e

D
e
c

5
6
3
.
5
5

-
0
.
7
8

2
9

2
3
3

-
5
.
2
8

3
,
1
1
2

3
0
.
7
0

3
,
6
6
0

1
3
.
5
6

4
1

3
4

9

1
6
1
0

1
1

C
o
h
n
R
e
z
n
i
c
k

N
e
w

Y
o
r
k

C
i
t
y

T
h
o
m
a
s

M
a
r
i
n
o

/


J
a
n

5
0
8
.
0
0

4
.
1
0

2
4

2
7
4

-
2
.
1
4

1
,
7
1
6

1
4
.
9
4

2
,
5
2
1

8
.
9
5

5
2

3
3

6

9




K
e
n
n
e
t
h

B
a
g
g
e
t
t
1
1

8

C
B
I
Z

/
M
a
y
e
r

H
o
f
f
m
a
n

M
c
C
a
n
n
*
3

C
l
e
v
e
l
a
n
d

C
h
r
i
s

S
p
u
r
i
o

/


D
e
c

4
7
8
.
5
0

-
2
2
.
2
0

1
0
0

4
2
6

2
.
6
5

1
,
6
7
6

-
3
.
4
0

2
,
8
6
2

-
2
8
.
6
3

3
0

3
5

3
5

0




B
i
l
l

H
a
n
c
o
c
k
1
2

1
2

B
K
D

S
p
r
i
n
g
f
i
e
l
d
,

M
o
.

T
h
e
o
d
o
r
e

D
i
c
k
m
a
n

M
a
y

4
1
8
.
4
0

4
.
0
0

3
2

2
3
7

-
3
.
2
7

1
,
3
8
1

8
.
8
3

2
,
0
1
3

5
.
6
7

4
9

3
1

2
0

0
1
3

1
4

P
l
a
n
t
e

M
o
r
a
n

S
o
u
t
h
f
i
e
l
d
,

M
i
c
h
.

G
o
r
d
o
n

K
r
a
t
e
r

J
u
n
e

4
1
1
.
3
2

2
4
.
2
7

1
9

2
5
6

1
8
.
5
2

1
,
3
1
7

2
4
.
7
2

1
,
9
4
7

2
1
.
6
9

4
1

2
6

3
3

0
1
4

1
3

M
o
s
s

A
d
a
m
s

S
e
a
t
t
l
e

C
h
r
i
s

S
c
h
m
i
d
t

D
e
c

4
0
3
.
0
0

1
7
.
1
5

2
2

2
6
3

9
.
5
8

1
,
3
4
0

1
6
.
2
2

2
,
0
7
2

1
6
.
9
3

4
5

3
8

1
7

0
1
5

1
6

M
a
r
c
u
m


N
e
w

Y
o
r
k

C
i
t
y

J
e
f
f
r
e
y

W
e
i
n
e
r

D
e
c

3
5
0
.
1
0

2
7
.
0
8

1
7

1
6
0

2
6
.
9
8

8
4
4

4
7
.
0
4

1
,
3
0
0

4
3
.
8
1

4
5

3
6

7

1
2
1
6

1
5

D
i
x
o
n

H
u
g
h
e
s

G
o
o
d
m
a
n

C
h
a
r
l
o
t
t
e
,

N
.
C
.

K
e
n

H
u
g
h
e
s

D
e
c

3
1
0
.
0
0

1
.
9
7

2
6

1
7
8

2
.
8
9

1
,
1
2
9

1
.
3
5

1
,
6
6
1

1
.
6
5

3
6

3
5

2
9

0
1
7

1
7

B
a
k
e
r

T
i
l
l
y

V
i
r
c
h
o
w

K
r
a
u
s
e

C
h
i
c
a
g
o

T
i
m
o
t
h
y

C
h
r
i
s
t
e
n

M
a
y

3
0
1
.
3
0

1
6
.
3
3

1
1

1
1
2

1
7
.
8
9

1
,
3
2
3

1
2
.
5
0

1
,
5
6
9

1
2
.
9
6

3
8

3
0

3
0

2
1
8

1
8

E
i
s
n
e
r
A
m
p
e
r

N
e
w

Y
o
r
k

C
i
t
y

C
h
a
r
l
e
s

W
e
i
n
s
t
e
i
n

J
a
n

2
7
6
.
9
0

7
.
7
9

9

1
7
7

2
.
3
1

9
7
6

5
.
2
9

1
,
1
8
5

3
.
5
8

5
6

3
5

9

0
1
9

1
9

R
o
t
h
s
t
e
i
n

K
a
s
s

R
o
s
e
l
a
n
d
,

N
.
J
.

S
t
e
v
e
n

K
a
s
s

/

D
e
c

2
0
2
.
0
0

6
.
8
8

8

7
6

-
1
.
3
0

7
8
0

-
2
.
7
4

1
,
0
0
2

-
1
.
1
8

6
0

3
5

5

0




H
o
w
a
r
d

A
l
t
m
a
n
2
0

2
0

U
H
Y

A
d
v
i
s
o
r
s

I
n
c
.
4

C
h
i
c
a
g
o

R
i
c
k

S
t
e
i
n

/


D
e
c

1
9
2
.
8
7

2
.
4
8

1
5

1
0
4

-
1
.
8
9

7
1
6

1
9
.
7
3

1
,
0
0
9

1
0
.
0
3

3
1

4
5

2
3

1




A
n
t
h
o
n
y

F
r
a
b
o
t
t
a
2
1

2
2

E
i
d
e

B
a
i
l
l
y

F
a
r
g
o
,

N
.
D
.

D
a
v
e

S
t
e
n
d
e

A
p
r
i
l

1
7
0
.
5
0

7
.
7
7

2
2

1
0
1

1
0
.
9
9

9
4
2

6
.
8
0

1
,
3
1
1

6
.
5
9

4
3

4
0

9

8
2
2

2
3

W
i
p
f
l
i
*

M
i
l
w
a
u
k
e
e

R
i
c
k

D
r
e
h
e
r

M
a
y

1
6
2
.
5
0

7
.
1
2

2
2

1
4
2

-
4
.
0
5

8
9
3

1
4
.
9
3

1
,
2
2
7

9
.
7
5

3
4

2
9

3
7

0
2
3

2
8

C
a
r
r
,

R
i
g
g
s

&

I
n
g
r
a
m


E
n
t
e
r
p
r
i
s
e
,

A
l
a
.

W
i
l
l
i
a
m

C
a
r
r

S
e
p
t

1
6
1
.
3
1

4
4
.
8
9

2
0

1
2
5

2
5
.
0
0

6
5
7

3
7
.
7
4

9
2
4

2
9
.
4
1

4
3

3
9

1
8

0
2
4

2
1

P
a
r
e
n
t
e
B
e
a
r
d

P
h
i
l
a
d
e
l
p
h
i
a

R
o
b
e
r
t

C
i
a
r
u
f
f
o
l
i

D
e
c

1
5
8
.
0
0

-
6
.
5
1

1
8

1
1
6

-
1
2
.
1
2

5
4
4

-
1
3
.
6
5

8
6
1

-
1
1
.
9
6

5
3

3
1

1
6

0
2
5

2
5

C
i
t
r
i
n

C
o
o
p
e
r
m
a
n

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

J
o
e
l

C
o
o
p
e
r
m
a
n

D
e
c

1
4
3
.
0
0

1
4
.
4
0

5

1
2
0

1
3
.
2
1

3
0
2

3
.
7
8

5
0
3

8
.
4
1

4
7

3
7

8

8
K
e
y

a
n
d

n
o
t
e
s
:


L
a
s
t

y
e
a
r

s

r
a
n
k
i
n
g
s

h
a
v
e

b
e
e
n

r
e
v
i
s
e
d

b
a
s
e
d

o
n

2
0
1
2

r
e
v
e
n
u
e

p
r
o
v
i
d
e
d

b
y

f
i
r
m
s
.

S
o
m
e

f
i
r
m
s


r
a
n
k
i
n
g
s

w
i
l
l

t
h
e
r
e
f
o
r
e

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

r
e
p
o
r
t
e
d

l
a
s
t

y
e
a
r
.

*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






§

G
r
o
s
s

r
e
v
e
n
u
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






N
R

N
o
t

r
a
n
k
e
d













1


K
P
M
G

s

o
f
f
i
c
e

f
i
g
u
r
e

c
o
m
p
r
i
s
e
s

b
u
s
i
n
e
s
s

o
f
f
i
c
e
s
,

a
s

o
p
p
o
s
e
d

t
o

e
v
e
r
y

p
h
y
s
i
c
a
l

l
o
c
a
t
i
o
n
.






2


F
i
g
u
r
e
s

r
e
f
l
e
c
t

s
a
l
e

o
f

h
e
a
l
t
h

c
a
r
e

r
e
g
u
l
a
t
o
r
y

a
n
d

c
o
m
p
l
i
a
n
c
e

g
r
o
u
p





3

E
s
t
i
m
a
t
e

b
a
s
e
d

o
n

t
r
a
i
l
i
n
g

1
2

m
o
n
t
h
s

t
o

S
e
p
t
.

3
0
,

2
0
1
3
;

f
i
g
u
r
e
s

r
e
f
l
e
c
t

t
h
e

s
a
l
e

o
f

t
h
e

m
e
d
i
c
a
l

p
r
a
c
t
i
c
e

m
a
n
a
g
e
m
e
n
t

p
r
a
c
t
i
c
e
.

O
f
f
i
c
e

f
i
g
u
r
e
s

a
r
e

f
o
r

C
B
I
Z
;

M
H
M

h
a
s

3
3

o
f
f
i
c
e
s
.






4


U
H
Y

A
d
v
i
s
o
r
s

a
n
d

U
H
Y

L
L
P

a
r
e

a
f
f
i
l
i
a
t
e
d

t
h
r
o
u
g
h

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.



R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)
1
4

1
3

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
2
6

2
4

W
e
i
s
e
r
M
a
z
a
r
s

N
e
w

Y
o
r
k

C
i
t
y

D
o
u
g
l
a
s

P
h
i
l
l
i
p
s

A
u
g

1
4
2
.
4
0

7
.
7
2

6

1
0
4

-
0
.
9
5

3
9
3

-
2
.
2
4

6
2
5

-
1
.
4
2

4
7

3
9

1
4

0
2
7

2
6

C
h
e
r
r
y

B
e
k
a
e
r
t

R
i
c
h
m
o
n
d
,

V
a
.

H
o
w
a
r
d

K
i
e
s

A
p
r
i
l

1
2
5
.
9
0

1
.
8
6

2
2

5
5

1
.
8
5

5
5
9

4
.
2
9

7
7
8

2
.
3
7

4
4

4
7

9

0
2
8

2
7

W
a
r
r
e
n

A
v
e
r
e
t
t

B
i
r
m
i
n
g
h
a
m
,

A
l
a
.

J
a
m
e
s

C
u
n
n
i
n
g
h
a
m

D
e
c

1
2
2
.
9
1

6
.
9
1

1
4

1
2
1

0
.
8
3

5
0
9

0
.
7
9

8
1
2

-
0
.
1
2

3
9

4
1

5

1
5
2
9

2
9

A
r
m
a
n
i
n
o

S
a
n

R
a
m
o
n
,

C
a
l
i
f
.

A
n
d
y

A
r
m
a
n
i
n
o

D
e
c

1
1
2
.
8
4

1
3
.
1
1

5

3
7

-
9
.
7
6

3
0
1

1
1
.
0
7

3
9
4

1
2
.
5
7

2
1

2
6

4
9

4
3
0

3
2

R
e
h
m
a
n
n

S
a
g
i
n
a
w
,

M
i
c
h
.

S
t
e
v
e
n

K
e
l
l
y

D
e
c

1
0
4
.
0
0

1
5
.
0
4

2
0

6
1

8
.
9
3

5
3
8

9
.
8
0

7
7
9

1
0
.
5
0

3
6

3
6

4

2
4
3
1

3
0

B
e
r
d
o
n

N
e
w

Y
o
r
k

C
i
t
y

M
a
r
k

B
o
s
s
w
i
c
k

/


D
e
c

1
0
1
.
0
0

3
.
9
1

2

3
9

N
C

3
3
4

0
.
9
1

3
9
8

1
.
0
2

3
3

4
0

2
7

0




S
t
u
a
r
t

K
o
t
l
e
r
3
2

3
6

O

C
o
n
n
o
r

D
a
v
i
e
s

N
e
w

Y
o
r
k

C
i
t
y

K
e
v
i
n

K
e
a
n
e

D
e
c

9
9
.
5
0

1
8
.
8
8

7

8
2

7
.
8
9

3
4
0

1
8
.
8
8

5
0
1

1
6
.
7
8

6
5

2
1

1
4

0
3
3

3
4

M
a
r
k
s

P
a
n
e
t
h
*
5

N
e
w

Y
o
r
k

C
i
t
y

M
a
r
k

L
e
v
e
n
f
u
s

/

D
e
c

9
8
.
0
0

1
2
.
6
4

3

6
4

N
C

3
9
0

2
1
.
1
2

5
3
9

1
3
.
4
7

6
3

2
7

3

7




H
a
r
r
y

M
o
e
r
i
n
g
e
r

3
4

3
9

S
i
k
i
c
h


N
a
p
e
r
v
i
l
l
e
,

I
l
l
.

J
a
m
e
s

S
i
k
i
c
h

D
e
c

9
7
.
0
0

2
6
.
9
6

1
1

6
1

2
2
.
0
0

4
3
1

3
3
.
0
2

5
7
9

2
7
.
8
1

3
0

1
5

5
1

4
3
5

3
3

W
i
t
h
u
m
S
m
i
t
h
+
B
r
o
w
n

P
r
i
n
c
e
t
o
n
,

N
.
J
.

W
i
l
l
i
a
m

H
a
g
a
m
a
n

J
u
n
e

9
6
.
9
8

9
.
3
1

1
2

7
7

-
6
.
1
0

2
5
8

-
1
.
1
5

4
3
1

1
.
4
1

3
7

3
7

2

2
4
3
6

3
1

A
n
c
h
i
n
,

B
l
o
c
k

&

A
n
c
h
i
n

N
e
w

Y
o
r
k

C
i
t
y

F
r
a
n
k

S
c
h
e
t
t
i
n
o

S
e
p
t

9
3
.
0
0

N
C

1

5
6

7
.
6
9

2
1
5

4
.
8
8

3
5
4

5
.
0
4

4
4

4
3

1
3

0
3
7

3
5

N
o
v
o
g
r
a
d
a
c

&

C
o
.

S
a
n

F
r
a
n
c
i
s
c
o

M
i
c
h
a
e
l

N
o
v
o
g
r
a
d
a
c

D
e
c

9
2
.
4
8

1
0
.
0
3

1
5

3
5

6
.
0
6

3
1
1

-
0
.
9
6

4
0
8

0
.
2
5

5
9

2
7

2

1
2
3
8

4
2

S
S
&
G


C
l
e
v
e
l
a
n
d

R
o
b
e
r
t

L
i
t
t
m
a
n

D
e
c

9
0
.
0
0

1
3
.
9
2

1
2

4
2

2
7
.
2
7

4
3
7

1
3
.
5
1

5
3
1

1
5
.
4
3

3
3

3
8

1
1

1
8
3
9

4
0

H
o
l
t
h
o
u
s
e

C
a
r
l
i
n

&

V
a
n

T
r
i
g
t

W
.

L
o
s

A
n
g
e
l
e
s
,

C
a
l
i
f
.

P
h
i
l
i
p

H
o
l
t
h
o
u
s
e

D
e
c

8
6
.
9
2

1
7
.
2
4

8

3
6

1
6
.
1
3

2
6
3

2
0
.
6
4

3
6
2

1
7
.
1
5

1
8

7
6

0

6
4
0

3
7

M
B
A
F

C
P
A
s

M
i
a
m
i

A
n
t
o
n
i
o

A
r
g
i
z

J
u
n
e

8
3
.
5
0

4
.
3
8

9

2
2

N
C

3
3
6

6
.
3
3

4
1
9

5
.
0
1

3
5

4
4

1
5

6
4
1

4
1

W
e
a
v
e
r

F
o
r
t

W
o
r
t
h
,

T
e
x
a
s

T
o
m
m
y

L
a
w
l
e
r

M
a
y

8
3
.
4
0

1
3
.
3
2

7

3
6

N
C

3
5
4

1
2
.
3
8

4
7
1

1
0
.
8
2

3
4

4
3

1
2

1
1
4
2

3
8

K
e
a
r
n
e
y

&

C
o
.

A
l
e
x
a
n
d
r
i
a
,

V
a
.

E
d

K
e
a
r
n
e
y

D
e
c

7
7
.
6
4

-
2
.
8
2

2

1
3

N
C

2
8
7

3
.
6
1

4
0
1

2
.
0
4

7
2

0

2
8

0
4
3

4
5

F
r
i
e
d
m
a
n

N
e
w

Y
o
r
k

C
i
t
y

B
r
u
c
e

M
a
d
n
i
c
k

D
e
c

7
2
.
5
0

8
.
2
1

6

5
7

7
.
5
5

2
4
4

1
2
.
9
6

3
4
9

1
0
.
4
4

6
0

3
5

5

0
4
4

4
7

L
a
t
t
i
m
o
r
e
,

B
l
a
c
k
,

M
o
r
g
a
n

&

C
a
i
n

B
r
e
n
t
w
o
o
d
,

T
e
n
n
.

D
a
v
i
d

M
o
r
g
a
n

/


D
e
c

7
0
.
9
1

9
.
0
6

3

4
6

9
.
5
2

2
8
7

1
6
.
1
9

4
0
9

1
3
.
3
0

2
4

3
4

1
4

2
8





R
.
M
.

C
a
i
n
4
5

4
9

E
K
S
&
H
6

D
e
n
v
e
r

R
o
b
e
r
t

H
o
t
t
m
a
n

S
e
p
t

7
0
.
4
6

1
1
.
1
9

3

3
8

2
.
7
0

3
0
8

6
.
9
4

4
2
7

4
.
6
6

4
5

4
2

1
3

0
4
6

4
4

S
c
h
e
n
c
k

A
p
p
l
e
t
o
n
,

W
i
s
.

G
r
e
g

B
a
r
b
e
r

S
e
p
t

6
9
.
8
9

1
.
5
0

9

6
0

5
.
2
6

3
2
3

0
.
9
4

4
7
9

1
.
7
0

3
8

3
8

1
8

6
4
7

4
3

B
u
r
r

P
i
l
g
e
r

M
a
y
e
r

I
n
c
.

S
a
n

F
r
a
n
c
i
s
c
o

C
u
r
t
i
s

B
u
r
r

D
e
c

6
8
.
5
0

-
0
.
8
7

6

4
0

-
2
0
.
0
0

2
2
5

-
4
.
2
6

3
3
0

-
1
1
.
2
9

3
8

5
0

1
2

0
4
8

4
6

R
u
b
i
n
B
r
o
w
n

S
t
.

L
o
u
i
s

J
o
h
n

H
e
r
b
e
r

M
a
y

6
8
.
1
5

2
.
9
6

3

2
7

-
3
.
5
7

3
6
6

1
0
.
2
4

4
4
8

7
.
9
5

4
6

3
8

1
6

0
4
9

4
8

H
o
r
n
e


R
i
d
g
e
l
a
n
d
,

M
i
s
s
.

J
o
e
y

H
a
v
e
n
s

D
e
c

6
7
.
3
7

6
.
0
6

1
2

2
0

-
9
.
0
9

3
3
8

1
3
.
0
4

4
6
5

1
1
.
7
8

3
4

1
1

4
5

1
0
5
0

5
5

T
h
e

B
o
n
a
d
i
o

G
r
o
u
p
*

P
i
t
t
s
f
o
r
d
,

N
.
Y
.

T
h
o
m
a
s

B
o
n
a
d
i
o

A
p
r
i
l

6
6
.
2
9

2
2
.
3
1

1
1

6
1

2
7
.
0
8

3
5
2

3
9
.
6
8

4
7
0

3
3
.
1
4

4
8

2
1

1
3

1
8

K
e
y

a
n
d

n
o
t
e
s
:


L
a
s
t

y
e
a
r

s

r
a
n
k
i
n
g
s

h
a
v
e

b
e
e
n

r
e
v
i
s
e
d

b
a
s
e
d

o
n

2
0
1
2

r
e
v
e
n
u
e

p
r
o
v
i
d
e
d

b
y

f
i
r
m
s
.

S
o
m
e

f
i
r
m
s


r
a
n
k
i
n
g
s

w
i
l
l

t
h
e
r
e
f
o
r
e

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

r
e
p
o
r
t
e
d

l
a
s
t

y
e
a
r
.

*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






§

G
r
o
s
s

r
e
v
e
n
u
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






N
R

N
o
t

r
a
n
k
e
d






5

C
h
a
n
g
e
d

i
t
s

n
a
m
e
d

f
r
o
m

M
a
r
k
s

P
a
n
e
t
h

&

S
h
r
o
n
.






6

C
h
a
n
g
e
d

i
t
s

n
a
m
e
d

f
r
o
m

E
h
r
h
a
r
d
t

K
e
e
f
e

S
t
e
i
n
e
r

&

H
o
t
t
m
a
n
.










R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
4

1
3

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
5
1

5
2

H
a
b
i
f
,

A
r
o
g
e
t
i

&

W
y
n
n
e

A
t
l
a
n
t
a

R
i
c
h
a
r
d

K
o
p
e
l
m
a
n

D
e
c

6
4
.
2
8

6
.
6
2

1

2
6

N
C

2
3
2

5
.
9
4

3
0
5

5
.
5
4

4
5

3
9

8

8
5
2

5
0

E
l
l
i
o
t
t

D
a
v
i
s

G
r
e
e
n
v
i
l
l
e
,

S
.
C
.

R
i
c
h
a
r
d

D
a
v
i
s

J
u
n
e

6
4
.
1
0

5
.
0
5

8

5
1

-
3
.
7
7

2
6
5

7
.
7
2

3
9
2

4
.
8
1

4
7

3
5

1
4

4
5
3

5
7

K
a
u
f
m
a
n

R
o
s
s
i
n

G
r
o
u
p

M
i
a
m
i

B
l
a
i
n

H
e
c
k
a
m
a
n

/

M
a
y

6
3
.
2
0

1
8
.
5
7

9

4
3

1
3
.
1
6

2
0
5

7
.
3
3

3
3
7

1
5
.
0
2

2
5

2
6

2

4
7




J
a
m
e
s

K
a
u
f
m
a
n
5
4

5
1

B
l
u
e

&

C
o
.


C
a
r
m
e
l
,

I
n
d
.

B
r
a
d

S
h
a
w

D
e
c

6
1
.
5
1

1
.
5
0

8

4
1

1
3
.
8
9

N
A

N
A

N
A

N
A

N
A

N
A

N
A

N
A
5
5

6
6

B
l
u
m
S
h
a
p
i
r
o

W
e
s
t

H
a
r
t
f
o
r
d
,

C
t
.

C
a
r
l

J
o
h
n
s
o
n

D
e
c

6
1
.
3
0

2
8
.
2
4

4

3
0

3
.
4
5

2
5
1

5
4
.
9
4

3
4
1

3
2
.
1
7

5
6

3
2

1

1
1
5
6

5
4

F
r
a
n
k
,

R
i
m
e
r
m
a
n

+

C
o
.
*

P
a
l
o

A
l
t
o
,

C
a
l
i
f
.

B
r
y
a
n

P
o
l
s
t
e
r

D
e
c

6
1
.
2
0

1
2
.
3
3

5

2
1

1
6
.
6
7

2
2
9

1
.
7
8

2
6
7

2
.
3
0

2
7

6
2

1
1

0
5
7

6
2

W
h
i
t
l
e
y

P
e
n
n

F
o
r
t

W
o
r
t
h
,

T
e
x
a
s

L
a
r
r
y

A
u
t
r
e
y

D
e
c

5
8
.
7
1

1
9
.
8
4

5

3
8

8
.
5
7

2
0
6

8
.
4
2

2
9
4

8
.
0
9

4
3

4
3

0

1
4
5
8

5
6

S
C
&
H

G
r
o
u
p

I
n
c
.

S
p
a
r
k
s
,

M
d
.

R
o
n
a
l
d

C
a
u
s
e
y

D
e
c

5
7
.
6
0

6
.
2
7

3

2
1

N
C

2
1
7

-
5
.
2
4

2
8
2

-
6
.
0
0

1
7

4
3

4
0

0
5
9

5
3

S
c
h
n
e
i
d
e
r

D
o
w
n
s

P
i
t
t
s
b
u
r
g
h

R
a
y
m
o
n
d

B
u
e
h
l
e
r

J
u
n
e

5
7
.
5
6

4
.
0
7

2

3
6

2
.
8
6

2
8
4

6
.
3
7

3
5
4

5
.
3
6

4
5

3
5

2
0

0
6
0

5
9

N
i
g
r
o

K
a
r
l
i
n

S
e
g
a
l

F
e
l
d
s
t
e
i
n

&

B
o
l
n
o
7

L
o
s

A
n
g
e
l
e
s

M
i
c
k
e
y

S
e
g
a
l

D
e
c

5
6
.
0
8

1
1
.
6
7

2

2
1

N
C

2
6
2

2
0
.
7
4

3
1
4

1
9
.
3
9

1
7

1
7

2

6
4
6
1

6
7

D
o
e
r
e
n

M
a
y
h
e
w

T
r
o
y
,

M
i
c
h
.

M
a
r
k

C
r
a
w
f
o
r
d

S
e
p
t

5
3
.
2
0

1
6
.
6
7

3

2
7

3
.
8
5

1
5
8

8
.
9
7

2
3
7

1
1
.
2
7

4
2

3
3

1
3

1
2
6
2

6
9

F
r
a
z
i
e
r

&

D
e
e
t
e
r

A
t
l
a
n
t
a

S
e
t
h

M
c
D
a
n
i
e
l

D
e
c

5
3
.
0
0

2
0
.
1
8

4

1
1

N
C

1
5
8

1
7
.
0
4

2
0
1

1
3
.
5
6

3
2

4
0

0

2
8
6
3

6
0

K
a
t
z
,

S
a
p
p
e
r

&

M
i
l
l
e
r

I
n
d
i
a
n
a
p
o
l
i
s

D
a
v
i
d

R
e
s
n
i
c
k

D
e
c

5
2
.
8
3

7
.
4
4

3

3
0

-
6
.
2
5

1
9
8

1
3
.
7
9

2
7
6

9
.
5
2

2
6

4
3

2
4

7
6
4

6
8

C
l
a
r
k
,

S
c
h
a
e
f
e
r
,

H
a
c
k
e
t
t

&

C
o
.

C
i
n
c
i
n
n
a
t
i

C
a
r
l

C
o
b
u
r
n

J
u
n
e

5
2
.
3
3

1
6
.
7
3

6

2
7

3
.
8
5

2
3
6

1
5
.
1
2

3
2
7

1
5
.
5
5

5
1

3
6

4

9
6
5

6
3

H
e
i
n

&

A
s
s
o
c
i
a
t
e
s

D
e
n
v
e
r

B
r
i
a
n

M
a
n
d
e
l
l
-
R
i
c
e

D
e
c

5
0
.
7
1

4
.
4
5

4

3
3

6
.
4
5

1
9
1

1
3
.
6
9

2
6
6

1
1
.
3
0

4
8

4
7

4

1
6
6

5
8

S
V
A

C
P
A
s

M
a
d
i
s
o
n
,

W
i
s
.

C
a
r
l

S
c
h
u
l
t
z

M
a
y

5
0
.
2
9

-
2
.
6
3

5

2
7

N
C

1
6
0

0
.
6
3

3
7
3

-
3
.
8
7

1
6

2
0

1
4

5
0
6
7

8
9

H
i
l
l
,

B
a
r
t
h

&

K
i
n
g

B
o
a
r
d
m
a
n
,

O
h
i
o

C
h
r
i
s

A
l
l
e
g
r
e
t
t
i

A
u
g

4
9
.
3
0

3
9
.
2
7

1
3

3
6

2
0
.
0
0

1
9
2

9
.
0
9

2
9
0

1
9
.
3
4

2
0

4
0

1
1

2
9
6
8

6
5

W
a
t
k
i
n
s

M
e
e
g
a
n

B
e
t
h
e
s
d
a
,

M
d
.

M
i
c
h
a
e
l

M
i
c
h
o
l
a
s

D
e
c

4
9
.
0
0

1
.
4
5

4

1
5

-
1
1
.
7
6

1
9
6

-
2
.
9
7

2
2
4

-
4
.
2
7

2
2

2
2

5
6

0
6
9

6
4

A
r
o
n
s
o
n

R
o
c
k
v
i
l
l
e
,

M
d
.

J
e
f
f
e
r
y

C
a
p
r
o
n

D
e
c

4
9
.
0
0

1
.
0
1

1

3
1

6
.
9
0

1
5
4

3
.
3
6

2
2
4

3
.
7
0

4
3

3
3

2
2

2
7
0

7
1

P
o
s
t
l
e
t
h
w
a
i
t
e

&

N
e
t
t
e
r
v
i
l
l
e

B
a
t
o
n

R
o
u
g
e
,

L
a
.

W
i
l
l
i
a
m

B
a
l
h
o
f
f

A
p
r
i
l

4
7
.
0
7

1
2
.
4
7

1
0

2
9

N
C

2
2
9

-
2
0
.
7
6

3
1
1

-
1
6
.
4
0

4
0

1
9

2
9

1
2
7
1

7
0

S
q
u
a
r

M
i
l
n
e
r

N
e
w
p
o
r
t

B
e
a
c
h
,

C
a
l
i
f
.

S
t
e
p
h
e
n

M
i
l
n
e
r

D
e
c

4
5
.
3
0

2
.
9
5

4

2
2

N
C

1
7
1

1
8
.
7
5

2
2
9

1
2
.
2
5

4
0

5
3

0

7
7
2

8
3

R
e
i
n
s
e
l

K
u
n
t
z

L
e
s
h
e
r


L
a
n
c
a
s
t
e
r
,

P
a
.

E
d
w
a
r
d

M
o
n
b
o
r
n
e

D
e
c

4
5
.
2
1

2
1
.
8
3

4

3
9

N
C

2
2
8

6
.
0
5

3
0
0

3
.
8
1

3
3

3
5

1
0

2
2
7
3

7
3

B
e
r
k
o
w
i
t
z

P
o
l
l
a
c
k

B
r
a
n
t

M
i
a
m
i

R
i
c
h
a
r
d

B
e
r
k
o
w
i
t
z

D
e
c

4
4
.
4
0

1
1
.
8
1

3

1
6

N
C

1
3
5

2
5
.
0
0

1
9
4

1
9
.
0
2

1
8

4
1

3

3
8
7
4

8
2

H
o
n
k
a
m
p

K
r
u
e
g
e
r

&

C
o
.

D
u
b
u
q
u
e
,

I
o
w
a

G
r
e
g

B
u
r
b
a
c
h

D
e
c

4
3
.
7
0

1
6
.
4
7

7

1
8

5
.
8
8

1
5
0

4
5
.
6
3

3
4
3

1
1
.
7
3

1
4

1
8

6

6
2
7
5

7
2

B
e
r
r
y
D
u
n
n

P
o
r
t
l
a
n
d
,

M
a
i
n
e

J
o
h
n

C
h
a
n
d
l
e
r

J
u
n
e

4
3
.
1
2

7
.
4
0

5

1
8

N
C

1
5
4

1
2
.
4
1

2
0
4

1
0
.
2
7

4
7

1
8

2
8

7

K
e
y

a
n
d

n
o
t
e
s
:


L
a
s
t

y
e
a
r

s

r
a
n
k
i
n
g
s

h
a
v
e

b
e
e
n

r
e
v
i
s
e
d

b
a
s
e
d

o
n

2
0
1
2

r
e
v
e
n
u
e

p
r
o
v
i
d
e
d

b
y

f
i
r
m
s
.

S
o
m
e

f
i
r
m
s


r
a
n
k
i
n
g
s

w
i
l
l

t
h
e
r
e
f
o
r
e

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

r
e
p
o
r
t
e
d

l
a
s
t

y
e
a
r
.

*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






§

G
r
o
s
s

r
e
v
e
n
u
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






N
R

N
o
t

r
a
n
k
e
d






7

C
h
a
n
g
e
d

i
t
s

n
a
m
e
d

f
r
o
m

N
i
g
r
o

K
a
r
l
i
n

S
e
g
a
l

&

F
e
l
d
s
t
e
i
n
.









R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)
1
4

1
3

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
7
6

8
1

F
r
e
e
d

M
a
x
i
c
k

C
P
A
s
*

B
u
f
f
a
l
o
,

N
.
Y
.

R
o
n
a
l
d

S
o
l
u
r
i

A
p
r
i
l

4
1
.
5
0

9
.
6
4

4

3
5

N
C

2
0
3

6
.
8
4

2
8
3

6
.
3
9

3
6

3
7

2
7

0
7
7

7
9

R
a
i
c
h

E
n
d
e

M
a
l
t
e
r

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

E
l
l
i
s

E
n
d
e

/


D
e
c

4
1
.
0
0

7
.
8
9

5

3
3

3
.
1
3

1
2
0

-
2
.
4
4

1
9
1

-
2
.
0
5

4
0

6
0

0

0




C
h
a
r
l
e
s

R
a
i
c
h
7
8

7
4

C
o
h
e
n

&

C
o
.

C
l
e
v
e
l
a
n
d

R
a
n
d
y

M
y
e
r
o
f
f

S
e
p
t

4
0
.
9
8

3
.
6
7

7

1
9

-
9
.
5
2

2
0
0

9
.
8
9

2
6
3

5
.
2
0

4
6

4
0

2

1
2
7
9

7
5

G
r
a
s
s
i

&

C
o
.
*

N
e
w

Y
o
r
k

C
i
t
y

L
o
u
i
s

G
r
a
s
s
i

D
e
c

4
0
.
9
5

5
.
0
0

2

2
3

N
C

1
3
6

8
.
8
0

1
9
7

6
.
4
9

4
8

4
1

9

2
8
0

N
R

S
k
o
d
a

M
i
n
o
t
t
i

&

C
o
.

M
a
y
f
i
e
l
d

V
i
l
l
a
g
e
,

O
h
i
o

G
r
e
g
o
r
y

S
k
o
d
a

D
e
c

4
0
.
0
1

4
3
.
2
5

4

2
3

6
4
.
2
9

1
6
7

3
8
.
0
2

2
2
6

3
8
.
6
5

2
3

2
6

1
2

3
9
8
1

7
6

M
a
r
g
o
l
i
n
,

W
i
n
e
r

&

E
v
e
n
s

G
a
r
d
e
n

C
i
t
y
,

N
.
Y
.

T
e
d
d
y

S
e
l
i
n
g
e
r

D
e
c

4
0
.
0
0

2
.
5
6

2

2
5

-
7
.
4
1

1
6
7

N
C

2
0
7

-
1
.
9
0

6
0

3
0

1
0

0
8
2

6
1

R
o
s
e
n

S
e
y
m
o
u
r

S
h
a
p
s
s

M
a
r
t
i
n

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

M
i
c
h
a
e
l

B
e
r
n
s
t
e
i
n

D
e
c

4
0
.
0
0

-
1
8
.
3
7

3

2
4

-
1
4
.
2
9

1
0
6

-
3
4
.
1
6

1
6
5

-
2
5
.
0
0

4
6

4
6

8

0
8
3

7
8

M
a
u
l
d
i
n

&

J
e
n
k
i
n
s

A
t
l
a
n
t
a

D
o
n
a
l
d

L
u
k
e
r

M
a
y

3
8
.
8
0

0
.
7
8

5

3
4

-
1
0
.
5
3

1
2
5

-
9
.
4
2

1
9
8

-
7
.
0
4

5
9

3
0

2

9
8
4

7
7

S
i
n
g
e
r
L
e
w
a
k

L
o
s

A
n
g
e
l
e
s

J
i
m

P
i
t
r
a
t

O
c
t

3
8
.
5
0

-
0
.
8
0

6

3
3

3
.
1
3

N
A

N
A

N
A

N
A

N
A

N
A

N
A

N
A
8
5

8
0

M
o
u
n
t
j
o
y

C
h
i
l
t
o
n

M
e
d
l
e
y

L
o
u
i
s
v
i
l
l
e
,

K
y
.

D
i
a
n
e

M
e
d
l
e
y

D
e
c

3
8
.
3
1

1
.
0
0

5

3
7

-
5
.
1
3

1
7
1

4
.
2
7

2
4
6

-
0
.
4
0

4
0

3
6

9

1
5
8
6

9
1

A
K
T

C
P
A
s

S
a
l
e
m
,

O
r
e
.

S
t
e
p
h
e
n

T
a
t
o
n
e

D
e
c

3
8
.
2
4

1
0
.
3
9

6

1
5

N
C

1
7
6

7
.
9
8

2
3
5

1
2
.
4
4

2
8

3
3

1
1

2
8
8
7

8
5

J
o
s
e
p
h

D
e
c
o
s
i
m
o

&

C
o
.

C
h
a
t
t
a
n
o
o
g
a
,

T
e
n
n
.

N
i
c
k

D
e
c
o
s
i
m
o

D
e
c

3
8
.
2
0

5
.
5
0

8

2
9

-
6
.
4
5

1
7
7

4
.
1
2

2
6
5

1
.
5
3

4
7

3
9

7

7
8
8

8
4

M
i
l
l
e
r

K
a
p
l
a
n

A
r
a
s
e

N
o
r
t
h

H
o
l
l
y
w
o
o
d
,

C
a
l
i
f
.

D
o
u
g
l
a
s

W
a
i
t
e

F
e
b

3
8
.
0
0

2
.
7
0

5

2
4

N
C

1
1
7

8
.
3
3

1
7
5

1
.
7
4

5
8

1
7

1
7

8
8
9

8
8

R
G
L

F
o
r
e
n
s
i
c
s

D
e
n
v
e
r

A
n
g
i
e

M
a
c
P
h
e
e

D
e
c

3
7
.
6
5

6
.
0
6

1
7

2
3

-
4
.
1
7

1
2
4

-
2
7
.
0
6

1
9
0

-
1
8
.
8
0

0

0

0

1
0
0
9
0

8
7

R
a
f
f
a


W
a
s
h
i
n
g
t
o
n
,

D
.
C
.

T
h
o
m
a
s

R
a
f
f
a

D
e
c

3
6
.
9
2

3
.
7
1

2

1
8

5
.
8
8

1
9
2

6
.
6
7

2
4
3

5
.
6
5

5
3

1
5

3
2

0
9
1

9
2

G
a
l
l
i
n
a


R
o
s
e
v
i
l
l
e
,

C
a
l
i
f
.

L
a
r
r
y

T
a
y
l
o
r

D
e
c

3
6
.
3
9

5
.
0
5

9

2
6

8
.
3
3

1
5
5

1
.
3
1

2
2
6

2
.
2
6

4
5

5
2

3

0
9
2

9
3

S
e
i
l
e
r


R
e
d
w
o
o
d

C
i
t
y
,

C
a
l
i
f
.

J
a
m
e
s

D
e
M
a
r
t
i
n
i

D
e
c

3
6
.
1
0

5
.
8
7

2

1
1

-
1
5
.
3
8

1
1
6

-
1
.
6
9

1
5
2

1
.
3
3

1
0

7
5

0

1
5
9
3

9
9

P
r
a
g
e
r

M
e
t
i
s

I
n
t
e
r
n
a
t
i
o
n
a
l

N
e
w

Y
o
r
k

C
i
t
y

D
a
v
i
d

N
e
s
t
e

/


D
e
c

3
5
.
9
9

1
6
.
5
9

7

3
0

2
0
.
0
0

1
2
9

1
2
.
1
7

1
9
9

1
3
.
0
7

3
0

4
5

2
5

0




G
l
e
n
n

F
r
i
e
d
m
a
n
9
4

9
0

K
e
m
p
e
r

C
P
A

G
r
o
u
p

G
r
e
e
n
f
i
e
l
d
,

I
n
d
.

R
o
n
a
l
d

D
e
z
e
l
a
n

A
p
r
i
l

3
5
.
4
8

2
.
2
8

2
2

5
5

1
.
8
5

2
0
7

-
3
.
7
2

2
9
8

-
1
.
0
0

4
2

3
8

2
0

0
9
5

9
7

K
a
h
n
,

L
i
t
w
i
n
,

R
e
n
z
a

&

C
o
.

P
r
o
v
i
d
e
n
c
e
,

R
.
I
.

A
l
a
n

L
i
t
w
i
n

D
e
c

3
5
.
3
2

1
2
.
8
4

3

1
1

1
0
.
0
0

1
5
3

1
0
.
8
7

1
9
5

1
0
.
8
0

3
0

3
5

3
5

0
9
6

9
4

K
e
n
n
e
d
y

a
n
d

C
o
e

S
a
l
i
n
a
,

K
a
n
s
a
s

J
e
f
f

W
a
l
d

M
a
r
c
h

3
3
.
8
0

5
.
9
6

8

2
6

8
.
3
3

1
3
4

1
0
.
7
4

2
0
5

4
.
0
6

1
8

5
3

2
9

0
9
7

N
R

M
o
n
t
g
o
m
e
r
y

C
o
s
c
i
a

G
r
e
i
l
i
c
h


P
l
a
n
o
,

T
e
x
a
s

T
h
o
m
a
s

M
o
n
t
g
o
m
e
r
y

/


D
e
c

3
3
.
5
4

1
6
.
1
4

2

1
6

1
4
.
2
9

2
0
3

3
0
.
1
3

2
3
1

2
7
.
6
2

2
8

4
1

2
4

7




M
a
t
t
h
e
w

C
o
s
c
i
a
9
8

8
6

M
a
c
i
a
s

G
i
n
i

&

O

C
o
n
n
e
l
l


S
a
c
r
a
m
e
n
t
o
,

C
a
l
i
f
.

K
e
v
i
n

O

C
o
n
n
e
l
l

D
e
c

3
3
.
4
0

-
7
.
7
3

9

1
0

-
9
.
0
9

1
6
4

1
0
.
0
7

2
5
8

7
.
0
5

6
3

1
2

7

1
8
9
9

9
5

W
i
s
s

&

C
o
.

L
i
v
i
n
g
s
t
o
n
,

N
.
J
.

P
a
u
l

P
e
t
e
r
s
o
n

M
a
r
c
h

3
3
.
0
0

3
.
7
7

4

2
8

-
3
.
4
5

1
1
4

-
2
.
5
6

1
7
2

-
1
.
7
1

5
6

3
2

0

1
2
1
0
0

9
6

V
a
v
r
i
n
e
k

T
r
i
n
e

D
a
y


R
a
n
c
h
o

C
u
c
a
m
o
n
g
a
,

C
a
l
i
f
.

K
e
v
i
n

P
u
l
l
i
a
m

D
e
c

3
2
.
3
1

1
.
9
9

7

3
3

-
8
.
3
3

N
A

N
A

2
0
0

N
A

N
A

N
A

N
A

N
A

K
e
y

a
n
d

n
o
t
e
s
:


L
a
s
t

y
e
a
r

s

r
a
n
k
i
n
g
s

h
a
v
e

b
e
e
n

r
e
v
i
s
e
d

b
a
s
e
d

o
n

2
0
1
2

r
e
v
e
n
u
e

p
r
o
v
i
d
e
d

b
y

f
i
r
m
s
.

S
o
m
e

f
i
r
m
s


r
a
n
k
i
n
g
s

w
i
l
l

t
h
e
r
e
f
o
r
e

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

r
e
p
o
r
t
e
d

l
a
s
t

y
e
a
r
.

*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






§

G
r
o
s
s

r
e
v
e
n
u
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






N
R

N
o
t

r
a
n
k
e
d






member-driven accounting association | www.cpamerica.org
| ph: 352-727-4070 | fax: 352-727-4031
KEEP CLIMBING
CPAMERICA INTERNATIONAL HELPS YOUR FIRM
CPAmerica International association
members are independent CPA frms
that beneft from practice management
support, continuing education and the
sharing of best practices to grow.
S
ince our Regional Leaders both repre-
sent a broader range of firms in terms of
size, and bring with them the particular
economic conditions of their geographic
regions, the trends here tend to be less clear than
among our Top 100 Firms.
One anti-trend that we’ve noticed is the lack
of correlation between the size of a region in terms
of its overall firm revenues, and its growth rate.
The Mid-Atlantic Regional Leaders, for instance,
have combined revenues almost twice as large
as the Great Lakes Regional Leaders — but an
average growth rate that’s around half, while the
Southwest has revenues that are slightly less than
those of the Capitol Region, but is growing five
times as fast. Local economic conditions make all
the difference, of course, but the point that size is
not everything is worth making.
Unless, of course, you’re talking about the
size of our lists for each region. We’ve been grow-
ing them steadily over the past few years, and are
happy to report a large number of new additions
this year, many of which are highlighted in the
introductions to their individual regions.
If your firm should be on one of our Regional
Leaders lists, send us an e-mail at AcToday@
SourceMedia.com, and we’ll include you in next
year’s survey. AT
regional overview
Regions see uneven growth
20
THE 2014 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C., and West Virginia
Revenue: $562.57 million; up 2.06%
While the Capital Region displayed the weakest revenue growth among the regions in 2013, it did display
major growth in another way: the number of firms represented. This year’s list includes a number of strong
new players, like Virginia’s PBMares, West Virginia’s Arnett Foster Toothman, and Washington, D.C.’s Tate &
Tryon.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Kearney & Co. Alexandria, Va. 77.64 -2.82 2 13 287 401 72 0 28 0
SC&H Group Inc. Sparks, Md. 57.60 6.27 3 21 217 282 17 43 40 0
Watkins Meegan Bethesda, Md. 49.00 1.45 4 15 196 224 22 22 56 0
Aronson Rockville, Md. 49.00 1.01 1 31 154 224 43 33 22 2
Raffa Washington, D.C. 36.92 3.71 2 18 192 243 53 15 32 0
PBMares Newport News, Va. 28.92 1.44 8 34 105 177 40 43 9 8
Cotton & Co. Alexandria, Va. 25.66 -1.04 1 10 138 155 44 0 16 40
Brown, Edwards & Co.

Bluefield, W.Va. 25.42 2.01 7 25 NA 182 NA NA NA NA
Johnson Lambert* Falls Church, Va. 22.68 5.93 8 13 119 149 82 15 3 0
Yount, Hyde & Barbour Winchester, Va. 22.52 -5.70 6 20 84 127 45 41 11 3
Gelman, Rosenberg & Freedman Bethesda, Md. 21.60 3.85 1 12 60 94 76 23 1 0
Keiter Glen Allen, Va. 21.43 3.28 1 12 104 143 26 62 4 8
Arnett Foster Toothman Charleston, W.Va. 19.61 2.83 6 23 86 136 47 28 25 0
Ellin & Tucker Chartered Baltimore 19.33 -5.15 4 11 77 114 38 38 16 8
Tate & Tryon Washington, D.C. 18.60 5.50 1 11 90 110 69 7 24 0
Calibre CPA Group Bethesda, Md. 18.30 23.40 3 15 107 143 81 8 0 11
Gross Mendelsohn Baltimore 16.74 10.20 1 15 69 103 49 30 21 0
Smith Elliott Kearns & Co. Hagerstown, Md. 16.60 1.22 5 20 97 142 48 30 17 5
KatzAbosch Timonium, Md. 15.00 NC 3 21 42 83 37 55 8 0
Notes: * Firm estimate or projection NC No change NA Not available/applicable
REGIONS
The Capital Region 20
The Southeast 21
New England 21
The Mid-Atlantic 22
The Great Lakes 24
The Gulf Coast 24
The Midwest 25
The Mountain States 26
The Southwest 26
The West 27
21
regional leaders
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Dixon Hughes Goodman Charlotte, N.C. 310.00 1.97 26 178 1,129 1,661 36 35 29 0
Cherry Bekaert Richmond, Va. 125.90 1.86 22 55 559 778 44 47 9 0
Lattimore, Black, Morgan & Cain Brentwood, Tenn. 70.91 9.06 3 46 287 409 24 34 14 28
Habif, Arogeti & Wynne Atlanta 64.28 6.62 1 26 232 305 45 39 8 8
Elliott Davis Greenville, S.C. 64.10 5.05 8 51 265 392 47 35 14 4
Frazier & Deeter Atlanta 53.00 20.18 4 11 158 201 32 40 0 28
Mauldin & Jenkins Atlanta 38.80 0.78 5 34 125 198 59 30 2 9
Mountjoy Chilton Medley Louisville, Ky. 38.31 1.00 5 37 171 246 40 36 9 15
Joseph Decosimo & Co. Chattanooga, Tenn. 38.20 5.50 8 29 177 265 47 39 7 7
Bennett Thrasher Atlanta 29.88 14.18 1 23 104 151 27 57 7 9
Dean Dorton Allen Ford Lexington, Ky. 22.12 1.79 2 33 90 150 33 42 25 0
Windham Brannon Atlanta 21.46 10.73 1 14 100 139 39 59 2 0
WebsterRogers Florence, S.C. 17.50 6.97 9 24 91 138 42 46 4 8
Top Firms: Southeast
Arkansas, Georgia, Kentucky, North Carolina, South Carolina and Tennessee
Revenue: $894.46 million; up 4.70%
Growth moderated in the Southeast in 2013, coming in a few percentage points lower
than in 2012, but that didn’t stop individual firms from posting some strong results, like
Atlanta’s Frazier & Deeter, or new Regional Leader Windham Brannon.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BlumShapiro West Hartford, Ct. 61.30 28.24 4 30 251 341 56 32 1 11
BerryDunn Portland, Maine 43.12 7.40 5 18 154 204 47 18 28 7
Kahn, Litwin, Renza & Co. Providence, R.I. 35.32 12.84 3 11 153 195 30 35 35 0
Wolf & Co. Boston 31.49 7.25 3 19 142 189 50 21 0 29
Baker Newman & Noyes Portland, Maine 27.70 NC 4 30 121 182 48 40 12 0
Feeley & Driscoll Boston 24.22 3.02 1 12 66 103 61 29 10 0
DiCicco, Gulman & Co. Woburn, Mass. 18.00 5.88 2 14 65 97 42 43 15 0
Alexander, Aronson, Finning

Westborough, Mass. 17.69 2.49 5 18 NA NA NA NA NA NA
Whittlesey & Hadley Hartford, Ct. 15.70 7.53 1 15 83 105 60 20 20 0
Gray, Gray & Gray Westwood, Mass. 13.80 2.22 3 8 64 86 45 35 20 0
Edelstein & Co. Boston 13.60 18.26 1 9 45 64 21 54 0 25
Macdonald Page & Co. South Portland, Maine 13.00 4.42 3 21 75 112 42 31 13 14
O’Connor & Drew Braintree, Mass. 12.00 20.00 2 15 60 87 81 17 0 2
Melanson Heath & Co. Nashua, N.H. 10.48 2.64 5 9 66 88 74 22 2 2
Meyers Brothers Kalicka Holyoke, Mass. 10.40 6.12 1 7 40 59 47 39 4 10
DiSanto Priest & Co. Warwick, R.I. 9.59 4.35 1 8 37 57 39 55 6 0
Gallagher Flynn & Co. South Burlington, Vt. 9.20 -3.16 2 10 NA 75 NA NA NA NA
Notes: * Firm estimate or projection † Accounting Today estimate NA Not available/applicable
Top Firms: New England
Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
Revenue: $366.61 million, up 9.49%
After a lackluster 2012, things picked up significantly for the region in 2013. M&A played a major part, with firms of all
sizes getting into local and regional hookups, and large firms like Connecticut’s BlumShapiro and Rhode Island’s Kahn,
Litwin, Renza & Co. leading the way. Going forward, it will reshape the list in other ways, following the January 2014
merger of Massachusetts Regional Leader Braver PC into Top 100 Firm Marcum LLP.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
CohnReznick New York City 508.00 4.10 24 274 1,716 2,521 52 33 6 9
Marcum New York City 350.10 27.08 17 160 844 1,300 45 36 7 12
EisnerAmper New York City 276.90 7.79 9 177 976 1,185 56 35 9 0
Rothstein Kass Roseland, N.J. 202.00 6.88 8 76 780 1,002 60 35 5 0
ParenteBeard Philadelphia 158.00 -6.51 18 116 544 861 53 31 16 0
Citrin Cooperman & Co. New York City 143.00 14.40 5 120 302 503 47 37 8 8
WeiserMazars New York City 142.40 7.72 6 104 393 625 47 39 14 0
Berdon New York City 101.00 3.91 2 39 334 398 33 40 27 0
O’Connor Davies New York City 99.50 18.88 7 82 340 501 65 21 14 0
Marks Paneth* New York City 98.00 12.64 3 64 390 539 63 27 3 7
WithumSmith+Brown Princeton, N.J. 96.98 9.31 12 77 258 431 37 37 2 24
Anchin, Block & Anchin New York City 93.00 NC 1 56 215 354 44 43 13 0
Friedman New York City 72.50 8.21 6 57 244 349 60 35 5 0
The Bonadio Group* Pittsford, N.Y. 66.29 22.31 11 61 352 470 48 21 13 18
Schneider Downs Pittsburgh 57.56 4.07 2 36 284 354 45 35 20 0
Reinsel Kuntz Lesher Lancaster, Pa. 45.21 21.83 4 39 228 300 33 35 10 22
Freed Maxick CPAs* Buffalo, N.Y. 41.50 9.64 4 35 203 283 36 37 27 0
Raich Ende Malter & Co. New York City 41.00 7.89 5 33 120 191 40 60 0 0
Grassi & Co.* New York City 40.95 5.00 2 23 136 197 48 41 9 2
Margolin, Winer & Evens Garden City, N.Y. 40.00 2.56 2 25 167 207 60 30 10 0
Rosen Seymour Shapss Martin & Co. New York City 40.00 -18.37 3 24 106 165 46 46 8 0
Prager Metis International New York City 35.99 16.59 7 30 129 199 30 45 25 0
Wiss & Co. Livingston, N.J. 33.00 3.77 4 28 114 172 56 32 0 12
Kreischer Miller Horsham, Pa. 29.50 10.78 1 16 137 183 46 36 11 7
Perelson Weiner New York City 19.50 NA 1 8 45 70 40 50 10 0
Janover Garden City, N.Y. 19.44 NA 2 13 78 108 30 62 5 3
Untracht Early* Florham Park, N.J. 19.00 5.44 3 8 79 102 29 64 4 3
Gettry Marcus CPA Woodbury, N.Y. 17.00 3.03 2 16 47 81 48 35 0 17
Buchbinder Tunick & Co. New York City 16.00 NC 2 18 53 90 50 25 15 10
Notes: * Firm estimate or projection NC No change NA Not available/applicable
Top Firms: Mid-Atlantic
New Jersey, New York and Pennsylvania
Revenue: $2,903.32 million; up 8.31%
The Mid-Atlantic continues to post generally strong results, helped by the strength of many of the industries its firms
serve, particularly in the financial services and financial institutions areas. It also remains a seedbed for new and grow-
ing firms, like new Top 100 entry Prager Metis International, and new Regional Leaders Perelson Weiner, Janover, Un-
tracht Early and Buchbinder Tunick.
22
regional leaders
Where the growth is, Pt. 1
Average firm growth rate, in percent by region
Mid-
Atlantic
Great
Lakes
West Midwest Capital
Region
Southeast Gulf
Coast
Southwest New
England
Mountain
0
5
10
15
20
L·pert: thet
unoer:teno
your neeo:
||nenc|ng
thet meet:
your goe|:
CP^ Practlce Flnanclng
from ßank of ^merlca
Practlce Solutlons
when you neeo nnenc|ng íor your nrm, you went
to wor| w|th :omeone who unoer:teno: your
ou:|ne:: neeo: /t 3en| oí /mer|ce |rect|ce
So|ut|on:, weve he|peo proíe::|one| :erv|ce
nrm: ecro:: the net|on reech the|r goe|: through
:mert nnenc|e| :o|ut|on: eno gu|oence /no
were reeoy to oo the :eme íor you
¯
/|| p|oç|ams su|je:t to :|ed|t app|o.a| and |oan amounts a|e su|je:t to :|ed|t.o|t||ness
Some |est||:t|ons may app|y ¹|e te|m, amount, |nte|est |ate and |epayment s:|edu|e fo|
you| |oan, and any p|odu:t featu|es, |n:|ud|nç |nte|est |ate |o:|s, may .a|y depend|nç on you|
:|ed|t.o|t||ness and on t|e type, amount and :o||ate|a| fo| you| |oan
!
ban| of /me||:a ||a:t|:e So|ut|ons may p|o||||t use of an a::ount to pay off o| pay do.n
anot|e| ban| of /me||:a a::ount
ban| of /me||:a |s a |eç|ste|ed t|adema|| of ban| of /me||:a Co|po|at|on ban| of /me||:a
||a:t|:e So|ut|ons |s a d|.|s|on of ban| of /me||:a, |/ C20!4 ban| of /me||:a Co|po|at|on
/|4o6|/| | |e. 2/20!4
M & ^ for
CP^s from
ßank of ^merlca
ßuy-ln or
ßuy-Out
Crow your prect|ce
w|th ¦e·|o|e nnenc|ng
íor e new pertner
ouy|ng |n or e ret|r|ng
pertner ouy|ng out
ßuslness 0ebt
Consolldatlon
f
lmprove your ce:h
¦ow w|th up to 6¯¹
oí your prect|ce
revenue u:eo íor
con:o||oet|ng ou:|ne::
oeot w|th n·eo rete:
eno term: up to
10 yeer:
Commerclal
Real Lstate
Loo||ng et ree| e:tete
íor your nrm¯ 3uy,
rennence,
*
or re|ocete,
w|th term: up to
2¯ yeer:
Mergers and
^cqulsltlons
Cet up to 2 m||||on íor
your \ ° / w|th n·eo
rete: eno term: up
to 10 yeer:
Let's talk.
Call 800.210.6450
|or more |níormet|on, |og on to our weo :|te
bankofamerica.com/practicesolutions
regional leaders
24
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Plante Moran Southfield, Mich. 411.32 24.27 19 256 1,317 1,947 41 26 33 0
Baker Tilly Virchow Krause Chicago 301.30 16.33 11 112 1,323 1,569 38 30 30 2
Rehmann Saginaw, Mich. 104.00 15.04 20 61 538 779 36 36 4 24
Sikich Naperville, Ill. 97.00 26.96 11 61 431 579 30 15 51 4
SS&G Cleveland 90.00 13.92 12 42 437 531 33 38 11 18
Schenck Appleton, Wis. 69.89 1.50 9 60 323 479 38 38 18 6
Blue & Co.

Carmel, Ind. 61.51 1.50 8 41 NA NA NA NA NA NA
Doeren Mayhew Troy, Mich. 53.20 16.67 3 27 158 237 42 33 13 12
Katz, Sapper & Miller Indianapolis 52.83 7.44 3 30 198 276 26 43 24 7
Clark, Schaefer, Hackett & Co. Cincinnati 52.33 16.73 6 27 236 327 51 36 4 9
SVA CPAs Madison, Wis. 50.29 -2.63 5 27 160 373 16 20 14 50
Hill, Barth & King Boardman, Ohio 49.30 39.27 13 36 192 290 20 40 11 29
Cohen & Co. Cleveland 40.98 3.67 7 19 200 263 46 40 2 12
Skoda Minotti & Co. Mayfield Village, Ohio 40.01 43.25 4 23 167 226 23 26 12 39
Kemper CPA Group Greenfield, Ind. 35.48 2.28 22 55 207 298 42 38 20 0
Yeo & Yeo Saginaw, Mich. 31.98 14.62 8 17 134 185 18 23 22 37
Rea & Associates New Philadelphia, Ohio 31.56 1.48 11 23 142 204 46 33 7 14
Somerset CPAs Indianapolis 26.82 9.42 1 26 95 163 38 29 33 0
Wolf & Co. Oakbrook Terrace, Ill. 23.35 7.55 2 13 98 146 51 37 2 10
ORBA Chicago 21.80 5.31 1 17 69 109 35 51 14 0
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
Revenue: $1,644.95 million; up 16.58%
The Great Lakes Region goes from strength to strength, following up strong growth in 2011 and 2012 with 2013’s top per-
formance among the regions. Double-digit scores at the region’s top five firms led the way, but there were high perform-
ers at all levels; particularly notable was Skoda Minotti’s 43 percent growth, which landed it a spot in the Top 100.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Carr, Riggs & Ingram Enterprise, Ala. 161.31 44.89 20 125 657 924 43 39 18 0
Warren Averett Birmingham, Ala. 122.91 6.91 14 121 509 812 39 41 5 15
MBAF CPAs Miami 83.50 4.38 9 22 336 419 35 44 15 6
Horne Ridgeland, Miss. 67.37 6.06 12 20 338 465 34 11 45 10
Kaufman Rossin Group Miami 63.20 18.57 9 43 205 337 25 26 2 47
Postlethwaite & Netterville Baton Rouge, La. 47.07 12.47 10 29 229 311 40 19 29 12
Berkowitz Pollack Brant Miami 44.40 11.81 3 16 135 194 18 41 3 38
Jackson Thornton & Co. Montgomery, Ala. 26.15 6.69 6 22 122 176 35 26 17 22
LaPorte Metairie, La. 21.42 -2.41 4 17 111 162 52 40 8 0
Heard, McElroy & Vestal Shreveport, La. 16.40 6.49 2 12 70 107 40 40 16 4
Barfield, Murphy, Shank & Smith Birmingham, Ala. 16.20 7.28 1 11 71 105 34 33 12 21
Daszkal Bolton* Boca Raton, Fla. 16.00 8.11 3 11 65 103 27 68 1 4
Goldstein Schechter Koch* Coral Gables, Fla. 15.40 -3.02 3 14 65 103 41 44 10 5
The LBA Group Jacksonville, Fla. 14.38 9.35 1 10 67 88 18 54 10 18
Gerson Preston Robinson & Co. Miami Beach, Fla. 13.70 -2.14 3 5 40 59 40 40 20 0
Averett Warmus Durkee Orlando, Fla. 12.40 3.33 3 10 82 102 48 45 7 0
Cross, Fernandez & Riley Orlando, Fla. 12.00 13.64 4 17 55 90 45 50 5 0
Notes: * Firm estimate or projection † Accounting Today estimate NA Not available/applicable
Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
Revenue: $753.81 million; up 13.86%
The ongoing boom in oil, gas and energy, as well as distance from various man-made and natural disas-
ters, played their part in the Gulf Coast’s strong growth, but M&A remains a powerful engine, with the re-
gion’s leader, Carr, Riggs & Ingram, continuing its aggressive expansion across the Gulf and the Southeast.
9.89%
5.66%
11.03%
5.76%
13.86%
16.58%
8.31%
9.49%
4.70%
2.06%
regional leaders
25
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BKD Springfield, Mo. 418.40 4.00 32 237 1,381 2,013 49 31 20 0
Eide Bailly Fargo, N.D. 170.50 7.77 22 101 942 1,311 43 40 9 8
Wipfli* Milwaukee 162.50 7.12 22 142 893 1,227 34 29 37 0
RubinBrown St. Louis 68.15 2.96 3 27 366 448 46 38 16 0
Honkamp Krueger & Co. Dubuque, Iowa 43.70 16.47 7 18 150 343 14 18 6 62
Kennedy and Coe Salina, Kansas 33.80 5.96 8 26 134 205 18 53 29 0
Brown Smith Wallace St. Louis 31.00 6.16 3 23 169 210 23 45 32 0
Lurie Besikof Lapidus & Co. Minneapolis 27.30 5.00 1 14 90 125 37 41 17 5
Brady, Martz & Associates Grand Forks, N.D. 27.10 2.92 5 33 103 172 53 38 9 0
Anders St. Louis 25.79 0.62 1 20 112 155 29 41 2 28
Lutz & Co. Omaha, Neb. 23.90 16.59 1 26 87 132 39 34 4 23
Boulay Minneapolis 23.18 7.56 1 30 83 138 38 33 0 29
Mize Houser & Co. Topeka, Kansas 21.92 1.34 3 21 110 208 61 28 11 0
Seim Johnson Omaha, Neb. 15.35 3.58 1 18 53 89 41 30 29 0
Olsen Thielen & Co. St. Paul, Minn. 14.27 6.25 2 13 72 104 40 31 29 0
Mueller Prost St. Louis 12.55 3.80 3 11 69 95 29 38 33 0
Notes: * Firm estimate or projection NC No change NA Not available/applicable
Top Firms: Midwest
Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota
Revenue: $1,130.25 million; up 5.76%
The Midwest repeated its respectable 2012 performance in 2013, but oftentimes, the heavyweights at the top of a region
— in this case, BKD — set a pace that may mask more-than-respectable performance further down the list. In this case,
Honkamp Krueger and Lutz & Co. both deserve special mention for growth that was well above average.
Where the growth is, Pt. 2
Average firm growth rate, in percent by region
regional leaders
26
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
EKS&H Denver 70.46 11.19 3 38 308 427 45 42 13 0
Hein & Associates Denver 50.71 4.45 4 33 191 266 48 47 4 1
RGL Forensics Denver 37.65 6.06 17 23 124 190 0 0 0 100
Anderson ZurMuehlen Helena, Mont. 25.57 2.77 7 27 128 204 35 38 10 17
GHP Horwath Denver 24.80 -0.40 1 10 82 106 41 26 0 33
Anton Collins Mitchell Denver 16.00 1.91 3 12 69 97 50 40 10 0
Tanner Salt Lake City 14.30 10.85 1 10 54 72 62 23 13 2
Junkermier, Clark,
Campanella, Stevens Great Falls, Mont. 14.20 0.85 7 25 69 120 39 43 7 11
Dalby, Wendland & Co. Grand Junction, Colo. 11.95 3.73 4 16 52 90 25 53 9 13
McGee, Hearne & Paiz Cheyenne, Wyo. 9.73 4.85 2 9 52 70 55 38 7 0
Top Firms: Mountain
Colorado, Idaho, Montana, Utah and Wyoming
Revenue: $275.37 million; up 5.66%
The region seems, in some ways to have turned the corner: It reported its second year in a row of respectable
growth, after a few difficult years. That may explain the interest from Top 100 Firms; Eide Bailly in particular made
a number of acquisitions in the region, particularly in the Salt Lake City area.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Weaver Fort Worth, Texas 83.40 13.32 7 36 354 471 34 43 12 11
Whitley Penn Fort Worth, Texas 58.71 19.84 5 38 206 294 43 43 0 14
Montgomery Coscia Greilich Plano, Texas 33.54 16.14 2 16 203 231 28 41 24 7
Padgett, Stratemann & Co. San Antonio 30.07 3.01 2 17 127 179 51 37 12 0
REDW Albuquerque, N.M. 26.45 33.52 2 17 129 181 52 24 10 14
Briggs & Veselka Co. Houston 26.17 18.42 2 19 151 194 41 50 8 1
PKF Texas Houston 21.55 5.53 1 10 85 108 50 46 4 0
Cain Watters & Associates Plano, Texas 20.80 9.30 1 7 55 108 10 15 0 75
BeachFleischman* Tuscon, Ariz. 20.30 23.78 2 25 81 140 27 57 2 14
Johnson Miller & Co. CPAs Odessa, Texas 19.54 8.68 3 14 76 103 30 50 7 13
PMB Helin Donovan Austin, Texas 19.00 13.77 8 28 88 136 55 45 0 0
Lane Gorman Trubitt Dallas 19.00 4.97 1 15 62 92 57 37 0 6
Henry & Horne Tempe, Ariz. 18.50 5.71 3 14 70 102 33 58 9 0
Maxwell Locke & Ritter Austin, Texas 18.34 9.69 2 21 61 92 38 41 0 21
TravisWolff Dallas 18.30 -0.54 1 8 76 104 32 54 14 0
Melton & Melton Houston 17.90 7.70 1 14 79 103 50 50 0 0
Brown, Graham & Co.* Amarillo, Texas 12.87 4.04 7 23 61 113 35 50 5 10
Hartman, Leito & Bolt Fort Worth, Texas 11.00 -7.95 1 10 47 69 45 46 8 1
MaloneBailey Houston 8.97 -22.20 2 5 31 41 98 2 0 0
Notes: * Firm estimate or projection NC No change NA Not available/applicable
Top Firms: Southwest
Arizona, New Mexico, Oklahoma and Texas
Revenue: $484.41 million; up 11.03%
As with the Gulf Coast, booming revenues from oil and gas no doubt played a part in the
Southwest’s strong performance this year (the third best of the regions), with many of the
largest firms recording growth in energy and related services. We’re also happy to note a
number of new Regional Leaders, including Plano’s Montgomery Coscia Greilich (which also
joined the T100), Houston’s Melton & Melton, and Amarillo’s Brown, Graham & Co.
27
regional leaders
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Moss Adams Seattle 403.00 17.15 22 263 1,340 2,072 45 38 17 0
Armanino San Ramon, Calif. 112.84 13.11 5 37 301 394 21 26 49 4
Novogradac & Co. San Francisco 92.48 10.03 15 35 311 408 59 27 2 12
Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 86.92 17.24 8 36 263 362 18 76 0 6
Burr Pilger Mayer Inc. San Francisco 68.50 -0.87 6 40 225 330 38 50 12 0
Frank, Rimerman + Co.* Palo Alto, Calif. 61.20 12.33 5 21 229 267 27 62 11 0
Nigro Karlin Segal Feldstein & Bolno Los Angeles 56.08 11.67 2 21 262 314 17 17 2 64
Squar Milner Newport Beach, Calif. 45.30 2.95 4 22 171 229 40 53 0 7
SingerLewak Los Angeles 38.50 -0.80 6 33 NA NA NA NA NA NA
AKT CPAs Salem, Ore. 38.24 10.39 6 15 176 235 28 33 11 28
Miller Kaplan Arase North Hollywood, Calif. 38.00 2.70 5 24 117 175 58 17 17 8
Gallina Roseville, Calif. 36.39 5.05 9 26 155 226 45 52 3 0
Seiler Redwood City, Calif. 36.10 5.87 2 11 116 152 10 75 0 15
Macias Gini & O’Connell Sacramento, Calif. 33.40 -7.73 9 10 164 258 63 12 7 18
Vavrinek Trine Day & Co.

Rancho Cucamonga, Calif. 32.31 1.99 7 33 NA 200 NA NA NA NA
Clark Nuber Bellevue, Wash. 30.96 6.14 1 18 119 168 49 48 0 3
Gursey | Schneider Los Angeles 28.20 6.82 3 10 85 129 0 30 0 70
RBZ Los Angeles 28.00 13.27 1 14 89 136 17 52 17 14
Hutchinson and Bloodgood Glendale, Calif. 25.43 15.59 4 33 58 115 38 46 16 0
Windes Inc. Long Beach, Calif. 23.61 -2.15 3 16 76 121 44 46 4 6
Green Hasson Janks Los Angeles 23.10 5.00 1 13 88 116 32 33 13 22
Hemming Morse San Francisco 20.69 8.27 7 13 76 96 33 0 0 67
Perkins & Co.* Portland, Ore. 20.17 10.34 2 19 87 132 27 40 24 9
Matson & Isom Chico, Calif. 17.68 4.00 4 21 81 128 41 46 5 8
Gumbiner Savett Santa Monica, Calif. 17.28 6.01 1 10 80 110 40 50 8 2
Peterson Sullivan Seattle 16.46 4.57 1 13 84 97 52 47 1 0
Sensiba San Filippo Pleasanton, Calif. 16.20 5.88 4 14 61 103 NA NA NA NA
NSBN* Beverly Hills, Calif. 15.00 11.11 1 13 53 74 35 49 5 11
Notes: * Firm estimate or projection † Accounting Today estimate NA Not available/applicable
Top Firms: West
California, Nevada, Oregon and Washington
Revenue: $1,462.04 million; up 9.89%
Growth is spread a little more evenly among the firms in the West this year, with strong rates at the top firms, but equally
good performances scattered up and down the range. While some of the other regions saw re-arrangements and even
shortenings of their rosters due to mergers and acquisitions, firm combinations didn’t change the list for the West much
at all. In fact, the list itself grew a little longer, with the addition of new Regional Leaders Perkins & Co., in Portland, Ore.,
Peterson Sullivan, in Seattle, and NSBN, in Beverly Hills.
Where the money is
Combined 2013 revenues, in millions of dollars by region
Mid-
Atlantic
Great
Lakes
West Midwest Capital
Region
Southeast Gulf
Coast
Southwest New
England
Mountain
0
500
1000
1500
2000
2500
3000
28
AKT CPAs: Acquired firm with a dental
professional practice.
Anchin, Block & Anchin: In February
2013, lost $50 million judgment to author Pa-
tricia Cornwell over financial management.
Armanino: In January 2013, rebranded
from Armanino McKenna. Launched business
intelligence dashboard for private schools,
and Dynamic Insights BI tool. Acquired Dy-
namics VAR Rose Business Solutions.
Aronson: Organized two new service
groups: IT audit, and wealth management
consulting for choosing and assessing advi-
sor performance.
Baker Tilly Virchow Krause: In June 2013,
acquired New York-based Top 100 Firm Holtz
Rubenstein Reminick. Named an Accounting
Today 2013 Best Firm to Work For.
BDO: In June 2013, acquired Alaska-based
Mikunda Cottrell and Minneapolis-based
Moquist Thorvilson Kaufmann, and brought
on members of banking practice of T100
Firm ParenteBeard. In August, expanded in
San Antonio by adding some partners and
staff from TravisWolff. In December, acquired
Pittsburgh T100 Firm Alpern Rosenthal.
Berdon: Joined TIAG alliance. Expanded
use of CRM system, and instituted Best Place
to Work Committee to propose community,
social and charitable initiatives for the firm.
In November 2013, merged with Northport,
N.Y.-based Beck & Co.
Berkowitz Pollack Brant: Expanded stra-
tegic planning task force to include “up and
comers.” Began celebrating its 35th anniver-
sary. Named an Accounting Today 2013 Best
Firm to Work For.
BerryDunn: Grew revenue by over 7 per-
cent, and overall staff by over 10 percent.
BKD: In 2013, marked its 90th anniver-
sary. Opened offices in Des Moines, Iowa,
and Nashville, Tenn. In September, acquired
Pittsburgh-based Malin Bergquist.
Blue & Co.: All figures are Accounting To-
day estimates.
BlumShapiro: Merged with Newton,
Mass.-based Friedman, Suvalle & Salomon.
Added a dedicated hospitality group.
The Bonadio Group: In April 2013, merged
in Rutland, Vt.-based Independent Audit As-
sociates. In September, merged in Buffalo,
N.Y.-based Gaines Kriner Elliott. In Novem-
ber, merged in Albany, N.Y.-based Stulmaker,
Kohn & Richardson. Named an Accounting
Today 2013 Best Firm to Work For.
Burr Pilger Mayer Inc.: In January 2013,
named new CEO. In November, opened new
office in Napa Valley.
Carr, Riggs & Ingram: In January 2013,
merged in Atlanta-based Peterson, Coleman
& Marett. In July merged with North Caro-
lina-based accounting firm Pittard, Perry &
Crone Inc. In August, merged in Atlanta-
based Laney, Boteler & Killinger. In Septem-
ber, merged in Texas Regional Leader Gainer
Donnelly.
CBIZ /Mayer Hoffman McCann: In No-
vember 2013, acquired Denver-based Knight
Field Fabry. In January 2013, named Chris
Spurio president of CBIZ Financial Services.
In February, announced acquisition of Tam-
pa Bay, Fla.-based Lewis, Birch & Ricardo.
Cherry Bekaert: In January 2013, re-
branded from Cherry Bekaert & Holland.
Formed benefits consulting group; expanded
international tax team and advisory services.
Citrin Cooperman & Co.: In November
2013, merged in Leon M. Reimer & Co.
Clark, Schaefer, Hackett & Co.: Marked its
75th anniversary. Having “active discussions”
on acquisitions.
CliftonLarsonAllen: Sold health care reg-
ulatory and compliance group.
Cohen & Co.: Divested nearly $10 mil-
lion in business during the year that was not
meeting growth and profitability expecta-
tions. Implemented a second tier of owner-
ship. Named an Accounting Today 2013 Best
Firm to Work For.
CohnReznick: Named first national direc-
firm highlights
2014 firm highlights
tor of governmental affairs. Relocated offices
in Chicago, Los Angeles, and Austin, Texas.
Crowe Horwath: In August 2013, acquired
a majority interest in Missouri-based Chan
Healthcare. Integrated staff and acquired in-
tellectual property of ExtOrg. In November,
named its first chief innovation officer.
Deloitte: in January 2014, acquired sub-
stantially all of the business of strategy con-
sulting firm the Monitor Group. In June, ac-
quired investment bank McColl Partners. In
July acquired SAP consulting firm Quattro
Integration Group. In September, acquired
TMA Construction Consultants. In October,
acquired substantially all of the assets of digi-
tal and social media agency Banyan Branch.
In October, agreed to pay $2 million to settle
charges with the PCAOB for violating Sar-
banes-Oxley Act and PCAOB rules. In No-
vember, launched CloudMix, a preconfigured
mixture of cloud applications from different
vendors for clients.
Dixon Hughes Goodman: In June 2013,
added Crossfire Advisory to its national health
care practice.
Doeren Mayhew: Grew revenue over 16
percent. Fastest growing specialty service
— international tax. Fastest growing client
category — manufacturing.
Eide Bailly: In May 2013, installed new
CEO. In June and August, merged in two Salt
Lake City CPA firms, Lake, Hill & Myers and
Hansen, Barnett & Maxwell. In November
2013, acquired Denver NetSuite solutions pro-
vider Next Business Systems. In December,
launched private insurance exchange.
EisnerAmper: Had an “outstanding” year.
Added several new services, including CFO
outsourcing, human capital, cloud technol-
ogy, and family office services.
EKS&H: Rebranded from Ehrhardt Keefe
Steiner & Hottman. Saw revenue growth of
over 11 percent.
Elliott Davis: In April, merged in Raleigh,
N.C.-based Lunsford & Strickland. Relocated
office from Galax, Va., to Richmond. Hired a
corporate strategies officer.
Ernst & Young: In March, paid $123 million
to resolve a federal tax shelter investigation.
29
In June, launched EYTaxSpace Powered by
Thomson Reuters for corporate tax clients.
In August, donated its archives going back to
the early 1900s to Case Western Reserve Uni-
versity. In December, agreed to pay investors
$99 million to settle litigation over Lehman
Brothers audit, and acquired the U.S. tax
preparation and court accounting outsourc-
ing businesses of Thomson Reuters.
Frank, Rimerman + Co.: Saw revenue
growth of over 12 percent.
Frazier & Deeter: Saw revenue growth of
over 20 percent.
Freed Maxick: Saw revenue growth of over
9 percent. Fastest growing specialty service
— health care. Fastest growing client cat-
egory — consulting.
Friedman: Saw revenue growth of over
8 percent. Fastest growing specialty service
— international tax. Fastest growing client
category — real estate. Named an Accounting
Today 2013 Best Firm to Work For.
Gallina: Expanded service lines, including
international tax; state and local tax; and es-
tate, trust, retirement and succession services.
Hired a director of recruitment and develop-
ment. Joined TIAG alliance. In February 2014,
acquired Mercer Island, Wash.-based Tuef-
fers, Guckian & Gamon.
Grant Thornton: Redesigned external
Web site. Hired a chief people and culture
officer. In September 2013, acquired Oracle
Solutions business unit MarketSphere. In No-
vember, extended tenure of current CEO.
Grassi & Co.: In May 2013, added in David
C. Sobel CPA and his staff. In December,
launched Grassi Technology Consultants.
Habif, Arogeti & Wynne: In May, merged
in boutique tax consulting firm JRZ. Launched
efforts to “define, refine and embrace the
firm’s culture.”
Hein & Associates: Expanded cloud solu-
tions service line. Saw staff growth of over 11
percent.
Hill, Barth & King: Launched HbK Corpo-
rate Finance division. Created new Web site
and YouTube channel. In November 2013,
merged in Lawrenceville, N.J.-based Bartolo-
mei Pucciarelli CPAs.
Holthouse Carlin & Van Trigt: Saw “sig-
nificant growth” in M&A, private equity, pro-
fessional services, international tax, and en-
tertainment practices. Launched a business
development training program.
Honkamp Krueger & Co.: In August,
merged in Madison, Wis.-based The Brem-
ser Group. In October, opened practice in
Davenport, Iowa. Added medical practice
consulting and talent outsourcing to its ser-
vices list.
Horne: Saw overall staff growth of over 11
percent. Named an Accounting Today 2013
Best Firm to Work For.
Joseph Decosimo & Co.: In March 2013,
acquired Huntsville, Ala.-based cost account-
ing and federal compliance solutions group
Solvability. In December, merged in Larry
Hyatt & Associates.
Kahn, Litwin, Renza & Co.: In January
2013, merged with Waltham, Mass.-based Fay
& Associates. In May, opened KLR Emerging
Business Center to offer co-working office
space to start-ups.
Katz, Sapper & Miller: Saw revenue
growth of over 7 percent, and overall staff
growth of over 9 percent.
Kaufman Rossin Group: Saw revenue
growth of over 18 percent. Named the No.
1 Accounting Today 2013 Best Firm to Work
For in the Large Firm Category for the third
year in a row.
Kearney & Co.: Saw staff growth of over
2 percent.
Kemper: Fastest growing service area —
investment advisory services.
Kennedy and Coe: Installed new CEO.
KPMG: Completed acquisition of Ora-
cle ERP practice of The Hackett Group.
Launched alliance-based offering in indirect
tax with Thomson Reuters. In May 2013,
agreed with Fannie Mae to pay $153 million
to settle class-action suit over Fannie Mae
audit. In July, launched market alliance with
cloud-based procurement solution provider
Coupa Software. In September, Denver office
achieved LEED-CI certification. In Decem-
ber, announced plans to acquire analytical
applications company Link Analytics. In Jan-
uary 2014, agreed to pay $8.2 million to settle
SEC charges over auditor independence.
Lattimore, Black, Morgan & Cain: Re-
ported organic growth of over 9 percent
across all service lines. Added a health care
consulting company.
Macias Gini & O’Connell: Saw overall staff
growth of over 7 percent.
Marcum: In January 2013, merged in
Massachusetts-based Parent, McLaughlin &
Nangle. In April, merged in Cornerstone Ac-
counting Group. In July, merged in Irvine,
Calif.-based WilsonMorgan. In January 2014,
merged in three units of New England Re-
gional Leader Braver.
Margolin, Winer & Evens: Saw revenue
growth of over 2 percent.
Marks Paneth: Rebranded from Marks
Paneth & Shron. In February 2013, merged
in New York City-based Rosenberg, Neuwirth
& Kuchner.
Mauldin & Jenkins: In June, acquired Ten-
nessee-based Hazlett, Lewis & Bieter.
MBAF CPAs: Worked to achieve “greater
consolidation of the Northeast Region op-
erations with the rest of the firm.” Enhanced
cross-utilization of staff and skills among
various regions. Designed and implemented
cost controls.
McGladrey: In August, launched a strat-
egy to serve middle-market companies. Late
in 2013, acquired Wilmington, N.C.-Lanier,
Whaley, Craft & Co., and Houston-based
Margolis, Phipps & Wright.
Miller Kaplan Arase: Appointed a new
managing partner. Expanded Seattle office.
Saw “significant growth” in business manage-
ment and entertainment group.
Montgomery Coscia Greilich: New to the
list. In March 2013, joined the Alliott Group
alliance. In May, opened new office in Austin,
Texas. In June, launched strategy and man-
agement consulting practice. In September,
marked 10th anniversary.
Moss Adams: Marked its 100th anniver-
sary. Installed new chairman/CEO.
Mountjoy Chilton Medley: Transitioned
in operations of Jeffersonville, Ind.-based
firm. Expanded Cincinnati office. Saw “strong
firm highlights
30
increase” in regulated industry work, such as
insurance, financial institutions and health
care. In December 2013, launched IT consult-
ing & strategy services.
Nigro Karlin Segal Feldstein & Bolno:
Changed name from Nigro Karlin Segal &
Feldstein. Sold a 24.5 percent minority stake
in the firm to First Republic Bank.
Novogradac & Co.: Saw revenue growth of
over 10 percent.
O’Connor Davies: In October, announced
merger with Cranford, N.J.-based Fazio, Man-
nuzza, Roche, Tankel, LaPilusa. In January
2014, merged with New York City-based Mer-
sel, Klein & Co.
ParenteBeard: In January 2013, merged
in Connecticut-based health care manage-
ment consulting firm Presscott Associates. In
November, closed its technology practice. In
February 2014, added team members from
insurance consulting firm Invotex.
Plante Moran: In April 2013, launched
Women in Leadership initiative. In July,
launched a Web site offering ACA guidance.
In November, opened an office in Detroit.
Postlethwaite & Netterville: Implement-
ed a formal shareholder evaluation process,
a formal pipeline process, a business de-
velopment training curriculum, and growth
management software.
Prager Metis International: New to the
list. Formed from January 2013 merger of
Prager & Fenton and Metis Group. Added a
number of new service lines, including SALT,
cost segregation and research tax incentives.
PwC: In July 2013, reshuffled U.S. leader-
ship team. In October, announced plans to
merge in consulting firm Booz & Co.
Raffa: In November 2013, launched Raffa
Nonprofit Fraud Prevention Institute.
Raich Ende Malter: In March 2013, estab-
lished Raich Ende Malter (Cayman).
Rehmann: Saw revenue growth of over 15
percent.
Reinsel Kuntz Lesher: Saw growth in rev-
enue of over 21 percent.
RGL Forensics: Opened an office in San-
tiago, Chile. Introduced registered broker-
dealer, RGL Advisors, to offer M&A transac-
tion advisory services in the U.S.
Rosen Seymour Shapss Martin & Co.:
Fastest growing specialty service — large
private equity transactions. Fastest growing
client category — private equity companies.
Rothstein Kass: Saw revenue growth of
almost 7 percent.
RubinBrown: Launched national prac-
tices to serve private equity firms and gaming
companies.
SC&H Group Inc.: Joined firm network
Moore Stephens. Fastest growing specialty
service — technology consulting. Fastest
growing client category — health care.
Schenck: In January 2013, acquired ma-
jority stake in Milwaukee-based Bonfield &
Co. Installed new MP and CFO. Changed
practice management system.
Schneider Downs: Relocated corporate
headquarters within Pittsburgh.
Seiler: Share of revenue derived from tax
increased from 70 to 75 percent.
Sikich: In January 2013, merged in Il-
linois-based supply chain consulting firm
Achieve Consulting. In August, announced
merger with Brookfield, Wis., firm Kolb+Co.
In September, merged in St. Louis-based
O’Donnell, Bonebrake & Co. Also merged
in S2 Consulting and PKF Texas Technology.
Added eight services: PR, insurance, lean
back office, business intelligence, SALT, and
international tax. Restructured executive and
compensation committees. Revised partner
compensation plan.
SingerLewak: In January 2013, merged in
San Francisco office of Acquavell, Chiarelli,
Shuster, Berkower & Co.
Skoda Minotti & Co.: New to the list.
In May 2013, merged Skoda Minotti Technol-
ogy Partners with Westlake, Ohio-based Da-
taServ. In June 2013, merged in Tampa, Fla.-
based Dowell & Perez. In August, merged
in Tampa-based national assurance solu-
tions and compliance company Assurance
Concepts.
Squar Milner: “Significantly expanding”
Los Angeles offices.
SS&G: In May 2013, named new CEO. Saw
revenue growth of almost 14 percent.
SVA CPAs: In June 2013, installed new
CEO. In January 2014, merged in Wisconsin-
based practice of William P. Merrick, CPA.
UHY Advisors Inc.: Saw overall staff
growth of over 10 percent.
Vavrinek Trine Day & Co.: All figures are
Accounting Today estimates.
Warren Averett: In January 2013, merged
in Atlanta-based Gifford, Hillegass & Ingwers-
en, and Tampa, Fla.-based Pender Newkirk.
Rebranded firm with new visual identity.
Developed new and expanded services in
SALT, business valuation, forensic account-
ing and litigation support, health care reform,
economic settlement claims processing, and
alternative investments.
Watkins Meegan: Expanded hospitality
practice and increased government contract-
ing practice. Started health care consulting
practice. Hired business development/mar-
keting director.
Weaver: Saw revenue growth of over 13
percent, and growth in all four of its largest
niches — energy, financial services, the pub-
lic sector, and manufacturing. In February
2014, merged in Connecticut-based RIN At-
test and Advisory Services.
WeiserMazars: In November 2013, merged
in New York-based Resnick Druckman Group.
Expanded health care consulting group.
Whitley Penn: Expanded transaction ser-
vices practice and forensic, litigation and
valuation services statewide. Named an Ac-
counting Today 2013 Best Firm to Work For.
Wipfli: Formalized fresh-water industry
services; opened office in Milwaukee’s Global
Water Center. Launched Wipfli Connect for
Manufacturing software solution. In January
2014, merged in Tinley Park, Ill.-based The
Condon Group and Chicago-based practice
Regulatory Compliance Associates Inc.
Wiss & Co.: More than half of revenues (56
percent) derived from A&A services.
WithumSmith+Brown: Consolidated two
New Jersey offices. Invested in international
tax practice and financial services practice.
Named an Accounting Today 2013 Best Firm
to Work For.
firm highlights

/oout Us Menoer Firns
/dvance to t|e Next Level
®
PKF NORTH AMERICA 1745 Nort| Brown Poad | Lawrenceville, Ceorgia 30043
telep|one 770 279 45C0 | weosite. www.pkfna.con
© 2014 PlF Nort| /nerica /ll Pig|ts Peserved
Congratulations
to t|e
Top 100 Firns!
Headquartered in /tlanta, Ceorgia, PlF Nort|
/nerica is an association of 10C accounting and
consulting frns t|roug|out t|e United States and
Canada. PlF Nort| /nerica's nission is to foster
t|e independence, proftaoility and sustained
growt| of nenoers, oy providing support t|at
enpowers t|ose frns to oetter serve growt|
ninded ousinesses. PlF Nort| /nerica provides
its nenoer frns wit| training, and networking
opportunities to s|are expertise and oest practices
in a nunoer of different industries.
T|e independent accounting and consulting
frns of PlF Nort| /nerica understand t|e
conpetitive ousiness clinate and provide access
to critical resources t|at address t|eir clients'
needs. Menoer frns |ave access to specialized
knowledge and expertise t|roug| t|e association
wit| professional education, oest practice
s|aring, narketing and practice developnent.
By collaoorating wit| ot|er nenoers, PlF Nort|
/nerica nenoer frns are nore successful t|an if
t|ey stood alone.
0214-JO10993 © 2014 The Bureau of National Affairs, Inc.
TAX AND ACCOUNTING CENTER
Analyzing and interpreting tax rules and regulations
– and putting them into action – are challenges you
face every day. Now you can rely on Bloomberg
BNA’s Tax and Accounting Center™ as the go-to
source for all your daily tax needs, from the basic
to the most complex. With federal, state, and
international tax transactions, codes, rules, and
regulations, you’ll get quick answers to common
questions as well as insight on complex issues. The
result: you’ll be more confident in your decision-making.
Because being exceptional is staying one step
ahead of your clients’ challenges – every day.
Start a FREE trial
www.bna.com/btac23
800.372.1033
A SUPPLEMENT TO
2013 TOP 100 FIRMS
ADP
CCH, a Wolters Kluwer business
CPA2Biz
CPAmerica International
PKF North America
SurePrep
Thomson Reuters
3
One State St. Plaza, 27th Fl., New York, NY 10004
Phone: (212) 803-8200/Fax: (212) 843-9614
http://www.accountingtoday.com
Editor-in-Chief Daniel Hood
Managing Editor Tamika Cody
Senior Editors Roger Russell, Danielle Lee
Technology Editor Seth Fineberg
Art Director Javier Samaniego
ADVERTISING AND BUSINESS SERVICES
Senior Vice President and
Group Publisher Rob Whitaker
Publisher Jack Lynch (212) 803-8803
Associate Publisher Gary DeHart
Ad Sales Coordinator Susan Korcynski (212) 803-8810
Material in Accounting Today may not be reproduced with-
out express written permission. For article reprints: Godfrey
R. Livermore, Tel: (888) 909-6366 Fax: (212) 843-9624
Publishers Copy Protection Clause: Advertisers and agen-
cies assume liability for all content (including text, represen-
tation and illustrations) of advertisments and responsibility
for claims arising there from made against the publisher.
Copyright © 2013 Accounting Today and SourceMedia, Inc.
All rights reserved.
SOURCEMEDIA INC.
T
he release of our annual Top
100 Firms/Regional Leaders
report is always a matter of
some pride for us, but we are
particularly pleased by two aspects of
this year’s edition.
First of all, we’re happy to report
that the growth we reported last year
seems to have taken hold, with the firms
on both lists generally reporting strong
results for 2012. We won’t call it the
new normal just yet (that
will have to wait until you
turn the page), but the
signs are encouraging.
Second, we’re also
happy to report that our
lists keep growing, too.
There are still only 100
members of the Top 100,
of course, but a number
of them are new, like New
York’s Grassi & Co., Ken-
tucky’s Mountjoy Chilton
Medley, California’s Ma-
cias Gini & O’Connell
and New Jersey’s Wiss &
Co. But where new firms
are really showing up is in our Regional
Leaders lists, where we’re able to high-
light a much larger number of firms.
Ever since we incorporated the Regional
Leaders into our Top 100 report four
years ago, we’ve been working hard —
with the cooperation of growing firms
of all sizes from across the country — to
expand the roster of those recognized,
and we’re very pleased to present more
this year than ever before.
That said, we’re always anxious to
consider new firms for both lists, so if
your firm wasn’t represented and you
think it should be, e-mail us at AcTo-
day@SourceMedia.com, and we’ll put
you on our contact list so you’ll receive
an invitation for next year’s survey.
For now, though, let’s focus on the
2013 Top 100 Firms/Regional Leaders,
for which we received responses from
just under 200 firms.
As a reminder, here’s a quick tuto-
rial on our T100 guidelines:
uUnless otherwise
noted, revenue is net rev-
enue.
uAlso, unless noted,
firm revenues and offices
are for the U.S. only.
uThe Total Employ-
ees category is comprised
of partners, professionals
and other personnel.
uWhere two firms
reported equal revenue,
the firm with the higher
percentage of revenue
increase will receive the
higher ranking.
Of course, a report
this mam moth is a team effort, and
wouldn’t be possible without the hard
work of our managing editor Tamika
Cody, senior editors Danielle Lee and
Roger Russell, technology editor Seth
Fineberg, and Mike Cohn, editor of our
Web portal AccountingToday.com.
With that, it’s our pleasure to
present the 2013 class of the Top 100
Tax and Accounting Firms and Regional
Leaders. As always — enjoy!
— Dan Hood
Editor-in-chief
Back to growth
CONTENTS
Top 100 Overview 4
Top 100 Databank 5
Firms to Watch 6
Firm Strategies 8
Top Tax Firms 10
Niche Services 12
Client Categories 13
Top 100 Rankings 15
Regional Leaders 20
Firm Highlights 27
SPONSORED BY:
notes and methodology
overview
4
N
ormal isn’t what it used to be
— but it also isn’t what it was
before that, either.
In fact, for a profession
that’s a byword for consistency and tradi-
tion, public accounting has been chew-
ing through standards of normalcy at
an unprecedented pace, coining a new
one every few years. First there were the
high times of the years before 2007,
when revenues skyrocketed and you
couldn’t hire staff fast enough. (Slogan:
“Our growth strategy is picking up the
phone.”) Then there were the cruel re-
trenchments and disappearing clients
of the slump, when the best you could
hope for was to hold your own. (Slogan:
“Flat is the new normal.”)
Then there’s now.
“Now,” we should point out, actu-
ally began in 2011, and was first report-
ed in last year’s Top 100 Firms report.
But we had to wait until the 2012 num-
bers came in to see if we could identify
any kind of trend — and we did.
Call it the new new normal, or
NNN.
It involves growth, we’re happy to
say — overall revenue growth for the
Top 100 Firms of 8.03 percent for 2012,
and roughly similar figures for each of the
three tiers into which we divide the T100
(the six firms with revenues over $1 billion,
the 22 with revenues between $100 million
and $1 billion, and the 72 with less than
$100 million). (See Databank, page 5.)
Eleven T100 Firms reported flat or declin-
ing revenue, the same number as last year
(which was down from a depressing 44
the year before), and 27 percent reported
growth of over 10 percent.
Far fewer firms reported declining
staff numbers, with only 19 in that camp
for 2012, as opposed to 32 in 2011. Roughly
the same number reported flat or declin-
ing partner numbers (49 firms in 2012,
against 47 firms in 2011). (See the Top 100
Rankings, page 15.)
In our Regional Leaders listings, too,
growth was relatively common and fairly
evenly spread. Whereas it was hard to find
in 2010, and all over the map in 2011, with
some regions rocketing ahead and others
languishing, the NNN shows growth rates
converging in a narrower band, with the
conglomerated leaders in most of the re-
gions clustering around growth rates of 7-8
percent, and the outliers going no lower
than 5 percent, and no higher than 10
percent. (Obviously, individual firms far
out- and under-performed those numbers,
but the regional averages were far more
restrained than in 2011, which saw growth
range from 1 percent to as high as 20 per-
cent.) (See Regional Leaders, page 20.)
Average rates of growth, though, don’t
tell just how hard it is to come by — and in
the NNN, it’s a lot harder to come by than it
was in the middle of the last decade. Firms
are seeking it out diligently — amping up
their marketing efforts, rolling out new
services, and digging in to both new niches
and old service lines to spot opportunities
they can exploit. (See Firm Strategies, page
8, and Niche Services and Client Categories,
page 12.)
LESS MOVING AND SHAKING
This new state is definitely a diligent,
hard-working, heads-down kind of
normal, and that may have contributed
to the relative stability of the Top 100
roster — very few firms made big leaps
in rank, either up or down.
The high-profile combination
of past T100 stalwarts J.H. Cohn and
Reznick Group to form CohnReznick,
and the debut of CliftonLarsonAllen,
formerly Clifton Gunderson and Lar-
sonAllen, saw both new firms appear
in significantly higher positions on the
list than their component parts, and
both Frazier & Deeter and Squar Mil-
ner managed respectable jumps, but
by and large the T100 roster was domi-
nated by small moves.
Four notable exceptions to that
involve this year’s new members of
the T100 — New York’s Grassi & Co.,
California’s Macias Gini & O’Connell, Ken-
tucky’s Mountjoy Chilton Medley, and New
Jersey’s Wiss & Co. All made very strong
debuts, and all, it should be noted, were on
our Firms to Watch list last year. This year’s
Firms to Watch (see page 6) is well worth
a look, as mergers and hard-won growth
have swelled the ranks of firms with rev-
enue between $20 million and the lower
cutoff of the Top 100. We’ve got a record-
breaking 35 firms in that bracket this year,
against only 19 for last year — and we
hit that even after excluding a number of
firms with qualifying revenues because
Meet the new new normal
B Y DANI E L HOOD
-5
0
5
10
15
20
25
30
‘94
‘10
‘08 ‘12 ‘02 ‘04 ‘06 2000 ‘98 ‘96
* Compiled from individual firm results
as reported at year’s end; includes some estimates
Better and better
Revenue growth of the Top 100 Firms, in percent*
See OVERVIEW on 6
databank
5
Leaders in A&A
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
1
4,775.76 50
2. Deloitte 4,050.77 31
3. Ernst & Young 3,198.00 39
4. KPMG 2,301.20 40
5. Grant Thornton 547.96 44
6. McGladrey
3
547.38 43

Firms over $100 mn
1. BDO USA 370.80 60
2. CohnReznick 263.52 54
3. CliftonLarsonAllen 227.20 40
4. BKD 197.13 49
5. Crowe Horwath 184.49 31
Firms under $100 mn
1. Marks Paneth & Shron 56.55 65
2. Kearney & Co. 54.33 68
3. O’Connor Davies 52.73 63
4. Novogradac & Co. 47.91 57
5. Friedman 43.40 62
Leaders in Tax
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
1
2,578.91 27
2. Ernst & Young 2,542.00 31
3. Deloitte 2,482.73 19
4. KPMG 1,553.31 27
5. McGladrey
3
465.12 36
6. Grant Thornton 361.15 29

Firms over $100 mn
1. CBIZ / MHM
4
187.29 29
2. CliftonLarsonAllen 181.76 32
3. BDO USA 179.22 29
4. CohnReznick 146.40 30
5. Crowe Horwath 136.88 23
Firms under $100 mn
1. Holthouse Carlin & Van Trigt 54.12 73
2. Anchin, Block & Anchin 39.99 43
3. Berdon 38.88 40
4. MBAF CPAs 35.20 44
5. Weaver 33.12 45
Leaders in MAS
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. Deloitte 5,880.15 45
2. PwC
1
2,196.85 23
3. Ernst & Young 1,968.00 24
4. KPMG 1,898.49 33
5. Grant Thornton 336.25 27
6. McGladrey
3
255.81 20

Firms over $100 mn
1. CBIZ / MHM
4
303.54 47
2. Crowe Horwath 190.44 32
3. Dixon Hughes Goodman 88.16 29
4. BKD 80.46 20
5. BDO USA 67.98 11
Firms under $100 mn
1. Armanino 46.89 47
2. Sikich 35.14 46
3. Blue & Co. 30.91 51
4. Berdon 29.16 30
5. Watkins Meegan 28.67 57
2013 TOP 100 FIRMS DATABANK
Overview
Top 6 % Firms over % Firms under % Total Top %
firms chg. $100 mn
2
chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $39,100.32 8.41 $6,546.87 6.20 $3,821.14 7.38 $49,468.33 8.03
Partners 10,702 1.88 3,877 2.51 2,324 3.70 16,903 2.27
Professionals
1
92,151 12.55 22,457 5.91 14,720 6.57 129,328 10.64
Total employees 159,512 9.73 33,911 4.08 21,134 7.04 214,557 8.53

Rev. share % Rev. share % Rev. share % Rev. share %
Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.
Audit & Attest $15,425.57 39 $2,875.17 44 $1,528.46 40 $19,829.20 40
Tax $9,980.14 26 $2,106.94 32 $1,299.19 34 $13,386.27 27
MAS (consulting) $12,536.42 32 $1,226.61 19 $573.17 15 $14,336.20 29
Other $1,158.18 3 $338.14 5 $420.33 11 $1,916.65 4
Notes: Some figures may not correspond due to rounding.
Pacesetters in growth
Ranked by % chg.
Revenue %
Firms over $100 mn. ($mn) chg.
1. Warren Averett* 114.97 36.24
2. Crowe Horwath 595.13 12.35
3. Cherry Bekaert 123.60 11.17
4. Carr, Riggs & Ingram 111.33 10.99
5. Plante & Moran 331.00 8.76
Revenue %
Firms under $100 mn. ($mn) chg.
1. Grassi & Co.* 39.00 31.31
2. Whitley Penn 49.00 30.67
3. Mountjoy Chilton Medley 37.93 25.80
4. Mauldin & Jenkins 38.50 21.07
5. Macias Gini & O’Connell 36.20 20.27
Revenue %
Overall Top 100 Firms ($mn) chg.
1. Warren Averett* 114.97 36.24
2. Grassi & Co.* 39.00 31.31
3. Whitley Penn 49.00 30.67
4. Mountjoy Chilton Medley 37.93 25.80
5. Mauldin & Jenkins 38.50 21.07
6. Macias Gini & O’Connell 36.20 20.27
7. Squar Milner 44.00 18.92
8. Armanino 99.76 18.73
9. Sikich 76.40 18.45
10. Frazier & Deeter 44.10 18.26
11. Novogradac & Co. 84.05 16.64
12. BerryDunn 40.15 15.87
13. WithumSmith+Brown 88.72 15.64
14. The Bonadio Group* 54.91 15.53
15. LBMC 65.02 14.07
16. Raich Ende Malter & Co. 38.00 13.43
17. Reinsel Kuntz Lesher 37.12 12.59
18. Crowe Horwath 595.13 12.35
19. O’Connor Davies 83.70 12.35
20. Nigro Karlin Segal & Feldstein 50.22 12.20
Notes: * Firm estimate or projection
All Big Four revenue figures are gross, not net
1 Top 6 professional figure does not include
PwC; all PwC figures are AT estimates or from
public reports
2 The previous-year figures of CliftonLarson-
Allen predecessor firms Clifton Gunderson and
LarsonAllen have been used for comparison
3 McGladrey reported fee split both as percent
and in dollar amounts
4 Revenue is AT estimate; all other figures are
company-supplied
For more details on individual firms, see foot-
notes on pages 15-18.
overview
6
they didn’t show growth in 2012.
On the subject of larger lists, we’ll
draw attention to the fact that our Regional
Leaders lists are also larger this year, as
we continue to add new firms from the 10
different areas into which we’ve divided
the country. We’re pleased to be able to
include strong newcomers like New York’s
Prager Metis International, Pennsylvania’s
Kreischer Miller, Minnesota’s HLB Tautges
Redpath, Massachusetts’ Alexander, Aron-
son, Finning, Texas’ Maxwell Locke & Rit-
ter, and California’s Matson & Isom.
We’re hoping to add even more next
year — if you think that your firm belongs
on any of our lists, drop us an e-mail at
AcToday@SourceMedia.com.
In the meantime, keep working: The
opportunities in the new new normal
won’t just jump into your lap. They’ll re-
quire more marketing and more thinking,
new strategies and new niches, and maybe
the occasional merger. As this year’s Top
100 Firms and Regional Leaders prove,
though, they are available — at least until
the next normal comes along. AT
OVERVIEW
from page 4
BEYOND THE TOP 100: FIRMS TO WATCH
We’re happy to say that we are reviving an old tradition in our Firms to Watch list: For the past few years we’ve been including just about any firm that
came close to the Top 100 revenue cutoff, regardless of whether they actually grew in the previous year, but this year we’re back to requiring that they
also have displayed growth. Even as a significant number of promising firms move up into the T100, so many others are expanding rapidly in the tier
just below the T100 that we were able to reinstate the the old condition, and still present an impressive list of up-and-comers.
Year Revenue % Total
Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees
Prager Metis International
1
New York City D. Neste / G. Friedman Dec 30.87 NA 7 25 176
Wolf & Co. Boston Mark O’Connell Sept 29.36 4.08 3 18 189
Brown Smith Wallace St. Louis Harvey Wallace Dec 29.20 12.31 4 23 202
Padgett, Stratemann & Co. San Antonio John Wright July 29.19 6.65 2 16 166
Clark Nuber Bellevue, Wash. David Katri Dec 29.17 9.21 1 16 158
Skoda Minotti Mayfield Village, Ohio Gregory Skoda Dec 27.93 31.00 3 14 163
Yeo & Yeo Saginaw, Mich. Thomas Hollerback Dec 27.90 2.01 8 22 184
Kreischer Miller Horsham, Pa. Stephen Christian Dec 26.63 6.86 1 17 185
Gursey | Schneider Los Angeles Stephan Wasserman Dec 26.40 0.38 3 9 NA
Brady, Martz & Associates Grand Forks, N.D. Ronald Johnke Sept 26.33 11.28 6 32 170
Bennett Thrasher Atlanta Michael Dukes June 26.17 12.70 1 22 139
Cotton & Co. Alexandria, Va. Matt Johnson Dec 25.93 0.89 1 12 152
Anders St. Louis Robert Minkler Dec 25.63 45.54 2 18 154
Frost Little Rock, Ark. Doug Richardson April 25.25 9.12 3 9 123
Brown, Edwards & Co. Bluefield, W. Va. Domenic Pellillo May 24.92 3.96 7 25 171
GHP Horwath Denver Steven Levey Dec 24.90 9.21 1 9 100
Anderson ZurMuehlen & Co. Helena, Mont. Donald Laine Sept 24.88 27.33 7 28 238
RBZ Los Angeles David Roberts Dec 24.72 3.78 1 14 113
Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 24.50 2.25 6 22 165
Windes & McClaughry Long Beach, Calif. John DiCarlo June 24.13 1.26 4 18 131
Yount, Hyde & Barbour Winchester, Va. NA June 23.88 0.08 6 22 125
Briggs & Veselka Co. Houston John Flatowicz Sept 22.10 12.81 2 16 151
Green Hasson Janks Los Angeles Leon Janks Dec 22.00 5.77 1 12 111
Hutchinson and Bloodgood Glendale, Calif. Richard Preciado Sept 22.00 5.52 4 31 100
LaPorte Metairie, La. William Mason Nov 21.95 2.91 4 17 152
Johnson Lambert* Falls Church, Va. Deborah Lambert Dec 21.79 8.68 8 12 146
Wolf & Co. Oak Brook Terrace, Ill. Russell Romanelli Dec 21.71 6.16 2 14 129
Mize Houser & Co. Topeka, Kan. NA Dec 21.63 15.98 3 16 198
Boulay, Heutmaker, Zibell & Co. Minneapolis Mark DeNucci May 21.55 10.29 1 30 129
Gelman, Rosenberg & Freedman Bethesda, Md. David Graling Dec 20.80 NA 1 12 94
Keiter Glen Allen, Va. Lewis Hall Dec 20.75 0.68 1 12 121
Gainer Donnelly Houston George Hawkins Dec 20.53 NC 1 10 140
Lutz & Co. Omaha, Neb. Gary Witt June 20.50 5.72 1 24 120
PKF Texas Houston Kenneth Guidry Dec 20.42 2.46 1 12 126
Ellin & Tucker Chartered Baltimore Edwin Brake Sept 20.38 15.47 4 11 109
* Firm estimate NC No change NA Not available or not applicable 1 Formed by the January 2013 merger of Prager Fenton and Metis Group.
8
firm strategies
Y
ou would think that the Top
100 Firms, having achieved that
lofty plateau, would be satisfied.
You would think that they could
comfortably rest, knowing that their tal-
ented staff and good reputations would
see them through.
You’d be wrong.
The Top 100 know that it’s no lon-
ger enough to be well-respected, to have
skilled technicians, to care about your cli-
ents. Those are necessary for success, but
they’re not sufficient in this new, far more
competitive post-recessionary environ-
ment. To stay competitive, firms have to
find new differentiators and new ways to
stand out from the crowd, whether that
crowd is potential clients or would-be em-
ployees. When we asked the 2013 T100 how
they’re staying competitive, they replied
with a vast array of initiatives, but the ma-
jority fell into four main categories — three
of which are directly aimed at making the
firm stand out, while the fourth focuses on
strengthening the firm internally.
MARKETING
When it comes to making a firm stand out,
marketing’s a fairly obvious tool, yet the
profession as a whole has been slow to
adopt it. This year’s Top 100 Firms, though,
expressed serious interest in the area.
“We are planning to dedicate signifi-
cant additional resources to marketing,”
said Armanino chief executive and man-
aging partner Andrew Armanino. “It’s in-
teresting because accountants take a while
to accept the concepts of marketing and
business development, whereas consul-
tants embrace these things quite naturally.
Now, however, our accounting leadership
has seen the power of marketing and seen
our consulting practice grow exponentially
because it has been supported by a true
marketing and sales infrastructure. Not
surprisingly, they now want the same thing
to boost their revenue and expand their
client bases. Thus, we plan to double down
on marketing by significantly increasing
the number of live events, surveys, free
webinars, and content products we offer.”
Armanino walks the walk, having recent-
ly gone through a complete rebranding
(it was previously known as Armanino
McKenna), and hosting its own internal
marketing and PR agency.
New York firm Grassi & Co., a new-
comer to the list, is another of the many
T100 Firms that are dedicating more time
and effort to marketing. “We are making
a concerted effort to increase our brand
awareness in the Metro New York area,”
said CEO and MP Louis Grassi. “Build-
ing our brand is essential to help drive
profitable revenue growth.” The firm will
be hosting more brand-building events,
advertising in industry and business pub-
lications, and launching a radio campaign,
among other things.
According to Jeffery Capron, manag-
ing member of Aronson, his firm is on the
same page: “In 2013, we will put a renewed
focus on marketing and business develop-
ment, particularly as it relates to search
engine optimization, social media and an
improved proposal process.”
MAKING
Letting people know how different you
are is valuable, but it helps to actually be
different, and for many of our Top 100,
that means focusing on nurturing the new
— new services, new products, new tech-
nologies and more.
“We are most focused on and are in-
vesting in innovation as a driver of growth
where we can bring together functional ex-
pertise, industry, process and technology
into a high-value solution for the market,”
said Crowe Horwath CEO Charles Allen.
“This year, as a statement to our people
and the market, we plan to appoint a chief
innovation officer to lead that effort.”
At Marcum, MP Jeffrey Weiner can
already share a list of innovations and new
services the firm has rolled out, from its
MicroCap Conference to its new Marcum
Commercial Construction Index, and it
plans to launch a new survey of middle-
market companies in 2013.
And at McGladrey, the firm is using
an icon of innovation to spark its own.
“McGladrey provided all employees with
iPads earlier this year,” explained national
public relations director Terri Andrews,
and the firm has been developing its own
applications for them. “The continued de-
velopment of unique apps will enhance
integration, effectiveness and efficiency
across the firm.”
Innovation doesn’t necessarily have
to have a touchscreen, though — for many
it’s simply offering a new service line that
wasn’t available to its clients before (see
our Firm Highlights section for a broad
sampling). It can also mean finding a new
way to bring value to their clients. The
newly formed CohnReznick, for instance,
created its new Capital Markets Advisory
Consortium to bring together its clients
who are seeking ways to raise capital and
grow their business with investment bank-
ers to advise them.
MERGING
Sometimes the best way to stand out from
the crowd is, well, to buy the crowd — or
at least enough of it to boost you up above
it. Many of the Top 100 gave notice of their
intention to merge and acquire vigorously
and frequently, but always strategically.
Wayne Berson even made M&A part
of his platform during the firm vote that
recently elevated him to CEO of BDO USA:
T100 make a priority of standing out
B Y DANI E L HOOD
See STRATEGIES on 10
Worl on Lhe go,
wiLh more choices.
CCH mobi|o apps provido a socuro and officiont way for you to storo,
soarch and pub|ish your work ~ anywhoro, anytimo. Discovor tho agi|ity of
CCH
ª
o8ooks and ]ourna|s, CCH Mobi|o
¹
and ÞroSystom
ª
Mobi|o today.
visiL CCRGroup.com/Anyt|me
Lo download Lhe laLesL mobile
apps írom CCH.
“As I stated when I was elected, I plan
to pursue an aggressive growth strategy
with acquisitions playing a leading role.”
He wasn’t kidding, either — his taking up
his new post more or less coincided with
the firm merging in Top 100 Firm Argy,
Wiltse & Robinson, and a major player in
Philadelphia, Asher & Co. “Moving for-
ward, we’ll continue to look for deals that
add geographic coverage in new strategic
markets, provide better critical mass in
existing major markets, or bring additional
resources in industry or service strengths.”
At Berdon, meanwhile, chief market-
ing office Kayte Steinert-Threlkeld prom-
ised that the firm would “pursue strate-
gic acquisitions and mergers to augment
existing service areas and develop new
service lines.”
MANAGING
Finally, the last major category of competi-
tive initiatives that the Top 100 are pursu-
ing involves building up their own internal
sources, and managing them better.
Reinsel Kuntz Lesher chief adminis-
trative officer Yvonne Rosenbaum said that
the firm is concentrating on cross-utilizing
talent across the firm, “and better deploy-
ing our resources. Under expanded lead-
ership at the functional level and depart-
ment level, our firm will continue to focus
on firmwide synergies and resources. We
will also be expanding our administra-
tive infrastructure to position ourselves for
growth in the future.”
Other firms are also aiming to fo-
cus more tightly on their strategies. “Our
partners now are using a new goal-setting
system to improve partner accountability,
and, in turn, ensure that we are all focused
on our strategic objectives,” according to
Bonadio Group founder and chief execu-
tive Thomas Bonadio.
Still others are preparing for structural
changes. “Carr, Riggs & Ingram is moving
to a corporate structure beginning in the
fall of 2013,” according to MP William Carr.
“This will allow our staff members to fur-
ther specialize by industry and better serve
our clients.”
And Berkowitz Pollack Brant is taking
a proactive approach to an issue that has
already started engulfing the profession:
“We are carefully planning and managing
the first two director retirements we have
faced,” said CEO Richard Berkowitz. “The
goal is to create a replicable model for fu-
ture retirements.” AT
10
top tax firms
THE TOP TAX FIRMS
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
H&R Block
P1
Kansas City, Mo. William Cobb 2,864.83 99 2,893.77 -1.74 10,992 90,000+
PwC§† New York City Robert Moritz 2,578.91 27 9,551.52 8.00 73 35,962
Ernst & Young§ New York City Steve Howe 2,542.00 31 8,200.00 9.33 78 29,600
Deloitte§ New York City Joe Echevarria 2,482.73 19 13,067.00 9.45 102 56,827
KPMG§ New York City John Veihmeyer 1,553.31 27 5,753.00 7.31 90 24,383
McGladrey
2
Chicago Joe Adams 465.12 36 1,283.44 0.40 75 6,526
Grant Thornton Chicago Stephen Chipman 361.15 29 1,245.36 8.66 54 6,214
Liberty Tax Services
3
Virginia Beach, Va. John Hewitt 359.10 100 359.10 7.67 3,920 639
Ryan
4*
Dallas G. Brint Ryan 353.00 100 353.00 51.18 59 1,382
CBIZ / Mayer Hoffman McCann† Cleveland D. Sibits / B. Hancock 187.29 29 645.84 8.00 133 4,010
CliftonLarsonAllen Milwaukee Krista McMasters 181.76 32 568.00 NA 90 3,223
BDO USA Chicago Wayne Berson 179.22 29 618.00 8.04 42 2,771
CohnReznick New York City T. Marino / K. Baggett 146.40 30 488.00 3.17 25 2,314
Crowe Horwath Oak Brook Terrace, Ill. Charles Allen 136.88 23 595.13 12.35 28 2,603
WTAS San Francisco Mark Vorsatz 127.90 100 127.90 6.32 14 539
BKD Springfield, Mo. Theodore Dickman 124.71 31 402.30 2.84 30 1,905
Moss Adams Seattle Rick Anderson 123.84 36 344.00 6.50 20 1,772
Plante Moran Southfield, Mich. Gordon Krater 112.54 34 331.00 8.76 18 1,600
Dixon Hughes Goodman Charlotte, N.C. Ken Hughes 109.44 36 304.00 3.05 26 1,634
Notes: P Figures compiled from public company reports. * Firm estimate or projection NA Not available/applicable
† Accounting Today estimate (revenue only for CBIZ / MHM) § Gross revenue 1 Staff figures include seasonal workers
2 Reported fee split as both dollar amount (given here) and percentage 3 Revenue figures include franchisee revenue; employee figure
represents only corporate employees 4 Includes acquisition of The TAARP Group and Thomson Reuters’ PTS businesses.
STRATEGIES
from page 8
12
T
ax services remained the top ar-
eas of growth for the 2013 Top 100
Firms, as both state and local taxes
and international tax remained the
two most common sources of growth for a
second year among the responding firms.
Though the two niche services swap-
ped places this year, with state and lo-
cal taxes passing international taxes for a
slim lead, both reported a steady increase.
SALT climbed five percentage points over
last year and international tax was up two
points, but it was estate/trust/gift tax plan-
ning in the third spot that made one of the
biggest leaps in 2013, of nine percentage
points and three spots up the list to 78 per-
cent of firms reporting growth in the area.
Business valuations continued its
positive trending of the previous year, up
three percentage points, though down one
notch on the list to No. 4. In the fifth spot,
litigation support was up seven percentage
points and two spots, at 74 percent. Mean-
while, the services occupying the next five
spots all reported slightly lower gains than
last year, except for industry specializa-
tions, which was an area of growth for the
same 62 percent of firms.
Doeren Mayhew has been ramp-
ing up its international tax business for a
while, according to shareholder and chair-
man of the board Mark Crawford, but with
the continued recovery of the automo-
tive industry, where the firm has a large
manufacturing client base near Detroit, its
international tax business “has particularly
picked up in the last year” to the tune of 20
percent growth. “The manufacturing world
has become much more profitable, and
much more international,” he explained.
“A lot of firms are doing business overseas,
especially in the automotive supplier area,
and it’s generating a lot of opportunities in
the international back area.”
With the recent uncertainty around
the fate of the estate tax exemption and
lifetime gift tax exclusion laws, “Last year
was a crazy year” for Eide Bailly’s estate/
trust/gift tax planning work, according to
partner-in-charge of services Mike Astrup.
“Last year, we saw where the opportu-
nity was to take advantage of the tax laws
out there,” said Astrup, who reports 25 per-
cent revenue growth in that area. “Estate
planning is one of those things that’s easy
for clients to put off, but some motivating
factor seemed to get their attention, and
high-net-worth people were taking a look
at their options. [The tax laws] were prob-
ably a big driver.”
Eisner Amper attributes its 10 percent
growth in litigation services to work in sev-
eral areas, according to David Politziner,
partner-in-charge of the firm’s Litigation
Services Group, including breach-of-con-
tract disputes; intellectual property and
patent infringement cases, particularly in
the pharmaceutical industry; matrimonial
litigation, with “divorce in this country
maintaining a high level of work for us;”
and bankruptcy litigation, as companies
are “trying to re-organize since the reces-
sion of 2008.”
Economic shifts also boosted the
firm’s litigation services group as a whole,
which added two partners and eight staff
in the last year. “In a bad economy, on one
Taxes still a reliable source of growth
B Y DANI E L L E L E E
0 10 20 30 40 50 60 70 80
State and local taxes
International tax
Estate/trust/gift tax planning
Business valuations
Litigation support
Attest services
Forensics/fraud
Industry specializations
Nonprofit organizations
Mergers & acquisitions
Succession planning/family office
Biz mgmt. for wealthy individuals
Employee benefits
Retirement plans
Strategic planning/business plans
SOX compliance/risk mgmt.
Technology consulting
Cost segregation
Personal financial planning
Biz mgmt. services for small biz
Investment advice/services
Cash flow forecasting/mgmt.
Bankruptcy/insolvency
CFO/project staffing services
Business recovery/recession advice
Financing arrangements
Employment search
IFRS consulting
Export/import
1031 like-kind exchanges
Lease vs. buy analysis
Payroll services/consulting
Top niche services
Percentage of firms increasing their business in these areas
(of 82 firms responding)
niches and clients
13
side, people cannot afford lawsuits, and on
the other side they can’t afford to not have
lawsuits,” he explained. “You see a mix-
ture of pent-up lawsuits during a recession
because people can’t afford it, and all of a
sudden when the recession starts to lessen
and the economy turns, you see lawsuits
that have been waiting to happen.”
SPECIALTY SERVICES
Manufacturing overtook midsized busi-
nesses as the top growing client category in
2013, with 78 percent of firms reporting an
increase to propel it five percentage points
higher than last year. Midsized businesses
dropped three points and one spot to 74
percent, just ahead of nonprofit organiza-
tions, which increased eight percentage
points to take the third spot at 71 percent.
Technology clients were right be-
hind nonprofits, with a seven-point boost
putting it up two spots at 70 percent. The
next four client categories were all up over
2012, with construction making the biggest
climb, up two spots on the list and four
percentage points to the No. 8 spot, with 56
percent of firms reporting growth.
Doeren Mayhew has witnessed many
of its 350 Detroit- and Houston-based
manufacturing clients gain new business
in the last year. “The manufacturing com-
panies that made it out of the recession pe-
riod of 2008 to the middle of 2012 all seem
to be much more profitable, with many
of them having record years,” Crawford
shared. “They are looking at additional
opportunities, looking to buy other com-
panies and expand business, whether do-
mestically or internationally. We’re seeing
a lot of mergers and acquisition activity in
that line to help the growth profile.”
Mauldin & Jenkins partner Jeff Fucito
credits the firm’s specialized approach with
expanding its roster of nonprofit clients.
“In general, nonprofits are continuing to
grow in the U.S., more and more,” he said.
“We’re more focused, working with very
new nonprofits, but a lot of new clients are
established nonprofits. It’s not necessarily
a trend of more nonprofit organizations,
but a perceived expertise of what we’re
offering, with a specialized practice and
devoted resources to it.”
Specialization was also key for firms
with a growing base of technology clients.
California firm SingerLewak provides serv-
ices unique from its regional competitors,
according to Bob Green, partner in the
firm’s business risk and technology serv-
ices practice, which — along with strategic
business development — helped increase
his department’s inbound leads for IT ad-
visory services 300 percent since last July.
“There’s been a change in the last
year, of the firm making a cognizant effort
to be more aware of the specialty services
that the firm provides — it’s bigger than
providing tax and audit,” Green explained.
“We’re going to markets with specialized
IT consulting, brought out as, ‘Here’s what
differentiates our firm.’ We’re deeper in de-
livering services that are deeper than most
in our region for our size.”
Jennifer Alterwitz, vice president of
marketing and communications at SC&H
Group, similarly attributes the firm’s suc-
cess with technology clients to specific
services and its “ongoing bench of highly
specialized people” within those areas,
which include the cloud. “Now, a huge ini-
tiative in the industry is, how do you tax the
cloud,” Alterwitz said. “With so many of-
fering it, and software being sold as cloud-
based applications, states are struggling
with how to tax those specific areas, and
consequently tax managers are finding it
difficult to make sure the firm is reporting
from a perspective that’s addressing all
these new tax laws still in discussion.” She
shared that SC&H has “an even more ag-
gressive” growth plan for these technology
clients in the next five years. AT
niches and clients
0 10 20 30 40 50 60 70 80
Manufacturing
Midsized businesses
Nonprofit organizations
Technology
Real estate
Professional services
Health care facilities
Construction
Individuals
Pension plans
Wholesale distributors
State and local government
Hotels and restaurants
Large businesses
Banking & thrift companies
Retail trade
Small businesses
Colleges and universities
Entertainment
Brokers/dealers in securities & commodities
Government contractors
Investment cos. & mutual funds
Publishing/broadcasting/media
Finance cos./mortgage banks
School districts
Insurance carriers/companies
Gaming
Insurance agents & brokers
Auto dealerships
Franchising
Top client categories
Percentage of firms increasing their business with these types of clients
(of 82 firms responding)
Cloud-based client accounting solutions
won’t merely enhance your practice.
They’ll literally reinvent it.
The more you know about
your clients’ daily financial
picture, the better position you’re
in to work collaboratively and
provide long-term strategic advice.
Cloud-based accounting solutions
from CPA2Biz help you manage
your clients’ financial data in
real-time, provide higher margin
advisory services, build long-term
loyalty, and differentiate your firm
from others.
Simple, efficient online
bill management
Bill.com streamlines and automates your clients’
accounts payable and receivable processes with
complete security and control. By having greater
visibility into your clients’ day-to-day finances,
you are better able to manage their cash flow
and provide strategic guidance.
Powered by Bill.com
Powered by Intacct
Cloud-based financial
management and
accounting application
Intacct Accountant Edition is a best-in-class
online client accounting solution that delivers
financial information to you and your clients in
real-time. It enables you to provide customized
financial reports, dashboards and KPIs to key firm
and client stakeholders. Core modules include
General Ledger, A/P, A/R, Cash Management,
and more.
For more information,
visit cpa.com/intacct
For more information,
visit cpa.com/bill
To learn more call 1.855.855.5CPA, or visit CPA.com
T
H
E

2
0
1
2






























T
O
P

1
0
0

F
I
R
M
S




R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
3

1
2

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
1

1

D
e
l
o
i
t
t
e

§

N
e
w

Y
o
r
k

C
i
t
y

J
o
e

E
c
h
e
v
a
r
r
i
a

M
a
y

1
3
,
0
6
7
.
0
0

9
.
4
5

1
0
2

2
,
9
4
9

2
.
1
8

4
3
,
2
9
4

1
3
.
0
4

5
6
,
8
2
7

1
0
.
8
6

3
1

1
9

4
5

5
2

2

P
w
C

§



N
e
w

Y
o
r
k

C
i
t
y

R
o
b
e
r
t

M
o
r
i
t
z

J
u
n
e

9
,
5
5
1
.
5
2

8
.
0
0

7
3

2
,
3
5
0

2
.
6
2

N
A

N
A

3
5
,
9
6
2

9
.
0
0

5
0

2
7

2
3

0
3

3

E
r
n
s
t

&

Y
o
u
n
g

§

N
e
w

Y
o
r
k

C
i
t
y

S
t
e
v
e

H
o
w
e

J
u
n
e

8
,
2
0
0
.
0
0

9
.
3
3

7
8

2
,
5
0
0

4
.
1
7

2
2
,
0
0
0

1
3
.
4
0

2
9
,
6
0
0

1
1
.
7
0

3
9

3
1

2
4

6
4

4

K
P
M
G

§
1

N
e
w

Y
o
r
k

C
i
t
y

J
o
h
n

V
e
i
h
m
e
y
e
r

S
e
p
t

5
,
7
5
3
.
0
0

7
.
3
1

9
0

1
,
7
7
5

1
.
7
8

1
7
,
8
0
9

1
3
.
6
9

2
4
,
3
8
3

9
.
4
5

4
0

2
7

3
3

0
5

5

M
c
G
l
a
d
r
e
y
2

C
h
i
c
a
g
o

J
o
e

A
d
a
m
s

A
p
r
i
l

1
,
2
8
3
.
4
4

0
.
4
0

7
5

6
1
9

-
2
.
6
7

4
,
5
8
7

2
.
7
1

6
,
5
2
6

0
.
5
4

4
3

3
6

2
0

1
6

6

G
r
a
n
t

T
h
o
r
n
t
o
n

C
h
i
c
a
g
o

S
t
e
p
h
e
n

C
h
i
p
m
a
n

D
e
c

1
,
2
4
5
.
3
6

8
.
6
6

5
4

5
0
9

-
7
.
2
9

4
,
4
6
1

1
0
.
2
0

6
,
2
1
4

6
.
2
8

4
4

2
9

2
7

0
7

7

C
B
I
Z

/

M
a
y
e
r

H
o
f
f
m
a
n

M
c
C
a
n
n
3

C
l
e
v
e
l
a
n
d

D
.

S
i
b
i
t
s

/

B
.

H
a
n
c
o
c
k

D
e
c

6
4
5
.
8
4

8
.
0
0

1
3
3

4
1
5

N
C

1
,
7
3
5

2
.
5
4

4
,
0
1
0

-
0
.
3
2

2
4

2
9

4
7

0
8

8

B
D
O

U
S
A

C
h
i
c
a
g
o

W
a
y
n
e

B
e
r
s
o
n

J
u
n
e

6
1
8
.
0
0

8
.
0
4

4
2

2
6
7

2
.
6
9

1
,
9
1
9

1
0
.
6
7

2
,
7
7
1

7
.
9
9

6
0

2
9

1
1

0
9

9

C
r
o
w
e

H
o
r
w
a
t
h

O
a
k

B
r
o
o
k

T
e
r
r
a
c
e
,

I
l
l
.

C
h
a
r
l
e
s

A
l
l
e
n

D
e
c

5
9
5
.
1
3

1
2
.
3
5

2
8

2
6
2

6
.
0
7

1
,
8
6
0

1
7
.
8
0

2
,
6
0
3

7
.
5
6

3
1

2
3

3
2

1
4
1
0

N
R

C
l
i
f
t
o
n
L
a
r
s
o
n
A
l
l
e
n
4

M
i
l
w
a
u
k
e
e

K
r
i
s
t
a

M
c
M
a
s
t
e
r
s

D
e
c

5
6
8
.
0
0

N
A

9
0

3
4
6

N
A

2
,
2
8
1

N
A

3
,
2
2
3

N
A

4
0

3
2

9

1
9
1
1

1
0

C
o
h
n
R
e
z
n
i
c
k
5

N
e
w

Y
o
r
k

C
i
t
y

T
.

M
a
r
i
n
o

/

K
.

B
a
g
g
e
t
t

J
a
n

4
8
8
.
0
0

3
.
1
7

2
5

2
8
0

6
.
0
6

1
,
4
9
3

8
.
9
0

2
,
3
1
4

7
.
8
3

5
4

3
0

6

1
0
1
2

1
1

B
K
D

S
p
r
i
n
g
f
i
e
l
d
,

M
o
.

T
h
e
o
d
o
r
e

D
i
c
k
m
a
n

M
a
y

4
0
2
.
3
0

2
.
8
4

3
0

2
4
5

0
.
4
1

1
,
2
6
9

3
.
7
6

1
,
9
0
5

3
.
3
1

4
9

3
1

2
0

0
1
3

1
2

M
o
s
s

A
d
a
m
s

S
e
a
t
t
l
e

R
i
c
k

A
n
d
e
r
s
o
n

D
e
c

3
4
4
.
0
0

6
.
5
0

2
0

2
4
0

4
.
3
5

1
,
1
5
3

6
.
6
6

1
,
7
7
2

1
.
7
8

4
9

3
6

1
5

0
1
4

1
3

P
l
a
n
t
e

M
o
r
a
n

S
o
u
t
h
f
i
e
l
d
,

M
i
c
h
.

G
o
r
d
o
n

K
r
a
t
e
r

J
u
n
e

3
3
1
.
0
0

8
.
7
6

1
8

2
1
6

-
0
.
4
6

1
,
0
5
6

8
.
3
1

1
,
6
0
0

5
.
4
0

4
7

3
4

1
9

0
1
5

1
4

D
i
x
o
n

H
u
g
h
e
s

G
o
o
d
m
a
n

C
h
a
r
l
o
t
t
e
,

N
.
C
.

K
e
n

H
u
g
h
e
s

D
e
c

3
0
4
.
0
0

3
.
0
5

2
6

1
7
3

-
0
.
5
7

1
,
1
1
4

0
.
5
4

1
,
6
3
4

1
.
1
1

3
5

3
6

2
9

0
1
6

1
5

M
a
r
c
u
m

N
e
w

Y
o
r
k

C
i
t
y

J
e
f
f
r
e
y

W
e
i
n
e
r

D
e
c

2
7
5
.
5
0

0
.
4
7

1
5

1
2
6

-
8
.
7
0

5
7
4

4
.
5
5

9
0
4

N
C

4
5

3
0

1
0

1
5
1
7

1
7

B
a
k
e
r

T
i
l
l
y

V
i
r
c
h
o
w

K
r
a
u
s
e

C
h
i
c
a
g
o

T
i
m
o
t
h
y

C
h
r
i
s
t
e
n

M
a
y

2
5
9
.
0
0

7
.
0
2

1
0

9
5

-
5
.
9
4

1
,
1
7
6

8
.
7
9

1
,
3
8
9

6
.
8
5

4
0

3
2

2
4

4
1
8

1
6

E
i
s
n
e
r
A
m
p
e
r

N
e
w

Y
o
r
k

C
i
t
y

C
h
a
r
l
e
s

W
e
i
n
s
t
e
i
n

J
a
n

2
5
6
.
9
0

0
.
9
0

8

1
7
3

8
.
1
3

9
2
7

1
6
.
4
6

1
,
1
4
4

1
4
.
7
4

6
1

2
9

1
0

0
1
9

1
8

U
H
Y

A
d
v
i
s
o
r
s
6

C
h
i
c
a
g
o

R
.

S
t
e
i
n

/

A
.

F
r
a
b
o
t
t
a

D
e
c

1
8
8
.
2
0

1
.
1
7

1
5

1
0
6

-
4
.
5
0

5
9
8

2
.
2
2

9
1
7

-
3
.
8
8

3
2

4
4

2
1

3
2
0

1
9

R
o
t
h
s
t
e
i
n

K
a
s
s

R
o
s
e
l
a
n
d
,

N
.
J
.

S
.

K
a
s
s

/

H
.

A
l
t
m
a
n

D
e
c

1
8
5
.
0
0

1
.
1
5

8

7
7

8
.
4
5

8
0
2

1
8
.
4
6

1
,
0
1
4

1
8
.
3
2

5
6

4
1

2

1
2
1

2
0

P
a
r
e
n
t
e
B
e
a
r
d

P
h
i
l
a
d
e
l
p
h
i
a

R
o
b
e
r
t

C
i
a
r
u
f
f
o
l
i

D
e
c

1
6
9
.
0
0

-
0
.
5
9

2
0

1
3
2

-
5
.
7
1

6
3
0

-
6
.
2
5

9
7
8

-
5
.
6
0

5
4

3
1

1
5

0
2
2

2
1

E
i
d
e

B
a
i
l
l
y
7

F
a
r
g
o
,

N
.
D
.

J
e
r
r
y

T
o
p
p

A
p
r
i
l

1
5
8
.
2
0

4
.
3
5

1
9

9
1

-
6
.
1
9

8
8
2

0
.
1
1

1
,
2
3
0

-
1
.
6
8

4
3

3
8

1
1

8
2
3

2
2

W
i
p
f
l
i

M
i
l
w
a
u
k
e
e

R
i
c
k

D
r
e
h
e
r

M
a
y

1
5
1
.
7
0

6
.
7
0

2
2

1
4
8

1
2
.
1
2

7
7
7

1
0
.
2
1

1
,
1
1
8

8
.
0
2

3
5

2
9

3
6

0
2
4

2
3

W
e
i
s
e
r
M
a
z
a
r
s

N
e
w

Y
o
r
k

C
i
t
y

D
o
u
g
l
a
s

P
h
i
l
l
i
p
s

A
u
g

1
3
2
.
2
0

6
.
1
8

6

1
0
5

8
.
2
5

4
0
2

-
0
.
7
4

6
3
4

1
.
6
0

5
2

3
8

9

1
2
5

2
4

C
i
t
r
i
n

C
o
o
p
e
r
m
a
n

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

J
o
e
l

C
o
o
p
e
r
m
a
n

D
e
c

1
2
5
.
0
0

8
.
7
0

5

1
0
6

3
.
9
2

2
9
1

2
.
1
1

4
6
4

2
.
6
5

4
8

3
5

9

8
K
e
y

a
n
d

n
o
t
e
s
:


L
a
s
t

y
e
a
r

s

r
a
n
k
i
n
g
s

h
a
v
e

b
e
e
n

r
e
v
i
s
e
d

b
a
s
e
d

o
n

2
0
1
1

r
e
v
e
n
u
e

p
r
o
v
i
d
e
d

b
y

f
i
r
m
s
.

S
o
m
e

f
i
r
m
s


r
a
n
k
i
n
g
s

w
i
l
l

t
h
e
r
e
f
o
r
e

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

r
e
p
o
r
t
e
d

l
a
s
t

y
e
a
r
.

*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






§

G
r
o
s
s

r
e
v
e
n
u
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






N
R

N
o
t

r
a
n
k
e
d






1

K
P
M
G

s

o
f
f
i
c
e

f
i
g
u
r
e

c
o
m
p
r
i
s
e
s

b
u
s
i
n
e
s
s

o
f
f
i
c
e
s
,

v
e
r
s
u
s

e
v
e
r
y

p
h
y
s
i
c
a
l

l
o
c
a
t
i
o
n
.






2


C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

M
c
G
l
a
d
r
e
y

&

P
u
l
l
e
n

i
n

M
a
y

2
0
1
2
.





3


2
0
1
2

r
e
v
e
n
u
e

f
i
g
u
r
e

i
s

a
n

A
T

e
s
t
i
m
a
t
e
;

a
l
l

o
t
h
e
r

f
i
g
u
r
e
s

a
r
e

f
i
r
m
-
s
u
p
p
l
i
e
d
.

C
B
I
Z

a
n
d

M
a
y
e
r

H
o
f
f
m
a
n

M
c
C
a
n
n

a
r
e

a
s
s
o
c
i
a
t
e
d

t
h
r
o
u
g
h

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.

O
f
f
i
c
e

f
i
g
u
r
e
s

a
r
e

f
o
r

C
B
I
Z
;

M
H
M

h
a
s

3
4

o
f
f
i
c
e
s
.





4


C
r
e
a
t
e
d

f
r
o
m

t
h
e

J
a
n
u
a
r
y

2
0
1
2

m
e
r
g
e
r

o
f

C
l
i
f
t
o
n

G
u
n
d
e
r
s
o
n

a
n
d

L
a
r
s
o
n
A
l
l
e
n
;

d
i
d

n
o
t

r
e
p
o
r
t
e
d

c
o
m
b
i
n
e
d

f
i
g
u
r
e
s

f
o
r

p
r
e
v
i
o
u
s

y
e
a
r
.





5

C
r
e
a
t
e
d

f
r
o
m

t
h
e

O
c
t
o
b
e
r

2
0
1
2

m
e
r
g
e
r

o
f

J
.
H
.

C
o
h
n

a
n
d

T
h
e

R
e
z
n
i
c
k

G
r
o
u
p
;

r
e
p
o
r
t
e
d

c
o
m
b
i
n
e
d

f
i
g
u
r
e
s

f
o
r

p
r
e
v
i
o
u
s

y
e
a
r
.





6


U
H
Y

A
d
v
i
s
o
r
s

a
n
d

U
H
Y

L
L
P

a
r
e

a
f
f
i
l
i
a
t
e
d

t
h
r
o
u
g
h

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.





7

F
i
g
u
r
e
s

d
o

n
o
t

i
n
c
l
u
d
e

f
o
u
r

m
e
r
g
e
r
s

c
o
n
d
u
c
t
e
d

a
f
t
e
r

f
i
r
m

s

A
p
r
i
l

y
e
a
r
-
e
n
d
.

















R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
3

1
2

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
2
6

2
5

C
h
e
r
r
y

B
e
k
a
e
r
t
8

R
i
c
h
m
o
n
d
,

V
a
.

H
o
w
a
r
d

K
i
e
s

A
p
r
i
l

1
2
3
.
6
0

1
1
.
1
7

1
5

5
4

2
0
.
0
0

5
3
6

-
7
.
4
3

7
6
0

-
5
.
4
7

4
5

4
9

6

0
2
7

3
1

W
a
r
r
e
n

A
v
e
r
e
t
t
*

B
i
r
m
i
n
g
h
a
m
,

A
l
a
.

J
a
m
e
s

C
u
n
n
i
n
g
h
a
m

D
e
c

1
1
4
.
9
7

3
6
.
2
4

1
5

1
2
0

1
3
.
2
1

5
0
5

6
3
.
4
3

8
1
3

4
1
.
3
9

4
0

4
4

3

1
3
2
8

2
6

C
a
r
r
,

R
i
g
g
s

&

I
n
g
r
a
m

E
n
t
e
r
p
r
i
s
e
,

A
l
a
.

W
i
l
l
i
a
m

C
a
r
r

S
e
p
t

1
1
1
.
3
3

1
0
.
9
9

1
8

1
0
0

2
6
.
5
8

4
7
7

3
0
.
3
3

7
1
4

3
9
.
1
8

5
0

4
0

1
0

0
2
9

3
2

A
r
m
a
n
i
n
o
9


S
a
n

R
a
m
o
n
,

C
a
l
i
f
.

A
n
d
y

A
r
m
a
n
i
n
o

D
e
c

9
9
.
7
6

1
8
.
7
3

6

4
1

5
.
1
3

2
7
1

2
3
.
7
4

3
5
0

1
8
.
6
4

2
4

2
6

4
7

3
3
0

2
7

B
e
r
d
o
n

N
e
w

Y
o
r
k

C
i
t
y

M
.

B
o
s
s
w
i
c
k

/

S
.

K
o
t
l
e
r

D
e
c

9
7
.
2
0

2
.
3
2

2

3
9

-
7
.
1
4

3
3
1

1
.
2
2

3
9
4

-
0
.
2
5

3
0

4
0

3
0

0
3
1

2
8

A
n
c
h
i
n
,

B
l
o
c
k

&

A
n
c
h
i
n

N
e
w

Y
o
r
k

C
i
t
y

F
r
a
n
k

S
c
h
e
t
t
i
n
o

S
e
p
t

9
3
.
0
0

1
.
6
4

1

5
2

N
C

2
0
5

N
C

3
3
7

4
.
9
8

4
4

4
3

1
3

0
3
2

3
0

R
e
h
m
a
n
n

S
a
g
i
n
a
w
,

M
i
c
h
.

S
t
e
v
e
n

K
e
l
l
y

D
e
c

9
0
.
4
0

3
.
9
1

2
0

5
6

N
C

4
9
0

-
0
.
6
1

7
0
5

2
.
6
2

4
5

3
0

2

2
3
3
3

3
5

W
i
t
h
u
m
S
m
i
t
h
+
B
r
o
w
n

P
r
i
n
c
e
t
o
n
,

N
.
J
.

W
i
l
l
i
a
m

H
a
g
a
m
a
n

J
u
n
e

8
8
.
7
2

1
5
.
6
4

1
2

8
2

N
C

2
6
1

-
2
3
.
2
4

4
2
5

-
1
6
.
9
9

3
8

3
3

9

2
0
3
4

2
9

M
a
r
k
s

P
a
n
e
t
h

&

S
h
r
o
n

N
e
w

Y
o
r
k

C
i
t
y

M
.
L
e
v
e
n
f
u
s
/
H
.
M
o
e
h
r
i
n
g
e
r

D
e
c

8
7
.
0
0

-
0
.
4
3

3

6
4

1
.
5
9

3
2
2

3
.
2
1

4
7
5

0
.
6
4

6
5

2
6

3

6
3
5

3
7

N
o
v
o
g
r
a
d
a
c

&

C
o
.

S
a
n

F
r
a
n
c
i
s
c
o

M
i
c
h
a
e
l

N
o
v
o
g
r
a
d
a
c

D
e
c

8
4
.
0
5

1
6
.
6
4

1
5

3
3

1
3
.
7
9

3
1
4

2
5
.
6
0

4
0
7

2
2
.
5
9

5
7

2
4

7

1
2
3
6

3
6

O

C
o
n
n
o
r

D
a
v
i
e
s

N
e
w

Y
o
r
k

C
i
t
y

K
e
v
i
n

K
e
a
n
e

D
e
c

8
3
.
7
0

1
2
.
3
5

7

7
6

3
1
.
0
3

2
8
6

1
.
4
2

4
2
9

1
2
.
3
0

6
3

2
6

1
1

0
3
7

3
3

M
B
A
F

C
P
A
s

M
i
a
m
i

A
n
t
o
n
i
o

A
r
g
i
z

J
u
n
e

8
0
.
0
0

N
C

9

2
2

N
C

3
1
6

1
.
9
4

3
9
9

0
.
5
0

3
6

4
4

1
3

7
3
8

3
4

K
e
a
r
n
e
y

&

C
o
.

A
l
e
x
a
n
d
r
i
a
,

V
a
.

E
d

K
e
a
r
n
e
y

D
e
c

7
9
.
8
9

0
.
1
4

2

1
3

N
C

2
7
7

1
1
.
6
9

3
9
3

9
.
7
8

6
8

0

3
2

0
3
9

3
8

S
S
&
G

C
l
e
v
e
l
a
n
d

G
a
r
y

S
h
a
m
i
s

D
e
c

7
9
.
0
0

1
1
.
7
4

1
1

3
3

1
0
.
0
0

3
8
5

6
.
3
5

4
6
0

3
.
6
0

3
2

3
6

1
1

2
1
4
0

4
4

S
i
k
i
c
h

N
a
p
e
r
v
i
l
l
e
,

I
l
l
.

J
a
m
e
s

S
i
k
i
c
h

D
e
c

7
6
.
4
0

1
8
.
4
5

8

5
0

-
1
9
.
3
5

3
2
4

1
9
.
5
6

4
5
3

2
1
.
4
5

3
3

1
5

4
6

6
4
1

4
1

H
o
l
t
h
o
u
s
e

C
a
r
l
i
n

&

V
a
n

T
r
i
g
t

W
.

L
o
s

A
n
g
e
l
e
s
,

C
a
l
i
f
.

P
h
i
l
i
p

H
o
l
t
h
o
u
s
e

D
e
c

7
4
.
1
4

7
.
4
5

8

3
1

1
4
.
8
1

2
1
8

1
6
.
5
8

3
0
9

1
2
.
7
7

1
8

7
3

0

9
4
2

4
2

W
e
a
v
e
r

F
o
r
t

W
o
r
t
h
,

T
e
x
a
s

T
o
m
m
y

L
a
w
l
e
r

M
a
y

7
3
.
6
0

1
0
.
8
4

7

3
6

2
.
8
6

3
1
5

4
.
6
5

4
2
5

6
.
5
2

4
1

4
5

4

1
0
4
3

4
0

F
r
i
e
d
m
a
n


N
e
w

Y
o
r
k

C
i
t
y

B
r
u
c
e

M
a
d
n
i
c
k

D
e
c

7
0
.
0
0

1
.
1
6

6

5
3

N
C

2
1
6

-
1
0
.
3
7

3
1
6

-
6
.
2
3

6
2

3
7

1

0
4
4

3
9

B
u
r
r

P
i
l
g
e
r

M
a
y
e
r

S
a
n

F
r
a
n
c
i
s
c
o

C
u
r
t
i
s

B
u
r
r

D
e
c

6
9
.
1
0

-
1
.
5
7

5

5
0

-
1
2
.
2
8

2
3
5

-
1
0
.
9
8

3
7
2

-
9
.
4
9

3
8

4
5

1
2

5
4
5

4
3

S
c
h
e
n
c
k

A
p
p
l
e
t
o
n
,

W
i
s
.

W
i
l
l
i
a
m

G
o
o
d
m
a
n

S
e
p
t

6
8
.
8
6

5
.
2
1

9

5
7

N
C

3
2
0

0
.
9
5

4
7
1

1
.
0
7

3
8

3
8

1
9

5
4
6

4
5

R
u
b
i
n
B
r
o
w
n

S
t
.

L
o
u
i
s

J
o
h
n

H
e
r
b
e
r

M
a
y

6
6
.
1
9

7
.
2
4

3

2
8

N
C

3
3
2

1
8
.
5
7

4
1
5

1
4
.
6
4

4
6

3
2

2
2

0
4
7

4
9

L
a
t
t
i
m
o
r
e
,

B
l
a
c
k
,

M
o
r
g
a
n

&

C
a
i
n

B
r
e
n
t
w
o
o
d
,

T
e
n
n
.

D
.

M
o
r
g
a
n

/

R
.
M
.

C
a
i
n

D
e
c

6
5
.
0
2

1
4
.
0
7

3

4
2

5
.
0
0

2
4
7

-
3
.
5
2

3
6
1

1
.
4
0

2
5

3
4

1
8

2
3
4
8

4
7

E
h
r
h
a
r
d
t

K
e
e
f
e

S
t
e
i
n
e
r

&

H
o
t
t
m
a
n

D
e
n
v
e
r

R
o
b
e
r
t

H
o
t
t
m
a
n

S
e
p
t

6
3
.
3
7

9
.
2
6

3

3
7

2
3
.
3
3

2
8
8

4
.
7
3

4
0
8

8
.
2
2

5
1

4
0

9

0
4
9

5
0

H
o
r
n
e
*

R
i
d
g
e
l
a
n
d
,

M
i
s
s
.

J
o
e
y

H
a
v
e
n
s

D
e
c

6
3
.
2
9

1
1
.
3
3

1
2

2
2

N
C

2
9
9

1
3
.
2
6

4
1
6

8
.
9
0

3
4

1
2

4
3

1
1
5
0

4
8

E
l
l
i
o
t
t

D
a
v
i
s

G
r
e
e
n
v
i
l
l
e
,

S
.
C
.

R
i
c
h
a
r
d

D
a
v
i
s

J
u
n
e

6
1
.
0
2

6
.
0
3

8

5
3

3
.
9
2

2
4
6

2
.
0
7

3
7
4

2
.
4
7

4
8

3
5

1
4

3
K
e
y

a
n
d

n
o
t
e
s
:


*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n







N
C

N
o

c
h
a
n
g
e








N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






8


F
i
r
m

c
h
a
n
g
e
d

i
t
s

n
a
m
e

f
r
o
m

C
h
e
r
r
y
,

B
e
k
a
e
r
t

&

H
o
l
l
a
n
d

i
n

J
a
n
u
a
r
y

2
0
1
3
.





9


F
i
r
m

c
h
a
n
g
e
d

i
t
s

n
a
m
e
d

f
r
o
m

A
r
m
a
n
i
n
o

M
c
K
e
n
n
a

i
n

J
a
n
u
a
r
y

2
0
1
3
.



R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
3

1
2

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
5
1

5
1

B
l
u
e

&

C
o
.

C
a
r
m
e
l
,

I
n
d
.

B
r
a
d

S
h
a
w

D
e
c

6
0
.
6
0

9
.
9
8

9

3
6

1
2
.
5
0

2
2
3

7
.
7
3

3
1
8

8
.
5
3

3
1

1
8

5
1

0
5
2

4
6

H
a
b
i
f
,

A
r
o
g
e
t
i

&

W
y
n
n
e

A
t
l
a
n
t
a

R
i
c
h
a
r
d

K
o
p
e
l
m
a
n

D
e
c

6
0
.
2
9

3
.
7
0

2

2
6

-
1
0
.
3
4

2
1
9

6
.
3
1

2
8
9

4
.
3
3

4
6

3
7

7

1
0
5
3

5
2

S
c
h
n
e
i
d
e
r

D
o
w
n
s

P
i
t
t
s
b
u
r
g
h

R
a
y
m
o
n
d

B
u
e
h
l
e
r

J
u
n
e

5
5
.
3
1

5
.
8
4

2

3
5

2
.
9
4

2
6
7

N
C

3
3
6

0
.
6
0

4
5

3
5

2
0

0
5
4

5
9

T
h
e

B
o
n
a
d
i
o

G
r
o
u
p
*

P
i
t
t
s
f
o
r
d
,

N
.
Y
.

T
h
o
m
a
s

B
o
n
a
d
i
o

A
p
r
i
l

5
4
.
9
1

1
5
.
5
3

8

5
0

8
.
7
0

2
4
8

8
.
7
7

3
3
6

7
.
6
9

4
7

2
4

1
5

1
4
5
5

5
8

F
r
a
n
k
,

R
i
m
e
r
m
a
n

&

C
o
.

P
a
l
o

A
l
t
o
,

C
a
l
i
f
.

B
r
y
a
n

P
o
l
s
t
e
r

D
e
c

5
4
.
3
4

1
1
.
5
8

5

1
8

N
C

2
2
5

1
8
.
4
2

2
6
1

1
7
.
5
7

2
8

5
8

1
3

1
5
6

5
7

S
C
&
H

G
r
o
u
p

S
p
a
r
k
s
,

M
d
.

R
o
n
a
l
d

C
a
u
s
e
y

D
e
c

5
4
.
2
0

9
.
2
3

3

2
1

5
.
0
0

2
2
9

1
0
.
6
3

3
0
0

1
3
.
2
1

1
6

4
5

3
9

0
5
7

5
5

K
a
u
f
m
a
n

R
o
s
s
i
n

G
r
o
u
p

M
i
a
m
i

J
a
m
e
s

K
a
u
f
m
a
n

M
a
y

5
3
.
3
0

4
.
1
0

6

3
8

N
C

2
2
9

2
5
.
8
2

3
3
1

2
1
.
6
9

2
8

2
3

4

4
5
5
8

6
1

S
V
A

C
P
A
s

M
a
d
i
s
o
n
,

W
i
s
.

J
a
c
k

C
o
t
t
o
n

M
a
y

5
1
.
6
5

9
.
6
8

5

2
7

N
C

1
5
9

1
6
.
0
6

3
8
8

6
.
0
1

1
5

1
8

1
3

5
4
5
9

5
6

W
a
t
k
i
n
s

M
e
e
g
a
n

B
e
t
h
e
s
d
a
,

M
d
.

M
i
c
h
a
e
l

M
i
c
h
o
l
a
s

D
e
c

5
0
.
3
0

0
.
2
0

4

1
7

6
.
2
5

2
0
2

-
0
.
9
8

2
3
4

-
0
.
4
3

2
1

2
2

5
7

0
6
0

6
4

N
i
g
r
o

K
a
r
l
i
n

S
e
g
a
l

&

F
e
l
d
s
t
e
i
n

L
o
s

A
n
g
e
l
e
s

M
i
c
k
e
y

S
e
g
a
l

D
e
c

5
0
.
2
2

1
2
.
2
0

2

2
1

0
.
0
0

2
1
7

1
4
.
8
1

2
6
3

1
0
.
0
4

1
7

1
7

2

6
4
6
1

6
2

K
a
t
z
,

S
a
p
p
e
r

&

M
i
l
l
e
r

I
n
d
i
a
n
a
p
o
l
i
s

D
a
v
i
d

R
e
s
n
i
c
k

D
e
c

4
9
.
1
7

5
.
2
7

3

3
2

-
3
.
0
3

1
7
4

4
.
8
2

2
5
2

4
.
1
3

2
8

4
2

2
5

5
6
2

7
3

W
h
i
t
l
e
y

P
e
n
n

F
o
r
t

W
o
r
t
h
,

T
e
x
a
s

L
a
r
r
y

A
u
t
r
e
y

D
e
c

4
9
.
0
0

3
0
.
6
7

5

3
5

5
2
.
1
7

1
9
0

4
7
.
2
9

2
7
2

5
1
.
1
1

4
8

4
0

9

3
6
3

5
4

R
o
s
e
n

S
e
y
m
o
u
r

S
h
a
p
s
s

M
a
r
t
i
n

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

M
i
c
h
a
e
l

B
e
r
n
s
t
e
i
n

D
e
c

4
9
.
0
0

-
4
.
4
8

4

2
8

N
C

1
6
1

-
3
.
5
9

2
2
0

-
3
.
5
1

4
6

3
7

1
7

0
6
4

6
3

H
e
i
n

&

A
s
s
o
c
i
a
t
e
s

D
e
n
v
e
r

B
r
i
a
n

M
a
n
d
e
l
l
-
R
i
c
e

D
e
c

4
8
.
5
5

7
.
2
2

4

3
1

3
.
3
3

1
6
8

1
1
.
2
6

2
3
9

7
.
6
6

5
4

3
9

6

1
6
5

5
3

A
r
o
n
s
o
n

R
o
c
k
v
i
l
l
e
,

M
d
.

J
e
f
f
e
r
y

C
a
p
r
o
n

D
e
c

4
8
.
5
1

-
6
.
9
8

1

2
9

7
.
4
1

1
4
9

9
.
5
6

2
1
6

9
.
0
9

4
1

3
6

2
0

3
6
6

6
0

B
l
u
m
S
h
a
p
i
r
o

W
e
s
t

H
a
r
t
f
o
r
d
,

C
o
n
n
.

C
a
r
l

J
o
h
n
s
o
n

D
e
c

4
7
.
8
0

1
.
1
2

3

2
9

N
C

1
6
2

-
4
.
7
1

2
5
8

-
3
.
3
7

5
5

3
1

1

1
3
6
7

6
6

D
o
e
r
e
n

M
a
y
h
e
w

T
r
o
y
,

M
i
c
h
.

M
a
r
k

C
r
a
w
f
o
r
d

S
e
p
t

4
5
.
6
0

4
.
2
3

3

2
6

N
C

1
4
5

-
1
.
3
6

2
1
3

1
.
4
3

4
4

3
3

9

1
4
6
8

6
5

C
l
a
r
k
,

S
c
h
a
e
f
e
r
,

H
a
c
k
e
t
t

&

C
o
.

C
i
n
c
i
n
n
a
t
i

C
a
r
l

C
o
b
u
r
n

J
u
n
e

4
4
.
8
3

1
.
4
7

7

2
6

8
.
3
3

2
0
5

-
1
.
9
1

2
8
3

-
1
0
.
1
6

4
9

3
8

5

8
6
9

7
4

F
r
a
z
i
e
r

&

D
e
e
t
e
r

A
t
l
a
n
t
a

S
e
t
h

M
c
D
a
n
i
e
l

D
e
c

4
4
.
1
0

1
8
.
2
6

3

1
1

1
0
.
0
0

1
3
5

1
3
.
4
5

1
7
7

1
2
.
7
4

3
6

4
4

0

2
0
7
0

7
5

S
q
u
a
r

M
i
l
n
e
r

N
e
w
p
o
r
t

B
e
a
c
h
,

C
a
l
i
f
.

S
t
e
p
h
e
n

M
i
l
n
e
r

D
e
c

4
4
.
0
0

1
8
.
9
2

4

2
2

N
C

1
4
4

5
.
8
8

2
0
4

4
.
6
2

4
0

4
9

3

8
7
1

7
1

P
o
s
t
l
e
t
h
w
a
i
t
h
e

&

N
e
t
t
e
r
v
i
l
l
e

B
a
t
o
n

R
o
u
g
e
,

L
a
.

W
i
l
l
i
a
m

B
a
l
h
o
f
f

A
p
r
i
l

4
1
.
8
5

8
.
5
9

1
0

2
9

7
.
4
1

2
8
9

3
0
.
7
7

3
7
2

2
2
.
3
7

4
7

2
2

3
1

0
7
2

7
2

F
r
e
e
d

M
a
x
i
c
k

C
P
A
s

B
u
f
f
a
l
o
,

N
.
Y
.

R
o
n
a
l
d

S
o
l
u
r
i

A
p
r
i
l

4
0
.
5
0

7
.
1
4

4

3
5

6
.
0
6

1
9
0

4
.
4
0

2
6
6

4
.
7
2

3
9

3
7

1
5

9
7
3

8
0

B
e
r
r
y
D
u
n
n

P
o
r
t
l
a
n
d
,

M
a
i
n
e

J
o
h
n

C
h
a
n
d
l
e
r

J
u
n
e

4
0
.
1
5

1
5
.
8
7

4

1
8

N
C

1
3
7

7
.
8
7

1
8
5

6
.
3
2

5
3

1
8

2
5

4
7
4

7
0

B
e
r
k
o
w
i
t
z

P
o
l
l
a
c
k

B
r
a
n
t
1
0

M
i
a
m
i

R
i
c
h
a
r
d

B
e
r
k
o
w
i
t
z

D
e
c

3
9
.
7
1

2
.
9
8

3

1
6

-
5
.
8
8

1
0
8

1
2
.
5
0

1
6
3

9
.
4
0

1
9

4
2

3

3
6
7
5

7
7

C
o
h
e
n

&

C
o
.

C
l
e
v
e
l
a
n
d

R
a
n
d
y

M
y
e
r
o
f
f

S
e
p
t

3
9
.
5
3

9
.
8
7

7

2
1

-
8
.
7
0

1
8
2

1
0
.
9
8

2
5
0

7
.
3
0

4
5

4
1

4

1
0
K
e
y

a
n
d

n
o
t
e
s
:


*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n




N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






1
0


F
i
r
m

c
h
a
n
g
e
d

i
t
s

n
a
m
e

f
r
o
m

B
e
r
k
o
w
i
t
z

D
i
c
k

P
o
l
l
a
c
k

&

B
r
a
n
t
.



R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
3

1
2

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
7
6

9
9

G
r
a
s
s
i

&

C
o
.
*

N
e
w

Y
o
r
k

C
i
t
y

L
o
u
i
s

G
r
a
s
s
i

D
e
c

3
9
.
0
0

3
1
.
3
1

2

2
3

7
6
.
9
2

1
2
5

2
.
4
6

1
8
5

1
2
.
8
0

5
2

3
3

1
1

4
7
7

6
8

M
a
r
g
o
l
i
n
,

W
i
n
e
r

&

E
v
e
n
s

G
a
r
d
e
n

C
i
t
y
,

N
.
Y
.

T
e
d
d
y

S
e
l
i
n
g
e
r

D
e
c

3
9
.
0
0

-
3
.
7
0

2

2
7

-
3
.
5
7

1
6
7

-
0
.
6
0

2
1
1

-
0
.
9
4

6
0

3
0

1
0

0
7
8

7
6

A
l
p
e
r
n

R
o
s
e
n
t
h
a
l

P
i
t
t
s
b
u
r
g
h

A
l
e
x
a
n
d
e
r

P
a
u
l

D
e
c

3
8
.
9
4

6
.
9
2

4

3
2

-
3
.
0
3

1
6
6

1
2
.
1
6

2
3
6

8
.
7
6

3
7

4
0

1
0

1
3
7
9

6
9

S
i
n
g
e
r
L
e
w
a
k

L
o
s

A
n
g
e
l
e
s

J
i
m

P
i
t
r
a
t

O
c
t

3
8
.
8
1

-
2
.
8
3

6

3
2

1
4
.
2
9

1
5
9

1
.
2
7

2
4
5

6
.
0
6

4
9

3
6

2

1
3
8
0

9
1

M
a
u
l
d
i
n

&

J
e
n
k
i
n
s

A
t
l
a
n
t
a

D
o
n
a
l
d

L
u
k
e
r

M
a
y

3
8
.
5
0

2
1
.
0
7

5

3
8

2
.
7
0

1
3
8

3
6
.
6
3

2
1
3

2
6
.
7
9

6
6

3
0

4

0
8
1

8
4

R
a
i
c
h

E
n
d
e

M
a
l
t
e
r

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

E
.

E
n
d
e

/

C
.

R
a
i
c
h

D
e
c

3
8
.
0
0

1
3
.
4
3

5

3
2

1
4
.
2
9

1
2
3

1
2
.
8
4

1
9
5

1
1
.
4
3

4
0

6
0

0

0
8
2

9
6

M
o
u
n
t
j
o
y

C
h
i
l
t
o
n

M
e
d
l
e
y

L
o
u
i
s
v
i
l
l
e
,

K
y
.

D
i
a
n
e

M
e
d
l
e
y

D
e
c

3
7
.
9
3

2
5
.
8
0

5

3
9

2
1
.
8
8

1
4
4

2
.
8
6

2
4
7

1
7
.
0
6

4
4

3
4

1
0

1
2
8
3

8
3

H
o
n
k
a
m
p

K
r
u
e
g
e
r

&

C
o
.

D
u
b
u
q
u
e
,

I
o
w
a

G
r
e
g

B
u
r
b
a
c
h

D
e
c

3
7
.
5
2

1
1
.
6
0

5

1
7

-
5
.
5
6

1
0
3

1
1
.
9
6

3
0
7

7
.
3
4

1
7

1
8

5

6
0
8
4

8
7

R
e
i
n
s
e
l

K
u
n
t
z

L
e
s
h
e
r

L
a
n
c
a
s
t
e
r
,

P
a
.

E
d
w
a
r
d

M
o
n
b
o
r
n
e

D
e
c

3
7
.
1
1

1
2
.
5
6

4

3
9

1
8
.
1
8

2
1
5

2
0
.
1
1

2
8
9

2
1
.
9
4

3
5

3
3

1
0

2
2
8
5

7
9

M
i
l
l
e
r

K
a
p
l
a
n

A
r
a
s
e

N
o
r
t
h

H
o
l
l
y
w
o
o
d
,

C
a
l
i
f
.

M
a
n
n
o
n

K
a
p
l
a
n

F
e
b

3
7
.
0
0

5
.
7
1

5

2
4

N
C

1
0
8

5
.
8
8

1
7
2

4
.
8
8

5
8

1
7

1
7

8
8
6

8
5

J
o
s
e
p
h

D
e
c
o
s
i
m
o

&

C
o
.

C
h
a
t
t
a
n
o
o
g
a
,

T
e
n
n
.

N
i
c
k

D
e
c
o
s
i
m
o

D
e
c

3
6
.
2
1

8
.
0
9

8

3
1

-
3
.
1
3

1
7
0

1
.
1
9

2
6
1

-
0
.
3
8

4
8

3
9

4

9
8
7

9
7

M
a
c
i
a
s

G
i
n
i

&

O

C
o
n
n
e
l
l

S
a
c
r
a
m
e
n
t
o
,

C
a
l
i
f
.

K
e
v
i
n

O

C
o
n
n
e
l
l

D
e
c

3
6
.
2
0

2
0
.
2
7

9

2
0

N
A

1
4
9

-
1
.
3
2

2
4
3

8
.
9
7

6
2

1
5

4

1
9
8
8

8
6

R
a
f
f
a

W
a
s
h
i
n
g
t
o
n
,

D
.
C
.

T
h
o
m
a
s

R
a
f
f
a

D
e
c

3
5
.
6
0

7
.
8
8

2

1
7

-
5
.
5
6

1
8
0

N
C

2
3
0

2
.
6
8

5
3

1
6

3
1

0
8
9

6
7

R
G
L

F
o
r
e
n
s
i
c
s

D
e
n
v
e
r

P
a
u
l

C
a
d
o
r
e
t
t
e

D
e
c

3
5
.
5
0

-
1
4
.
2
1

1
7

2
4

-
1
4
.
2
9

1
7
0

6
.
2
5

2
3
4

2
.
6
3

0

0

0

1
0
0
9
0

7
8

H
i
l
l
,

B
a
r
t
h

&

K
i
n
g

B
o
a
r
d
m
a
n
,

O
h
i
o

C
h
r
i
s

A
l
l
e
g
r
e
t
t
i

A
u
g

3
5
.
4
0

-
0
.
2
8

1
2

3
0

-
1
1
.
7
6

1
7
6

7
.
9
8

2
4
3

4
.
2
9

2
8

5
2

1
8

2
9
1

8
9

K
e
m
p
e
r

C
P
A

G
r
o
u
p

G
r
e
e
n
f
i
e
l
d
,

I
n
d
.

R
o
n
a
l
d

D
e
z
e
l
a
n

A
p
r
i
l

3
4
.
6
9

6
.
5
1

2
2

5
4

N
C

2
1
5

N
C

3
0
1

-
0
.
3
3

4
1

3
7

2
2

0
9
2

9
2

G
a
l
l
i
n
a

R
o
s
e
v
i
l
l
e
,

C
a
l
i
f
.

L
a
r
r
y

T
a
y
l
o
r

D
e
c

3
4
.
6
4

8
.
9
3

9

2
4

4
.
3
5

1
5
3

1
1
.
6
8

2
2
1

1
1
.
6
2

4
6

5
0

4

0
9
3

9
0

A
K
T

C
P
A
s

S
a
l
e
m
,

O
r
e
.

S
t
e
p
h
e
n

T
a
t
o
n
e

D
e
c

3
4
.
6
4

8
.
2
5

6

1
5

-
2
1
.
0
5

1
6
3

3
4
.
7
1

2
0
9

2
2
.
2
2

3
2

3
4

7

2
7
9
4

8
8

S
e
i
l
e
r

R
e
d
w
o
o
d

C
i
t
y
,

C
a
l
i
f
.

J
a
m
e
s

D
e
M
a
r
t
i
n
i

D
e
c

3
4
.
1
0

3
.
6
5

2

1
3

8
.
3
3

1
1
8

0
.
8
5

1
5
0

1
.
3
5

1
0

7
0

0

2
0
9
5

8
2

H
o
l
t
z

R
u
b
e
n
s
t
e
i
n

R
e
m
i
n
i
c
k


N
e
w

Y
o
r
k

C
i
t
y

B
a
r
r
y

G
a
r
f
i
e
l
d

S
e
p
t

3
2
.
8
0

-
2
.
9
6

2

2
0

N
C

1
1
6

-
2
.
5
2

1
6
9

-
3
.
4
3

4
5

4
2

4

9
9
6

9
3

V
a
v
r
i
n
e
k

T
r
i
n
e

D
a
y



R
a
n
c
h
o

C
u
c
a
m
o
n
g
a
,

C
a
l
i
f
.

R
o
n

W
h
i
t
e

D
e
c

3
2
.
3
1

1
.
9
9

7

3
6

2
.
8
6

N
A

N
A

2
0
0

N
A

N
A

N
A

N
A

N
A
9
7

9
5

K
e
n
n
e
d
y

a
n
d

C
o
e

S
a
l
i
n
a
,

K
a
n
.

K
u
r
t
i
s

S
i
e
m
e
r
s

M
a
r
c
h

3
1
.
9
0

4
.
5
9

8

2
4

N
C

1
2
1

8
.
0
4

1
9
7

2
.
0
7

2
0

5
4

2
6

0
9
8

1
0
0

W
i
s
s

&

C
o
.

L
i
v
i
n
g
s
t
o
n
,

N
.
J
.

P
a
u
l

P
e
t
e
r
s
o
n

M
a
r
c
h

3
1
.
8
0

9
.
2
8

4

2
9

-
3
.
3
3

1
1
7

4
.
4
6

1
7
5

2
.
3
4

5
2

3
5

0

1
3
9
9

9
4

K
a
h
n
,

L
i
t
w
i
n
,

R
e
n
z
a

&

C
o
.

P
r
o
v
i
d
e
n
c
e
,

R
.
I
.

A
l
a
n

L
i
t
w
i
n

D
e
c

3
1
.
3
0

1
.
5
2

3

1
0

N
C

1
3
8

7
.
8
1

1
7
6

7
.
3
2

3
3

3
2

3
5

0
1
0
0

9
8

R
e
a

&

A
s
s
o
c
i
a
t
e
s

N
e
w

P
h
i
l
a
d
e
l
p
h
i
a
,

O
h
i
o

L
e
e

B
e
a
l
l

O
c
t

3
1
.
1
0

6
.
5
1

1
1

2
7

-
6
.
9
0

1
3
6

-
0
.
7
3

2
0
8

-
4
.
1
5

4
7

3
2

6

1
5
K
e
y

a
n
d

n
o
t
e
s
:


*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






Discover the Power
Continuously Improve
Members share the common goal to help themselves and each
other continuously improve through efective planning and action.
Establish Peer Relationships
Firm leaders and emerging leaders are connected to, and inspired
by, each other to accomplish improvement objectives.
Make More Money
CPAmerica provides the platform and resources toward improvement
through conferences, training, marketing materials and preferred providers.
Gain Domestic & Global Prestige
Through participation in the association and our membership in Crowe
Horwath International, members receive resources to add distinction to the frm.
of a member-driven accounting frm association
www.cpamerica.org
ph: 352- 727- 4070
f ax: 352- 727- 4031
CPAmerica International ofers its members an opportunity
to improve through sharing while tapping into the resource
of a large support staf.
Scan to download e-book
O
n average, 2012 was better all
around for our regions than
2012. It may not have had
some of the same merger-
fuel ed dizzying highs, but it didn’t have any
of the doldrums, either.
Growth clustered around 7 percent,
with the Gulf Coast Region an outlier on
the upside at almost 10 percent, and the
Mid-Atlantic Region, New England and
the Midwest on the downside, all around
a perfectly respectable 5 percent increase
in net revenue.
If mergers and acquisitions didn’t
quite set the numbers on fire, they still
remained a major force in shaping the
regional landscape. Two Alabama-based
firms, Carr, Riggs & Ingram and Warren
Averett, continued to snap up firms across
the Southeast and the Gulf Coast Regions,
and the combination of J.H. Cohn and
Reznick Group catapulted the resulting
firm to the lead spot in the Mid-Atlantic
Region. (It would also hold the top spot in
the Capital Region, but we don’t double-
count firms that straddle regions.)
Among the biggest rebounds was the
Mountain Region’s jump from just over 2
percent growth in 2011 to over 7 percent
in 2012, in part on the backs of very strong
performances at Anderson ZurMuehlen
and Anton Collins Mitchell.
But the Southwest’s switch from an
anemic 2 percent in 2011 to over 8 percent
growth in 2012 remains the most impres-
sive change, wrought by a combination of
frequent mergers and the ongoing strength
of the oil and energy industry in which so
many Southwest firms specialize. AT
THE 2013 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C., and West Virginia
Revenue: $488.37 million; up 7.2%
The Capital Region took a purely statistical hit in revenue, with last year’s No. 1 firm, Reznick Group, team-
ing up with Mid-Atlantic Regional Leader J.H. Cohn to form CohnReznick (now counted in the Mid-Atlantic
Region, where its headquarters is), and No. 5 firm Argy, Wiltse & Robinson merging into national firm BDO
USA — but the firms that remained managed a very strong 7.2 percent growth rate.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Kearney & Co. Alexandria, Va. 79.89 0.14 2 13 277 393 68 0 32 0
SC&H Group Sparks, Md. 54.20 9.23 3 21 229 300 16 45 39 0
Watkins Meegan Bethesda, Md. 50.30 0.20 4 17 202 234 21 22 57 0
Aronson Rockville, Md. 48.51 -6.98 1 29 149 216 41 36 20 3
Raffa Washington, D.C. 35.60 7.88 2 17 180 230 53 16 31 0
Cotton & Co. Alexandria, Va. 25.93 0.89 1 12 12 152 67 0 0 33
Brown, Edwards & Co. Bluefield, W. Va. 24.92 3.96 7 25 116 171 73 27 0 0
Yount, Hyde & Barbour Winchester, Va. 23.88 0.08 6 22 82 125 42 43 12 3
Johnson Lambert* Falls Church, Va. 21.79 8.68 8 12 118 146 83 16 1 0
Gelman, Rosenberg & Freedman Bethesda, Md. 20.80 NA 1 12 61 94 74 25 1 0
Keiter Glen Allen, Va. 20.75 0.68 1 12 82 121 37 52 3 8
Ellin & Tucker Chartered Baltimore 20.38 15.47 4 11 71 109 44 42 14 0
Smith Elliott Kearns & Co. Hagerstown, Md. 16.40 1.23 4 20 98 143 56 30 6 8
Gross, Mendelsohn & Associates Baltimore 15.19 13.44 1 14 66 101 50 28 22 0
KatzAbosch Timonium, Md. 15.00 NC 3 21 43 84 37 55 8 0
Calibre CPA Group Bethesda, Md. 14.83 5.70 2 13 72 98 75 12 0 13
Notes: * Firm estimate or projection NC No change NA Not available/applicable
regional overview
Regions see moderate growth
— but still plenty of mergers
20
21
regional leaders
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Plante Moran Southfield, Mich. 331.00 8.76 18 216 1,056 1,600 47 34 19 0
Baker Tilly Virchow Krause Chicago 259.00 7.02 10 95 1,176 1,389 40 32 24 4
Wipfli Milwaukee 151.70 6.70 22 148 777 1,118 35 29 36 0
Rehmann Saginaw, Mich. 90.40 3.91 20 56 490 705 45 30 2 23
SS&G Cleveland 79.00 11.74 11 33 385 460 32 36 11 21
Sikich Naperville, Ill. 76.40 18.45 8 50 324 453 33 15 46 6
Schenck Appleton, Wis. 68.86 5.21 9 57 320 471 38 38 19 5
Blue & Co. Carmel, Ind. 60.60 9.98 9 36 223 318 31 18 51 0
SVA CPAs Madison, Wis. 51.65 9.68 5 27 159 388 15 18 13 54
Katz, Sapper & Miller Indianapolis 49.17 5.27 3 32 174 252 28 42 25 5
Doeren Mayhew Troy, Mich. 45.60 4.23 3 26 145 213 44 33 9 14
Clark, Schaefer, Hackett & Co. Cincinnati 44.83 1.47 7 26 205 283 49 38 5 8
Cohen & Co. Cleveland 39.53 9.87 7 21 182 250 45 41 4 10
Hill, Barth & King Boardman, Ohio 35.40 -0.28 12 30 176 243 28 52 18 2
Kemper CPA Group Greenfield, Ind. 34.69 6.51 22 54 215 301 41 37 22 0
Rea & Associates New Philadelphia, Ohio 31.10 6.51 11 27 136 208 47 32 6 15
Skoda Minotti Mayfield Village, Ohio 27.93 31.00 3 14 121 163 25 31 19 25
Yeo & Yeo Saginaw, Mich. 27.90 2.01 8 22 132 184 20 22 22 36
Wolf & Co. Oak Brook Terrace, Ill. 21.71 6.16 2 14 84 129 58 32 1 9
ORBA Chicago 20.70 -0.96 1 17 71 110 35 50 15 0
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
Revenue: $1,547.17 million; up 7.72%
After a strong 2011, the Regional Leaders in the Great Lakes turned in an even stronger 2012, with one of the high-
est growth rates of any of the regions. Many of the firms grew their revenue significantly, but Ohio’s Skoda Minotti was
lengths ahead of the pack, expanding its net revenues by over 30 percent.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Warren Averett* Birmingham, Ala. 114.97 36.24 15 120 505 813 40 44 3 13
Carr, Riggs & Ingram Enterprise, Ala. 111.33 10.99 18 100 477 714 50 40 10 0
MBAF CPAs Miami 80.00 NC 9 22 316 399 36 44 13 7
Horne* Ridgeland, Miss. 63.29 11.33 12 22 299 416 34 12 43 11
Kaufman Rossin Group Miami 53.30 4.10 6 38 229 331 28 23 4 45
Postlethwaithe & Netterville Baton Rouge, La. 41.85 8.59 10 29 289 372 47 22 31 0
Berkowitz Pollack Brant Miami 39.71 2.98 3 16 108 163 19 42 3 36
Jackson Thornton & Co. Montgomery, Ala. 24.50 2.25 6 22 113 165 37 27 15 21
LaPorte Metairie, La. 21.95 2.91 4 17 101 152 55 37 8 0
Goldstein Schechter Koch Coral Gables, Fla. 15.88 -1.79 3 14 65 106 41 44 10 5
Heard, McElroy & Vestal Shreveport, La. 15.40 6.87 2 12 71 108 41 41 14 4
Barfield, Murphy, Shank & Smith Birmingham, Ala. 15.10 6.34 1 9 70 104 36 33 8 23
Daszkal Bolton* Boca Raton, Fla. 14.80 5.34 3 10 68 102 23 70 7 0
Gerson Preston Robinson & Co. Miami Beach, Fla. 14.00 -0.71 3 5 41 64 40 40 20 0
The LBA Group Jacksonville, Fla. 13.15 2.26 1 12 76 95 20 53 10 17
Averett Warmus Durkee Orlando, Fla. 12.00 NC 2 11 56 84 48 46 6 0
Cross, Fernandez & Riley Orlando, Fla. 10.56 15.66 4 16 47 77 47 49 4 0
Notes: * Firm estimate or projection NC No change NA Not available/applicable
Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
Revenue: $661.79 million; up 9.92%
The Regional Leaders around the Gulf of Mexico showed very strong growth of almost 10 percent — not
quite the blistering 19 percent of 2011, but still the strongest of all the regions. And again, it was helped by
a strong market for M&A.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
CohnReznick New York City 488.00 3.17 25 280 1,493 2,314 54 30 6 10
Marcum New York City 275.50 0.47 15 126 574 904 45 30 10 15
EisnerAmper New York City 256.90 0.90 8 173 927 1,144 61 29 10 0
Rothstein Kass Roseland, N.J. 185.00 1.15 8 77 802 1,014 56 41 2 1
ParenteBeard Philadelphia 169.00 -0.59 20 132 630 978 54 31 15 0
WeiserMazars New York City 132.20 6.18 6 105 402 634 52 38 9 1
Citrin Cooperman & Co. New York City 125.00 8.70 5 106 291 464 48 35 9 8
Berdon New York City 97.20 2.32 2 39 331 394 30 40 30 0
Anchin, Block & Anchin New York City 93.00 1.64 1 52 205 337 44 43 13 0
WithumSmith+Brown Princeton, N.J. 88.72 15.64 12 82 261 425 38 33 9 20
Marks Paneth & Shron New York City 87.00 -0.43 3 64 322 475 65 26 3 6
O’Connor Davies New York City 83.70 12.35 7 76 286 429 63 26 11 0
Friedman New York City 70.00 1.16 6 53 216 316 62 37 1 0
Schneider Downs Pittsburgh 55.31 5.84 2 35 267 336 45 35 20 0
The Bonadio Group* Pittsford, N.Y. 54.91 15.53 8 50 248 336 47 24 15 14
Rosen Seymour Shapss Martin & Co. New York City 49.00 -4.48 4 28 161 220 46 37 17 0
Freed Maxick CPAs Buffalo, N.Y. 40.50 7.14 4 35 190 266 39 37 15 9
Grassi & Co.* New York City 39.00 31.31 2 23 125 185 52 33 11 4
Margolin, Winer & Evens Garden City, N.Y. 39.00 -3.70 2 27 167 211 60 30 10 0
Alpern Rosenthal Pittsburgh 38.94 6.92 4 32 166 236 37 40 10 13
Raich Ende Malter & Co. New York City 38.00 13.43 5 32 123 195 40 60 0 0
Reinsel Kuntz Lesher Lancaster, Pa. 37.11 12.56 4 39 215 289 35 33 10 22
Holtz Rubenstein Reminick New York City 32.80 -2.96 2 20 116 169 45 42 4 9
Wiss & Co. Livingston, N.J. 31.80 9.28 4 29 117 175 52 35 0 13
Prager Metis International New York City 30.87 NA 7 25 115 176 20 45 35 0
Kreischer Miller Horsham, Pa. 26.63 6.86 1 17 138 185 49 35 9 7
Gettry Marcus CPA Woodbury, N.Y. 16.50 6.11 3 17 43 78 48 35 0 17
Top Firms: Mid-Atlantic
New Jersey, New York and Pennsylvania
Revenue: $2,681.59 million; up 5%
Though 5 percent growth is nothing to sneeze at, the Mid-Atlantic Region actually had the lowest of all our regions, de-
spite adding the revenues of Capital Region stalwart Reznick Group to the new top firm in the area, CohnReznick.
22
regional leaders
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Ehrhardt Keefe Steiner & Hottman Denver 63.37 9.26 3 37 288 408 51 40 9 0
Hein & Associates Denver 48.55 7.22 4 31 168 239 54 39 6 1
RGL Forensics Denver 35.50 -14.21 17 24 170 234 0 0 0 100
GHP Horwath Denver 24.90 9.21 1 9 75 100 50 25 0 25
Anderson ZurMuehlen & Co. Helena, Mont. 24.88 27.33 7 28 142 238 37 35 10 18
Anton Collins Mitchell Denver 15.70 61.03 3 11 65 93 50 40 10 0
Tanner¹ Salt Lake City 12.90 4.88 1 10 65 83 68 29 3 0
Dalby, Wendland & Co. Grand Junction, Colo. 11.52 -2.21 5 17 45 84 18 62 9 11
McGee, Hearne & Paiz Cheyenne, Wyo. 9.28 -0.75 2 9 50 67 56 38 6 0
Notes: * Firm estimate or projection 1 Revenue and fee split are from September year-end; personnel figures are from January 2013.
Top Firms: Mountain
Colorado, Idaho, Montana, Utah and Wyoming
Revenue: $246.6 million; up 7.13%
After a difficult couple of years, the Mountain Region turned in a strong performance in 2012, growing revenues
over 7 percent, helped in no small part by strong growth at top firms EKS&H and Hein, and the truly impressive ex-
pansion of Denver’s Anton Collins Mitchell. On a side note, we should point out that while RGL is headquartered
in the region, it has an impressive array of offices around the country, and around the world.
CONGRATULATIONS
TO THE TOP 100 FIRMS OF 2013
Reochlng lhe plnnocle ol success ls qulle on occompllshmenl. Lven more
so os lhe buslness ol occounllng ls conslonlly chonglng. Sloylng on lop ol
regulollon ond lnduslry chonges ln llsell ls lncredlbly chollenglng-bul lhol's
jusl porl ol ll. A successlul procllce olso requlres helplng your cllenls lo
ochleve lhelr buslness ond personol gools, ond nndlng lhe llme lo odvonce
your own nrm.
Wllh 1homson Reulers, you hove o slngle source lor oll ol your needs now ond
ln lhe lulure:
· CS ltoless|ooo| Su|te¹· lnlegroled lox ond occounllng producls ond
servlces lor every ospecl ol your nrm's operollons
· Cbeckµo|ot¹· eoslly seorchoble, onllne lox ond occounllng lnlormollon
lncludlng edllorlol lnslghl, news ond lools
· Cbeckµo|ot leoto|oç· courses ond lrocklng lools lo expond your
knowledge ond keep on lop ol CPL requlremenls
ln locl, 1homson Reulers ls regulorly relled upon by eoch ol lhe 1op J00 |lrms
lo reoch lhelr gools. We look lorword lo conllnulng lo help you reoch yours.
vlsll us ol 1ox.1homsonReulers.com lo leorn more.
TAX & ACCOUNTING
© 2013 Thomson Reuters. Checkpoint and CS Professional Suite are registered trademarks of
Thomson Reuters. Other names and trademarks are properties of their respective owners.
REUTERS/Goran Tomasevik
regional leaders
24
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BKD Springfield, Mo. 402.30 2.84 30 245 1,269 1,905 49 31 20 0
Eide Bailly² Fargo, N.D. 158.20 4.35 19 91 882 1,230 43 38 11 8
RubinBrown St. Louis 66.19 7.24 3 28 332 415 46 32 22 0
Honkamp Krueger & Co. Dubuque, Iowa 37.52 11.60 5 17 103 307 17 18 5 60
Kennedy and Coe Salina, Kan. 31.90 4.59 8 24 121 197 20 54 26 0
Brown Smith Wallace St. Louis 29.20 12.31 4 23 164 202 27 45 28 0
Brady, Martz & Associates Grand Forks, N.D. 26.33 11.28 6 32 102 170 55 37 8 0
Lurie Besikof Lapidus & Co. Minneapolis 26.00 -23.98 1 13 64 112 35 34 18 13
Anders St. Louis 25.63 45.54 2 18 111 154 28 42 2 28
Mize Houser & Co. Topeka, Kan. 21.63 15.98 3 16 119 198 60 27 13 0
Boulay, Heutmaker, Zibell & Co. Minneapolis 21.55 10.29 1 30 74 129 41 35 0 24
Lutz & Co. Omaha, Neb. 20.50 5.72 1 24 77 120 39 34 11 16
HLB Tautges Redpath White Bear Lake, Minn. 17.40 13.73 1 13 98 123 54 36 10 0
Seim Johnson Omaha, Neb. 14.82 18.09 1 16 49 81 40 30 30 0
Olsen Thielen & Co. St. Paul, Minn. 13.43 7.10 2 13 68 100 41 30 29 0
Abdo, Eick & Meyers Edina, Minn. 13.00 8.33 2 14 42 101 68 30 2 0
Top Firms: Midwest
Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota
Revenue: $925.6 million; up 5.17%
After a weak performance in 2011, the Regional Leaders in the Midwest picked up their pace, and grew by over 5 percent
in 2012. Many of the smaller leaders far outperformed that, though, led by St. Louis-based Anders, which rechristened
itself from Anders, Minkler & Diehl and merged with Huber, Ring, Helm & Co. to grow its revenues by over 45 percent.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Dixon Hughes Goodman Charlotte, N.C. 304.00 3.05 26 173 1,114 1,634 35 36 29 0
Cherry Bekaert Richmond, Va. 123.60 11.17 15 54 536 760 45 49 6 0
Lattimore, Black, Morgan & Cain Brentwood, Tenn. 65.02 14.07 3 42 247 361 25 34 18 23
Elliott Davis Greenville, S.C. 61.02 6.03 8 53 246 374 48 35 14 3
Habif, Arogeti & Wynne Atlanta 60.29 3.70 2 26 219 289 46 37 7 10
Frazier & Deeter Atlanta 44.10 18.26 3 11 135 177 36 44 0 20
Mauldin & Jenkins Atlanta 38.50 21.07 5 38 138 213 66 30 4 0
Mountjoy Chilton Medley Louisville, Ky. 37.93 25.80 5 39 144 247 44 34 10 12
Joseph Decosimo & Co. Chattanooga, Tenn. 36.21 8.09 8 31 170 261 48 39 4 9
Bennett Thrasher Atlanta 26.17 12.70 1 22 92 139 28 57 7 8
Frost Little Rock, Ark. 25.25 9.12 3 9 89 123 52 41 6 1
Dean Dorton Allen Ford Lexington, Ky. 21.73 -3.08 2 34 85 145 35 41 24 0
GreerWalker Charlotte, N.C. 16.42 12.31 1 10 61 85 30 39 14 17
WebsterRogers Florence, S.C. 16.36 -4.50 8 19 88 125 39 42 10 9
Notes: * Firm estimate or projection NC No change NA Not available/applicable
2 Figures do not include four mergers conducted after firm’s April year-end.
Top Firms: Southeast
Arkansas, Georgia, Kentucky, North Carolina, South Carolina and Tennessee
Revenue: $876.6 million; up 7.94%
The Southeast Region recorded one of the strongest growth rates in the country in 2012,
at almost 8 percent. That was only about half the rate of 2011, but then it didn’t have the
high-profile merger that created Dixon Hughes Goodman to bolster it. It should be noted
that many of the Southeast leaders also operate in other areas, like the Capitol Region
— where both DHG and Cherry Bekaert are strong — and the Gulf Coast.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Weaver Fort Worth, Texas 73.60 10.84 7 36 315 425 41 45 4 10
Whitley Penn Fort Worth, Texas 49.00 30.67 5 35 190 272 48 40 9 3
Padgett, Stratemann & Co. San Antonio 29.19 6.65 2 16 115 166 53 35 12 0
Briggs & Veselka Co. Houston 22.10 12.81 2 16 109 151 44 46 10 0
Gainer Donnelly Houston 20.53 NC 1 10 110 140 30 60 10 0
PKF Texas Houston 20.42 2.46 1 12 103 126 48 44 8 0
REDW Albuquerque, N.M. 19.83 3.93 2 17 112 161 50 18 13 19
Cain Watters & Associates Dallas 19.03 5.14 1 7 43 102 11 15 0 74
TravisWolff Dallas 18.40 -4.17 2 12 78 110 30 54 16 0
Lane Gorman Trubitt Dallas 18.10 NC 1 16 57 86 56 39 0 5
Johnson Miller & Co. CPAs Odessa, Texas 17.98 5.45 3 14 70 98 28 51 7 14
Henry & Horne Tempe, Ariz. 17.50 10.06 3 16 72 109 36 55 9 0
Maxwell Locke & Ritter Austin, Texas 16.72 6.23 2 19 63 92 38 41 0 21
PMB Helin Donovan Austin, Texas 16.70 23.80 7 26 90 128 65 35 0 0
BeachFleischman* Tucson, Ariz. 16.40 12.33 2 19 61 99 28 48 6 18
Hartman, Leito & Bolt Fort Worth, Texas 11.95 -1.89 2 10 46 69 47 44 9 0
MaloneBailey Houston 11.53 -19.48 2 7 44 57 80 18 2 0
Notes: * Firm estimate or projection NC No change NA Not available/applicable 3 Personnel figures are AT estimates.
Top Firms: Southwest
Arizona, New Mexico, Oklahoma and Texas
Revenue: $398.98 million; up 8.1%
The Southwest sizzled this year, with the second highest growth rate among our regions —
at 8.1 percent, a far cry from the relatively weak 1.96 percent it showed in 2011. While Weaver
retained its top spot in terms of revenue, Whitley Penn remained the leader in growth, in-
creasing its revenues by over 30 percent, in no small part due to its merger with Houston’s
Null Lairson.
regional leaders
25
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BlumShapiro West Hartford, Conn. 47.80 1.12 3 29 162 258 55 31 1 13
BerryDunn Portland, Maine 40.15 15.87 4 18 137 185 53 18 25 4
Kahn, Litwin, Renza & Co. Providence, R.I. 31.30 1.52 3 10 138 176 33 32 35 0
Wolf & Co. Boston 29.36 4.08 3 18 152 189 49 25 0 26
Baker Newman & Noyes Portland, Maine 27.70 -2.12 4 28 128 187 46 40 14 0
Feeley & Driscoll Boston 23.51 -0.47 1 12 71 108 63 23 14 0
Alexander, Aronson, Finning Westborough, Mass. 17.26 4.42 4 15 90 125 73 19 8 0
DiCicco, Gulman & Co. Woburn, Mass. 17.00 7.59 2 12 65 95 42 43 15 0
Whittlesey & Hadley Hartford, Conn. 14.60 5.80 1 15 79 101 60 20 20 0
Gray, Gray & Gray Westwood, Mass. 13.70 31.73 3 10 57 79 45 35 20 0
Macdonald Page & Co. South Portland, Maine 12.45 1.63 2 21 60 95 43 32 11 14
Melanson Heath & Co. Nashua, N.H. 10.21 2.00 5 9 64 87 72 22 5 1
Meyers Brothers Kalicka Holyoke, Mass. 9.80 3.16 1 7 41 60 45 40 4 11
Gallagher Flynn & Co.³ South Burlington, Vt. 9.50 4.51 2 11 NA 70+ NA NA NA NA
Abrams Little-Gill Loberfeld Chestnut Hill, Mass. 7.70 12.74 1 10 30 48 33 62 5 0
Top Firms: New England
Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
Revenue: $312.04 million, up 5.03%
New England was the only region to actually grow at a slower pace in 2012 than in 2011, but it still notched up a rate of
more than 5 percent. While many firms in the region participated in M&A mania, there were none of the high-profile
grabs that reshaped last year’s roster; in fact, the top six Regional Leaders all kept the exact same spots.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Moss Adams Seattle 344.00 6.50 20 240 1,153 1,772 49 36 15 0
Armanino San Ramon, Calif. 99.76 18.73 6 41 271 350 24 26 47 3
Novogradac & Co. San Francisco 84.05 16.64 15 33 314 407 57 24 7 12
Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 74.14 7.45 8 31 218 309 18 73 0 9
Burr Pilger Mayer San Francisco 69.10 -1.57 5 50 235 372 38 45 12 5
Frank, Rimerman & Co. Palo Alto, Calif. 54.34 11.58 5 18 225 261 28 58 13 1
Nigro Karlin Segal & Feldstein Los Angeles 50.22 12.20 2 21 217 263 17 17 2 64
Squar Milner Newport Beach, Calif. 44.00 18.92 4 22 144 204 40 49 3 8
SingerLewak Los Angeles 38.81 -2.83 6 32 159 245 49 36 2 13
Miller Kaplan Arase North Hollywood, Calif. 37.00 5.71 5 24 108 172 58 17 17 8
Macias Gini & O’Connell Sacramento, Calif. 36.20 20.27 9 20 149 243 62 15 4 19
Gallina Roseville, Calif. 34.64 8.93 9 24 153 221 46 50 4 0
AKT CPAs Salem, Ore. 34.64 8.25 6 15 163 209 32 34 7 27
Seiler Redwood City, Calif. 34.10 3.65 2 13 118 150 10 70 0 20
Vavrinek Trine Day

Rancho Cucamonga, Calif. 32.31 1.99 7 36 NA 200 NA NA NA NA
Clark Nuber Bellevue, Wash. 29.17 9.21 1 16 111 158 50 49 0 1
Gursey | Schneider Los Angeles 26.40 0.38 3 9 NA NA NA NA NA NA
RBZ Los Angeles 24.72 3.78 1 14 71 113 18 53 16 13
Windes & McClaughry Long Beach, Calif. 24.13 1.26 4 18 81 131 46 45 3 6
Green Hasson Janks Los Angeles 22.00 5.77 1 12 86 111 33 33 12 22
Hutchinson and Bloodgood Glendale, Calif. 22.00 5.52 4 31 47 100 36 46 18 0
Matson & Isom Chico, Calif. 17.00 27.25 4 21 74 118 40 45 3 12
Gumbiner Savett Santa Monica, Calif. 16.30 -1.81 1 12 80 108 40 50 8 2
Geffen Mesher & Co. Portland, Ore. 16.00 -1.54 1 13 55 86 30 60 10 0
Sensiba San Filippo* Pleasanton, Calif. 15.30 6.25 4 16 57 95 28 59 1 12
Hood & Strong San Francisco 15.00 -6.25 2 13 61 87 64 36 0 0
Notes: * Firm estimate or projection † Accounting Today estimate NA Not available/applicable
Top Firms: West
California, Nevada, Oregon and Washington
Revenue: $1,295.33 million; up 7.85%
At almost 8 percent, the Regional Leaders in the West grew appreciably faster in 2012 than in 2011, with high-charged
growth spread among firms of all sizes, and all up and down the West Coast. Two of the top three firms — Armanino and
Novogradac — grew by over 15 percent, while one of the newest members of our T100 roster, Macias Gini & O’Connell,
grew by over 20 percent. The leader in growth, though, was new Regional Leader Matson & Isom, which makes its first ap-
pearance in this report after growing over 27 percent.
Where the money is
Combined 2012 revenues, in billions of dollars by region
regional leaders
26
Mid-
Atlantic
Great
Lakes
West Midwest Capital
Region
Southeast Gulf
Coast
Southwest New
England
Mountain
0
500
1,000
1,500
2,000
2,500
u AKT CPAs: Acquired several smaller
practices. Added staff with expertise in
R&D credits, health care practice manage-
ment, and regulatory rate consulting.
u Alpern Rosenthal: Acquired a firm in
Ft. Lauderdale, Fla. Expanded Business
Advisory & Risk Services Group. Launched
upgraded Web site.
u Anchin, Block & Anchin: In March
2012, joined BKR International. Grew over-
all staff numbers by almost 5 percent.
u Armanino: In the first quarter of 2012,
merged in Gateway Solutions; in the fourth
quarter, merged in reseller AccessTek; in
January 2013, merged in consulting firm
Gradient Vision. In January, rebranded
itself from Armanino McKenna. Named
an Accounting Today Best Firm to Work
For in 2012.
u Aronson: Formed two new service ar-
eas: a specialty tax services group and a
transaction advisory services group. Grew
overall staff numbers by over 9 percent.
u Baker Tilly Virchow Krause: In April
2012, partnered with Financial Force to de-
liver professional services automation ser-
vices. In September, one of six firms named
to oversee banks in a national mortgage
settlement. Named an Accounting Today
Best Firm to Work For in 2012.
u BDO USA: In January 2012, merged in
New York- and Los Angeles-based Sali-
bello & Broder. In March, elected new CEO,
Wayne Berson, who took office in Novem-
ber. In June, agreed to pay $50 million to
the IRS to settle issues over tax shelters
from the turn of the century; BDO Consult-
ing named to oversee a national mortgage
settlement. In October, merged in Virginia-
based Top 100 Firm Argy, Wiltse & Robin-
son and Philadelphia firm Asher & Co.
u Berdon: In January 2012, named new
co-managing partners, Mark Bosswick and
Stuart Kotler. Added a partner-in-charge of
firm administration and a new chief mar-
keting officer.
u Berkowitz Pollack Brant: In April 2012,
rebranded itself from Berkowitz Dick Pol-
lack & Brant. Formalized wealth manage-
ment practice. Expanded strategic planning
task force to include “up and comers.”
u BerryDunn: Grew net revenues by al-
most 16 percent.
u BKD: In May 2012, named new CEO,
Ted Dickman, to take office in June. In Sep-
tember, one of six firms named to oversee
banks in a national mortgage settlement.
Completed a year-long initiative to cel-
ebrate client service culture; implemented
an enhanced performance management
system. Launched a new brand creative
strategy. Implemented an advanced client
portal, BKDconnect.
u Blue & Co.: In January 2013, merged in
some partners and staff of Kentucky-based
Dulworth, Breeding, Karns & Pleasants.
u BlumShapiro: In January 2013, merged
in Providence, R.I.-based Sullivan & Co.
u The Bonadio Group: Saw growth of
over 15 percent. Launched ProNexus af-
filiate. In November 2012, merged in Utica,
N.Y., firm of Richard Zweifel. Named an
Accounting Today Best Firm to Work For
in 2012.
u Burr Pilger Mayer: In February 2012,
proposed merger with California-based
Windes & McLaughrey called off. In August,
long-time CEO Stephen Mayer announced
that he would step down. Elected a new
board of directors; named a new CEO.
u Carr, Riggs & Ingram: In January 2012,
merged in South Georgia firm BowenPhil-
lips. In May, launched mobile-optimized
Web site. In October, merged in Nashville-
based Byrd, Proctor & Mills, and Northern
Louisiana firm Roberts, Cherry & Co. In
January 2013, merged in Atlanta firm Pe-
terson, Coleman & Marett.
u CBIZ / Mayer Hoffman McCann: In
March 2012, acquired the Greenville, S.C.-
based state tax consulting group of law
firm Dow Lohnes Price. In May, MHM
agreed to pay $350,000 to the California
Board of Accountancy over its audits of the
corrupt municipality of Bell. Late in the
year, acquired non-attest parts of govern-
ment health care practice PHBV Partners.
MHM launched four new service lines:
the Derivatives Assistance Group, the IFRS
Solutions Group, the Fair Value Solutions
Group and the SEC Consulting Group. In
January 2013, acquired assets of Midwest
payroll provider Diversified Industries Inc.
u Cherry Bekaert: Continued to integrate
firms acquired in 2011, and expanded in
Miami. Saw revenue growth of over 12
percent. In January 2013, rebranded from
Cherry, Bekaert & Holland.
u Citrin Cooperman: Saw revenue growth
of almost 9 percent.
u Clark, Schaefer, Hackett & Co.: In July
2012, acquired Columbus, Ohio-based
Fentress & Barnes. Deepened industry ex-
pertise through hiring experienced staff.
u CliftonLarsonAllen: First appearance
on the list, following January 2012 merger
of Top 100 Firms Clifton Gunderson and
LarsonAllen. Focused on “capitalizing on
merger synergies and merger integration.”
u Cohen & Co.: Saw net revenue growth
of almost 10 percent. Noted “very strong
growth” in health care consulting and
“strong growth” in larger private com-
panies with revenue over $100 million.
Named an Accounting Today Best Firm to
Work For in 2012.
u CohnReznick: Created from the Oc-
tober 2012 merger of Top 100 Firms J.H.
Cohn and Reznick Group. Launched Capi-
tal Markets Advisory Consortium to better
serve clients looking to raise capital and
grow their businesses.
u Crowe Horwath: In September 2012,
one of six firms named to oversee banks in
a national mortgage settlement. In Octo-
2013 firm highlights
27
firm highlights
28
ber, added staff of Sacramento, Calif.-based
government consulting firm NewPoint. In
January 2013, announced addition of the
Dynamics automotive consulting team of
Chicago-based ExtOrg. Plans to appoint a
chief innovation officer in 2013.
u Deloitte: In January 2012, acquired Se-
attle-based mobile app developer Uber-
mind; sued over overtime payments to
associates. In April, acquired restructuring
firm CRG Partners. In May, launched De-
loitte Digital, a global service line focused
on digital technologies; signed strategic
alliance with financial close solution de-
veloper BlackLine Systems. In June, equal-
ized benefits for same-sex and domestic
partners of employees; acquired Austin,
Texas-based legal discovery company IE
Discovery Inc. In January 2013, acquired
global strategy consultant Monitor Group.
u Dixon Hughes Goodman: Saw net rev-
enue growth of over 3 percent.
u Doeren Mayhew: In December 2012,
merged in Houston-based CPA firm MFR.
u Ehrhardt Keefe Steiner & Hottman:
Saw net revenue growth of over 9 percent.
u Eide Bailly: In January 2012, announced
plans to merge with Top 100 Firm Wipfli;
cancelled in February. In August, acquired
Minneapolis-based cost segregation firm
Cost Seg Associates and Utah-based
Schmitt, Griffiths, Smith & Co. In Novem-
ber, merged in North Dakota-based Vol-
ler, Lee, Suess & Associates and Littleton,
Colo.-based tax firm Clark & Srsich. In
December, elected new managing partner
and CEO-elect Dave Stende, to succeed
current chief Jerry Topp in May 2013.
u EisnerAmper: In February 2012, ex-
panded to West Coast by merging in San
Francisco-based Harb, Levy & Weiland.
“Significantly enhanced” financial services
practice by adding new partners and staff,
and expanding geographic presence.
u Elliott Davis: Expanded international
practice group. Closed or relocated several
offices to larger markets. Continues to pur-
sue merger opportunities.
u Ernst & Young: In January 2012, an-
nounced new global chairman and CEO,
Mark Weinberger, to succeed current chair
and CEO James Turley, in 2013. In Febru-
ary, paid the Public Company Accounting
Oversight Board $2 million to settle audit
failure charges over its audits of a pharma-
ceutical company. In July, acquired Phila-
delphia-based infrastructure-focused fi-
nancial advisory firm Jeffrey A. Parker &
Associates Inc.
u Frank, Rimerman & Co.: Saw net rev-
enue growth of over 11 percent, and overall
staff growth of over 17 percent. In Febru-
ary 2012, technology consulting division
launched cloud computing practice in
partnership with NetSuite.
u Frazier & Deeter: Grew net revenue by
over 18 percent. Fastest growing specialty
services — international. Fastest growing
client category — real estate.
u Freed Maxick CPAs: First full year after
buyback from McGladrey. Fastest grow-
ing specialty service — risk management.
Fastest growing client category — health
care facilities.
u Friedman: Expanded Forensic, Liti-
gation Support and Business Valuation
Group. Grew practice in Southern New
Jersey to cover entire state. In December
2012, named first chief marketing officer.
u Gallina: In July 2012, expanded in Se-
attle through merger with Merrill Carlson.
u Grant Thornton: Revenue growth was
two-third organic and one-third M&A.
Launched a global brand initiative. Named
its first chief learning officer in Spring 2012.
In September, one of six firms named to
oversee banks in a national mortgage set-
tlement. In October, partnered with Tagetik
to deliver corporate management support
services. In December, opened a shared
services center in Bangalore. In January
2013, partnered with BlackLine Systems.
u Grassi & Co.: New to the list. In January
2012, expanded in Manhattan by merging
with Pustorino, Puglisi.
u Habif, Arogeti & Wynne: In January
2012, named Richard Kopelman to suc-
ceed MP in January 2013. Added three new
service lines and industry groups.
u Hein & Associates: Added transaction
advisory services and valuation services.
Fastest growing specialty service — attest.
Fastest growing client category — manu-
facturing.
u Hill, Barth & King: In February 2012,
merged in Sewickley, Pa.-based Carson
& Co. In October, HbK Strategic Valua-
tion Group merged in Warren, Ohio-based
Strategic Valuation Group. Re-elected
managing principal and CEO Christopher
Allegretti to a third four-year term.
u Holthouse Carlin & Van Trigt: Opened
an office in Fort Worth, Texas. Hired a Big
Four veteran to work on practice develop-
ment.
u Holtz Rubenstein Reminick: In Octo-
ber 2012, appointed new managing part-
ner, Barry Garfield. Moved to significantly
larger office in Manhattan.
u Honkamp Krueger & Co.: Merged in
small tax practice in the Cedar Rapids,
Iowa, market. Added two new service lines:
talent outsourcing and a comprehensive
workforce management solution.
u Horne: Saw net revenue growth of over
11 percent. In May 2012, new executive
partner, Joe Havens, took office.
u Joseph Decosimo & Co.: Saw net rev-
enue growth of over 8 percent.
u Kahn, Litwin, Renza & Co.: Launched
start-up and emerging business practice.
Opened an office in the Cambridge In-
novation Center. Named an Accounting
Today Best Firm to Work For in 2012.
u Katz, Sapper & Miller: Added an office.
In January 2012, launched new brand. In
April, hired a learning and development
manager.
u Kaufman Rossin Group: In April 2012,
merged in Florida firm Friedman, Cohen,
Taubman and Co. In November, named
Blain Heckaman managing principal;
James Kaufman remains CEO. Named an
firm highlights
29
Accounting Today Best Firm to Work For in
2012. Acquired new international talent to
focus on international tax opportunities.
Grew total staff by over 20 percent.
u Kearney & Co.: Grew total staff by al-
most 10 percent. Named an Accounting
Today Best Firm to Work For in 2012.
u Kemper CPA Group: Saw net revenue
growth of over 6 percent.
u Kennedy and Coe: In November 2012,
marked its 80th anniversary. Named an
Accounting Today Best Firm to Work For
in 2012.
u KPMG: In January 2012, sued over over-
time payments to associates. In February,
acquired indirect tax managed services
business of Thomson Reuters; equalized
benefits for same-sex and domestic part-
ners of employees. In April, signed stra-
tegic alliance with financial close solu-
tion developer BlackLine Systems. In May,
partnered with IT operations automation
service provider ServiceNow to deliver
professional services offerings. In June,
allied with Axiom Software Laboratories
on new regulatory requirements facing
investment advisors; launched transfer
pricing service. Launched Cloud Impact
Assessment offering with IBM.
u Lattimore Black Morgan & Cain: Saw
net revenue growth of over 14 percent,
and organic growth of “approximately 10
percent.” Named an Accounting Today Best
Firm to Work For in 2012.
u Macias Gini & O’Connell: New to the
list. Saw net revenue growth of over 20 per-
cent. Acquired San Diego-based Mensch &
Associates. Marked its 25th anniversary.
u Marcum: In January 2012, merged
in Boston-based Robert Finnegan & Ly-
nah. In February, merged in North Ha-
ven, Conn.-based Konowitz, Kahn & Co.
Marcum Search unit acquired five North
American offices of executive search firm
Horton International. In June, launched
LGBT practice group. In October, launched
Marcum Commercial Construction Index.
u Margolin, Winer & Evens: Almost two
thirds of fees (60 percent) come from audit
& attest.
u Marks Paneth & Shron: In Febru-
ary 2013, merged in New York-area firm
Rosenberg, Neuwirth & Kuchner.
u Mauldin & Jenkins: Acquired a firm
in Atlanta, and one to open a new market
in Florida. Implemented a new income
partner position. Continued to expand tax
practice and nonprofit niche.
u MBAF CPAs: In April 2012, promoted
marketing department, named first chief
marketing officer. Moved to new Miami
headquarters. Organized and consolidated
Northeast Region to rationalize business
and service delivery.
u McGladrey: First full year of re-uni-
fied firm. Provided all staff with iPads, be-
gan developing firm-specific apps. In July
2012, relocated headquarters to Chicago;
named a new national industry leader,
who then named a number of leaders for
major industries. In September, one of six
firms named to oversee banks in a national
mortgage settlement. In October, acquired
Forward Hindsight.
u Miller Kaplan Arase: Expanding on the
West Coast; opened an office in Portland,
Ore. Created new branding; launched new
Web site.
u Moss Adams: In March 2012, launched
mobile news app. In July, merged in Napa,
Calif., firm Rabanal & Smith. In Septem-
ber, announced chair and CEO-in-wait-
ing Chris Schmidt, to succeed Rick An-
derson in the first half of 2013. In Octo-
ber, launched joint venture with Marquis
Banking Partners to provide strategic and
operational consulting to financial institu-
tions. In December, announced merger
with T100 Firm Mohler, Nixon & Williams.
u Mountjoy Chilton Medley: New to the
list. Saw net revenue growth of over 25
percent. In September 2012, merged in Jef-
fersonville, Ind.-based McCauley Nicolas.
u Nigro Karlin Segal & Feldstein: Saw
net revenue growth of over 12 percent.
Saw “substantial growth in our business
management service line.”
u Novogradac & Co.: Saw net revenue
growth of almost 17 percent.
u O’Connor Davies: Saw net revenue
growth of over 12 percent. Relocated
Midtown New York office. Added several
partners and high-level senior managers.
Continued implementation of career de-
velopment program. Launched new Web
site. Implemented several IT upgrades,
and increased internal communications.
u ParenteBeard: Re-organized firm into
three lines of business: accounting & au-
dit; tax; and consulting. In June 2012,
named Jeff Ferro to newly created position
of president. In October, created a China
desk. In January 2013, added Avon, Conn.-
based health care management consulting
firm Presscott Associates.
u Plante Moran: In January 2012, merged
in Michigan-based Stuart Franey Matthews
& Chantres. In July, merged in Chicago-
based T100 Firm Blackman Kallick.
u Postlethwaithe & Netterville: Saw net
revenue growth of almost 9 percent. Mov-
ing to managing by service line. Estab-
lished firmwide mentoring program.
u PwC: All figures are Accounting Today
estimates. In January 2012, sued over over-
time payments to associates; launched
joint business relationship with Metric-
Stream Inc. to improve companies’ risk
management. In March, launched an on-
line risk management tool. In September,
announced it would collaborate with Mi-
crosoft on a portfolio of services, primarily
in tax; acquired social media firm Ant’s Eye
View. In November, acquired consulting
firm Ray Group International.
u Raffa: Rebranded itself, including
launching a new logo and Web site. Added
new service lines, including forensic, busi-
ness valuation, nonprofit branding, and
CSR education.
u Raich Ende Malter & Co.: Saw net
firm highlights
30
revenue growth of over 13 percent. In May
2012, merged in New Jersey-based Trien
Rosenberg Weinberg Ciullo & Fazzari and
its New York affiliate, Todman & Co.
u Rea & Associates: Returning to the list.
Formalized and expanded oil & gas indus-
try team. Created CPA consulting services
line, LeanCPA. Formed a profit enhance-
ment committee
u Rehmann: In September 2012, merged
in Harris, Cotherman in Vero Beach, Fla.,
and Richard Henderson in Lansing, Mich.
u Reinsel Kuntz Lesher: In October 2012,
relocated York office to a larger space, and
added four partners and a number of staff
from a different practice. In December,
expanded Lancaster office. Rebranded one
of its investment advisory subsidiaries. IT
consulting subsidiary added NetSuite.
u RGL Forensics: In May 2012, named
new CEO, Angie MacPhee. Added a new
office in Australia. Expanded corporate
advisory service. Created a new subsidiary,
RGL Advisors. Named an Accounting To-
day Best Firm to Work For in 2012.
u Rosen Seymour Shapss Martin & Co.:
In July 2012, named new managing part-
ner, Michael Bernstein. Fastest growing
specialty service — private equity trans-
actions. Fastest growing client category
— private equity companies.
u Rothstein Kass: In March 2012, merged
San Francisco-based HC Associates LLC
into its Business Advisory Services Group.
In August, added Boston-based JDJ Re-
sources Corp. to its Family Office Group.
Launched a financial service regulatory
practice.
u RubinBrown: In 2012, marked 60th an-
niversary. Fastest growing specialty service
— wealth management. Fastest growing
client category — real estate.
u SC&H Group: Saw net revenue growth
of over 9 percent. Saw “significant growth”
in SALT, risk management, business pro-
cess management and contract auditing
practices. Added line appraisal services.
Joined Moore Stephens International.
u Schenck: In January 2013, acquired a
majority stake in Milwaukee-based Bon-
field & Co. Continued to execute succes-
sion plans for CFO and president.
u Schneider Downs: Saw net revenue
growth of almost 6 percent.
u Seiler: Gets the vast majority of its in-
come from tax (70 percent).
u Sikich: In March 2012, merged in Den-
ver-based Microsoft reseller Streamline
Systems. In December, merged in Decatur,
Ill.-area CPA firm Hill & White. In Janu-
ary 2013, merged in Warrenville, Ill.-based
supply chain consulting firm Achieve Con-
sulting; joined NetSuite channel. In Febru-
ary, merged in Plainfield, Ill.-based tech-
nology advisory firm S2 Consulting. Added
a new service line, Flex-Staff Solutions.
u SingerLewak: In February 2012, opened
San Francisco office. In April, named new
MP, Jim Pitrat. In July, stopped reselling
Intacct. In January 2013, merged in the San
Francisco office of Acquavell, Chiarelli,
Shuster, Berkower & Co. Increased its ca-
pabilities in valuations and SALT.
u Squar, Milner, Peterson, Miranda and
Williamson: Saw net revenue growth of al-
most 19 percent. At the end of 2012, opened
new West Los Angeles office, which it plans
on making its flagship office.
u SS&G: In June 2012, merged in Cleve-
land-based management consulting firm
Parkland Group to create SS&G Parkland
Consulting. In January 2013, merged in
Chicago-based Silver, Lerner, Schwartz &
Fertel.
u SVA CPAs: Saw net revenue growth of
almost 10 percent. In January 2013, an-
nounced selection of Carl Schultz to suc-
ceed Jack Cotton as president and CEO
in June.
u UHY Advisors: “Continued to increase
revenues” in all service areas. Fastest grow-
ing specialty service — business valuations.
Fastest growing client category — energy.
u Vavrinek Trine Day & Co.: All figures
are Accounting Today estimates.
u Warren Averett: Created from January
2012 combination of T100 Firm Warren,
Averett, Kimbrough & Marino with Wilson,
Price, Barranco, Blankenship & Billingsley,
and O’Sullivan Creel; formed operations
board to promote “the highest level of cli-
ent service.” In September, joint venture
Rödl Warren Averett opened an extra Kore-
an business services office in Montgomery,
Ala. In January 2013, merged with Atlanta-
based Gifford, Hillegass & Ingwersen, and
Tampa, Fla.-based Newkirk & Co.
u Watkins Meegan: Expanded banking
practice. Increased construction indus-
try practice and government contracting
practice. Relocated headquarters.
u Weaver: Saw net revenue growth of
almost 11 percent. In June 2012, merged
in Delong Consulting Services. Expanded
energy practice. Launched a state govern-
ment contracting practice.
u WeiserMazars: In January 2012, merged
in Garden City, N.Y.-based Biscotti, Toback
& Co. In December, merged in boutique
health care consulting firm Creative Health
Concepts.
u Whitley Penn: In April 2012, merged in
Houston-based Null Lairson. Named an
Accounting Today Best Firm to Work For
in 2012.
u Wipfli: In January 2012, announced
merger with Top 100 Firm Eide Bailly; can-
celled in February. In February, merged in
Wisconsin-based Tobin & Associates. In
December, announced merger with Min-
nesota-based Eikill & Schilling. Launched
turnaround and restructuring practice.
u Wiss & Co.: New to the list. Fastest grow-
ing specialty service — outsourced tax and
accounting/CFO services. Fastest growing
client category — midsized businesses.
u WithumSmith+Brown: Saw net rev-
enue growth of almost 16 percent. Com-
pleted December 2011 merger with Eisner
& Lubin. Named an Accounting Today Best
Firm to Work For in 2012.
firm highlights
TOM REICHER
Partner,
Cooley LLP
Co·Author, SIoIuIoty SIock OpIions (Portlolio 381)
Bloomberg BNA's U.S. lncome PotIIolios libtoty delivers
insights and analysis lrom the industry's loremost thought
leaders to guide and inlorm your decision making.
Count on the experience ol hundreds ol expert practitioners,
such as Tom Peicher, Partner, Cooley LLP, to help you
achieve the results you need through our PortfoIios,
working papers, news, forms, charts, source
documents, and commentary.
See lor yoursell how the U.S. lncome PotIIolios libtoty can
help you seize greater tax opportunities lor your clients.
BECAUSE
THE SOURCE
OF YOUR
INFORMATION
MATTERS
FOR MORE INFORMATION
CALL 800.372.1033 OR VISIT
www.bna.comIusi03
>>>>>>>>>>>>>>>>>>>>>
0213·1O9802
ADP
CCH, a Wolters Kluwer business
CPA2Biz
PKF North America
SurePrep A supplement to Accounting Today
001_ACT_T100_2012.indd 1 2/22/12 4:47:42 PM
CONGRATULATIONS
TO THE TOP 100 FIRMS OF 2012
Reochlng lhe plnnocle ol success ls qulle on occompllshmenl. Lven more
so os lhe buslness ol occounllng ls conslonlly chonglng. Sloylng on lop ol
regulollon ond lnduslry chonges ln llsell ls lncredlbly chollenglng-bul lhol's
jusl porl ol ll. A successlul procllce olso requlres helplng your cllenls lo
ochleve lhelr buslness ond personol gools, ond nndlng lhe llme lo odvonce
your own nrm.
Wllh 1homson Reulers, you hove o slngle source lor oll ol your needs now ond
ln lhe lulure:
· CS ltoless|ooo| Su|te¹· lnlegroled lox ond occounllng producls ond
servlces lor every ospecl ol your nrm's operollons
· Cbeckµo|ot¹· eoslly seorchoble, onllne lox ond occounllng lnlormollon
lncludlng edllorlol lnslghl, news ond lools
· Cbeckµo|ot leoto|oç· courses ond lrocklng lools lo expond your
knowledge ond keep on lop ol CPL requlremenls
ln locl, 1homson Reulers ls regulorly relled upon by eoch ol lhe 1op J00 |lrms
lo reoch lhelr gools. We look lorword lo conllnulng lo help you reoch yours.
TAX & ACCOUNTING
© 2012 Thomson Reuters. Checkpoint and CS Professional Suite are registereds trademark of Thomson
Reuters (Tax & Accounting) Inc. Other names and trademarks are properties of their respective owners.
REUTERS/Goran Tomasevik
At ADP
– that’s why we offer accountants many option
Refer your clients to ADP
co:su¦li:q se:vices w¦i¦e /DP exje:l¦y :~:~qes l¦ei: j~y:o¦¦ ~:o :o:e
Let ADP process your clients’ payroll for you
/ccou:l~:ls
l¦ei: c¦ie:ls j~y:o¦¦ T¦is jowe:¦u¦ o:¦i:e ~jj¦ic~lio: ~¦¦ows you lo o¦¦e: you: c¦ie:ls
~ooilio:~¦ v~¦ue ~:o se:vices l¦~l c~: ¦e¦j i:c:e~se c¦ie:l :ele:lio:, ¦e¦j ¦eej l¦e:
co:j¦i~:l, ~:o j:ovioe you: ¦i:: wil¦ ~ :ew sou:ce o¦ :eve:ue
Sell your payroll base to ADP
j:ovioi:q you l¦e ojjo:lu:ily lo qe:e:~le c~jil~¦ ~:o ¦:ee uj li:e lo ¦ocus o: Lui¦oi:q
you: j:~clice
Earn Rewards or Share Revenue for Referring
Your Clients
Reve:ue S¦~:e ¦:ce:live j:oq:~:s o¦¦e: you
l¦e c¦~:ce lo e~:: joi:ls low~:os v~¦u~L¦e
qi¦ls o: e~:: :eve:ue ¦o: you: ¦i::, w¦i¦e
j:ovioi:q v~¦ue~ooeo j~y:o¦¦ ~:o
¦R so¦ulio:s lo you: c¦ie:ls
855.408.3751
accountant.adp.com
HR. Payroll. Benefits.
T¦e /DP ¦oqo ~:o /DP ~:e :eqisle:eo l:~oe:~:¦s ~:o RUÑ Powe:eo Ly /DP P~y:o¦¦ ¦o: /ccou:l~:ls is ~ :eqisle:eo se:vice :~:¦, o¦ /DP, ¦:c ¦: l¦e Dusi:ess o¦ You: Success is ~ se:vice :~:¦ o¦ /DP, ¦:c ©ZO1Z /DP, ¦:c
002_ACTMar12 1 2/22/2012 4:56:01 PM
3
One State St. Plaza, 27th Fl., New York, NY 10004
Phone: (212) 803-8200/Fax: (212) 843-9614
http://www.accountingtoday.com
EDITOR-IN-CHIEF BILL CARLINO
Managing Editor Daniel Hood
Senior Editors Roger Russell, Danielle Lee
Technology Editor Seth Fineberg
Art Director Rommel Alama
ADVERTISING AND BUSINESS SERVICES
PUBLISHER ROB WHITAKER
Associate Publisher Gary DeHart
Advertising Director Jack Lynch (212) 803-8803
Sales Manager Peter Sorice (917) 238-8803
Material in Accounting Today may not be reproduced without
express written permission. For article reprints: Godfrey R.
Livermore, Tel: (888) 909-6366 Fax: (212) 843-9624
Publishers Copy Protection Clause: Advertisers and agencies
assume liability for all content (including text, representa-
tion and illustrations) of advertisments and responsibility for
claims arising there from made against the publisher.
Copyright © 2012 Accounting Today and SourceMedia, Inc.
All rights reserved.
SOURCEMEDIA INC.
I
f someone were to deliver a State of
the Union address on the accounting
profession, it undoubtedly would fo-
cus on — forgive the redundancy
— the state of unions.
To say that one of the most oft-
heard acronyms reverberating through-
out the profession over the last year was
M&A would not be mere hyperbole, but
rather reflective of the mind-numbing
volume of firm marriages and com-
binations in 2011. And
to achieve that scope of
activity despite a still-
uncertain economy and
increased competition
from firms above and
below is perhaps all the
more impressive.
Blockbuster mergers
among this year’s Top 100
Firms — such as those
between Clifton Gunder-
son and LarsonAllen, or
Dixon Hughes and Good-
man — not only added to
the length of our tradi-
tional footnotes column,
but promise to play hav-
oc with the T100 rankings ladder, as the
synergy of many of the 2011 unions will
vault the combined entities upward and
onward toward the top.
So with that as an entrée, welcome
to our 2012 Top 100 Firms report, the
Silver Anniversary of this study (which
some long-time Accounting Today read-
ers will know began as a Top 60), and
the third year we have augmented this
popular annual feature with a listing
of the nation’s top Regional Leaders
throughout 10 geographic areas. This
year we received responses from rough-
ly 200 firms, which only serves to under-
score the magnitude and popularity of
this annual undertaking.
As always, a quick tutorial on our
T100 guidelines:
!Revenue, unless it’s otherwise
noted, is net revenue.
!Also, unless noted, firm revenues
are for the U.S. only.
!The Total Emp-
loyees category is com-
prised of partners, pro-
fessionals and other per-
sonnel.
!In a case where
two firms report equal
revenue, the firm with the
higher percentage of rev-
enue increase will receive
the higher ranking.
This project, like any
other we publish, was the
result of a well-synchro-
nized team, led by our
own in-house Eli Man-
ning — managing edi-
tor Dan Hood. Big thank
you’s also go to our senior editors Roger
Russell and Danielle Lee, technology
editor Seth Fineberg, and Mike Cohn,
editor of our Web portal, Accounting-
Today.com.
With that, it’s our pleasure to pres-
ent the 2012 class of the Top 100 Tax and
Accounting Firms and Regional Lead-
ers, an order that will surely change in
the years to come. Enjoy!
— Bill Carlino
Editor-in-chief
A rankings reshuffle
Contents
Top 100 Overview 4
Top 100 Databank 5
Firms to Watch 6
Firm Strategies 8
Top Tax Firms 10
Niche Services 12
Client Categories 13
Top 100 Rankings 15
Regional Overview 20
Regional Leaders 21
Firm Highlights 27
Sponsored by:
notes and methodology
ACT T100 2012 p3-13B.indd 3 2/22/12 3:34:14 PM
overview
4
F
irst, the good news: After two years
of decline, and with a major assist
from a boom in mergers, Account-
ing Today’s 2012 Top 100 Firms
grew their revenues in 2011 by almost 8
percent, even as they boosted their overall
staff numbers and expanded into a wide
range of new service areas.
Ordinarily, this is the point where we
would bring up the bad news — if there
were any. But while there are a few
minor notes of gloom, and plenty of
caveats, there really isn’t any bad news.
If we can’t quite proclaim that the pro-
fession’s economic troubles are over
(we’ve made that mistake before), we
can at least say that things have begun
moving, however slowly, away from the
stasis of last year.
Start with the headline number:
revenue growth of 7.89 percent. Un-
like last year, all three tiers of the T100
— the six firms with revenue of over
$1 billion, the 23 firms with revenues
between $100 million and $1 billion,
and those below $100 million — were
pointed up, with growth figures around
the same range. (See Databank, page
5.) Only 11 firms reported flat or de-
clining revenues, against 44 last year,
and 25 firms managed to grow their rev-
enues by over 10 percent. Similarly, all
three tiers reported increasing numbers
of partners, professionals and overall staff.
And while 32 individual firms reported a
decline in their total number of employees,
and 47 reported flat or declining numbers
of partners, that’s against 62 and 55 firms,
respectively, last year.
Things, it seems safe to say, are look-
ing up.
There are a number of reasons for the
positive outlook, but two stand out. First is
that accounting firms have been launching
new service lines, exploring new practice
areas, and pursuing new opportunities in
existing lines. Many, for instance, are beef-
ing up their international tax or health care
practices to serve the ongoing increase in
client demand for those services; others
are creating entirely new units in areas as
wide-ranging as alternative energy, debt
collection, and marketing. While the pro-
fession has always done this, the depths
of the recent recession lent an urgency
to what had been, in the past, a leisure-
ly process, and firms are innovating and
branching out as if their future depends
on it — which it may. (See Firm Strategies,
page 8, and Niches and Clients, page 12.)
This expansion has been important,
but it places a distant second compared to
the other source of growth for this year’s
Top 100: mergers and acquisitions.
FASTER AND FASTER
M&A has become so common in the ac-
counting profession that it can’t really be
considered a trend anymore: It’s an inte-
gral part of the professional landscape, as
normal as tax season, and as predictable
as complaints about the next generation of
accountants.
It’s here to stay — and in 2011, it ac-
celerated. Over half of the Top 100 engaged
in M&A in the past year, with 55 firms of-
ficially reporting at least one merger, and
many reporting more than one. (See Firm
Highlights, page 27.) We know of a few
more that merged in other firms, but
didn’t bother to report it; an indication,
perhaps, of just how commonplace
M&A has become.
These unions know almost no
boundaries: Large firms court other
large firms while gobbling up the mid-
sized and the small; the midsized band
together for strength while bulking up
on small firms and making themselves
attractive to the large; and the small
firms gain scope and scale by flocking
together, or by merging up.
Take, as an example, LarsonAllen.
Everyone knows that the Top 100 Firm
merged with the similarly sized Clifton
Gunderson to form CliftonLarsonAl-
len, a move that will propel them into
the Top 10 Firms. (The merger took
effect in January 2012, so the two re-
ported separately for 2011.) But in all the
excitement over the formation of Clifton-
LarsonAllen, what’s sometimes overlooked
is that LarsonAllen grew its revenues over
25 percent and climbed four spots on the
list this year due to a whole series of acqui-
sitions of smaller firms that it completed
in 2011, before inking the deal with Clifton
Gunderson. (See Firm Rankings, page 15.)
Or take Dixon Hughes Goodman.
Created at the beginning of 2011 from the
combination of Southeast super-regional
Dixon Hughes and Virginia powerhouse
Goodman & Co., the firm climbed seven
M&A leads the way
B Y DANI E L HOOD
-5
0
5
10
15
20
25
30
‘94
‘10
‘08 ‘11 ‘02 ‘04 ‘06 2000 ‘98 ‘96
*Compiled from individual firm results
reported at year’s end; includes some estimates
Back to growth
Annual revenue growth of the Top 100 Firms (%)*
See OVERVIEW on 6
ACT T100 2012 p3-13B.indd 4 2/22/12 3:34:19 PM
databank
5
Leaders in A&A
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
§
$4,245.12 48
2. Deloitte
§
3,820.48 32
3. Ernst & Young
§
3,000.00 40
4. KPMG
§
2,305.23 43
5. McGladrey & Pullen
1
586.77 43
6. Grant Thornton 515.75 45

Firms over $100 mn
1. BDO USA $348.92 61
2. Crowe Horwath 238.37 45
3. BKD 195.60 50
4. Moss Adams 164.73 51
5. Plante Moran 158.26 52
Firms under $100 mn
1. Kearney & Co. $56.64 71
2. Marks Paneth & Shron 54.18 62
3. O’Connor Davies 48.43 65
4. Friedman 43.60 63
5. Novogradac & Co. 40.35 56
Leaders in Tax
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
§
$2,564.76 29
2. Deloitte
§
2,387.80 20
3. Ernst & Young
§
2,325.00 31
4. KPMG
§
1,393.86 26
5. McGladrey & Pullen
1
491.84 36
6. Grant Thornton 332.37 29

Firms over $100 mn
1. CBIZ / MHM $161.33 27
2. BDO USA 160.16 28
3. BKD 125.18 32
4. Crowe Horwath 121.83 23
5. Moss Adams 113.05 35
Firms under $100 mn
1. Holthouse Carlin & Van Trigt $48.99 71
2. Anchin, Block & Anchin 39.35 43
3. Berdon 38.00 40
4. MBAF CPAs 34.40 43
5. Armanino McKenna 32.00 38
Leaders in MAS
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. Deloitte
§
$5,253.16 44
2. PwC
§
2,034.12 23
3. Ernst & Young
§
1,725.00 23
4. KPMG
§
1,661.91 31
5. Grant Thornton 297.99 26
6. McGladrey & Pullen
1
274.36 20

Firms over $100 mn
1. CBIZ / MHM $298.75 50
2. Crowe Horwath 95.35 18
3. BKD 70.42 18
4. Dixon Hughes Goodman 67.85 23
5. Clifton Gunderson 66.21 26
Firms under $100 mn
1. Berdon $28.50 30
2. Blue & Co. 28.10 51
3. Watkins Meegan 27.61 55
4. Sikich 25.80 40
5. Horne* 23.28 41
2012 TOP 100 FIRMS DATABANK
Overview
Top 6 % Firms over % Firms under % Total Top %
firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $36,160.54 8.18 $6,049.00 6.21 $3,633.35 7.77 $45,842.89 7.89
Partners 10,577 1.68 3,696 3.85 2,329 10.07 16,602 3.27
Professionals 107,493 11.87 20,858 4.99 13,957 6.28 142,308 10.24
Total employees 145,926 9.28 31,917 4.68 20,164 7.26 198,007 8.30

Rev. share % Rev. share % Rev. share % Rev. share %
Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.
Audit & Attest $14,473.35 40 $2,831.95 47 $1,476.78 41 $18,782.08 41
Tax $9,495.63 26 $1,852.35 31 $1,242.13 34 $12,590.11 28
MAS (consulting) $11,246.54 31 $1,165.96 19 $519.23 14 $12,931.73 27
Other $945.01 3 $198.74 3 $395.21 11 $1,538.96 4
Note: Some figures may not correspond exactly due to rounding.
Pacesetters in growth
Ranked by % chg.

Firms over $100 mn.
1. Dixon Hughes Goodman $295.00 52.85
2. LarsonAllen 285.00 25.55
3. Wipfli 142.17 24.12
4. Carr, Riggs & Ingram 100.31 16.84
5. Citrin Cooperman & Co. 115.00 15.00
Revenue %
Firms under $100 mn. ($mn) chg.
1. Warren Averett* $84.39 127.90
2. Raich Ende Malter & Co. 33.50 34.86
3. Armanino McKenna 84.20 17.84
4. MBAF CPAs 80.00 17.65
5. Whitley Penn 37.50 16.82
Revenue %
Overall Top 100 Firms ($mn) chg.
1. Warren Averett* $84.39 127.90
2. Dixon Hughes Goodman 295.00 52.85
3. Raich Ende Malter & Co. 33.50 34.86
4. LarsonAllen 285.00 25.55
5. Wipfli 142.17 24.12
6. Armanino McKenna 84.20 17.84
7. MBAF CPAs 80.00 17.65
8. Carr, Riggs & Ingram 100.31 16.84
9. Whitley Penn 37.50 16.82
10. Sikich 64.50 16.22
11. Rehmann 87.00 16.00
12. Kaufman, Rossin Group 51.20 15.84
13. O’Connor Davies 74.50 15.06
14. Citrin Cooperman & Co. 115.00 15.00
15. RubinBrown 61.72 13.73
16. Cherry, Bekaert & Holland 111.18 13.01
17. BerryDunn 34.65 12.68
18. Reinsel Kuntz Lesher 32.97 12.64
19. Cohen & Co. 35.98 11.67
20. The Bonadio Group* 46.43 10.63
21. Kahn, Litwin, Renza & Co. 30.83 10.26
22. Novogradac & Co. 72.06 10.17
23. Aronson 52.15 10.14
24. Kearney & Co. 79.78 10.12
25. PwC
§
8,844.00 10.08
26. Rothstein, Kass & Co. 179.50 9.99
Notes: * Firm estimate or projection
§ Gross revenue
1 McGladrey & Pullen reported fee split both
as percent and in dollar amounts
For more details on individual firms, see foot-
notes on pages 15-18.
ACT T100 2012 p3-13B.indd 5 2/22/12 3:34:19 PM
overview
6
spots in the Top 100 and grew its revenues
by over 52 percent — and still managed
to find time in 2011 to acquire a midsized
firm in Virginia.
Here’s another example: Warren Aver-
ett emerged this year as a major player
in the Top 100 and the Gulf Coast by
combining three firms — Warren, Averett,
Kimbrough & Marino, O’Sullivan Creel,
and Wilson, Price, Barranco, Blankenship
& Billingsley. Together, the three vaulted
an astonishing 42 spots on the Top 100, to
No. 34, and grew their combined revenue
almost 130 percent.
And if proof were needed that M&A is
here to stay, we can already tell you about
a deal that will make a major impact on
our 2013 Top 100: In June 2012, T100 Firms
Eide Bailly and Wipfli are due to merge,
a combination that will move them from
the low 20s on the list to the low teens.
(Though it’s wise to remember that merg-
ers don’t always pan out: T100 Firm Burr,
Pilger & Mayer was due to merge with
major Southern California firm Windes
& McClaughry, but the two called it off in
early February of this year.)
RESHAPING REGIONS
With deals at all levels, it’s no surprise
that M&A had a major effect on our Re-
gional Leaders, as well. All 10 regions grew
in 2011, and most by more than in 2010
(if they grew in 2010 at all, which some
didn’t), and it’s no coincidence that the
two regions that grew the most, the Gulf
Coast and the Southeast, are home to War-
ren Averett and Dixon Hughes Goodman,
as well as a number of other acquisitive
firms. (See Regional Overview, page 20.)
Mergers change the regional lists in
ways other than boosting revenue, though:
Many of our Regional Leaders are precisely
the kind of practices that large national or
super-regional firms like to grab, either as
an entrée into a particular region, or just to
boost revenue. New England in particular
has seen a number of its largest independ-
ent firms go this way, including two this
year. (See Regional Leaders, page 21.)
As an engine of change, it’s hard to
deny the overwhelming impact of firm
M&A. And as an engine of growth in dif-
ficult times, it has certainly proven useful
for the Top 100 and the Regional Leaders.
With two decades’ worth of Baby Boomer
retirements coming, and a highly competi-
tive professional landscape, look for it to
continue even as times get better. AT
OVERVIEW
from page 4
BEYOND THE TOP 100: FIRMS TO WATCH
As more and more firms join the Top 100 — whether by bulking up through acquiring other firms, or by being absorbed by already established mem-
bers of the list — a new cohort of firms is moving up into the market space just below the T100. These rising firms have often grown large on mergers
and acquisitions of their own, and are strong contenders for the ranks of future T100 Firms.
Year Revenue % Total
Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees
Kennedy and Coe Salina, Kan. Kurtis Siemers March 30.50 -0.65 8 24 193
Mountjoy Chilton Medley Louisville, Ky. D. Medley/M. Mountjoy Dec 30.15 10.68 4 32 211
Macias Gini & O’Connell Sacramento, Calif. Kevin O’Connell Dec 30.10 0.60 7 12 223
Grassi & Co.* Jericho, N.Y. Louis Grassi Dec 29.70 20.10 2 13 164
Rea & Associates New Philadelphia, Ohio Lee Beall Oct 29.20 0.48 11 29 217
Wiss & Co. Livingston, N.J. Paul Peterson March 29.10 0.21 4 30 171
Baker Newman & Noyes Portland, Maine Charlie Hahn Dec 28.30 1.80 4 26 178
Wolf & Co. Boston Daniel DeVasto Sept 28.21 4.71 3 17 180
Padgett, Stratemann & Co. San Antonio John Wright July 27.37 -0.04 2 15 162
Yeo & Yeo Saginaw, Mich. John Kunitzer Dec 27.35 -3.25 7 21 177
Clark Nuber Bellevue, Wash. David Katri Dec 26.71 4.42 1 16 152
Brown Smith Wallace St. Louis Harvey Wallace Dec 26.00 4.92 4 23 191
Jackson Thornton & Co. Montgomery, Ala. Ned Sheffield Dec 23.96 3.95 5 21 169
Yount, Hyde & Barbour Winchester, Va. W. Mark Rudolph June 23.86 -2.25 6 19 125
Brady, Martz & Associates Grand Forks, N.D. Ronald Johnke Sept 23.66 6.38 6 30 159
Feeley & Driscoll Boston Thomas Feeley March 23.62 -4.02 1 14 120
Frost Little Rock, Ark. Cheryl Shuffield April 23.14 -3.22 3 9 144
Dean Dorton Allen Ford Lexington, Ky. Richard Dorton June 22.42 39.51 2 30 143
LaPorte Sehrt Romig Hand Metairie, La. William Mason Nov 21.33 3.24 4 17 151
Notes: * Firm estimate or projection
ACT T100 2012 p3-13B.indd 6 2/22/12 3:34:20 PM
Reochlng lhe plnnocle ol success ls qulle on occompllshmenl. Lven more
so os lhe buslness ol occounllng ls conslonlly chonglng. Sloylng on lop ol
regulollon ond lnduslry chonges ln llsell ls lncredlbly chollenglng-bul lhol's
jusl porl ol ll. A successlul procllce olso requlres helplng your cllenls lo
ochleve lhelr buslness ond personol gools, ond nndlng lhe llme lo odvonce
Wllh 1homson Reulers, you hove o slngle source lor oll ol your needs now ond
lnlegroled lox ond occounllng producls ond
eoslly seorchoble, onllne lox ond occounllng lnlormollon
courses ond lrocklng lools lo expond your
ln locl, 1homson Reulers ls regulorly relled upon by eoch ol lhe 1op J00 |lrms
lo reoch lhelr gools. We look lorword lo conllnulng lo help you reoch yours.
REUTERS/Goran Tomasevik
At ADP
®
we understand that every practice is different
– that’s why we offer accountants many options.
Refer your clients to ADP You wi¦¦ co:li:ue lo j:ovioe l¦e: wil¦ l:usleo ~oviso:y ~:o
co:su¦li:q se:vices w¦i¦e /DP exje:l¦y :~:~qes l¦ei: j~y:o¦¦ ~:o :o:e
Let ADP process your clients’ payroll for you RUÑ Powe:eo Ly /DP P~y:o¦¦ ¦o:
/ccou:l~:ls
´
is sjeci¦ic~¦¦y oesiq:eo lo ¦e¦j ~ccou:l~:ls :o:e e¦¦icie:l¦y j:ocess
l¦ei: c¦ie:ls j~y:o¦¦ T¦is jowe:¦u¦ o:¦i:e ~jj¦ic~lio: ~¦¦ows you lo o¦¦e: you: c¦ie:ls
~ooilio:~¦ v~¦ue ~:o se:vices l¦~l c~: ¦e¦j i:c:e~se c¦ie:l :ele:lio:, ¦e¦j ¦eej l¦e:
co:j¦i~:l, ~:o j:ovioe you: ¦i:: wil¦ ~ :ew sou:ce o¦ :eve:ue
Sell your payroll base to ADP Pul you: j~y:o¦¦ c¦ie:ls i: exje:ie:ceo ¦~:os w¦i¦e
j:ovioi:q you l¦e ojjo:lu:ily lo qe:e:~le c~jil~¦ ~:o ¦:ee uj li:e lo ¦ocus o: Lui¦oi:q
you: j:~clice
Earn Rewards or Share Revenue for Referring
Your Clients /DPs Re¦e::~¦ Rew~:os ~:o
Reve:ue S¦~:e ¦:ce:live j:oq:~:s o¦¦e: you
l¦e c¦~:ce lo e~:: joi:ls low~:os v~¦u~L¦e
qi¦ls o: e~:: :eve:ue ¦o: you: ¦i::, w¦i¦e
j:ovioi:q v~¦ue~ooeo j~y:o¦¦ ~:o
¦R so¦ulio:s lo you: c¦ie:ls
855.408.3751
accountant.adp.com
HR. Payroll. Benefits.
T¦e /DP ¦oqo ~:o /DP ~:e :eqisle:eo l:~oe:~:¦s ~:o RUÑ Powe:eo Ly /DP P~y:o¦¦ ¦o: /ccou:l~:ls is ~ :eqisle:eo se:vice :~:¦, o¦ /DP, ¦:c ¦: l¦e Dusi:ess o¦ You: Success is ~ se:vice :~:¦ o¦ /DP, ¦:c ©ZO1Z /DP, ¦:c
007_ACTMar12 2 2/21/2012 4:42:08 PM
8
firm strategies
T
rudging through a still-fragile econ-
omy coupled with battling ongoing
profession-centric concerns such
as recruiting and retention, client
fee pressures, and the omnipresent threat
of competition, many of the 2012 Top 100
Firms have implemented an array of inter-
nal and external strategies in an effort to
grow their books of business while main-
taining their high levels of client service.
Whether making acquisitions or com-
pleting a merger — both of which were
prolific in 2011 — starting new service
lines, implementing employee programs
or recruiting top talent, the T100 spent
much of last year bolstering their ranks
and business plans as the fight for client
market share intensifies.
At McGladrey, for example, 2011 rep-
resented quantum change for the firm as
RSM McGladrey was re-united with Mc-
Gladrey & Pullen, with which it had oper-
ated under an alternative practice struc-
ture. As such, the firm enhanced its focus
on a number of what it termed specific
priority industries, such as financial ser-
vices, government and education, com-
mercial real estate, and food and beverage
and hospitality.
Citing talent acquisition and retention
as one of the critical issues facing the firm,
McGladrey hired some 450 employees last
year and promoted 25 to partner-principal
level. It said that it would also revamp its
onboarding process and reformat its Web
site and collateral material for recruiting.
Along the lines of recruiting, Califor-
nia-based Holthouse Carlin & Van Trigt
has expanded its sophomore and junior
collegiate recruiting programs in order to
fill the human capital pipeline earlier in
the educational process. The firm, which
reported a 6 percent boost in year-over-
year revenues, indicated it has also estab-
lished a Compliance Group in an effort to
help streamline the tax-prep workflow, as
well as helping it remain competitive in
the pricing of both business and personal
tax preparation.
NEW LINES OF CLIENT SERVICE
In an effort to drive growth, Clark, Schae-
fer, Hackett & Co. expanded into contigu-
ous Ohio markets such as Toledo with its
acquisition of Brell Holt, as well as launch-
ing a Private Equity Group as a response to
increased client interest in mergers, as well
as non-bank options for financing.
In 2011, T100 Firm Holtz Rubenstein
Reminick unveiled a total of five new ser-
vice groups, including debt collection,
food and beverage, early stage technology,
real estate advisory, and freight forward-
ers, a unit that offers accounting, tax, audit,
multi-state income and franchise tax com-
pliance, transfer-pricing guidelines, and
logistics technologies for small and large
companies moving freight.
The Bonadio Group, a regional firm in
Upstate New York that cited client compe-
tition and increased pressure from the Big
Four as one of its major concerns in 2012
and beyond, augmented its traditional
service offerings with high-value services
such as valuations, fraud and forensics,
and turnaround services.
New York City-based Berdon, which
just recently appointed two co-managing
partners to succeed 25-year managing
partner Stanley Freundlich, revealed that
it expanded its personal business man-
agement team services to now include
meeting the needs of professional ath-
letes and similar high-net-worth individu-
als in a family office-type structure that
ranges from bill payment to retirement
planning and post-career entrepreneurial
opportunities. Berdon also enhanced its
litigation group to capture opportunities in
areas like valuations, damages, intellectual
property disputes, and forensics.
Aronson was another firm that es-
tablished and formalized a new practice
line — specifically its Technology industry
Services Group, which was created to meet
the accounting and consulting needs of
both high tech and biotech firms. Just
recently the firm rolled out Champion Re-
cruiting LLC, offering placement services,
and internally restructured and rebranded
its software solutions practice under a new
moniker, Aronson Systems Group.
ORGANIC GROWTH VS. M&A
Arguably no T100 Firm was as busy in the
M&A space as LarsonAllen, which, prior
to its blockbuster combination with T100
Firm Clifton Gunderson, made strategic
acquisitions in the Florida, Boston, Seattle,
Dallas and St. Louis markets. The new en-
tity created by the union with Clifton, Clif-
tonLarsonAllen, will, according to Larson-
Allen CEO Gordy Viere, focus on providing
services to privately held companies, gov-
ernment entities and nonprofits via a trio
of now-integrated entities — an assurance,
tax and consulting arm, a wealth advisory
firm and an outsourcing firm.
Although it cited an uncertain econo-
my as one its primary concerns, Northern
California’s Armanino McKenna reported
an almost 18 percent spike in revenue
— a surge that managing partner Andy
Armanino attributed to its IT consulting
and CFO advisory services, as well as high-
er revenues from its three-year-old AMF
Media Group, which he said has tripled
in headcount and revenue since its in-
ception. The unit provides clients with
marketing, branding, public relations and
social media strategies.
Another T100 Firm busy on a number
of fronts was Wipfli, which, among other
things, unveiled a series of new service
Critical issues dictate T100 strategies
B Y B I L L CAR L I NO
See STRATEGIES on 10
ACT T100 2012 p3-13B.indd 8 2/22/12 3:34:20 PM
When overnighL wasn'L íasL enough,
|uravel & Company íound a beLLer way.
1o |oarn how ÞroSystom fx
ª

Þorta| can work for you, visit
CCHCroup.comIÞfxÞorta|2012
or scan tho Qk codo
Somo c|ionts oxpoct an a||-digita| CÞA firm, whi|o othors dopond on papor. £ithor way, c|ionts
want you to bo rosponsivo to thoir noods. whon ]uravo| & Company had a c|iont in Spain who
noodod his taxos proparod, shipping hard copios back and forth wasn't an option.
" lroSysLem
ª
lorLal enables us Lo serve clienLs wherever Lhey are.
1here will always be clienLs who sLill wanL paper copies, buL you
mighL be surprised. Some people who l never LhoughL would wanL
Lo use a porLal did. lL allows us Lo Lurn Lheir worl around íasLer."
÷ Pb|/ jarave/, Maoaq|oq Partoer, jarave/ ô Compaoy
ProSystem fx
ª

Porta|
2012-0060-3
009_ACTMar12 3 2/21/2012 4:41:59 PM
initiatives, chief among them WCF Advi-
sors, a corporate finance subsidiary. Aug-
menting those initiatives was a new digital
forensics lab, and TechPro, a proprietary
tool that allows nonprofit and government
organizations to manage their information
security and governance IT.
The newly created Warren Averett
— a 550-member power in the Southeast
with 11 offices — under an agreement with
Rodl Warren Averett, its joint venture con-
cern, opened a Korean business services
office in Alabama in the Korean Automo-
tive Corridor, which specializes in serving
U.S.-based subsidiaries of Korean entities.
In July, Pennsylvania’s Reinsel Kuntz
Lesher expanded its reach to include se-
nior services, acquiring the Senior Living
Consulting Group of ParenteBeard, a move
that added one partner and one principal
to the firm. Internally, RKL expanded the
use of its client portal, giving its clients
24/7 access to documents, and completed
the virtualization of the firm’s servers and
implemented an HR information system
to help address a number of recordkeeping
and operations issues.
In 2011, SC&H Group MP Ronald
Causey revealed that the firm underwent
a process that identified key revenue and
client areas. As a result, the firm developed
a go-to-market strategy that encompasses
in-depth brand research studies with cli-
ents, prospects and firm employees, with
the results used to develop messaging,
positioning and marketing plans.
SOCIAL MEDIA AND YOUNG STAFF
A number of T100 Firms have boosted
their use of social media, most notably
New Jersey-based WithumSmith+Brown,
whose two highly publicized in-house
dance videos went viral online. The most
recent one also highlighted its end-of-the-
year merger with EisnerLubin, as well as
serving as a recruiting conduit to lure new
and prospective young employees to the
firm. WS+B’s Garden State competitor, J.H.
Cohn, also used various social media out-
lets to attract employees, and as a vehicle
to keep clients abreast of news in the firm.
To help groom younger staff members
for their careers in the firm, Alpern Rosen-
thal has created a three-tiered program
and a succession blueprint that carries
them through various points of their ten-
ure with the Pennsylvania-based firm.
In a similar vein, Bruce Madnick,
managing partner at New York-based
Friedman, said that the firm began an
initiative titled Build Its Bench Strength, a
program that identifies the next groups of
future partners and potential leaders who
are slated to be groomed and mentored
over the next several years. AT
10
top tax firms
THE TOP TAX FIRMS
As with our Top 100 overall, 2011 was a better year for the Top Tax Firms in the country — with the notable exception of franchiser Jackson Hewitt,
which filed for bankruptcy shortly after last tax season; needless to say, the company didn’t report any figures for 2011. Those tax firms that made it
through, though, mostly reported growing their revenues, despite ongoing problems finding banks to provide RALs. Even H&R Block, which reported
a slight decrease in overall revenue, noted that it had prepared over a million more returns in 2011 than in 2010.
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
H&R Block
P 1
Kansas City, Mo. William Cobb $2,912.36 77 $3,774.30 -2.58 11,068 107,200
PwC§ New York City Robert Moritz 2,564.76 29 8,844.00 10.08 73 32,993
Deloitte§ New York City Joe Echevarria 2,387.80 20 11,939.00 9.15 100 51,262
Ernst & Young § New York City Steve Howe 2,325.00 31 7,500.00 5.63 78 26,500
KPMG § New York City John Veihmeyer 1,393.86 26 5,361.00 9.65 88 22,278
McGladrey & Pullen
2
Bloomington, Minn. Joe Adams 491.84 36 1,370.42 -0.61 85 7,046
Liberty Tax Services
3
Virginia Beach, Va. John Hewitt 333.51 100 333.51 14.34 3,590 416
Grant Thornton Chicago Stephen Chipman 332.37 29 1,146.12 5.57 56 5,847
Ryan Dallas G. Brint Ryan 233.50 100 233.50 7.85 46 790
CBIZ / Mayer Hoffman McCann Cleveland D. Sibits/B. Hancock 161.33 27 597.50 1.17 150 4,023
BDO USA Chicago Jack Weisbaum 160.16 28 572.00 -2.22 41 2,566
BKD Springfield, Mo. Neal Spencer 125.18 32 391.20 0.10 30 1,844
Crowe Horwath Oak Brook Terrace, Ill. Charles Allen 121.83 23 529.71 8.15 28 2,420
WTAS San Francisco Mark Vorsatz 120.30 100 120.30 4.70 14 501
Moss Adams Seattle Rick Anderson 113.05 35 323.00 2.22 19 1,741
Dixon Hughes Goodman Charlotte, N.C. Ken Hughes 106.20 36 295.00 52.85 30 1,616
Notes: P Figures compiled from public company reports. ƒ Franchise. Figures may not include franchise operations.
NA Not available/applicable § Gross revenue
1 Staff figures include seasonal workers. 2 Reported fee split as both dollar amount (given here) and percentage.
3 Franchise; revenue includes franchises; employee figure represents only corporate employees.
STRATEGIES
from page 8
ACT T100 2012 p3-13B.indd 10 2/22/12 3:34:21 PM
011_ACTMar12 4 2/22/2012 4:21:24 PM
12
T
ax services were a large source
of growth for the 2012 Top 100
Firms, with both international
and state and local taxes mak-
ing big gains to top the list of the fastest
growing niche service areas. International
tax services ranked first, making one of
the biggest leaps, of nearly 11 percentage
points and five spots from last year, with 77
percent of firms reporting growth.
State and local taxes were close be-
hind, with 75 percent of firms reporting an
increase, catapulting the niche up six spots
this year to second on the list.
Business valuation, though overtaken
from 2011’s top spot, remained steady and
down only one percentage point, with 74
percent of firms tracking expansion. Attest
services made a big climb of nine percent-
age points to 2012’s No. 4 spot, but with 15
percent more firms reporting growth than
in 2011, this year’s biggest climber was
cash-flow forecasting and management
— up eight spots to 43 percent.
Gary Milligan, managing partner of
tax at Crowe Horwath, attributed the firm’s
double-digit growth in international tax
for the past three years to greater legal
implementation and more businesses op-
erating overseas: “The primary driver of
our growth has been in the transfer pricing
area. We are seeing a lot of heightened
enforcement of tax laws in this area, and
the clients are being scrutinized more. As
clients and businesses grow and begin to
have operations in other countries, this is
when transfer pricing comes into play.”
When William Mueldener, national
director of state and local tax for Denver-
based Hein & Associates, joined the firm
from the Big Four five years ago, he helped
establish the practice, which has since seen
30 percent annual increases. According to
him, the growth that mid-market firms are
now experiencing in this niche reflects the
increases experienced by the Big Four 20
years ago. “States are hurting for revenue
and there’s an emphasis on the state side
for how to increase revenue — states have
gotten more aggressive in asserting what
laws are out there and have revisited gray
areas in tax law,” he explained. “Another
scenario is the changing technology; so
much is changing in the way services are
delivered and how companies operate
general business and day-to-day functions
that doesn’t fit in to the tax codes written in
the 1930s and 1940s.”
There are also more than a few rea-
sons for the continued strength of busi-
ness valuation, according to Jay Gibson,
shareholder in business valuation at
Southeast firm Elliott Davis, which re-
corded 39 percent growth in the area for
the fiscal year ending in June, and is pro-
jecting at least a 25 percent increase in the
next. “Part of it is the regulatory issues out
there, and the uncertainty of the political
situation — what’s going to happen in the
election and where estate and gift tax are
going to fall out with rates,” he said. “The
other piece in valuation is that valuations
related to litigation — corporate divorce,
Tax services vault atop T100 niche list
B Y DANI E L L E L E E
0 10 20 30 40 50 60 70 80
International tax
State and local taxes
Business valuations
Attest services
Forensics/fraud
Estate/trust/gift tax planning
Litigation support
Nonprofit organizations
Industry specializations
M&A
Biz mgmt. for wealthy individuals
Retirement plans
Employee benefits
Strategic planning/business plans
Succession planning/family office
Cash flow forecasting/mgmt.
Investment advice/services
Cost segregation
Technology consulting
Personal financial planning
SOX compliance/risk mgmt.
Bankruptcy/insolvency
Biz mgmt. services for small biz
CFO/project staffing services
Business recovery/recession advice
Employment search
IFRS consulting
Financing arrangements
Export/import
Top niche services
Percentage of firms increasing their business in these areas
(of 82 firms responding)
niches and clients
ACT T100 2012 p3-13B.indd 12 2/22/12 3:34:22 PM
13
marital divorce — always seems to be
hanging around. There’s an uptick in the
corporate divorce arena, with sharehold-
ers parting ways and valuations related to
buy-sell agreements.”
The greater need for transaction work
in today’s mergers and acquisitions-heavy
climate was also a contributor to the gains
in attest services, according to Beth Kieffer
Leonard, managing partner at Minneapo-
lis firm Lurie Besikof Lapidus & Co.: “Over-
all business growth also helped. People are
going back to the bank looking for those
services again,” she explained.
LOCATION, LOCATION, LOCATION
Midsized businesses were the largest-
growing client category again this year,
retaining the top spot by growing nearly 11
percentage points to an overall 77 percent
of firms reporting.
Manufacturing, tracking progress at
73 percent of firms, leapfrogged last year’s
No. 2 category, nonprofits, with the help of
a 10-percentage point increase.
Rounding out the top three was real
estate, making an even bigger climb of four
spots with the help of 65 percent of firms
reporting growth. Meanwhile, the three-
percentage-point dip in the nonprofit cli-
ent category dropped it two spots.
In the positive column, technology’s
eight-point increase from 2011’s survey
vaulted it up three spots. Other categories
recording significant gains included large
businesses and hotels and restaurants.
Lurie Besikof Lapidus & Co.’s Midwest
shelter from the more severe economic
downturn on the coasts also protected its
midsized clients, according to Leonard. “A
lot of the work we’ve done in the downturn
was to position ourselves in a positive way
to attract new opportunities,” she said.
“Companies that survived and have done
well — some have had one of the best years
they’ve ever had in 2011. If they survived
through the downturn, they had a really
robust year.”
Richard Kopelman, partner at Geor-
gia’s Habif, Arogeti & Wynne, partially cred-
its the firm’s regional presence for its boost
in manufacturing clients. “The Southeast
is seeing a lot of growth, with a lot of auto
manufacturers moving into the Southeast
in the last 10 years, which has brought a lot
of suppliers in the area,” he said.
For his firm, this has translated into
the signing of nine companies with rev-
enues averaging over $75 million in the last
three months and the feeling that, “The
tipping point has been hit.”
Location also played a vital role for the
widening pool of real estate clients at New
York-headquartered Friedman. “We are
very fortunate to be in New York,” said Jay
Goldstein, the firm’s head partner of real
estate. “New York is somewhat insulated
from the real estate problems throughout
the country. The rest of the country is
suffering a slowdown, especially in the
commercial area. But we handle national
companies — pension funds who invest in
real estate, among other things — through-
out the country.” This has helped the firm’s
practice revenue grow 10 to 15 percent in
the last year, he said.
Geographical advantage was also ap-
parent in the rise of technology clients for
Silicon Valley-based Mohler, Nixon & Wil-
liams, though managing and audit partner
Steve Vidlock also attributed this to wider
economic recovery: “[Technology] com-
panies that deferred having audit services
performed in the last couple of years are
coming back into the market a bit. Pricing
pressure is still a challenge, but as things
improve in the marketplace, that gets bet-
ter as well.” AT
0 10 20 30 40 50 60 70 80
Midsized businesses
Manufacturing
Real estate
Nonprofit organizations
Professional services
Technology
Health care facilities
Pension plans
Individuals
Construction
Wholesale distributors
Large businesses
Hotels and restaurants
State and local government
Retail trade
Entertainment
Banking & thrift companies
Government contractors
Colleges and universities
Small businesses
Investment cos. & mutual funds
Publishing/broadcasting/media
Securities/commod. brokers/dealers
Insurance carriers/companies
Finance cos./mortgage banks
Auto dealerships
Gaming
School districts
Franchising
Top client categories
Percentage of firms increasing their business with these types of clients
(of 82 firms responding)
niches and clients
ACT T100 2012 p3-13B.indd 13 2/22/12 3:34:23 PM
The building blocks for growth, profit, and success.
Forward-thinking accounting firms are literally transforming the way they do business by
leveraging the many benefits of cloud-based technologies. The Trusted Business Advisor
Solutions
SM
program from CPA2Biz provides best-of-breed accounting solutions, along with a full
array of practice development, client assessment, and marketing tools that support your efforts,
guide you through the process of understanding clients’ needs, and help educate clients on how
cloud computing solutions can transform the way they work. All of which will help position your
firm as a leader and enhance your status as a trusted business advisor.
Virtual CFO
Services
Online
Accounting
System
Paperless
Bill
Management
Firm-Wide
Workflow
Automation
Online
Payroll
Tax and
Audit Tools
Practice
Development
Tools
Client
Needs
Assessment
To learn more call 1.855.855.5CPA,
or visit CPA.com
014_ACTMar12 5 2/21/2012 4:37:37 PM
T
H
E

2
0
1
2



























T
O
P

1
0
0

F
I
R
M
S



R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
2

1
1

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
1

1

D
e
l
o
i
t
t
e

§

N
e
w

Y
o
r
k

C
i
t
y

J
o
e

E
c
h
e
v
a
r
r
i
a

D
e
c

1
1
,
9
3
9
.
0
0

9
.
1
5

1
0
0

2
,
8
8
6

0
.
1
0

3
8
,
3
0
1

1
3
.
6
9

5
1
,
2
6
2

1
2
.
1
0

3
2

2
0

4
4

4
2

2

P
w
C

§

N
e
w

Y
o
r
k

C
i
t
y

R
o
b
e
r
t

M
o
r
i
t
z

J
u
n
e

8
,
8
4
4
.
0
0

1
0
.
0
8

7
3

2
,
2
9
0

3
.
9
0

2
5
,
2
3
7

1
6
.
5
1

3
2
,
9
9
3

1
1
.
6
7

4
8

2
9

2
3

0
3

3

E
r
n
s
t

&

Y
o
u
n
g

§

N
e
w

Y
o
r
k

C
i
t
y

S
t
e
v
e

H
o
w
e

J
u
n
e

7
,
5
0
0
.
0
0

5
.
6
3

7
8

2
,
4
0
0

4
.
3
5

1
9
,
4
0
0

1
0
.
8
6

2
6
,
5
0
0

7
.
7
2

4
0

3
1

2
3

6
4

4

K
P
M
G

§
1

N
e
w

Y
o
r
k

C
i
t
y

J
o
h
n

V
e
i
h
m
e
y
e
r

S
e
p
t

5
,
3
6
1
.
0
0

9
.
6
5

8
8

1
,
7
4
4

-
0
.
8
5

1
5
,
6
6
4

6
.
1
1

2
2
,
2
7
8

4
.
6
7

4
3

2
6

3
1

0
5

5

M
c
G
l
a
d
r
e
y

&

P
u
l
l
e
n
2

B
l
o
o
m
i
n
g
t
o
n
,

M
i
n
n
.

J
o
e

A
d
a
m
s

A
p
r
i
l

1
,
3
7
0
.
4
2

-
0
.
6
1

8
5

7
0
8

-
4
.
5
8

4
,
8
4
3

-
1
.
0
6

7
,
0
4
6

-
1
.
1
8

4
3

3
6

2
0

1
6

6

G
r
a
n
t

T
h
o
r
n
t
o
n

C
h
i
c
a
g
o

S
t
e
p
h
e
n

C
h
i
p
m
a
n

D
e
c

1
,
1
4
6
.
1
2

5
.
5
7

5
6

5
4
9

6
.
8
1

4
,
0
4
8

1
3
.
0
7

5
,
8
4
7

1
1
.
3
9

4
5

2
9

2
6

0
7

7

C
B
I
Z

/

M
a
y
e
r

H
o
f
f
m
a
n

M
c
C
a
n
n
3

C
l
e
v
e
l
a
n
d


D
.

S
i
b
i
t
s
/
B
.

H
a
n
c
o
c
k

D
e
c

5
9
7
.
5
0

1
.
1
7

1
5
0

4
1
5

-
0
.
7
2

1
,
6
9
2

-
1
.
2
8

4
,
0
2
3

-
5
.
1
4

2
3

2
7

5
0

0
8

8

B
D
O

U
S
A

C
h
i
c
a
g
o

J
a
c
k

W
e
i
s
b
a
u
m

J
u
n
e

5
7
2
.
0
0

-
2
.
2
2

4
1

2
6
0

-
1
.
1
4

1
,
7
3
4

3
.
0
9

2
,
5
6
6

2
.
7
6

6
1

2
8

1
1

0
9

9

C
r
o
w
e

H
o
r
w
a
t
h
4

O
a
k

B
r
o
o
k

T
e
r
r
a
c
e
,

I
l
l
.

C
h
a
r
l
e
s

A
l
l
e
n

M
a
r
c
h

5
2
9
.
7
1

8
.
1
5

2
8

2
4
7

1
.
6
5

1
,
5
7
9

3
.
5
4

2
,
4
2
0

3
.
4
2

4
5

2
3

1
8

1
4
1
0

1
0

B
K
D

S
p
r
i
n
g
f
i
e
l
d
,

M
o
.


N
e
a
l

S
p
e
n
c
e
r

M
a
y

3
9
1
.
2
0

0
.
1
0

3
0

2
4
4

-
0
.
8
1

1
,
2
2
3

1
.
1
6

1
,
8
4
4

1
.
6
5

5
0

3
2

1
8

0
1
1

1
1

M
o
s
s

A
d
a
m
s

S
e
a
t
t
l
e

R
i
c
k

A
n
d
e
r
s
o
n

D
e
c

3
2
3
.
0
0

2
.
2
2

1
9

2
3
0

-
3
.
3
6

1
,
0
8
1

1
.
2
2

1
,
7
4
1

3
.
2
0

5
1

3
5

1
4

0
1
2

1
2

P
l
a
n
t
e

M
o
r
a
n
5

S
o
u
t
h
f
i
e
l
d
,

M
i
c
h
.

G
o
r
d
o
n

K
r
a
t
e
r

J
u
n
e

3
0
4
.
3
5

2
.
0
2

1
6

2
1
7

-
2
.
2
5

9
7
5

-
0
.
4
1

1
,
5
1
8

-
0
.
8
5

5
2

3
2

1
6

0
1
3

2
0

D
i
x
o
n

H
u
g
h
e
s

G
o
o
d
m
a
n

C
h
a
r
l
o
t
t
e
,

N
.
C
.

K
e
n

H
u
g
h
e
s

D
e
c

2
9
5
.
0
0

5
2
.
8
5

3
0

1
7
4

2
9
.
8
5

1
,
1
0
8

5
3
.
2
5

1
,
6
1
6

4
9
.
6
3

4
1

3
6

2
3

0
1
4

1
8

L
a
r
s
o
n
A
l
l
e
n
6

M
i
n
n
e
a
p
o
l
i
s

G
o
r
d
y

V
i
e
r
e

O
c
t

2
8
5
.
0
0

2
5
.
5
5

2
6

1
4
1

1
6
.
5
3

1
,
2
4
5

2
7
.
4
3

1
,
7
3
4

2
8
.
3
5

4
6

3
4

1
7

3
1
5

1
4

M
a
r
c
u
m


N
e
w

Y
o
r
k

C
i
t
y

J
e
f
f
r
e
y

W
e
i
n
e
r

D
e
c

2
7
4
.
2
0

9
.
3
3

1
8

1
3
8

-
4
.
1
7

5
4
9

-
3
.
1
7

9
0
4

-
1
.
3
1

4
5

3
0

1
0

1
5
1
6

1
5

C
l
i
f
t
o
n

G
u
n
d
e
r
s
o
n
6

M
i
l
w
a
u
k
e
e

K
r
i
s
t
a

M
c
M
a
s
t
e
r
s

M
a
y

2
5
4
.
6
5

5
.
0
1

4
7

2
1
1

9
.
9
0

1
,
3
0
5

-
0
.
8
4

1
,
6
7
1

0
.
4
2

4
8

2
6

2
6

0
1
7

1
3

E
i
s
n
e
r
A
m
p
e
r

N
e
w

Y
o
r
k

C
i
t
y

C
h
a
r
l
e
s

W
e
i
n
s
t
e
i
n

J
a
n

2
5
4
.
6
0

1
.
3
9

8

1
6
4

-
2
.
9
6

8
2
2

-
8
.
6
7

9
8
6

-
7
.
7
6

5
5

2
8

1
7

0
1
8

1
7

J
.
H
.

C
o
h
n
*

R
o
s
e
l
a
n
d
,

N
.
J
.

T
h
o
m
a
s

M
a
r
i
n
o

J
a
n

2
4
3
.
0
0

5
.
6
5

1
5

1
7
4

1
6
.
0
0

6
5
7

7
.
7
0

1
,
1
0
1

9
.
2
3

5
4

3
0

2

1
4
1
9

1
6

B
a
k
e
r

T
i
l
l
y

V
i
r
c
h
o
w

K
r
a
u
s
e

C
h
i
c
a
g
o

T
i
m
o
t
h
y

C
h
r
i
s
t
e
n

M
a
y

2
4
2
.
0
0

1
.
6
8

1
1

1
0
1

-
5
.
6
1

1
,
0
8
1

-
3
.
4
0

1
,
3
0
0

-
3
.
4
2

3
8

3
4

2
5

3
2
0

2
1

R
e
z
n
i
c
k

G
r
o
u
p

B
e
t
h
e
s
d
a
,

M
d
.

K
e
n
n
e
t
h

B
a
g
g
e
t
t

S
e
p
t

2
0
2
.
5
0

5
.
7
3

1
0

1
0
6

9
.
2
8

6
5
2

-
0
.
1
5

9
6
7

0
.
6
2

5
7

2
9

1
3

1
2
1

1
9

U
H
Y

A
d
v
i
s
o
r
s
7

C
h
i
c
a
g
o

R
.

S
t
e
i
n
/
A
.

F
r
a
b
o
t
t
a

D
e
c

1
8
6
.
0
3

-
9
.
0
8

1
5

1
1
1

3
.
7
4

5
8
5

-
0
.
6
8

9
5
4

1
.
6
0

3
3

4
3

2
1

3
2
2

2
2

R
o
t
h
s
t
e
i
n
,

K
a
s
s

&

C
o
.

R
o
s
e
l
a
n
d
,

N
.
J
.

S
.

K
a
s
s
/
H
.

A
l
t
m
a
n

D
e
c

1
7
9
.
5
0

9
.
9
9

8

7
1

2
.
9
0

6
7
7

1
3
.
9
7

8
5
7

1
2
.
4
7

6
1

3
6

2

1
2
3

2
3

P
a
r
e
n
t
e
B
e
a
r
d

P
h
i
l
a
d
e
l
p
h
i
a

R
o
b
e
r
t

C
i
a
r
u
f
f
o
l
i

D
e
c

1
7
0
.
0
0

4
.
2
9

2
0

1
4
0

-
4
.
7
6

6
7
2

-
2
.
0
4

1
,
0
3
6

0
.
4
8

5
4

2
8

1
8

0
2
4

2
4

E
i
d
e

B
a
i
l
l
y

F
a
r
g
o
,

N
.
D
.

J
e
r
r
y

T
o
p
p

A
p
r
i
l

1
5
1
.
6
0

-
0
.
1
3

1
9

9
7

3
.
1
9

8
8
1

-
1
0
.
2
9

1
,
2
5
1

-
5
.
7
3

4
4

3
0

1
9

7
2
5

2
6

W
i
p
f
l
i

M
i
l
w
a
u
k
e
e

R
i
c
k

D
r
e
h
e
r

M
a
y

1
4
2
.
1
7

2
4
.
1
2

2
0

1
3
2

2
8
.
1
6

7
0
5

3
9
.
6
0

1
,
0
3
5

3
3
.
8
9

3
5

3
0

3
5

0
K
e
y

a
n
d

n
o
t
e
s
:


L
a
s
t

y
e
a
r

s

r
a
n
k
i
n
g
s

h
a
v
e

b
e
e
n

r
e
v
i
s
e
d

b
a
s
e
d

o
n

2
0
1
0

r
e
v
e
n
u
e

p
r
o
v
i
d
e
d

b
y

f
i
r
m
s
.

S
o
m
e

f
i
r
m
s


r
a
n
k
i
n
g
s

w
i
l
l

t
h
e
r
e
f
o
r
e

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

r
e
p
o
r
t
e
d

l
a
s
t

y
e
a
r
.

*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






§

G
r
o
s
s

r
e
v
e
n
u
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






N
R

N
o
t

r
a
n
k
e
d






1


O
f
f
i
c
e

f
i
g
u
r
e

r
e
p
r
e
s
e
n
t
s

b
u
s
i
n
e
s
s

o
f
f
i
c
e
s
,

n
o
t

e
v
e
r
y

p
h
y
s
i
c
a
l

l
o
c
a
t
i
o
n
.







2

M
c
G
l
a
d
r
e
y

&

P
u
l
l
e
n

L
L
P

a
n
d

R
S
M

M
c
G
l
a
d
r
e
y

I
n
c
.

o
p
e
r
a
t
e
d

i
n

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e

i
n

t
h
e

p
e
r
i
o
d
s

r
e
p
o
r
t
e
d
.

I
n

N
o
v
e
m
b
e
r

2
0
1
1
,

M
&
P

a
c
q
u
i
r
e
d

R
S
M
.







3

C
B
I
Z

a
n
d

M
a
y
e
r

H
o
f
f
m
a
n

M
c
C
a
n
n

P
C

a
r
e

a
s
s
o
c
i
a
t
e
d

t
h
r
o
u
g
h

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.

O
f
f
i
c
e

f
i
g
u
r
e
s

a
r
e

f
o
r

C
B
I
Z
;

M
H
M

h
a
s

3
6

o
f
f
i
c
e
s

n
a
t
i
o
n
w
i
d
e
.






4

F
i
r
m

s

y
e
a
r
-
e
n
d

i
s

M
a
r
c
h
;

f
i
g
u
r
e
s

g
i
v
e
n

a
r
e

f
o
r

c
a
l
e
n
d
a
r

2
0
1
1
.







5

C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

P
l
a
n
t
e

&

M
o
r
a
n
.







6

A
s

o
f

J
a
n
.

1
,

2
0
1
2
,

C
l
i
f
t
o
n

G
u
n
d
e
r
s
o
n

a
n
d

L
a
r
s
o
n
A
l
l
e
n

h
a
v
e

c
o
m
b
i
n
e
d

t
o

f
o
r
m

C
l
i
f
t
o
n
-
L
a
r
s
o
n
A
l
l
e
n
.

T
h
e

t
w
o

t
o
g
e
t
h
e
r

w
o
u
l
d

h
a
v
e

r
a
n
k
e
d

N
o
.

9
,

w
i
t
h

a
p
p
.

$
5
4
0

m
i
l
l
i
o
n

i
n

2
0
1
1

r
e
v
e
n
u
e
.







7

U
H
Y

A
d
v
i
s
o
r
s

a
n
d

U
H
Y

L
L
P

a
r
e

a
f
f
i
l
i
a
t
e
d

t
h
r
o
u
g
h

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.
ACT T100 2012 p15-26.indd 15 2/22/12 5:18:30 PM

R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
2

1
1

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
2
6

2
5

W
e
i
s
e
r
M
a
z
a
r
s

N
e
w

Y
o
r
k

C
i
t
y

D
o
u
g
l
a
s

P
h
i
l
l
i
p
s

A
u
g

1
2
4
.
5
0

4
.
2
5

6

9
7

1
5
.
4
8

4
0
5

8
.
0
0

6
2
4

7
.
4
0

5
0

4
0

1
0

0
2
7

2
7

C
i
t
r
i
n

C
o
o
p
e
r
m
a
n

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

J
o
e
l

C
o
o
p
e
r
m
a
n

D
e
c

1
1
5
.
0
0

1
5
.
0
0

5

1
0
2

2
0
.
0
0

2
8
5

1
3
.
1
0

4
5
2

1
4
.
4
3

4
7

3
6

1
0

7
2
8

2
8

C
h
e
r
r
y
,

B
e
k
a
e
r
t

&

H
o
l
l
a
n
d

R
i
c
h
m
o
n
d
,

V
a
.

H
o
w
a
r
d

K
i
e
s

A
p
r
i
l

1
1
1
.
1
8

1
3
.
0
1

1
5

4
5

-
4
.
2
6

5
7
9

2
6
.
1
4

8
0
4

2
4
.
2
7

5
1

3
6

8

5
2
9

3
2

C
a
r
r
,

R
i
g
g
s

&

I
n
g
r
a
m

E
n
t
e
r
p
r
i
s
e
,

A
l
a
.

W
i
l
l
i
a
m

C
a
r
r

S
e
p
t

1
0
0
.
3
1

1
6
.
8
4

1
6

7
9

N
C

3
6
6

-
4
.
4
4

5
1
3

-
3
.
2
1

6
0

2
5

1
5

0
3
0

2
9

B
e
r
d
o
n

N
e
w

Y
o
r
k

C
i
t
y

M
.

B
o
s
s
w
i
c
k
/
S
.

K
o
t
l
e
r

D
e
c

9
5
.
0
0

2
.
1
5

2

4
2

-
8
.
7
0

3
2
7

0
.
3
1

3
9
5

-
1
.
5
0

3
0

4
0

3
0

0
3
1

3
0

A
n
c
h
i
n
,

B
l
o
c
k

&

A
n
c
h
i
n

N
e
w

Y
o
r
k

C
i
t
y

F
r
a
n
k

S
c
h
e
t
t
i
n
o

S
e
p
t

9
1
.
5
0

2
.
8
1

1

5
2

-
3
.
7
0

2
0
5

-
5
.
0
9

3
2
1

-
3
.
8
9

4
4

4
3

1
3

0
3
2

3
1

M
a
r
k
s

P
a
n
e
t
h

&

S
h
r
o
n

N
e
w

Y
o
r
k

C
i
t
y

M
a
r
k

L
e
v
e
n
f
u
s
/




H
a
r
r
y

M
o
e
h
r
i
n
g
e
r

D
e
c

8
7
.
3
8

0
.
5
9

3

6
3

3
.
2
8

3
1
2

1
0
.
6
4

4
7
2

1
1
.
5
8

6
2

2
7

1

1
0
3
3

3
3

R
e
h
m
a
n
n

S
a
g
i
n
a
w
,

M
i
c
h
.

S
t
e
v
e
n

K
e
l
l
y

D
e
c

8
7
.
0
0

1
6
.
0
0

2
0

5
6

1
4
.
2
9

4
9
3

1
3
.
0
7

6
8
7

2
4
.
2
3

4
3

3
3

7

1
7
3
4

7
6

W
a
r
r
e
n

A
v
e
r
e
t
t

*

8

B
i
r
m
i
n
g
h
a
m
,

A
l
a
.

J
a
m
e
s

C
u
n
n
i
n
g
h
a
m

J
u
n
e

8
4
.
3
9

1
2
7
.
9
0

1
1

1
0
6

1
5
2
.
3
8

3
0
9

N
A

5
7
5

1
3
4
.
6
9

N
A

N
A

N
A

N
A
3
5

3
6

A
r
m
a
n
i
n
o

M
c
K
e
n
n
a

S
a
n

R
a
m
o
n
,

C
a
l
i
f
.

A
n
d
y

A
r
m
a
n
i
n
o

D
e
c

8
4
.
2
0

1
7
.
8
4

5

3
9

5
.
4
1

2
1
9

1
.
3
9

2
9
5

4
.
2
4

3
6

3
8

2
6

0
3
6

3
7

M
B
A
F

C
P
A
s
9

M
i
a
m
i

A
n
t
o
n
i
o

A
r
g
i
z

J
u
n
e

8
0
.
0
0

1
7
.
6
5

1
0

2
2

2
2
.
2
2

3
1
0

3
8
.
3
9

3
9
7

3
5
.
0
3

3
8

4
3

1
1

8
3
7

3
5

K
e
a
r
n
e
y

&

C
o
.

A
l
e
x
a
n
d
r
i
a
,

V
a
.

E
d

K
e
a
r
n
e
y

D
e
c

7
9
.
7
8

1
0
.
1
2

2

1
3

N
C

2
4
8

-
1
2
.
3
7

3
5
8

-
1
3
.
9
4

7
1

0

2
9

0
3
8

3
4

W
i
t
h
u
m
S
m
i
t
h
+
B
r
o
w
n
1
0

P
r
i
n
c
e
t
o
n
,

N
.
J
.

W
i
l
l
i
a
m

H
a
g
a
m
a
n

J
u
n
e

7
6
.
7
2

5
.
4
9

1
2

8
2

1
4
8
.
4
8

3
4
0

2
7
.
3
4

5
1
2

4
2
.
2
2

4
3

3
3

4

2
0
3
9

4
2

O

C
o
n
n
o
r

D
a
v
i
e
s
1
1

N
e
w

Y
o
r
k

C
i
t
y

K
e
v
i
n

K
e
a
n
e

D
e
c

7
4
.
5
0

1
5
.
0
6

7

5
8

3
.
5
7

2
8
2

8
.
8
8

3
8
2

7
.
6
1

6
5

2
8

7

0
4
0

3
8

N
o
v
o
g
r
a
d
a
c

&

C
o
.

S
a
n

F
r
a
n
c
i
s
c
o

M
i
c
h
a
e
l

N
o
v
o
g
r
a
d
a
c

D
e
c

7
2
.
0
6

1
0
.
1
7

1
2

2
9

3
.
5
7

2
5
0

3
.
3
1

3
3
2

4
.
0
8

5
6

2
7

7

1
0
4
1

4
1

S
S
&
G

C
l
e
v
e
l
a
n
d

G
a
r
y

S
h
a
m
i
s

D
e
c

7
0
.
7
0

9
.
1
0

9

3
0

3
.
4
5

3
6
2

7
.
7
4

4
4
4

7
.
2
5

3
2

3
6

1
2

2
0
4
2

4
3

B
u
r
r
,

P
i
l
g
e
r

&

M
a
y
e
r

S
a
n

F
r
a
n
c
i
s
c
o

S
t
e
p
h
e
n

M
a
y
e
r

D
e
c

7
0
.
2
0

9
.
0
4

7

5
7

7
.
5
5

2
6
4

2
.
7
2

4
1
1

5
.
3
8

3
6

4
3

1
3

8
4
3

4
4

F
r
i
e
d
m
a
n

N
e
w

Y
o
r
k

C
i
t
y

B
r
u
c
e

M
a
d
n
i
c
k

D
e
c

6
9
.
2
0

7
.
7
9

6

5
3

1
5
.
2
2

2
4
1

7
.
5
9

3
3
7

1
0
.
1
3

6
3

3
5

2

0
4
4

4
0

H
o
l
t
h
o
u
s
e

C
a
r
l
i
n

&

V
a
n

T
r
i
g
t

W
.

L
o
s

A
n
g
e
l
e
s
,

C
a
l
i
f
.

P
h
i
l
i
p

H
o
l
t
h
o
u
s
e

D
e
c

6
9
.
0
0

6
.
1
5

7

2
7

-
3
.
5
7

1
8
7

8
.
0
9

2
7
4

5
.
7
9

2
0

7
1

0

9
4
5

3
9

W
e
a
v
e
r

F
o
r
t

W
o
r
t
h
,

T
e
x
a
s

T
o
m
m
y

L
a
w
l
e
r

M
a
y

6
6
.
4
0

1
.
6
8

6

3
5

-
7
.
8
9

3
0
1

-
4
.
4
4

3
9
9

-
9
.
9
3

4
0

4
7

5

8
4
6

4
5

S
c
h
e
n
c
k

A
p
p
l
e
t
o
n
,

W
i
s
.

W
i
l
l
i
a
m

G
o
o
d
m
a
n

S
e
p
t

6
5
.
4
5

3
.
1
4

9

5
7

-
3
.
3
9

3
1
7

-
3
.
6
5

4
6
6

-
2
.
9
2

3
8

3
8

1
9

5
4
7

4
8

S
i
k
i
c
h

N
a
p
e
r
v
i
l
l
e
,

I
l
l
.

J
a
m
e
s

S
i
k
i
c
h

D
e
c

6
4
.
5
0

1
6
.
2
2

7

6
2

6
7
.
5
7

2
7
1

-
4
.
5
8

3
7
3

3
.
9
0

4
0

1
5

4
0

5
4
8

5
2

R
u
b
i
n
B
r
o
w
n

S
t
.

L
o
u
i
s

J
o
h
n

H
e
r
b
e
r

M
a
y

6
1
.
7
2

1
3
.
7
3

3

2
8

1
6
.
6
7

2
8
0

1
3
.
8
2

3
6
2

1
4
.
9
2

5
0

3
5

1
5

0
4
9

5
0

E
h
r
h
a
r
d
t

K
e
e
f
e

S
t
e
i
n
e
r

&

H
o
t
t
m
a
n

D
e
n
v
e
r

R
o
b
e
r
t

H
o
t
t
m
a
n

S
e
p
t

5
8
.
4
7

7
.
0
9

3

3
0

3
.
4
5

2
7
5

1
.
1
0

3
7
7

2
.
1
7

5
1

4
0

9

0
5
0

4
6

H
a
b
i
f
,

A
r
o
g
e
t
i

&

W
y
n
n
e

A
t
l
a
n
t
a

J
o
s
e
p
h

S
i
m
m
s

D
e
c

5
8
.
1
4

-
1
.
5
1

2

2
9

-
1
4
.
7
1

2
0
6

0
.
4
9

2
7
7

-
2
.
4
6

4
5

3
6

8

1
1
N
o
t
e
s
:


*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e






8


C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

W
a
r
r
e
n
,

A
v
e
r
e
t
t
,

K
i
m
b
r
o
u
g
h

&

M
a
r
i
n
o
.







9


C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

M
o
r
r
i
s
o
n
,

B
r
o
w
n
,

A
r
g
i
z

&

F
a
r
r
a
.






1
0



R
e
v
e
n
u
e

f
i
g
u
r
e
s

d
o

n
o
t

i
n
c
l
u
d
e

$
1
1
.
6

m
i
l
l
i
o
n

f
r
o
m

N
o
v
e
m
e
r

2
0
1
1


m
e
r
g
e
r

w
i
t
h

N
e
w

Y
o
r
k
-
b
a
s
e
d

E
i
s
n
e
r
L
u
b
i
n
;

t
h
e

o
v
e
r
a
l
l

e
m
p
l
o
y
e
e

c
o
u
n
t
,

h
o
w
e
v
e
r
,

d
o
e
s

i
n
c
l
u
d
e

i
t
.






1
1



C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

O

C
o
n
n
o
r

D
a
v
i
e
s

M
u
n
n
s

&

D
o
b
b
i
n
s
.
ACT T100 2012 p15-26.indd 16 2/22/12 5:18:30 PM

R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
2

1
1

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
5
1

4
9

E
l
l
i
o
t
t

D
a
v
i
s

G
r
e
e
n
v
i
l
l
e
,

S
.
C
.

R
i
c
h
a
r
d

D
a
v
i
s

J
u
n
e

5
7
.
5
5

5
.
3
5

1
0

5
1

4
.
0
8

2
4
1

-
4
.
7
4

3
6
5

-
2
.
1
4

4
8

3
6

1
2

4
5
2

4
7

L
a
t
t
i
m
o
r
e
,

B
l
a
c
k
,

M
o
r
g
a
n

&

C
a
i
n

B
r
e
n
t
w
o
o
d
,

T
e
n
n
.

D
.

M
o
r
g
a
n
/
R
.
M
.

C
a
i
n

D
e
c

5
7
.
0
0

2
.
3
3

3

4
0

N
C

2
5
6

4
.
4
9

3
5
6

4
.
4
0

2
6

3
6

1
4

2
4
5
3

5
1

H
o
r
n
e
*


R
i
d
g
e
l
a
n
d
,

M
i
s
s
.

H
u
g
h

P
a
r
k
e
r

D
e
c

5
6
.
7
7

4
.
1
7

1
2

2
2

-
8
.
3
3

2
6
7

7
.
2
3

3
8
3

4
.
9
3

3
5

1
3

4
1

1
1
5
4

5
4

B
l
u
e

&

C
o
.

C
a
r
m
e
l
,

I
n
d
.

B
r
a
d

S
h
a
w

D
e
c

5
5
.
1
0

9
.
1
1

8

3
2

N
C

2
0
7

7
.
2
5

2
9
3

4
.
6
4

3
1

1
8

5
1

0
5
5

5
7

S
c
h
n
e
i
d
e
r

D
o
w
n
s

P
i
t
t
s
b
u
r
g
h

R
a
y
m
o
n
d

B
u
e
h
l
e
r

J
u
n
e

5
2
.
3
0

6
.
0
9

2

3
4

N
C

2
6
7

4
.
3
0

3
3
4

3
.
7
3

4
5

3
5

2
0

0
5
6

5
9

A
r
o
n
s
o
n

R
o
c
k
v
i
l
l
e
,

M
d
.

J
e
f
f
e
r
y

C
a
p
r
o
n

D
e
c

5
2
.
1
5

1
0
.
1
4

1

2
7

N
C

1
3
6

2
.
2
6

1
9
8

2
.
0
6

4
2

3
2

1
5

1
1
5
7

5
3

B
l
a
c
k
m
a
n

K
a
l
l
i
c
k

C
h
i
c
a
g
o

S
t
e
v
e
n

S
c
h
n
e
i
d
e
r

D
e
c

5
2
.
0
0

1
.
9
2

1

3
6

2
.
8
6

1
4
8

1
.
3
7

2
2
2

-
1
.
3
3

4
3

3
8

1
9

0
5
8

5
6

R
o
s
e
n

S
e
y
m
o
u
r

S
h
a
p
s
s

M
a
r
t
i
n

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

M
a
r
t
i
n

G
r
e
e
n
b
e
r
g

D
e
c

5
1
.
3
0

3
.
4
3

4

2
8

N
C

1
6
7

1
.
2
1

2
2
8

0
.
8
8

4
6

3
5

1
9

0
5
9

6
5

K
a
u
f
m
a
n
,

R
o
s
s
i
n

G
r
o
u
p

M
i
a
m
i

J
a
m
e
s

K
a
u
f
m
a
n

M
a
y

5
1
.
2
0

1
5
.
8
4

6

3
8

1
1
.
7
6

1
8
2

1
7
.
4
2

2
7
2

1
1
.
4
8

3
2

2
3

4

4
1
6
0

6
1

W
a
t
k
i
n
s

M
e
e
g
a
n

B
e
t
h
e
s
d
a
,

M
d
.

M
i
c
h
a
e
l

M
i
c
h
o
l
a
s

D
e
c

5
0
.
2
0

9
.
1
3

4

1
6

-
5
.
8
8

2
0
4

2
.
5
1

2
3
5

1
.
7
3

2
2

2
3

5
5

0
6
1

5
5

A
r
g
y
,

W
i
l
t
s
e

&

R
o
b
i
n
s
o
n

M
c
L
e
a
n
,

V
a
.

P
a
u
l

A
r
g
y

D
e
c

5
0
.
0
0

N
C

3

2
5

-
1
0
.
7
1

1
7
5

0
.
5
7

2
4
0

-
2
.
0
4

3
1

4
4

2
3

2
6
2

6
0

S
C
&
H

G
r
o
u
p

S
p
a
r
k
s
,

M
d
.

R
o
n
a
l
d

C
a
u
s
e
y

D
e
c

4
9
.
6
2

7
.
1
7

3

2
0

1
1
.
1
1

2
0
7

-
3
.
7
2

2
6
5

-
2
.
2
1

1
7

4
8

3
5

0
6
3

5
8

F
r
a
n
k
,

R
i
m
e
r
m
a
n

&

C
o
.

P
a
l
o

A
l
t
o
,

C
a
l
i
f
.

B
r
y
a
n

P
o
l
s
t
e
r

M
a
y

4
8
.
7
0

2
.
7
0

5

1
8

-
5
.
2
6

1
9
0

8
.
5
7

2
2
2

6
.
7
3

2
7

6
1

1
1

1
6
4

6
6

B
l
u
m
,

S
h
a
p
i
r
o

&

C
o
.

W
e
s
t

H
a
r
t
f
o
r
d
,

C
o
n
n
.

C
a
r
l

J
o
h
n
s
o
n

D
e
c

4
7
.
2
7

7
.
4
3

3

4
4

7
.
3
2

1
7
0

1
1
.
1
1

2
6
7

1
0
.
3
3

5
0

3
7

5

8
6
5

6
3

S
V
A

C
P
A
s

M
a
d
i
s
o
n
,

W
i
s
.

J
a
c
k

C
o
t
t
o
n

M
a
y

4
7
.
0
9

3
.
9
3

5

2
7

N
C

1
3
7

-
3
.
5
2

3
6
6

-
2
.
6
6

1
4

2
0

1
5

5
1
6
6

6
2

K
a
t
z
,

S
a
p
p
e
r

&

M
i
l
l
e
r

I
n
d
i
a
n
a
p
o
l
i
s

D
a
v
i
d

R
e
s
n
i
c
k

D
e
c

4
6
.
7
1

2
.
9
8

2

3
3

N
C

1
6
6

3
.
7
5

2
4
2

1
.
6
8

2
8

4
2

2
5

5
6
7

6
9

T
h
e

B
o
n
a
d
i
o

G
r
o
u
p
1
2

P
i
t
t
s
f
o
r
d
,

N
.
Y
.

T
h
o
m
a
s

B
o
n
a
d
i
o

A
p
r
i
l

4
6
.
4
3

1
0
.
6
3

7

4
8

1
4
.
2
9

2
0
4

-
1
.
4
5

3
0
0

1
.
0
1

5
9

1
7

1
0

1
4
6
8

6
4

H
e
i
n

&

A
s
s
o
c
i
a
t
e
s

D
e
n
v
e
r

B
r
i
a
n

M
a
n
d
e
l
l
-
R
i
c
e

D
e
c

4
5
.
2
8

0
.
4
0

4

3
0

-
6
.
2
5

1
5
1

-
3
.
2
1

2
2
2

-
3
.
9
0

5
3

4
0

7

0
6
9

7
0

N
i
g
r
o

K
a
r
l
i
n

S
e
g
a
l

&

F
e
l
d
s
t
e
i
n
1
3

L
o
s

A
n
g
e
l
e
s

M
i
c
k
e
y

S
e
g
a
l

D
e
c

4
4
.
7
6

8
.
9
3

2

2
1

1
6
.
6
7

1
8
9

6
.
1
8

2
3
9

5
.
7
5

2
3

1
1

0

6
6
7
0

6
8

C
l
a
r
k
,

S
c
h
a
e
f
e
r
,

H
a
c
k
e
t
t

&

C
o
.

M
i
d
d
l
e
t
o
w
n
,

O
h
i
o

C
a
r
l

C
o
b
u
r
n

J
u
n
e

4
4
.
1
8

3
.
9
0

7

2
4

-
4
.
0
0

2
0
9

5
.
5
6

3
1
5

1
4
.
1
3

4
8

3
6

7

9
7
1

6
7

D
o
e
r
e
n

M
a
y
h
e
w

T
r
o
y
,

M
i
c
h
.

M
a
r
k

C
r
a
w
f
o
r
d

S
e
p
t

4
3
.
7
5

0
.
1
1

2

2
6

N
C

1
4
7

-
9
.
2
6

2
1
0

-
6
.
6
7

4
4

2
9

1
0

1
7
7
2

7
2

R
G
L

F
o
r
e
n
s
i
c
s

D
e
n
v
e
r

P
a
u
l

C
a
d
o
r
e
t
t
e

D
e
c

4
1
.
3
8

6
.
4
3

1
7

2
8

7
.
6
9

1
6
0

3
0
.
0
8

2
2
8

2
1
.
2
8

0

0

0

1
0
0
7
3

7
1

M
a
r
g
o
l
i
n
,

W
i
n
e
r

&

E
v
e
n
s

G
a
r
d
e
n

C
i
t
y
,

N
.
Y
.

T
e
d
d
y

S
e
l
i
n
g
e
r

D
e
c

4
0
.
5
0

3
.
8
5

2

2
8

3
.
7
0

1
6
8

-
0
.
5
9

2
1
3

-
0
.
4
7

6
0

3
0

1
0

0
7
4

7
5

S
i
n
g
e
r
L
e
w
a
k

L
o
s

A
n
g
e
l
e
s

D
a
v
i
d

K
r
a
j
a
n
o
w
s
k
i

D
e
c

4
0
.
2
0

8
.
3
6

5

2
8

-
3
.
4
5

1
5
7

N
C

2
3
1

-
0
.
4
3

5
1

3
6

2

1
1
7
5

7
7

B
e
r
k
o
w
i
t
z

D
i
c
k

P
o
l
l
a
c
k

&

B
r
a
n
t

M
i
a
m
i

R
i
c
h
a
r
d

B
e
r
k
o
w
i
t
z

D
e
c

3
8
.
5
6

5
.
1
8

3

1
7

N
C

9
6

7
.
8
7

1
4
9

2
.
7
6

2
0

4
2

2

3
6
N
o
t
e
s
:


*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n





N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e





1
2


R
e
v
e
n
u
e
s

p
r
o
j
e
c
t
e
d

t
o

A
p
r
i
l

2
0
1
2
.






1
3


A
&
A

w
o
r
k

c
o
m
p
r
i
s
e
s

c
o
m
p
l
i
a
n
c
e

a
u
d
i
t
i
n
g
,

f
o
r
e
n
s
i
c

a
u
d
i
t
i
n
g
,

r
o
y
a
l
t
y
/
p
a
r
t
i
c
i
p
a
t
i
o
n

a
u
d
i
t
s
.
ACT T100 2012 p15-26.indd 17 2/22/12 5:18:30 PM

R
A
N
K

R
E
V
E
N
U
E



P
E
R
S
O
N
N
E
L

F
E
E

S
P
L
I
T





Y
e
a
r

$

%

O
f
f
-

P
a
r
t
-

%

P
r
o
f
e
s
-

%

T
o
t
a
l

%





(
i
n

p
e
r
c
e
n
t
)



1
2

1
1

F
i
r
m

H
e
a
d
q
u
a
r
t
e
r
s

C
h
i
e
f

e
x
e
c
u
t
i
v
e

e
n
d

m
n
.

c
h
g
.

i
c
e
s

n
e
r
s

c
h
g
.

s
i
o
n
a
l
s

c
h
g
.

e
m
p
s
.

c
h
g
.

A
&
A

T
a
x

M
A
S

O
t
h
e
r
7
6

7
4

P
o
s
t
l
e
t
h
w
a
i
t
h
e

&

N
e
t
t
e
r
v
i
l
l
e

B
a
t
o
n

R
o
u
g
e
,

L
a
.

W
i
l
l
i
a
m

B
a
l
h
o
f
f

A
p
r
i
l

3
8
.
5
4

0
.
9
7

9

2
7

-
3
.
5
7

2
2
1

-
1
.
3
4

3
0
4

1
.
6
7

4
7

2
6

2
7

0
7
7

7
9

F
r
e
e
d

M
a
x
i
c
k

C
P
A
s
1
4

B
u
f
f
a
l
o
,

N
.
Y
.

R
o
n
a
l
d

S
o
l
u
r
i

A
p
r
i
l

3
7
.
8
0

5
.
8
8

3

3
3

3
.
1
3

1
8
2

3
.
4
1

2
5
4

2
.
8
3

3
9

3
9

1
2

1
0
7
8

9
1

W
h
i
t
l
e
y

P
e
n
n

F
o
r
t

W
o
r
t
h
,

T
e
x
a
s

L
a
r
r
y

A
u
t
r
e
y

D
e
c

3
7
.
5
0

1
6
.
8
2

2

2
3

4
.
5
5

1
2
9

1
2
.
1
7

1
8
0

9
.
7
6

4
5

4
0

1
0

5
7
9

8
0

F
r
a
z
i
e
r

&

D
e
e
t
e
r

A
t
l
a
n
t
a

S
e
t
h

M
c
D
a
n
i
e
l

D
e
c

3
7
.
2
9

6
.
8
8

3

1
0

1
1
.
1
1

1
1
9

1
3
.
3
3

1
5
7

1
2
.
1
4

3
8

4
1

0

2
1
8
0

8
2

S
q
u
a
r
,

M
i
l
n
e
r
,

P
e
t
e
r
s
o
n
,

M
i
r
a
n
d
a

&

W
i
l
l
i
a
m
s
o
n




N
e
w
p
o
r
t

B
e
a
c
h
,

C
a
l
i
f
.

S
t
e
p
h
e
n

M
i
l
n
e
r

D
e
c

3
7
.
0
0

8
.
8
2

4

2
2

4
.
7
6

1
3
6

3
0
.
7
7

1
9
5

2
1
.
8
8

4
0

5
2

0

8
8
1

8
1

A
l
p
e
r
n

R
o
s
e
n
t
h
a
l

P
i
t
t
s
b
u
r
g
h

A
l
e
x
a
n
d
e
r

P
a
u
l

D
e
c

3
6
.
4
2

6
.
9
3

3

3
3

6
.
4
5

1
4
8

2
.
7
8

2
1
7

2
.
8
4

4
0

4
0

9

1
1
8
2

9
0

C
o
h
e
n

&

C
o
.

C
l
e
v
e
l
a
n
d

R
a
n
d
y

M
y
e
r
o
f
f

S
e
p
t

3
5
.
9
8

1
1
.
6
7

9

2
3

N
C

1
6
4

6
.
4
9

2
3
3

7
.
8
7

4
6

4
1

3

1
0
8
3

8
3

H
i
l
l
,

B
a
r
t
h

&

K
i
n
g

B
o
a
r
d
m
a
n
,

O
h
i
o

C
h
r
i
s

A
l
l
e
g
r
e
t
t
i

A
u
g

3
5
.
5
0

5
.
9
7

1
2

3
4

N
C

1
6
3

5
.
8
4

2
3
3

-
2
.
9
2

3
1

4
9

1
9

1
8
4

8
7

M
i
l
l
e
r

K
a
p
l
a
n

A
r
a
s
e


N
.

H
o
l
l
y
w
o
o
d
,

C
a
l
i
f
.

M
a
n
n
o
n

K
a
p
l
a
n

F
e
b

3
5
.
0
0

6
.
0
6

4

2
4

1
4
.
2
9

1
0
2

-
1
7
.
7
4

1
6
4

-
9
.
3
9

5
8

1
7

1
7

8
8
5

9
7

B
e
r
r
y
D
u
n
n
1
5

P
o
r
t
l
a
n
d
,

M
a
i
n
e

J
o
h
n

C
h
a
n
d
l
e
r

J
u
n
e

3
4
.
6
5

1
2
.
6
8

3

1
8

N
C

1
2
7

-
2
.
3
1

1
7
4

-
4
.
4
0

5
6

2
1

1
8

5
8
6

7
8

L
u
r
i
e

B
e
s
i
k
o
f

L
a
p
i
d
u
s

&

C
o
.

M
i
n
n
e
a
p
o
l
i
s

B
e
t
h

K
i
e
f
f
e
r

L
e
o
n
a
r
d

A
p
r
i
l

3
4
.
2
0

-
5
.
5
2

1

1
3

-
2
7
.
7
8

7
8

-
1
0
.
3
4

1
2
7

-
7
.
3
0

3
5

3
4

1
8

1
3
8
7

8
5

H
o
l
t
z

R
u
b
e
n
s
t
e
i
n

R
e
m
i
n
i
c
k

M
e
l
v
i
l
l
e
,

N
.
Y
.

F
r
a
n
c
i
s

C
a
n
d
i
a

S
e
p
t

3
3
.
8
0

1
.
8
1

2

2
0

-
1
3
.
0
4

1
1
9

5
.
3
1

1
7
5

1
.
1
6

4
7

4
0

4

9
8
8

9
6

H
o
n
k
a
m
p

K
r
u
e
g
e
r

&

C
o
.

D
u
b
u
q
u
e
,

I
o
w
a

G
r
e
g

B
u
r
b
a
c
h

D
e
c

3
3
.
6
2

6
.
8
0

6

1
8

5
.
8
8

9
2

1
3
.
5
8

2
8
6

1
8
.
1
8

1
8

2
0

4

5
8
8
9

N
R

R
a
i
c
h

E
n
d
e

M
a
l
t
e
r

&

C
o
.

N
e
w

Y
o
r
k

C
i
t
y

E
.

E
n
d
e

/

C
.

R
a
i
c
h

D
e
c

3
3
.
5
0

3
4
.
8
6

4

2
8

1
6
.
6
7

1
0
9

4
5
.
3
3

1
7
5

4
2
.
2
8

4
0

6
0

0

0
9
0

7
3

J
o
s
e
p
h

D
e
c
o
s
i
m
o

&

C
o
.

C
h
a
t
t
a
n
o
o
g
a
,

T
e
n
n
.

N
i
c
k

D
e
c
o
s
i
m
o

D
e
c

3
3
.
5
0

-
1
2
.
6
7

8

2
9

N
C

1
9
4

5
.
4
3

2
8
1

3
.
3
1

4
5

4
0

7

8
9
1

8
4

R
a
f
f
a

W
a
s
h
i
n
g
t
o
n
,

D
.
C
.

T
h
o
m
a
s

R
a
f
f
a

D
e
c

3
3
.
0
0

-
0
.
7
8

2

1
8

5
.
8
8

1
8
0

3
.
4
5

2
2
4

1
.
8
2

5
9

1
8

2
3

0
9
2

N
R

R
e
i
n
s
e
l

K
u
n
t
z

L
e
s
h
e
r

L
a
n
c
a
s
t
e
r
,

P
a
.

E
d
w
a
r
d

M
o
n
b
o
r
n
e

D
e
c

3
2
.
9
7

1
2
.
6
4

4

3
3

1
0
.
0
0

1
7
9

4
.
6
8

2
3
7

5
.
3
3

3
6

3
4

8

2
2
9
3

9
2

S
e
i
l
e
r

R
e
d
w
o
o
d

C
i
t
y
,

C
a
l
i
f
.

J
a
m
e
s

D
e
M
a
r
t
i
n
i

D
e
c

3
2
.
9
0

3
.
1
3

2

1
2

2
0
.
0
0

1
1
7

2
.
6
3

1
4
8

3
.
5
0

1
5

6
5

0

2
0
9
4

8
6

M
o
h
l
e
r
,

N
i
x
o
n

&

W
i
l
l
i
a
m
s


C
a
m
p
b
e
l
l
,

C
a
l
i
f
.

S
t
e
v
e

V
i
d
l
o
c
k

J
u
n
e

3
2
.
9
0

-
0
.
9
0

3

2
2

-
8
.
3
3

9
6

-
7
.
6
9

1
5
6

-
6
.
0
2

4
3

5
2

0

5
9
5

8
9

K
e
m
p
e
r

C
P
A

G
r
o
u
p

G
r
e
e
n
f
i
e
l
d
,

I
n
d
.

R
o
n
a
l
d

D
e
z
e
l
a
n

A
p
r
i
l

3
2
.
5
7

0
.
5
9

2
3

5
4

3
.
8
5

2
1
5

-
2
.
2
7

3
0
2

-
0
.
6
6

4
0

3
6

2
4

0
9
6

9
4

A
K
T

C
P
A
s

S
a
l
e
m
,

O
r
e
.

S
t
e
p
h
e
n

T
a
t
o
n
e

D
e
c

3
2
.
0
0

1
.
2
0

5

1
9

1
1
.
7
6

1
2
1

-
1
7
.
1
2

1
7
1

-
8
.
0
6

3
4

3
6

7

2
3
9
7

9
3

V
a
v
r
i
n
e
k

T
r
i
n
e

D
a
y



R
a
n
c
h
o

C
u
c
a
m
o
n
g
a
,

C
a
l
i
f
.

R
o
n
a
l
d

W
h
i
t
e

D
e
c

3
1
.
9
7

0
.
5
0

6

3
5

N
A

N
A

N
A

2
0
0

N
A

N
A

N
A

N
A

N
A
9
8

9
5

G
a
l
l
i
n
a

R
o
s
e
v
i
l
l
e
,

C
a
l
i
f
.

L
a
r
r
y

T
a
y
l
o
r

D
e
c

3
1
.
8
0

0
.
9
5

9

2
3

-
4
.
1
7

1
3
7

-
8
.
0
5

1
9
8

-
5
.
7
1

4
6

5
0

4

0
9
9

8
8

M
a
u
l
d
i
n

&

J
e
n
k
i
n
s

A
t
l
a
n
t
a

D
o
n
a
l
d

L
u
k
e
r

M
a
y

3
1
.
8
0

-
2
.
1
5

4

3
7

-
7
.
5
0

1
0
1

-
1
1
.
4
0

1
6
8

-
6
.
1
5

7
5

2
3

1

1
1
0
0
N
R

K
a
h
n
,

L
i
t
w
i
n
,

R
e
n
z
a

&

C
o
.

P
r
o
v
i
d
e
n
c
e
,

R
.
I
.

A
l
a
n

L
i
t
w
i
n

D
e
c

3
0
.
8
3

1
0
.
2
6

3

1
0

N
C

1
2
8

1
.
5
9

1
6
4

1
.
2
3

3
2

3
3

3
5

0
N
o
t
e
s
:




A
c
c
o
u
n
t
i
n
g

T
o
d
a
y

e
s
t
i
m
a
t
e






N
C

N
o

c
h
a
n
g
e






N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e







N
R

N
o
t

r
a
n
k
e
d

1
4


C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

F
r
e
e
d

M
a
x
i
c
k

&

B
a
t
t
a
g
l
i
a





1
5


C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

B
e
r
r
y

D
u
n
n

M
c
N
e
i
l

&

P
a
r
k
e
r
.
ACT T100 2012 p15-26.indd 18 2/22/12 5:18:30 PM
The building blocks for growth, profit, and success.
1.855.855.5CPA,
or visit CPA.com
019_ACTMar12 6 2/21/2012 4:39:20 PM
M
uch like our Top 100 Firms,
our Regional Leaders had
a decent 2011, with all 10
regions reporting growth.
And as with our T100, mergers played a
major role in how the year unfolded, both
for the firms and for the regions.
In 2011, the regions fell into three
bands: those with extremely high growth
overall, those with perfectly respectable
growth, and those with growth that was,
if not wildly exciting, at least better than
in 2010. Rocketing ahead were the South-
east and the Gulf Coast, with the Regional
Leaders there reporting combined growth
of 18 percent and 19 percent, respectively.
It should come as no surprise that these
regions are home to two of 2011’s biggest
firm mergers — the combination of Dix-
on Hughes with Goodman & Co. to form
Dixon Hughes Goodman at the beginning
of the year, and the creation of Warren
Averett at the end of the year, from Warren,
Averett, Kimbrough & Marino, O’Sullivan
Creel, and Wilson, Price, Barranco, Blank-
enship & Billingsley.
Moving along at a reasonable pace
were the Mid-Atlantic Region, the Great
Lakes, New England, the Capital Region,
and the West, all with growth between 4.5
and 6.5 percent. Mergers reshaped the
terrain in all of these, as well, and in many
cases created new ties between regions, as
witnessed by the number of Mid-Atlantic
Regional Leaders, particularly from the
New York Metro area, that made moves
into New England.
Bringing up the rear were the Moun-
tain Region, the Southwest and the Mid-
west, with growth rates ranging between
1.1 and 2.2 percent. While that may seem
low, it should be noted that the first two
grew faster than they did in 2010, when the
Mountain Region actually contracted, and
that the Midwest was only off a little from
2010, while suffering the loss of one of its
major firms, LarsonAllen, which became
a national firm through — you guessed it
— a series of mergers.
It should be remembered, though,
that geography is not destiny: There were
low-performing firms in the leading re-
gions, while the Southwest’s Whitley Penn
and PMB Helin Donovan grew by over 16
and 12 percent, respectively; the Mountain
Region is home to standouts like Squire &
Co., which grew by over 11 percent; and
the Midwest hosts RubinBrown, which
grew by almost 14 percent, in part by fur-
ther expanding into the Mountain Region
by acquiring a major Denver firm.
RubinBrown exemplifies the trend
that we mentioned above: Many of our
Regional Leaders are moving into adja-
cent regions, often through acquisition.
Mid-Atlantic firms like Marcum and J.H.
Cohn are buying Connecticut and Mas-
sachusetts firms; Alabama’s Carr, Riggs &
Ingram is building a super-regional firm
that encompasses the Gulf Coast and the
Southeast; Midwest No. 2 Regional Leader
regional overview
2012 Regional Leaders
see three kinds of growth
Capital
Region
Great
Lakes
Gulf
Coast
Mid-
Atlantic
Mid
west
Mountain New
England
South
east
South
west
West
20
15
10
5
0
In all its forms
Regional Leader revenue growth, year-to-year % change
20
ACT T100 2012 p15-26.indd 20 2/22/12 5:18:36 PM
21
THE 2012 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C.,
and West Virginia
The Capital Region saw respectable growth this year,
with the Regional Leaders’ combined revenue swell-
ing 4.97 percent to $681.65 million.
That increase is all the more impressive given that
one of last year’s mega-mergers meant that one of
the region’s major players, Virginia’s Goodman &
Co., left the list after hooking up with Southeast pow-
erhouse Dixon Hughes to form Dixon Hughes Good-
man. The firm obviously remains a major presence
in the Capital Region, but can be found on our list
of Southeast Regional Leaders, where it ranks No. 1.
The same applies to Southeast No. 2, Cherry, Bekaert
& Holland, which is based in Virginia, but has strong
operations throughout the Southeast.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Reznick Group Bethesda, Md. 202.50 5.73 10 106 652 967 57 29 13 1
Kearney & Co. Alexandria, Va. 79.78 10.12 2 13 248 358 71 0 29 0
Aronson Rockville, Md. 52.15 10.14 1 27 136 198 42 32 15 11
Watkins Meegan Bethesda, Md. 50.20 9.13 4 16 204 235 22 23 55 0
Argy, Wiltse & Robinson McLean, Va. 50.00 NC 3 25 175 240 31 44 23 2
SC&H Group Sparks, Md. 49.62 7.17 3 20 207 265 17 48 35 0
Raffa Washington, D.C. 33.00 -0.78 2 18 180 224 59 18 23 0
Yount, Hyde & Barbour Winchester, Va. 23.86 -2.25 6 19 86 125 42 44 14 0
Brown, Edwards & Co.† Bluefield, W. Va. 23.85 2.01 7 23 NA NA NA NA NA NA
Keiter, Stephens, Hurst, Gary & Shreaves†
Glen Allen, Va. 21.04 1.01 2 20 NA NA NA NA NA NA
Johnson Lambert & Co. Falls Church, Va. 20.05 -0.84 8 13 107 135 85 14 1 0
Gelman, Rosenberg & Freedman† Bethesda, Md. 18.00 1.98 1 12 NA NA NA NA NA NA
Smith Elliott Kearns & Co. Hagerstown, Md. 16.20 1.06 4 20 97 137 57 31 5 7
KatzAbosch Timonium, Md. 15.00 7.14 3 21 41 83 39 48 5 8
Gross, Mendelsohn & Associates Baltimore 13.39 2.92 1 13 51 84 49 29 22 0
Arnett & Foster Charleston, W.Va. 13.01 0.46 2 17 55 88 46 20 34 0
Notes: † Accounting Today estimate NC No change NA Not available/applicable
Eide Bailly is due to merge with Great
Lakes No. 3 Wipfli in June; and so on.
Needless to say, this complicates our
list-making, requiring fine — and, ad-
mittedly, often subjective — judgments
about where to put a firm that straddles
two or more regions, but hasn’t quite got
the reach to be a national firm. Western
Regional Leader Hagen, Streiff, Newton
& Oshiro, for instance, is headquartered
in Newport Beach, Calif., but has a strong
presence in the Southwest, as well. We’ve
noted some of these dual citizenships in
the regional lists that follow.
BEYOND M&A
As much as mergers contributed to growth
in the regions, they aren’t the only way to
build a firm. Our Regional Leaders report-
ed strong increases in demand for services
by nonprofits and health care facilities, as
well as real estate and construction clients,
and from professional services organiza-
tions like law firms and doctors’ offices.
Some service areas saw strong growth in
individual regions — firms in the Capi-
tal Region, for obvious reasons, saw in-
creased demand from both government
and government contractors, while firms
in the Southwest, and Texas in particular,
were doing well with oil, gas, and other
energy-related services and clients.
Organic growth like that is what will
continue to replenish the ranks of the Re-
gional Leaders, as more and more of them
either graduate to national status, or prove
attractive M&A targets for national and
super-regional firms. Most of the regions
saw a Regional Leader move up this way
— the West’s Perry-Smith was merged
into national firm Crowe Horwath, which
itself rose from a Great Lakes leader to a
national firm. New England lost two ma-
jor firms, Kostin Ruffkess and CCR, to J.H.
Cohn and Grant Thornton, respectively.
With that said, we’ve managed to
grow this year’s Regional Leaders from
the 2011 list, not only replacing those
firms that were either acquired or grew so
large they became national, but adding a
few more, to bring our total up to 171. If
you belong among our Regional Leaders
but we missed you this year, e-mail us at
AcToday@SourceMedia.com so we can
add you to next year’s survey.
In the meantime, consider this year’s
list of Regional Leaders, starting below
and continuing in the pages that follow,
as they demonstrate the many ways an
accounting firm can grow. AT
regional leaders
ACT T100 2012 p15-26.indd 21 2/22/12 5:36:42 PM
22
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Plante Moran Southfield, Mich. 304.35 2.02 16 217 975 1,518 52 32 16 0
Baker Tilly Virchow Krause Chicago 242.00 1.68 11 101 1,081 1,300 38 34 25 3
Wipfli Milwaukee 142.17 24.12 20 132 705 1035 35 30 35 0
Rehmann Saginaw, Mich. 87.00 16.00 20 56 493 687 43 33 7 17
SS&G Cleveland 70.70 9.17 9 30 362 444 32 36 12 20
Schenck Appleton, Wis. 65.45 3.14 9 57 317 466 38 38 19 5
Sikich Naperville, Ill. 64.50 16.22 7 62 271 373 40 15 40 5
Blue & Co. Carmel, Ind. 55.10 9.11 8 32 207 293 31 18 51 0
Blackman Kallick Chicago 52.00 1.92 1 36 148 222 43 38 19 0
SVA CPAs Madison, Wis. 47.09 3.93 5 27 137 366 14 20 15 51
Katz, Sapper & Miller Indianapolis 46.71 2.98 2 33 166 242 28 42 25 5
Clark, Schaefer, Hackett & Co. Middletown, Ohio 44.18 3.97 7 24 209 315 48 36 7 9
Doeren Mayhew Troy, Mich. 43.75 0.11 2 26 147 210 44 29 10 17
Cohen & Co. Cleveland 35.98 11.67 9 23 164 233 46 41 3 10
Hill, Barth & King Boardman, Ohio 35.50 5.97 12 34 163 233 31 49 19 1
Kemper CPA Group Greenfield, Ind. 32.57 0.59 23 54 215 302 40 36 24 0
Rea & Associates New Philadelphia, Ohio 29.20 0.48 11 29 137 217 46 33 7 14
Yeo & Yeo Saginaw, Mich. 27.35 -3.25 7 21 124 177 21 20 21 38
ORBA Chicago 20.90 6.09 1 17 66 105 65 25 10 0
Somerset CPAs† Indianapolis 20.29 1.00 1 22 NA 117 NA NA NA NA
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
The Regional Leaders in the Great Lakes reversed their
contraction of 2010, growing their revenues by 6.04 per-
cent to $1,466.79 million in 2011.
That, it should be noted, was without the help of Chi-
cago-based Crowe Horwath, which has graduated from
the ranks of the Regional Leaders to become a national
firm. Mergers and acquisitions helped fill some of the gap,
with serial acquirers like Sikich and Rehmann both post-
ing revenue growth of over 16 percent.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Carr, Riggs & Ingram Enterprise, Ala. 100.31 16.84 16 79 366 513 60 25 15 0
Warren Averett* Birmingham, Ala. 84.39 127.90 11 106 309 575 NA NA NA NA
MBAF CPAs Miami 80.00 17.65 10 22 310 397 38 43 11 8
Horne* Ridgeland, Miss. 56.77 4.17 12 22 267 383 35 13 41 11
Kaufman, Rossin Group Miami 51.20 15.84 6 38 182 272 32 23 4 41
Berkowitz Dick Pollack & Brant Miami 38.56 5.18 3 17 96 149 20 42 2 36
Postlethwaithe & Netterville Baton Rouge, La. 38.54 0.97 9 27 221 304 47 26 27 0
Jackson Thornton & Co. Montgomery, Ala. 23.96 3.95 5 21 120 169 40 25 11 24
LaPorte Sehrt Romig Hand Metairie, La. 21.33 3.24 4 17 110 151 47 43 10 0
Sellers, Richardson, Holman & West
Birmingham, Ala. 15.05 3.01 1 12 61 82 43 57 0 0
Barfield, Murphy, Shank & Smith Birmingham, Ala. 14.20 3.65 1 9 68 101 40 29 4 27
Gerson Preston Robinson & Co. Miami Beach, Fla. 14.10 5.22 3 6 39 58 40 40 20 0
Daszkal Bolton Boca Raton, Fla. 13.67 2.55 3 9 63 101 23 69 8 0
Averett Warmus Durkee Osburn Henning
Orlando, Fla. 12.00 42.86 2 12 59 88 50 45 5 0
Bourgeois Bennett † Metairie, La. 11.12 2.02 4 18 NA 85 NA NA NA NA
Notes: † Accounting Today estimate * Firm estimate or projection NA Not available/applicable
Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
The Gulf Coast Regional Leaders roared ahead in
2011, growing revenue 19.22 percent, to $575.2 mil-
lion. They were led by the creation of Warren Aver-
ett from three firms — Warren, Averett, Kimbrough
& Marino, O’Sullivan Creel, and Wilson Price
— registering growth of almost 128 percent. The
No. 1 firm, Alabama’s Carr, Riggs & Ingram, was no
slouch either, expanding its already considerable
reach across the Gulf Coast and the Southeast.
regional leaders
ACT T100 2012 p15-26.indd 22 2/22/12 5:18:38 PM
23
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Marcum New York City 274.20 9.33 18 138 549 904 45 30 10 15
EisnerAmper New York City 254.60 1.39 8 164 822 986 55 28 17 0
J.H. Cohn* Roseland, N.J. 243.00 5.65 15 174 657 1,101 54 30 2 14
Rothstein, Kass & Co. Roseland, N.J. 179.50 9.99 8 71 677 857 61 36 2 1
ParenteBeard Philadelphia 170.00 4.29 20 140 672 1,036 54 28 18 0
WeiserMazars New York City 124.50 4.25 6 97 405 624 50 40 10 0
Citrin Cooperman & Co. New York City 115.00 15.00 5 102 285 452 47 36 10 7
Berdon New York City 95.00 2.15 2 42 327 395 30 40 30 0
Anchin, Block & Anchin New York City 91.50 2.81 1 52 205 321 44 43 13 0
Marks Paneth & Shron New York City 87.38 0.59 3 63 312 472 62 27 1 10
WithumSmith+Brown Princeton, N.J. 76.72 5.49 12 82 340 512 43 33 4 20
O’Connor Davies New York City 74.50 15.06 7 58 282 382 65 28 7 0
Friedman New York City 69.20 7.79 6 53 241 337 63 35 2 0
Schneider Downs Pittsburgh 52.30 6.09 2 34 267 334 45 35 20 0
Rosen Seymour Shapss Martin & Co. New York City 51.30 3.43 4 28 167 228 46 35 19 0
The Bonadio Group* Pittsford, N.Y. 46.43 10.63 7 48 204 300 59 17 10 14
Margolin, Winer & Evens Garden City, N.Y. 40.50 3.85 2 28 168 213 60 30 10 0
Freed Maxick CPAs Buffalo, N.Y. 37.80 5.88 3 33 182 254 39 39 12 10
Alpern Rosenthal Pittsburgh 36.42 6.93 3 33 148 217 40 40 9 11
Holtz Rubenstein Reminick Melville, N.Y. 33.80 1.81 2 20 119 175 47 40 4 9
Raich Ende Malter & Co. New York City 33.50 34.86 4 28 109 175 40 60 0 0
Reinsel Kuntz Lesher Lancaster, Pa. 32.97 12.64 4 33 179 237 36 34 8 22
Grassi & Co.* Jericho, N.Y. 29.70 20.10 2 13 122 164 50 31 11 8
Wiss & Co. Livingston, N.J. 29.10 0.21 4 30 112 171 52 35 0 13
Top Firms: Mid-Atlantic
New Jersey, New York and Pennsylvania
The Mid-Atlantic Regional Leaders saw more-than-re-
spectable growth of 6.55 percent, giving them 2011 rev-
enues of $2,278.92 million.
Many of the biggest firms in the region got into the
M&A game, with both Marcum and J.H. Cohn expanding
further into New England, and others, like ParenteBeard,
using mergers to grow within the Mid-Atlantic Region. The
area also contributed two new members of the Top 100:
Reinsel Kuntz Lesher, and Raich Ender Malter & Co.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BKD Springfield, Mo. 391.20 0.10 30 244 1,223 1,844 50 32 18 0
Eide Bailly Fargo, N.D. 151.60 -0.13 19 97 881 1,251 44 30 19 7
RubinBrown St. Louis 61.72 13.73 3 28 280 362 50 35 15 0
Lurie Besikof Lapidus & Co. Minneapolis 34.20 -5.52 1 13 78 127 35 34 18 13
Honkamp Krueger & Co. Dubuque, Iowa 33.62 6.80 6 18 92 286 18 20 4 58
Kennedy and Coe Salina, Kan. 30.50 -0.65 8 24 112 193 20 53 27 0
Brown Smith Wallace St. Louis 26.00 4.92 4 23 151 191 24 44 32 0
Brady, Martz & Associates Grand Forks, N.D. 23.66 6.38 6 30 93 159 59 34 7 0
Boulay, Heutmaker, Zibell & Co. Minneapolis 19.54 -8.65 1 30 74 122 50 33 0 17
Lutz & Co. Omaha, Neb. 19.39 4.98 1 23 65 107 39 34 11 16
Mize, Houser & Co. Topeka, Kan. 18.65 5.97 4 15 98 178 59 24 17 0
Anders, Minkler & Diehl St. Louis 17.61 2.56 1 12 83 108 26 39 0 35
Seim Johnson Omaha, Neb. 12.55 5.11 1 15 45 75 41 25 34 0
Olsen Thielen & Co.
1
St. Paul, Minn. 12.04 -14.49 2 11 69 98 40 31 29 0
Notes: * Firm estimate or projection 1 Revenue decrease reflects spinoff of subsidiary last year.
Top Firms: Midwest
Iowa, Kansas, Minnesota, Missouri, Nebraska,
North Dakota and South Dakota
The Midwest Regional Leaders put in the weakest perform-
ance in 2011, growing their revenues at a slower clip even
than in 2010 — but still growing them, by 1.11 percent, to
$852.28. Those numbers would undoubtedly have been
higher if we’d included LarsonAllen, which grew 25 percent
through a series of mergers — but its final merger, with
Clifton Gunderson, turned it into a national firm.
Next year we’ll get to puzzle out what to do with No. 2
Midwest firm Eide Bailly, which is set to merge with Great
Lakes No. 3 Wipfli in June.
regional leaders
ACT T100 2012 p15-26.indd 23 2/22/12 5:18:39 PM
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Ehrhardt Keefe Steiner & Hottman Denver 58.47 7.09 3 30 275 377 51 40 9 0
Hein & Associates Denver 45.28 0.40 4 30 151 222 53 40 7 0
Anderson ZurMuehlen & Co. Helena, Mont. 19.54 5.34 7 25 124 203 32 35 13 20
Galusha, Higgins & Galusha† Helena, Mont. 17.64 0.51 6 NA NA NA NA NA NA NA
GHP Horwath Denver 16.70 NC 1 9 67 92 41 29 0 30
JCCS† Great Falls, Mont. 13.04 0.54 7 30 NA NA NA NA NA NA
Tanner Salt Lake City 12.30 1.65 1 9 68 85 70 26 4 0
Dalby, Wendland & Co. Grand Junction, Colo. 11.78 -3.76 6 16 45 82 19 63 7 11
Squire & Co. Orem, Utah 11.63 11.93 1 11 51 76 43 30 8 19
Anton Collins Mitchell Denver 9.75 2.09 2 9 65 89 65 32 3 0
McGee, Hearne & Paiz Cheyenne, Wyo. 9.28 0.65 1 9 48 66 59 37 4 0
Haynie & Co. Salt Lake City 7.39 -13.16 3 5 45 60 49 33 7 11
Wisan Smith Racker & Prescott Salt Lake City 7.16 NA 2 7 38 50 45 45 10 0
Top Firms: Mountain
Colorado, Idaho, Montana, Utah and Wyoming
2011 was a much better year for the Regional Lead-
ers in the Mountain States, which grew their overall
revenues by 2.27 percent, to $239.96 million, putting
them ahead of their slower-growing peers in the
Southwest and Midwest.
Growth came from a wide variety of services —
the fastest growing Regional Leader, Utah’s Squire &
Co., reported that its fastest growing specialty service
was technology consulting, while the largest firm in
the area, Denver’s Ehrhardt Keefe Steiner & Hottman,
saw its fastest growth in international tax.
There were also mergers, of course — Midwest
Regional Leader RubinBrown, for instance, continued
its expansion into the area, which is began in 2010, by
acquiring major Denver firm Bondi & Co.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Blum, Shapiro & Co. West Hartford, Conn. 47.27 7.43 3 44 170 267 50 37 5 8
BerryDunn Portland, Maine 34.65 12.68 3 18 127 174 56 21 18 5
Kahn, Litwin, Renza & Co. Providence, R.I. 30.83 10.26 3 10 128 164 32 33 35 0
Baker Newman & Noyes Portland, Maine 28.30 1.80 4 26 124 178 46 37 17 0
Wolf & Co. Boston 28.21 4.71 3 17 145 180 51 24 0 25
Feeley & Driscoll Boston 23.62 -4.02 1 14 80 120 63 23 14 0
Braver † Newton, Mass. 19.35 2.00 5 16 NA NA NA NA NA NA
DiCicco, Gulman & Co. Woburn, Mass. 15.80 5.61 2 12 60 87 42 43 15 0
Whittlesey & Hadley Hartford, Conn. 13.80 3.76 1 14 76 98 60 20 20 0
Macdonald Page & Co. South Portland, Maine 12.25 1.83 2 22 57 92 44 31 11 14
Gray, Gray & Gray Westwood, Mass. 10.40 4.00 2 10 44 66 60 30 10 0
Meyers Brothers Kalicka Holyoke, Mass. 9.50 -1.04 1 8 41 60 50 42 8 0
Gallagher Flynn & Co. South Burlington, Vt. 9.09 3.30 2 10 NA NA NA NA NA NA
Abrams Little-Gill Loberfeld Chestnut Hill, Mass. 6.83 16.55 1 11 21 48 34 60 6 0
Notes: † Accounting Today estimate NC No change NA Not available/applicable
Top Firms: New England
Connecticut, Maine, Massachusetts, New Hampshire,
Rhode Island and Vermont
The Regional Leaders in New England rebounded from
2010’s contraction, growing their revenues by 5.2 percent
to $289.9 million.
And this was despite the fact that two of the larger
firms in the area dropped off the list this time around,
both as a result of mergers: Connecticut-based Kostin
Ruffkess was grabbed up by Mid-Atlantic Regional Leader
J.H. Cohn, while Massachusett’s CCR was grabbed by na-
tional firm Grant Thornton. New York-based Top 100 Firm
Marcum also expanded its presence in the area with two
mergers early in 2012.
The news wasn’t all about the Top 100 moving into
New England, though: One Regional Leader — Rhode
Island’s Kahn, Litwin, Renza & Co. — broke the revenue
barrier and joined the T100 for the first time this year, after
growing over 10 percent in 2011.
regional leaders
24
ACT T100 2012 p15-26.indd 24 2/22/12 5:18:40 PM
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Dixon Hughes Goodman Charlotte, N.C. 295.00 52.85 30 174 1,108 1,616 41 36 23 0
Cherry, Bekaert & Holland Richmond, Va. 111.18 13.01 15 45 579 804 51 36 8 5
Habif, Arogeti & Wynne Atlanta 58.14 -1.51 2 29 206 277 45 36 8 11
Elliott Davis Greenville, S.C. 57.55 5.35 10 51 241 365 48 36 12 4
Lattimore, Black, Morgan & Cain Brentwood, Tenn. 57.00 2.33 3 40 256 356 26 36 14 24
Frazier & Deeter Atlanta 37.29 6.88 3 10 119 157 38 41 0 21
Joseph Decosimo & Co. Chattanooga, Tenn. 33.50 -12.67 8 29 194 281 45 40 7 8
Mauldin & Jenkins Atlanta 31.80 -2.15 4 37 101 168 75 23 1 1
Mountjoy Chilton Medley Louisville, Ky. 30.15 10.68 4 32 140 211 47 33 9 11
Bennett Thrasher † Atlanta 23.22 -1.02 1 22 NA 129 NA NA NA NA
Frost Little Rock, Ark. 23.14 -3.22 3 9 106 144 48 39 12 1
Dean Dorton Allen Ford Lexington, Ky. 22.42 39.51 2 30 87 143 38 40 22 0
WebsterRogers Florence, S.C. 17.13 3.44 8 21 80 120 38 38 14 10
Top Firms: Southeast
Arkansas, Georgia, Kentucky, North
Carolina, South Carolina and Tennessee
The Southeast Regional Leaders saw the
second strongest growth of all our regions,
boosting their revenues 18.37 percent, to
$797.52 million.
Leading the way was the super-reg-
ional firm Dixon Hughes Goodman, which
brought together the Capital Region’s
Goodman & Co. and the Southeast’s Dixon
Hughes. The combined firm is listed as
a Southeast Regional Leader, but it also
retains an extremely strong presence in the
Capital Region — as, for that matter, does
Southeast No. 2 Cherry, Bekaert & Hol-
land, which is headquartered in Virginia.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Weaver Fort Worth, Texas 66.40 1.68 6 35 301 399 40 47 5 8
Whitley Penn Fort Worth, Texas 37.50 16.82 2 23 129 180 45 40 10 5
Padgett, Stratemann & Co. San Antonio 27.37 -0.04 2 15 114 162 56 35 9 0
Gainer, Donnelly & Desroches Houston 20.53 -3.62 1 11 62 140 35 55 10 0
PKF Texas Houston 19.93 2.42 1 12 97 124 47 45 8 0
Briggs & Veselka Houston 19.59 3.21 2 15 106 143 38 55 7 0
TravisWolff Dallas 19.20 -10.70 2 14 80 120 39 49 12 0
REDW Albuquerque, N.M. 19.08 -3.64 2 15 86 133 51 17 13 19
Cain Watters & Associates Dallas 18.10 3.43 1 8 42 110 12 15 0 73
Lane Gorman Trubitt Dallas 18.10 2.96 1 16 56 86 55 39 0 6
Johnson Miller & Co. Odessa, Texas 17.05 4.47 3 14 71 99 28 49 8 15
Henry & Horne Tempe, Ariz. 15.90 -3.05 3 15 61 103 37 55 8 0
BeachFleischman* Tucson, Ariz. 14.60 1.39 1 17 58 94 28 48 6 18
PMB Helin Donovan Austin, Texas 13.49 12.14 7 22 86 118 67 33 0 0
MaloneBailey Houston 12.61 -1.94 2 5 62 76 84 16 0 0
Notes: † Accounting Today estimate * Firm estimate or projection NA Not available/applicable
Top Firms: Southwest
Arizona, New Mexico, Oklahoma
and Texas
The Southwest grew more strongly in 2011
than in 2010, but still was one of the weaker
performers among the regions, with the
Regional Leaders’ combined revenues grow-
ing 1.96 percent to $339.45 million.
No. 1 Southwest firm Weaver eas-
ily kept its position as by far the largest in
the area, helped by strategic mergers. No.
2 Whitley Penn, though, showed strong
growth of almost 17 percent.
One of the strongest areas of growth
across the region was the energy sector, with
a number of firms reporting more business
with clients in oil, gas, alternative energy,
and energy services. But it didn’t dominate
— other firms cited international tax, non-
profits, and health care as among their fast-
est growing service areas.
regional leaders
25
ACT T100 2012 p15-26.indd 25 2/22/12 5:18:41 PM
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Moss Adams Seattle 323.00 2.22 19 230 1,081 1,741 51 35 14 0
Armanino McKenna San Ramon, Calif. 84.20 17.84 5 39 219 295 36 38 26 0
Novogradac & Co. San Francisco 72.06 10.17 12 29 250 332 56 27 7 10
Burr, Pilger & Mayer San Francisco 70.20 9.04 7 57 264 411 36 43 13 8
Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 69.00 6.15 7 27 187 274 20 71 0 9
Frank, Rimerman & Co. Palo Alto, Calif. 48.70 2.70 5 18 190 222 27 61 11 1
Nigro Karlin Segal & Feldstein
2
Los Angeles 44.76 8.93 2 21 189 239 23 11 0 66
SingerLewak Los Angeles 40.20 8.36 5 28 157 231 51 36 2 11
Squar, Milner, Peterson, Miranda & Williamson
Newport Beach, Calif. 37.00 8.82 4 22 136 195 40 52 0 8
Miller Kaplan Arase North Hollywood, Calif. 35.00 6.06 4 24 102 164 58 17 17 8
Seiler Redwood City, Calif. 32.90 3.13 2 12 117 148 15 65 0 20
Mohler, Nixon & Williams Campbell, Calif. 32.90 -0.90 3 22 96 156 43 52 0 5
AKT CPAs Salem, Ore. 32.00 1.20 5 19 121 171 34 36 7 23
Vavrinek Trine Day† Rancho Cucamonga, Calif. 31.97 0.50 6 35 NA 200 NA NA NA NA
Gallina Roseville, Calif. 31.80 0.95 9 23 137 198 46 50 4 0
Macias Gini & O’Connell Sacramento, Calif. 30.10 0.60 7 12 151 223 67 15 0 18
Clark Nuber Bellevue, Wash. 26.71 4.42 1 16 105 152 44 38 0 18
Gursey / Schneider † Los Angeles 25.20 4.00 2 8 NA NA NA NA NA NA
Windes & McClaughry † Long Beach, Calif. 24.28 4.03 4 18 NA 145 NA NA NA NA
RBZ † Los Angeles 23.82 4.02 1 13 NA 105 NA NA NA NA
Hagen, Streiff, Newton & Oshiro
Newport Beach, Calif. 20.90 -10.18 19 25 40 80 0 0 0 100
Hutchinson and Bloodgood Glendale, Calif. 20.85 1.21 4 31 44 100 36 46 18 0
Green Hasson Janks* Los Angeles 20.80 11.83 1 14 82 108 58 32 7 3
Gumbiner Savett Santa Monica, Calif. 16.60 7.79 1 12 72 100 40 50 8 2
Geffen Mesher & Co. Portland, Ore. 16.25 NA 1 13 60 91 30 60 10 0
Hood & Strong San Francisco 16.00 NC 2 13 61 90 64 36 0 0
Sensiba San Filippo Pleasanton, Calif. 14.40 -9.32 4 16 51 92 38 49 0 13
Notes: † Accounting Today estimate * Firm estimate or projection NC No change NA Not available/applicable
2 A&A work comprises compliance auditing, forensic auditing, royalty/participation audits
Top Firms: West
California, Nevada, Oregon and Washington
The West grew more in 2011, with the Regional Leaders’
total revenues growing 4.61 percent, to $1,241.6 million.
Perhaps the biggest news here was the merger that
didn’t happen: The much-ballyhooed combination of Top
100 Firm Burr, Pilger & Mayer and Southern California’s
Windes & McClaughry had been slated to happen this year,
but the firms called it off in February, citing an inability to
agree on the final terms. BPM may take some consolation
from having climbed a spot on the Regional Leaders list,
to No. 4, and from the two other acquisitions that it com-
pleted in the course of 2011.
Other Regional Leaders active on the M&A front in-
cluded Armanino McKenna, which picked up a tech firm;
Oregon’s AKT CPAs; Gallina, which expanded into Ne-
vada; and Squar, Milner, Peterson, Miranda & Williamson,
which, among other things, picked up a practice unit in the
fire sale of consultancy LECG.
Finally, though its combination with Clifton Gunder-
son has overshadowed all else, LarsonAllen made quite a
merger splash in the Pacific Northwest in 2011, grabbing
up a couple of firms in the area.
Mid-
Atlantic
Great
Lakes
West Mid
west
South
east
Capital
Region
Gulf
Coast
South
west
New
England
Mountain
Top 6 Firms
($36.16 bn)
Regional
Leaders
($8.76 bn)
T100 under
$100 mn
($3.63 bn)
T100 over
$100 mn
($6.04 bn)
500
0
1,000
1,500
2,000
2,500
Where the money is
Combined 2011 revenues by region Combined 2011 revenues
regional leaders
26
ACT T100 2012 p15-26.indd 26 2/22/12 5:18:44 PM
! AKT CPAs: In September 2011, acquired
Portland-based WEL Group. In December,
acquired San Diego firm of Catherine Pre-
cisio Smith.
! Alpern Rosenthal: Acquired Ft. Lauder-
dale, Fla.-based M. Cohen & Associates.
Launched new valuation services for Mar-
cellus Shale. In January 2012, moved into
new office in Philadelphia.
! Anchin, Block & Anchin: Fastest grow-
ing specialty service — family office. Fast-
est growing client category — real estate.
Named an Accounting Today Best Firm to
Work For in 2011.
! Argy, Wiltse & Robinson: In September
2011, celebrated its 20th anniversary. Fast-
est growing specialty service — business
consulting, primarily to government con-
tractors. Fastest growing client category
— government contractors.
! Armanino McKenna: In January 2011,
became an Intacct reseller. In July, merged
in Qlikview provider Factory Information
Management Solutions.
! Aronson: Established Technology In-
dustry Services Group. Restructured and
rebranded software solutions practice as
Aronson Systems Group. In January 2012,
launched Champion Recruiting LLC to of-
fer personnel placement services.
! Baker Tilly Virchow Krause: In Febru-
ary 2011, became a NetSuite reseller. In
July, promoted two new executive manag-
ing partners to its Office of the CEO, and a
number of new office MPs.
! BDO USA: In February 2011, jury im-
posed $91 million judgement over audits
of a real estate firm. In May, sued by inves-
tors in Allen Stanford’s Ponzi scheme. In
November, merged in six partners and 60-
plus staff of San Antonio-based Carneiro,
Chumney & Co. In January 2012, merged
in six partners and 65 staff from New York-
and Los Angeles-based Salibello & Broder.
! Berdon: In 2011, enacted succession
plan, resulting in January 2012 naming of
new co-managing partners, Mark Boss-
wick and Stuart Kotler.
! Berkowitz Dick Pollack & Brant: Saw
significant growth in BayBridge Real Estate
Group affiliate. Fastest growing specialty
service — M&A. Fastest growing client
category — real estate.
! BerryDunn: As part of its 37th anni-
versary, changed name from Berry Dunn
McNeil & Parker.
! BKD: In July 2011, merged in Waco, Tex-
as-based Parrish, Moody & Fikes, adding
50 staff. Initiated an employee engagement
council. In February 2012, CEO Neal Spen-
cer announced plans to retire in June.
! Blackman Kallick: Saw “growth in
audit and consulting services in targeted
niches.”
! Blue & Co.: In January 2011, merged
in Louisville, Ky.-based Douglas R. Wise
& Co.
! Blum, Shapiro & Co.: No. 1 Regional
Leader in New England. In January 2011,
expanded to Boston through merger with
26-person Neddel, Welch & Stone. Became
an Intacct reseller.
! The Bonadio Group: In February 2011,
announced a new three-person manage-
ment committee to run firm. Put a part-
ner accountability/goal system in place. In
August, acquired Syracuse, N.Y., office of
ParenteBeard, adding four partners and 21
employees. In October, opened an office
on Wall Street in Manhattan. Named an
Accounting Today Best Firm to Work For
in 2011.
! Burr, Pilger & Mayer: In May 2011,
agreed to acquire San Jose, Calif., unit of
CBIZ. In June, became a NetSuite reseller.
In September, announced plans to merge
in Southern California firm Windes & Mc-
Claughry Accountancy Corp. in January
2012, but the deal was cancelled in Febru-
ary 2012. Also acquired Armus.
! Carr, Riggs & Ingram: Moved to a more
centralized management structure. In Aug-
ust 2011, expanded to Metairie, La., through
merger with Rebowe & Co. In Septem-
ber, expanded to Kentucky through merger
with Holland CPAs. In January 2012, ac-
quired South Georgia firm BowenPhillips.
! CBIZ / Mayer Hoffman McCann: In
March 2011, launched forensic and finan-
cial services practice. In May, sold San
Jose, Calif., unit to Burr, Pilger & Mayer.
In July, acquired Memphis, Tenn.-based
Thompson Dunavant PLC. Hired a na-
tional business development director.
! Cherry, Bekaert & Holland: In Febru-
ary 2011, acquired Virginia-based Burrus
Paul & Turnbull. In October, sold Mobile,
Ala., office to Wilkins Miller Hieronymus.
! Citrin Cooperman & Co.: In June 2011,
added some of the partners and staff of
dissolving White Plains, N.Y., firm Eisman,
Zucker, Klein & Ruttenberg.
! Clark, Schaefer, Hackett & Co.: In Janu-
ary 2012, expanded into Toledo through
acquisition of Brell Holt & Co. Launched
Private Equity Group.
! Clifton Gunderson: Now CliftonLarson-
Allen, following January 2012 merger with
LarsonAllen. In January 2011, acquired
Los Angeles-based Durkin Forensic and
Albuquerque, N.M.-based Meyners & Co.;
became an Intacct reseller.
! Cohen & Co.: In March 2011, acquired
Cleveland-based family office practice
of The Lipson Group. Saw “very strong”
growth in health care consulting. Named
an Accounting Today Best Firm to Work
For in 2011.
! Crowe Horwath: In August 2011, sued
with PwC over audits of bankrupt bank
Colonial Bancgroup. In October, acquired
California-based Perry-Smith, adding 16
partners and over 100 staff.
! Deloitte: In January 2011, acquired
Oakville, Ont.-based management pro-
2012 firm highlights
27
firm highlights
ACT_T100_2012_Highlights.indd 27 2/22/12 3:35:54 PM
28
cess consulting firm Managerial Design.
In April, elected new global CEO, Barry
Salzberg, and new U.S. CEO, Joseph Eche-
varria. In May, acquired business analytics
software developer Oco Inc. In June, elect-
ed new global chairman; sold CorpSmart
software unit to Thomson Reuters. In June,
sued over Navistar International audits.
In September, sued for $7.6 billion over
audits of failed mortgage lender. In De-
cember, added Skura Business Intelligence
Group to its Canadian firm; launched De-
loitte Postdigital Enterprise Center of Ex-
cellence. In January 2012, acquired mobile
app developer Ubermind; sued over over-
time payments to associates.
! Dixon Hughes Goodman: Formed in
January 2011 by the merger of Top 100
Firms Dixon Hughes and Goodman & Co.
In November, acquired Fairfax, Va.-based
Swart Lalande & Associates, adding more
than 35 professionals.
! Doeren Mayhew: In June 2011, settled
lawsuit over Ponzi scheme. Fastest grow-
ing specialty service — international tax.
Fastest growing client category — manu-
facturing.
! Ehrhardt Keefe Steiner & Hottman:
No. 1 Regional Leader in the Mountain
Region. Fastest growing specialty service
— international tax. Fastest growing client
category — government contractors.
! Eide Bailly: In February 2011, became
an Intacct reseller. In December, acquired
Boulder, Colo.-based William D. Pyle &
Associates. In January 2012, announced
plans to merge with Top 100 Firm Wipfli to
form EB Wipfli in June.
! EisnerAmper: In February 2011,
launched new Web site. In April, formed
Offshore Voluntary Disclosure Initiative
Task Force. In July, formed Consulting Ser-
vices Group.
! Elliott Davis: Expanded international
group “to support significant growth.” Fast-
est growing specialty service — business
valuations. Fastest growing client category
— manufacturing.
! Ernst & Young: In January 2011, ac-
quired Israel-based security organization
Hacktics Ltd. In April, acquired business
performance management consultancy
ISA Consulting. In June, announced plans
to increase campus hiring by 25 percent.
In September, acquired tax risk and pro-
cess re-engineering practice of Chicago-
based True Partners Consulting; launched
Americas Tax Center. In January 2012, an-
nounced new global chairman and CEO,
Mark Weinberger, to succeed current chair
and CEO, James Turley, in 2013.
! Frank, Rimerman & Co. Increased rev-
enue and overall employee count.
! Frazier & Deeter: In November 2011,
merged in Atlanta-based Faucett, Taylor &
Associates.
! Freed Maxick CPAs: In April 2011,
named new managing director. Participat-
ed in Twitter’s beta rollout of its Promoted
Products suite. In December, acquired Buf-
falo, N.Y.-based non-attest tax and consult-
ing assets of McGladrey & Pullen. Changed
name from Freed Maxick & Battaglia.
! Friedman: In March 2011, opened office
in Beijing. In May, expanded presence in
Southern New Jersey through acquisition
of Tracey Heun Brennan & Co. In October,
merged in New Jersey-based Sacomanno
Valuation Group.
! Gallina: In January 2011, expanded into
Southern Nevada through merger with Las
Vegas-based Zanoni & Co. Enhanced mar-
keting efforts for certain niche services.
! Grant Thornton: In February 2011, ac-
quired two practice groups from collapsing
LECG Consulting. In November, acquired
health solutions division of Computer
Technology Associates; launched Japan
Business Group; announced a new market
orientation and brand focus on growth. In
December, finalized acquisition of leading
New England firm CCR.
! Habif, Arogeti & Wynne: In October
2011, named a Qualified Security Assessor
by the PCI Security Standards Council. In
2012, celebrating its 60th anniversary. In
January, announced new managing part-
ner, Richard Kopelman, to start in 2013.
! Hein & Associates: In January 2011,
named new managing partner, Brian Man-
dell-Rice. Added two new service lines in
enterprise risk management and transac-
tional services.
! Hill, Barth & King: Launched HbK En-
ergy to serve landowners and suppliers to
the oil and gas industry. In February 2012,
announced acquisition of Sewickley, Pa.-
based Carson & Co.
! Holthouse Carlin & Van Trigt: Moved
to new offices in Los Angeles. In July 2011,
opened its seventh office, in Camarillo,
Calif. In November, celebrated its 20th an-
niversary.
! Holtz Rubenstein Reminick: Launched
five new niche practices: debt collection,
freight forwarding, food and beverage
services, early-stage technology, and real
estate.
! Honkamp Krueger & Co.: Launched
new services in training consulting and
video production. Introduced a cloud-
based workforce management solution,
HKWorks. Grew staff by over 18 percent.
! Horne: Elected successor executive
partner and began transition.
! J.H. Cohn: In October, merged in lead-
ing New England firm Kostin, Ruffkess
& Co. Saw notable growth in health care
industry practice, state and local tax, and
international tax practice.
! Joseph Decosimo & Co.: In May 2011,
opened new office in Huntsville, Ala.
! Kahn, Litwin, Renza & Co.: New to the
list. Saw revenue growth of over 10 percent.
Expanded leadership training program.
! Katz, Sapper & Miller: In October 2011,
opened new office in Fort Wayne, Ind. In
January 2012, launched new brand.
! Kaufman, Rossin Group: Began offer-
ing WebTrust and SysTrust certification.
Saw revenue growth of over 15 percent.
Named an Accounting Today Best Firm to
Work For in 2011.
firm highlights
ACT_T100_2012_Highlights.indd 28 2/22/12 3:35:55 PM
29
! Kearney & Co.: Saw revenue growth
of over 10 percent. Named an Accounting
Today Best Firm to Work For in 2011.
! Kemper CPA Group: In October 2011,
merged in Henderson, Ky.-based Camp-
bell, Royster, Carver, McBride & Co., add-
ing four partners. In January 2012, joined
Leading Edge Alliance.
! KPMG: In February 2011, acquired out-
sourcing advisory firm EquaTerra. In May,
named new global chairman. In June, an-
nounced a 22 percent reduction of its car-
bon footprint over three years; sued over
gender discrimination. In August, agreed to
pay $37 million to settle suit over Wachovia
audits. In October, acquired Oracle reseller
Optimum Solutions. In January 2012, sued
over overtime payments to associates. In
February, acquired indirect tax managed
services business of Thomson Reuters.
! LarsonAllen: Now CliftonLarsonAllen,
following January 2012 merger with Clif-
ton Gunderson. In January 2011, acquired
Kennewick, Wash.-based Hansen NvO.
In April, became an Intacct reseller. In
July, merged in Central Florida firm NCT
Group. In May, acquired New Bedford,
Mass.-based Raymon Pielech Zexter. In
June, merged in Seattle-based Lockitch
Clements & Rice.
! Lattimore, Black, Morgan & Cain: Saw
growth in services across the board due to
M&A activity in its markets. Implemented
document management system, and new
time & billing, accounting, CRM, expense
reporting and staff planning software. In
August 2011, became an Intacct reseller.
! Lurie Besikof Lapidus & Co.: Fastest
growing specialty service — state and local
tax. Fastest growing client category — mid-
sized businesses.
! Marcum: In January 2011, merged
China practice with Bernstein & Pinchuk.
In January 2012, merged in Boston-based
Robert, Finnegan & Lynah. In February,
merged in North Haven, Conn.-based Ko-
nowitz, Kahn & Co.
! Margolin, Winer & Evens: Launched
inaugural Long Island Financial Executive
Survey.
! Marks Paneth & Shron: In November
2011, elected new co-managing partner,
Harry Moehringer.
! Mauldin & Jenkins: In January 2011,
acquired Bradenton, Fla.-based CPA Asso-
ciates, and Atlanta-based Evers & Fox.
! MBAF CPAs: In January 2011, merged
in New York-based ERE. Enhanced staff
development and training. Changed name
from Morrison, Brown, Argiz & Farra.
! McGladrey & Pullen: In February
2011, managing partner Dave Scudder an-
nounced he would retire at the end of
April. In April, firm named Joe Adams
new MP. In August, announced purchase
of RSM McGladrey Inc. from H&R Block,
ending its alternative practice structure.
Announced new national leadership team,
and new regional leaders. Opened several
international service desks to support both
domestic and foreign clients.
! Miller Kaplan Arase: Formed a Manag-
ing Partner Committee, a Marketing Com-
mittee, and industry-specific committees.
Fastest growing specialty service — attest.
Fastest growing client category — licensing
and royalties.
! Mohler, Nixon & Williams Accountan-
cy Corp.: In April 2011, elected new man-
aging partner, Steve Vidlock. In June, cel-
ebrated 25th anniversary. Fastest growing
specialty service — attest services. Fastest
growing client category — technology.
! Moss Adams: In May 2011, underwent
rebranding. In September, merged in
Overland Park, Kansas-based Warinner,
Gesinger & Associates, adding two part-
ners and app. 20 staff. Launched series of
whiteboard-based video tutorials on basic
tax and accounting issues for small busi-
nesses.
! Nigro Karlin Segal & Feldstein: Saw
“substantial new business” in new foren-
sic, family law and accounting service line.
Fastest growing specialty service — busi-
ness management services for wealthy in-
dividuals. Fastest growing client category
— entertainment.
! Novogradac & Co.: Saw revenue growth
of over 10 percent.
! O’Connor Davies: Rebranded and
changed name from O’Connor Davies
Munns & Dobbins. Joined PKF Interna-
tional and PKF North America. Continued
implementation of career development
program. In June 2011, added some of
the partners and staff of dissolving White
Plains, N.Y., firm Eisman, Zucker, Klein &
Ruttenberg. In January 2012, merged in
Connecticut-based Marien + Co.
! ParenteBeard: In May 2011, announced
acquisition of 70-person Pittsburgh-based
firm McCrory & McDowell. In June 2011,
sold Syracuse, N.Y., office to The Bona-
dio Group. Saw strong performance from
relatively new emerging-growth business
services and XBRL services lines.
! Plante Moran: In September 2011,
changed name from Plante & Moran. In
October, current and former MPs released
a book on succession planning. In Janu-
ary 2012, merged in Michigan firm Stuart
Franey Matthews & Chantres, adding four
partners and 12 staff. In February, formal-
ized food and beverage industry practice.
! Postlethwaithe & Netterville: Estab-
lished firm-wide mentoring program.
Moved to managing more by service line.
Established niches to increase focus on
industry specializations.
! PwC: In June 2011, won appeal over
overtime pay for junior accountants in Cali-
fornia. In July, relaunched business leader-
ship development program Genesis Park.
In August, sued with Crowe Horwath over
audits of bankrupt bank Colonial Banc-
group. In December, acquired assets of
Folio Technologies. In January 2012, sued
over overtime payments to associates.
! Raffa: In May 2011, became an Intacct
reseller. At the end of 2011, launched new
service lines in forensic accounting, cloud
services, employee benefit plans, gover-
firm highlights
ACT_T100_2012_Highlights.indd 29 2/22/12 3:35:56 PM
30
nance consulting, and foundation tax and
investment consulting. Launched the Raffa
Learning Community to offer clients edu-
cation by its experts.
! Raich Ende Malter & Co.: New to the
list. Saw revenue growth of close to 35
percent, and grew its overall staff by more
than 40 percent.
! Rehmann: In January 2011, merged in
Ann Arbor-based Wright, Griffin, Davis &
Co. In September, merged in Boca Raton,
Fla.-based Levine & Associates. In January
2012, merged in Mt. Clemens, Mich.-based
Goerlich Richert & Kaiser.
! Reinsel Kuntz Lesher: New to the list.
In July 2011, elected new chief executive
officer, Ed Monborne; acquired Senior Liv-
ing Services Consulting Group from Paren-
teBeard. Introduced several new training
programs, and implemented a new HR
information system.
! Reznick Group: No. 1 Regional Leader
in the Capitol Region. In September 2011,
launched an online mapping tool to help
clients determine eligibility for the New
Markets Tax Credit Program. Saw revenue
growth of over 5 percent.
! RGL Forensics: In July, opened new of-
fice in Chicago. Fastest growing specialty
service — forensics/fraud. Fastest grow-
ing client category — insurance carriers.
Named an Accounting Today Best Firm to
Work For in 2011.
! Rosen Seymour Shapss Martin &
Co.: In January 2011, merged in Rock-
land County, N.Y.-based Kahn, Hoffman
& Hochman, adding four partners and 40
accountants.
! Rothstein, Kass & Co.: Saw revenue
growth of almost 10 percent; grew staff by
more than 10 percent. In October 2011,
added complex data analytics services to
its litigation & forensic accounting services
practice; sued by two hedge fund manag-
ers over due diligence work.
! RubinBrown: In June, acquired Denver-
based Bondi & Co. In 2012, celebrated its
60th anniversary. Developed Life Sciences
Industry Group.
! SC&H Group: Saw “significant growth”
in SALT, risk management, business pro-
cess management, and supplier assurance
practices, and focused on government
contracting and not-for-profit industries.
Added real estate appraisal services.
! Schenck: In July 2011, merged in
Wausau, Wis.-based Rajek, Grimm & As-
sociates, adding a ninth office. Enhanced
focus on industry teams and industry spe-
cialist services.
! Schneider Downs: Saw revenue growth
of over 6 percent.
! Seiler: Increased partner, professional
and overall staff numbers.
! Sikich: In June 2011, became an Epicor
reseller. In August, launched subscription-
based HR consulting service. In November,
merged in Indianapolis-based Ent : Imler
CPA, adding four partners and 30 staff.
! SingerLewak: Opened San Francisco
office. Saw revenue growth of over 8 per-
cent. Fastest growing specialty service —
state and local taxes. Fastest growing client
category — media and entertainment.
! Squar, Milner, Peterson, Miranda &
Williamson: In March 2011, merged in tax
and accounting group from White Zucker-
man. In August, added bankruptcy and
insolvency group from LECG.
! SS&G: In September 2011, opened office
in Raleigh, N.C. In January 2012, opened
office in downtown Chicago; changed
name to SS&G Inc.
! SVA CPAs: In December 2011, an-
nounced acquisition of wealth manage-
ment and trust company.
! UHY Advisors: In October 2011, be-
came a BlackLine Systems reseller. Fast-
est growing specialty service — personal
financial planning. Fastest growing client
category — energy.
! Vavrinek Trine Day & Co.: All figures
are Accounting Today estimates.
! Warren Averett: Formed from January
2012 combination of Top 100 Firm War-
ren, Averett, Kimbrough & Marino with
Wilson, Price, Barranco, Blankenship &
Billingsley, and O’Sullivan Creel. In July
2011, WAKM merged with Huntsville, Ala.-
based White Fleming & Co. In September,
installed new CEO and managing director,
James Cunningham.
! Watkins Meegan: Saw growth of over
9 percent. Increased hospitality industry
presence, and saw growth in government
practice.
! Weaver: In January 2011, merged in
Houston-based L.T. Hawthorne & Associ-
ates Inc. In July, merged in Midland, Texas,
office of Killman, Murrell & Co. In Sep-
tember, expanded energy credit brokering
services. In January 2012, merged in San
Antonio-based John R. Hannah & Co.
! WeiserMazars: In February 2011, ac-
quired consulting group from LECG. In-
vested heavily in health care consulting
practice throughout the year. In January
2012, acquired Garden City, N.Y.-based
Biscotti, Toback & Co.
! Whitley Penn: Expanded services in
audit, tax and litigation support/business
valuation. In September 2011, announced
plans to move to new Dallas office. Named
an Accounting Today Best Firm to Work
For in 2011.
! Wipfli: In first half of 2011, acquired
Washington-based Michael R. Bell & Co.,
Illinois-based Lindgren Callihan Van Os-
dol, and Illinois-based Blascoe & Asso-
ciates. In June, launched a corporate fi-
nancial services subsidiary, WCF Advisors.
Launched public company services prac-
tice. In January 2012, announced plans to
merge with Top 100 Firm Eide Bailly to
form EB Wipfli in June.
! WithumSmith+Brown: In August 2011,
became an Intacct partner. In December,
expanded to New York City through merg-
er with EisnerLubin, adding nine partners
and 50 staff. Opened an office in Orlando,
Fla. Named an Accounting Today Best Firm
to Work For in 2011.
firm highlights
ACT_T100_2012_Highlights.indd 30 2/22/12 3:35:56 PM
2012 RANKING
Participant Deadline:
JUNE 29, 2012
2012
ARE YOU ONE OF THE
BEST ACCOUNTING
FIRMS TO WORK FOR?
Standing
Accounting Today’s fifth-annual ranking is dedicated to
identifying and recognizing the best employers in the tax
and accounting profession.
ELIGIBILITY:
To be eligible for consideration,
companies must be a public or
privately held U.S. accounting firm
with a minimum of 15 employees.
The survey and awards program will
rank companies in three categories:
PARTICIPATION BENEFITS:
All firms that register for this free, confidential survey receive:
A complimentary participation report.
(Employee feedback reports will be available for purchase to gain more in-depth insight)
Invaluable insight about your firm’s policies and practices.
Critical comparison details on what makes an organization
an Accounting Today Best Firm to Work For.
An opportunity to potentially be part of an elite
and exclusive industry ranking.
Small-sized firms
(15-24 employees)
Medium-sized firms
(25-249 employees)
Large-sized firms
(more than 250 employees)
Publication Date: December 2012
Awards Luncheon: October | Las Vegas
(To take place during Accounting Today’s Growth
and Profitability Conference)
Ranking and Luncheon Sponsor:
More information and samples of the ranking surveys can be found online at:
WWW.BESTACCOUNTINGFIRMSTOWORKFOR.COM
ADP and the ADP logo are registered trademarks of ADP, Inc.
031_ACTMar12 7 2/21/2012 4:41:57 PM
TOM REICHER
Partner,
Cooley LLP
Co-Author, Statutory Stock Options
(Portfolio 381)
Bloomberg BNA’s U.S. Income Portfolios Library
delivers insights and analysis from the industry’s
foremost thought leaders to guide and inform your
decision making. Count on the experience of
hundreds of expert practitioners to help you achieve
the results you need.
BECAUSE
THE SOURCE
OF YOUR
INFORMATION
MATTERS
FOR MORE INFORMATION
CALL 800.372.1033 OR
VISIT www.bna.com/usi6
>>>>>>>>>>>>>>>>>>>>>>>
8314 Accounting Today Ad.indd 1 2/17/12 10:10 AM
032_ACTMar12 8 2/21/2012 4:42:19 PM
THE 2012 TOP 100 FIRMS

RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)

12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
1 1 Deloitte § New York City Joe Echevarria Dec 11,939.00 9.15 100 2,886 0.10 38,301 13.69 51,262 12.10 32 20 44 4
2 2 PwC § New York City Robert Moritz June 8,844.00 10.08 73 2,290 3.90 25,237 16.51 32,993 11.67 48 29 23 0
3 3 Ernst & Young § New York City Steve Howe June 7,500.00 5.63 78 2,400 4.35 19,400 10.86 26,500 7.72 40 31 23 6
4 4 KPMG §
1
New York City John Veihmeyer Sept 5,361.00 9.65 88 1,744 -0.85 15,664 6.11 22,278 4.67 43 26 31 0
5 5 McGladrey & Pullen
2
Bloomington, Minn. Joe Adams April 1,370.42 -0.61 85 708 -4.58 4,843 -1.06 7,046 -1.18 43 36 20 1
6 6 Grant Thornton Chicago Stephen Chipman Dec 1,146.12 5.57 56 549 6.81 4,048 13.07 5,847 11.39 45 29 26 0
7 7 CBIZ / Mayer Hoffman McCann
3
Cleveland D. Sibits/B. Hancock Dec 597.50 1.17 150 415 -0.72 1,692 -1.28 4,023 -5.14 23 27 50 0
8 8 BDO USA Chicago Jack Weisbaum June 572.00 -2.22 41 260 -1.14 1,734 3.09 2,566 2.76 61 28 11 0
9 9 Crowe Horwath
4
Oak Brook Terrace, Ill. Charles Allen March 529.71 8.15 28 247 1.65 1,579 3.54 2,420 3.42 45 23 18 14
10 10 BKD Springfield, Mo. Neal Spencer May 391.20 0.10 30 244 -0.81 1,223 1.16 1,844 1.65 50 32 18 0
11 11 Moss Adams Seattle Rick Anderson Dec 323.00 2.22 19 230 -3.36 1,081 1.22 1,741 3.20 51 35 14 0
12 12 Plante Moran
5
Southfield, Mich. Gordon Krater June 304.35 2.02 16 217 -2.25 975 -0.41 1,518 -0.85 52 32 16 0
13 20 Dixon Hughes Goodman Charlotte, N.C. Ken Hughes Dec 295.00 52.85 30 174 29.85 1,108 53.25 1,616 49.63 41 36 23 0
14 18 LarsonAllen
6
Minneapolis Gordy Viere Oct 285.00 25.55 26 141 16.53 1,245 27.43 1,734 28.35 46 34 17 3
15 14 Marcum New York City Jeffrey Weiner Dec 274.20 9.33 18 138 -4.17 549 -3.17 904 -1.31 45 30 10 15
16 15 Clifton Gunderson
6
Milwaukee Krista McMasters May 254.65 5.01 47 211 9.90 1,305 -0.84 1,671 0.42 48 26 26 0
17 13 EisnerAmper New York City Charles Weinstein Jan 254.60 1.39 8 164 -2.96 822 -8.67 986 -7.76 55 28 17 0
18 17 J.H. Cohn* Roseland, N.J. Thomas Marino Jan 243.00 5.65 15 174 16.00 657 7.70 1,101 9.23 54 30 2 14
19 16 Baker Tilly Virchow Krause Chicago Timothy Christen May 242.00 1.68 11 101 -5.61 1,081 -3.40 1,300 -3.42 38 34 25 3
20 21 Reznick Group Bethesda, Md. Kenneth Baggett Sept 202.50 5.73 10 106 9.28 652 -0.15 967 0.62 57 29 13 1
21 19 UHY Advisors
7
Chicago R. Stein/A. Frabotta Dec 186.03 -9.08 15 111 3.74 585 -0.68 954 1.60 33 43 21 3
22 22 Rothstein, Kass & Co. Roseland, N.J. S. Kass/H. Altman Dec 179.50 9.99 8 71 2.90 677 13.97 857 12.47 61 36 2 1
23 23 ParenteBeard Philadelphia Robert Ciaruffoli Dec 170.00 4.29 20 140 -4.76 672 -2.04 1,036 0.48 54 28 18 0
24 24 Eide Bailly Fargo, N.D. Jerry Topp April 151.60 -0.13 19 97 3.19 881 -10.29 1,251 -5.73 44 30 19 7
25 26 Wipfli Milwaukee Rick Dreher May 142.17 24.12 20 132 28.16 705 39.60 1,035 33.89 35 30 35 0
Key and notes: Last year’s rankings have been revised based on 2010 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate or projection † Accounting Today estimate § Gross revenue NC No change NA Not available/applicable NR Not ranked
1 Office figure represents business offices, not every physical location. 2 McGladrey & Pullen LLP and RSM McGladrey Inc. operated in an alternative practice structure in the periods reported. In
November 2011, M&P acquired RSM. 3 CBIZ and Mayer Hoffman McCann PC are associated through an alternative practice structure. Office figures are for CBIZ; MHM has 36 offices nationwide.
4 Firm’s year-end is March; figures given are for calendar 2011. 5 Changed name from Plante & Moran. 6 As of Jan. 1, 2012, Clifton Gunderson and LarsonAllen have combined to form Clifton-
LarsonAllen. The two together would have ranked No. 9, with app. $540 million in 2011 revenue. 7 UHY Advisors and UHY LLP are affiliated through an alternative practice structure.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)

12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
26 25 WeiserMazars New York City Douglas Phillips Aug 124.50 4.25 6 97 15.48 405 8.00 624 7.40 50 40 10 0
27 27 Citrin Cooperman & Co. New York City Joel Cooperman Dec 115.00 15.00 5 102 20.00 285 13.10 452 14.43 47 36 10 7
28 28 Cherry, Bekaert & Holland Richmond, Va. Howard Kies April 111.18 13.01 15 45 -4.26 579 26.14 804 24.27 51 36 8 5
29 32 Carr, Riggs & Ingram Enterprise, Ala. William Carr Sept 100.31 16.84 16 79 NC 366 -4.44 513 -3.21 60 25 15 0
30 29 Berdon New York City M. Bosswick/S. Kotler Dec 95.00 2.15 2 42 -8.70 327 0.31 395 -1.50 30 40 30 0
31 30 Anchin, Block & Anchin New York City Frank Schettino Sept 91.50 2.81 1 52 -3.70 205 -5.09 321 -3.89 44 43 13 0
32 31 Marks Paneth & Shron New York City Mark Levenfus/
Harry Moehringer Dec 87.38 0.59 3 63 3.28 312 10.64 472 11.58 62 27 1 10
33 33 Rehmann Saginaw, Mich. Steven Kelly Dec 87.00 16.00 20 56 14.29 493 13.07 687 24.23 43 33 7 17
34 76 Warren Averett *
8
Birmingham, Ala. James Cunningham June 84.39 127.90 11 106 152.38 309 NA 575 134.69 NA NA NA NA
35 36 Armanino McKenna San Ramon, Calif. Andy Armanino Dec 84.20 17.84 5 39 5.41 219 1.39 295 4.24 36 38 26 0
36 37 MBAF CPAs
9
Miami Antonio Argiz June 80.00 17.65 10 22 22.22 310 38.39 397 35.03 38 43 11 8
37 35 Kearney & Co. Alexandria, Va. Ed Kearney Dec 79.78 10.12 2 13 NC 248 -12.37 358 -13.94 71 0 29 0
38 34 WithumSmith+Brown
10
Princeton, N.J. William Hagaman June 76.72 5.49 12 82 148.48 340 27.34 512 42.22 43 33 4 20
39 42 O’Connor Davies
11
New York City Kevin Keane Dec 74.50 15.06 7 58 3.57 282 8.88 382 7.61 65 28 7 0
40 38 Novogradac & Co. San Francisco Michael Novogradac Dec 72.06 10.17 12 29 3.57 250 3.31 332 4.08 56 27 7 10
41 41 SS&G Cleveland Gary Shamis Dec 70.70 9.10 9 30 3.45 362 7.74 444 7.25 32 36 12 20
42 43 Burr, Pilger & Mayer San Francisco Stephen Mayer Dec 70.20 9.04 7 57 7.55 264 2.72 411 5.38 36 43 13 8
43 44 Friedman New York City Bruce Madnick Dec 69.20 7.79 6 53 15.22 241 7.59 337 10.13 63 35 2 0
44 40 Holthouse Carlin & Van Trigt W. Los Angeles, Calif. Philip Holthouse Dec 69.00 6.15 7 27 -3.57 187 8.09 274 5.79 20 71 0 9
45 39 Weaver Fort Worth, Texas Tommy Lawler May 66.40 1.68 6 35 -7.89 301 -4.44 399 -9.93 40 47 5 8
46 45 Schenck Appleton, Wis. William Goodman Sept 65.45 3.14 9 57 -3.39 317 -3.65 466 -2.92 38 38 19 5
47 48 Sikich Naperville, Ill. James Sikich Dec 64.50 16.22 7 62 67.57 271 -4.58 373 3.90 40 15 40 5
48 52 RubinBrown St. Louis John Herber May 61.72 13.73 3 28 16.67 280 13.82 362 14.92 50 35 15 0
49 50 Ehrhardt Keefe Steiner & Hottman Denver Robert Hottman Sept 58.47 7.09 3 30 3.45 275 1.10 377 2.17 51 40 9 0
50 46 Habif, Arogeti & Wynne Atlanta Joseph Simms Dec 58.14 -1.51 2 29 -14.71 206 0.49 277 -2.46 45 36 8 11
Notes: * Firm estimate or projection NC No change NA Not available/applicable
8 Changed name from Warren, Averett, Kimbrough & Marino. 9 Changed name from Morrison, Brown, Argiz & Farra. 10 Revenue figures do not include $11.6 million from Novemer 2011
merger with New York-based EisnerLubin; the overall employee count, however, does include it. 11 Changed name from O’Connor Davies Munns & Dobbins.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)

12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
51 49 Elliott Davis Greenville, S.C. Richard Davis June 57.55 5.35 10 51 4.08 241 -4.74 365 -2.14 48 36 12 4
52 47 Lattimore, Black, Morgan & Cain Brentwood, Tenn. D. Morgan/R.M. Cain Dec 57.00 2.33 3 40 NC 256 4.49 356 4.40 26 36 14 24
53 51 Horne* Ridgeland, Miss. Hugh Parker Dec 56.77 4.17 12 22 -8.33 267 7.23 383 4.93 35 13 41 11
54 54 Blue & Co. Carmel, Ind. Brad Shaw Dec 55.10 9.11 8 32 NC 207 7.25 293 4.64 31 18 51 0
55 57 Schneider Downs Pittsburgh Raymond Buehler June 52.30 6.09 2 34 NC 267 4.30 334 3.73 45 35 20 0
56 59 Aronson Rockville, Md. Jeffery Capron Dec 52.15 10.14 1 27 NC 136 2.26 198 2.06 42 32 15 11
57 53 Blackman Kallick Chicago Steven Schneider Dec 52.00 1.92 1 36 2.86 148 1.37 222 -1.33 43 38 19 0
58 56 Rosen Seymour Shapss Martin & Co. New York City Martin Greenberg Dec 51.30 3.43 4 28 NC 167 1.21 228 0.88 46 35 19 0
59 65 Kaufman, Rossin Group Miami James Kaufman May 51.20 15.84 6 38 11.76 182 17.42 272 11.48 32 23 4 41
60 61 Watkins Meegan Bethesda, Md. Michael Micholas Dec 50.20 9.13 4 16 -5.88 204 2.51 235 1.73 22 23 55 0
61 55 Argy, Wiltse & Robinson McLean, Va. Paul Argy Dec 50.00 NC 3 25 -10.71 175 0.57 240 -2.04 31 44 23 2
62 60 SC&H Group Sparks, Md. Ronald Causey Dec 49.62 7.17 3 20 11.11 207 -3.72 265 -2.21 17 48 35 0
63 58 Frank, Rimerman & Co. Palo Alto, Calif. Bryan Polster May 48.70 2.70 5 18 -5.26 190 8.57 222 6.73 27 61 11 1
64 66 Blum, Shapiro & Co. West Hartford, Conn. Carl Johnson Dec 47.27 7.43 3 44 7.32 170 11.11 267 10.33 50 37 5 8
65 63 SVA CPAs Madison, Wis. Jack Cotton May 47.09 3.93 5 27 NC 137 -3.52 366 -2.66 14 20 15 51
66 62 Katz, Sapper & Miller Indianapolis David Resnick Dec 46.71 2.98 2 33 NC 166 3.75 242 1.68 28 42 25 5
67 69 The Bonadio Group
12
Pittsford, N.Y. Thomas Bonadio April 46.43 10.63 7 48 14.29 204 -1.45 300 1.01 59 17 10 14
68 64 Hein & Associates Denver Brian Mandell-Rice Dec 45.28 0.40 4 30 -6.25 151 -3.21 222 -3.90 53 40 7 0
69 70 Nigro Karlin Segal & Feldstein
13
Los Angeles Mickey Segal Dec 44.76 8.93 2 21 16.67 189 6.18 239 5.75 23 11 0 66
70 68 Clark, Schaefer, Hackett & Co. Middletown, Ohio Carl Coburn June 44.18 3.90 7 24 -4.00 209 5.56 315 14.13 48 36 7 9
71 67 Doeren Mayhew Troy, Mich. Mark Crawford Sept 43.75 0.11 2 26 NC 147 -9.26 210 -6.67 44 29 10 17
72 72 RGL Forensics Denver Paul Cadorette Dec 41.38 6.43 17 28 7.69 160 30.08 228 21.28 0 0 0 100
73 71 Margolin, Winer & Evens Garden City, N.Y. Teddy Selinger Dec 40.50 3.85 2 28 3.70 168 -0.59 213 -0.47 60 30 10 0
74 75 SingerLewak Los Angeles David Krajanowski Dec 40.20 8.36 5 28 -3.45 157 NC 231 -0.43 51 36 2 11
75 77 Berkowitz Dick Pollack & Brant Miami Richard Berkowitz Dec 38.56 5.18 3 17 NC 96 7.87 149 2.76 20 42 2 36
Notes: * Firm estimate or projection NC No change NA Not available/applicable
12 Revenues projected to April 2012. 13 A&A work comprises compliance auditing, forensic auditing, royalty/participation audits.
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)

12 11 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
76 74 Postlethwaithe & Netterville Baton Rouge, La. William Balhoff April 38.54 0.97 9 27 -3.57 221 -1.34 304 1.67 47 26 27 0
77 79 Freed Maxick CPAs
14
Buffalo, N.Y. Ronald Soluri April 37.80 5.88 3 33 3.13 182 3.41 254 2.83 39 39 12 10
78 91 Whitley Penn Fort Worth, Texas Larry Autrey Dec 37.50 16.82 2 23 4.55 129 12.17 180 9.76 45 40 10 5
79 80 Frazier & Deeter Atlanta Seth McDaniel Dec 37.29 6.88 3 10 11.11 119 13.33 157 12.14 38 41 0 21
80 82 Squar, Milner, Peterson, Miranda & Williamson
Newport Beach, Calif. Stephen Milner Dec 37.00 8.82 4 22 4.76 136 30.77 195 21.88 40 52 0 8
81 81 Alpern Rosenthal Pittsburgh Alexander Paul Dec 36.42 6.93 3 33 6.45 148 2.78 217 2.84 40 40 9 11
82 90 Cohen & Co. Cleveland Randy Myeroff Sept 35.98 11.67 9 23 NC 164 6.49 233 7.87 46 41 3 10
83 83 Hill, Barth & King Boardman, Ohio Chris Allegretti Aug 35.50 5.97 12 34 NC 163 5.84 233 -2.92 31 49 19 1
84 87 Miller Kaplan Arase N. Hollywood, Calif. Mannon Kaplan Feb 35.00 6.06 4 24 14.29 102 -17.74 164 -9.39 58 17 17 8
85 97 BerryDunn
15
Portland, Maine John Chandler June 34.65 12.68 3 18 NC 127 -2.31 174 -4.40 56 21 18 5
86 78 Lurie Besikof Lapidus & Co. Minneapolis Beth Kieffer Leonard April 34.20 -5.52 1 13 -27.78 78 -10.34 127 -7.30 35 34 18 13
87 85 Holtz Rubenstein Reminick Melville, N.Y. Francis Candia Sept 33.80 1.81 2 20 -13.04 119 5.31 175 1.16 47 40 4 9
88 96 Honkamp Krueger & Co. Dubuque, Iowa Greg Burbach Dec 33.62 6.80 6 18 5.88 92 13.58 286 18.18 18 20 4 58
89 NR Raich Ende Malter & Co. New York City E. Ende / C. Raich Dec 33.50 34.86 4 28 16.67 109 45.33 175 42.28 40 60 0 0
90 73 Joseph Decosimo & Co. Chattanooga, Tenn. Nick Decosimo Dec 33.50 -12.67 8 29 NC 194 5.43 281 3.31 45 40 7 8
91 84 Raffa Washington, D.C. Thomas Raffa Dec 33.00 -0.78 2 18 5.88 180 3.45 224 1.82 59 18 23 0
92 NR Reinsel Kuntz Lesher Lancaster, Pa. Edward Monborne Dec 32.97 12.64 4 33 10.00 179 4.68 237 5.33 36 34 8 22
93 92 Seiler Redwood City, Calif. James DeMartini Dec 32.90 3.13 2 12 20.00 117 2.63 148 3.50 15 65 0 20
94 86 Mohler, Nixon & Williams Campbell, Calif. Steve Vidlock June 32.90 -0.90 3 22 -8.33 96 -7.69 156 -6.02 43 52 0 5
95 89 Kemper CPA Group Greenfield, Ind. Ronald Dezelan April 32.57 0.59 23 54 3.85 215 -2.27 302 -0.66 40 36 24 0
96 94 AKT CPAs Salem, Ore. Stephen Tatone Dec 32.00 1.20 5 19 11.76 121 -17.12 171 -8.06 34 36 7 23
97 93 Vavrinek Trine Day † Rancho Cucamonga, Calif. Ronald White Dec 31.97 0.50 6 35 NA NA NA 200 NA NA NA NA NA
98 95 Gallina Roseville, Calif. Larry Taylor Dec 31.80 0.95 9 23 -4.17 137 -8.05 198 -5.71 46 50 4 0
99 88 Mauldin & Jenkins Atlanta Donald Luker May 31.80 -2.15 4 37 -7.50 101 -11.40 168 -6.15 75 23 1 1
100 NR Kahn, Litwin, Renza & Co. Providence, R.I. Alan Litwin Dec 30.83 10.26 3 10 NC 128 1.59 164 1.23 32 33 35 0
Notes: † Accounting Today estimate NC No change NA Not available/applicable NR Not ranked
14 Changed name from Freed Maxick & Battaglia 15 Changed name from Berry Dunn McNeil & Parker.
An editorial supplement to Accounting Today
Waiting for
the thaw
CCH, a Wolters Kluwer business
CPA2Biz
SHARE
3
Published by SourceMedia Inc.
One State St. Plaza, 27th Fl., New York, NY 10004
Phone: (212) 803-8200/Fax: (212) 843-9614
http://www.accountingtoday.com
EDITOR-IN-CHIEF BILL CARLINO
Managing Editor Daniel Hood
Senior Editors Roger Russell, Danielle Lee
Technology Editor Seth Fineberg
Associate Art Director Wen-Wyst Jeanmary
ADVERTISING AND BUSINESS SERVICES
PUBLISHER ROB WHITAKER
Associate Publisher Gary DeHart
Advertising Director Jack Lynch (212) 803-8803
Sales Manager Peter Sorice (917) 238-8803
Advertising Sales Coordinator Susan Korcynski (212) 803-8210
Production Manager Elina Schnayder (212) 803-8867
REPRINTS AND LIBRARY SERVICES
Material in Accounting Today may not be reproduced without ex-
press written permission. For article reprints: Godfrey R. Liver-
more, Director of Reprints & Alternative Media Sales
Tel: (888) 909-6366 Fax: (212) 843-9624
Publishers Copy Protection Clause: Advertisers and advertis-
ing agencies assume liability for all content (including text, rep-
resentation and illustrations) of advertisments and responsibility
for claims arising there from made against the publisher.
Copyright © 2011 Accounting Today and SourceMedia, Inc.
All rights reserved.
SOURCEMEDIA INC.
T
here’s an old military boast
that goes something like this:
“The difficult we can do now.
The impossible will take a lit-
tle longer.”
With the past two years as evi-
dence, the nation’s Top 100 Accounting
Firms are all too familiar with accom-
plishing the difficult.
Staring down the often lethal com-
bination of a rough economy and
increased competition,
many in the 2011 class of
the T100 struggled to at
least maintain flat rev-
enues over the prior year
— with mixed success.
That malaise in turn trig-
gered an inevitable rank-
ings reshuffle, with some
of the previous members
dropping of the main ros-
ter, or, at minimum, cas-
cading several notches
down the ladder.
Despite that omi-
nous lead-in, I want to
welcome you to the 2011
edition of the Accounting
Today Top 100 Firms, the 24th year our
publication has brought readers this ex-
haustive undertaking.
This will also mark the second year
we have augmented our traditional Top
100 rankings with a comprehensive look
at leading firms throughout 10 major
geographic regions.
The somewhat brighter news on
the revenue side is that more than half
of those regions reported (admittedly
slight) year-over-year gains.
As we annually note, no Top 100
study would be complete without a brief
tutorial on the guidelines used in as-
sembling the project:
Revenue, unless it’s otherwise
noted, is net revenue.
Also, unless noted, firm rev-
enues are for the U.S. only.
The “total employees” category
is comprised of partners, professionals
and other personnel.
In a case where
two firms report equal
revenue, the firm with the
higher percentage of rev-
enue increase will receive
the higher ranking.
Of course, no project
of this magnitude could
be completed without a
total team effort in usher-
ing it to publication. This
year, as always, the proj-
ect was quarterbacked by
managing editor Dan
Hood, who, as field gen-
eral, simply told us what
had to be done and
when. Kudos also go to
senior editors Roger Russell and Dan-
ielle Lee, technology editor Seth Fine-
berg, and Mike Cohn, editor of our on-
line portal AccountingToday.com.
So, with that, we present the 2011
class of the Top 100 Tax and Accounting
Firms, accompanied by the rankings of
Regional Leaders, who somehow find a
way to get it done.
No matter how difficult it gets.
— Bill Carlino
Editor-in-Chief
Difficult –
not impossible
Contents
Top 100 Overview 4
Top 100 Databank 5
Firms to Watch 6
Top Tax Firms 8
Firm Strategies 10
Firm Technology 11
Niche Services 12
Client Categories 13
Top 100 Rankings 15
Regional Overview 19
Regional Leaders 21
Firm Highlights 27
Cover design: Wen-Wyst Jeanmary/ Cover image: Gettyimages
notes and methodology
Sponsored by:
overview
4
W
inter always outstays its
welcome.
This year’s, with its long
cold spells and record
snowfalls in many parts of the country, has
seemed much longer than necessary —
but at least we know that it can’t last much
more than another month.
The accounting profession, on the
other hand, entered a cold snap in 2009
that has lasted right through 2010, and
still seems to have the Top 100 Firms in
a deep freeze, stuck in a second year of
declining revenue, partner and staff
figures.
Some of the more chilling statis-
tics: Revenues for the Top 100 were
down almost 2 percent, while partner
and staff levels both declined around 1
percent. Forty-four firms reported flat
or declining revenue, against 34 last
year, and 62 reported flat or declining
staff numbers, against 53 last year.
While things didn’t get better, it’s
not quite fair to say that they got worse:
A 2 percent drop in revenue is pretty
cold, but in 2009 revenues dropped al-
most 3 percent, and 2009’s drop in staff
was over 2 percent. (See Databank,
page 5.) Not warmer then, but not nec-
essarily colder.
Frozen.
STAYING WARM
For those keeping score at home, last year
in this study we reported seeing signs that
things would be warmer in 2010. All we
can say is that we’re eternally optimistic
about the profession — and one of the rea-
sons we’re still optimistic is that the best of
the Top 100 aren’t hibernating through the
cold weather.
In the depths of winter, they’re active-
ly developing strategies for staying warm.
In 2009, that often meant focusing on serv-
ices and offerings for an economy in trou-
ble — restructuring and bankruptcy serv-
ices, for instance. In 2010, many of the Top
100 reported launching entirely new prac-
tice areas that will still be called for when
the economy fully recovers, from IT con-
sulting and benchmarking services to ad-
visory services for clients looking to ex-
pand in China. (See Strategies, page 10.)
They’re also focusing inward to prepare
themselves for the better times ahead, de-
veloping training programs, beefing up
their marketing, and updating their tech-
nology. Almost a fifth reported that they
were finally getting around to installing a
customer relationship management sys-
tem. (See T100 Tech, page 11.)
Initiatives like these will certainly
stand them in good stead when the eco-
nomic weather finally turns warm. And
those that can be rolled out sooner will
help in those areas where business is still
growing now. Even in the midst of the
freeze, over 60 percent of the Top 100 re-
ported seeing growth in areas such as busi-
ness valuations, services to nonprofits,
forensics and fraud work, estate planning,
international tax, and attest services — a
mix of those driven by the tough economy
and those that point to a post-thaw fu-
ture. (See Niche Services and Client Cat-
egories, pages 12-13.)
BUNDLING UP
All that activity is helping keep the Top
100 Firms warm, but the most com-
mon strategy was, as it has been for
some time, to find someone else to
share the warmth.
Most of the T100 who saw any
kind of significant growth did it
through mergers and acquisitions. Cal-
ifornia-based Gallina, for instance,
grew by over 31 percent (and earned its
first appearance on the list) through a
major merger in October 2010, and
then added another in January 2011.
The other four firms with the highest
growth rates all notched up mergers in
2010 or early 2011. Michigan-based
Doeren Mayhew, for instance, grew by
over 20 percent and jumped 10 spots
on the T100 list through its July merger
with a Texas firm, while Indiana’s Blue &
Co. grew over 20 percent and jumped up
12 spots in part through a late-2009 merg-
er with a Kentucky firm, as well as the ac-
quisition of two small tax practices. (See
Firm Highlights, page 27.)
Merger activity was strong at all levels.
Two New York-area firms in the 2009 Top
30, Eisner and Amper, Politziner & Mattia,
merged to create EisnerAmper, No. 13 in
the 2011 Top 100 and the No. 1 firm in our
Mid-Atlantic Region. National firm Clifton
Gunderson went on a tear, acquiring at
Staying warm until the thaw
B Y D A NI E L H OOD
'10 '09 '08 '07 '06 '05 '04 '03 '02 '01 '00 '99 '98 '97 '96 '95 '94
-5
0
5
10
15
20
25
30
*Compiled from individual firm results
reported at year’s end; includes some estimates
The deep freeze
Revenue growth of the Top 100 Firms,
in percent*
See THAWon 6
databank
5
Leaders in A&A
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
§
$4,097.34 51
2. Deloitte
§
3,718.92 34
3. Ernst & Young
§
2,982.00 42
4. KPMG
§
2,248.94 46
5. RSM / McGladrey & Pullen
1
595.05 43
6. Grant Thornton 510.28 47
Firms over $100 mn
1. BDO USA 362.70 62
2. Crowe Horwath 317.46 66
3. BKD 199.41 51
4. Moss Adams 154.84 49
5. Plante & Moran 146.18 49
Firms under $100 mn
1. Cherry, Bekaert & Holland 56.08 57
2. Carr, Riggs & Ingram 55.80 65
3. Marks Paneth & Shron 55.80 62
4. Kearney & Co. 48.54 67
5. O’Connor Davies 45.33 70
Leaders in Tax
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. PwC
§
$2,410.20 30
2. Deloitte
§
2,296.98 21
3. Ernst & Young
§
2,272.00 32
4. KPMG
§
1,271.14 26
5. RSM / McGladrey & Pullen
1
475.51 35
6. Grant Thornton 304.00 28
Firms over $100 mn
1. CBIZ / MHM † 155.33 27
2. BDO USA 152.10 26
3. BKD 121.21 31
4. Crowe Horwath 110.63 23
5. Moss Adams 104.28 33
Firms under $100 mn
1. Holthouse Carlin & Van Trigt 45.50 70
2. Anchin, Block & Anchin 38.27 43
3. Berdon 35.34 38
4. Goodman & Co. 34.80 40
5. Cherry, Bekaert & Holland 33.45 34
Leaders in MAS
Ranked by revenue
Rev. share Fee
Top 6 firms ($ mn) split
1. Deloitte
§
$4,484.58 41
2. PwC
§
1,526.46 19
3. Ernst & Young
§
1,420.00 20
4. KPMG
§
1,368.92 28
5. RSM / McGladrey & Pullen
1
292.63 21
6. Grant Thornton 271.43 25
Firms over $100 mn
1. CBIZ / MHM † 287.65 50
2. BKD 70.38 18
3. BDO USA 70.20 12
4. Clifton Gunderson 65.61 27
5. Marcum 62.70 25
Firms under $100 mn
1. Blue & Co. 29.80 59
2. Berdon 27.90 30
3. Watkins Meegan 24.38 53
4. Kearney & Co. 23.91 33
5. Sikich 22.20 40
2011 TOP 100 FIRMS DATABANK
Overview
Top 6 % Firms over % Firms under % Total Top %
firms chg. $100 mn chg. $100 mn chg. 100 Firms chg.
Revenue (in $mn) $33,425.57 -2.40 $5,488.49 -2.46 $3,656.06 2.77 $42,570.12 -1.98
Partners 10,402 -3.34 3,473 -1.86 2,615 2.63 16,490 -1.29
Professionals 96,086 1.02 19,170 -5.73 14,223 0.47 129,479 -0.10
Total employees 133,540 -0.84 29,468 -5.09 21,421 0.09 184,429 -0.80
Rev. share % Rev. share % Rev. share % Rev. share %
Fee split (in $mn) of rev. (in $mn) of rev. (in $mn) of rev. (in $mn) of rev.
Audit & Attest $14,150.39 42.33 $2,664.49 48.55 $1,574.28 43.06 $18,389.16 43.20
Tax $9,036.92 27.04 1,641.03 29.90 $1,234.83 33.77 $11,912.79 27.98
MAS (consulting) $9,360.95 28.01 1,083.68 19.74 $505.28 13.82 $10,949.91 25.72
Other $877.31 2.62 $96.24 1.75 $341.67 9.35 $1,315.22 3.09
Note: Some figures may not correspond exactly due to rounding.
Pacesetters in growth
Ranked by % chg.
Firms over $100 mn.
1. Citrin Cooperman & Co. 100.00 17.65
2. Marcum 250.80 7.29
3. Eide Bailly 151.80 6.68
4. LarsonAllen 227.00 4.13
5. Reznick Group 191.53 1.02
Revenue %
Firms under $100 mn. ($mn) chg.
1. Gallina 31.50 31.25
2. O’Connor Davies 64.75 27.96
3. Doeren Mayhew 43.70 21.09
4. Blue & Co. 50.50 20.24
5. Rosen Seymour 49.60 17.81
Revenue %
Overall Top 100 Firms ($mn) chg.
1. Gallina 31.50 31.25
2. O’Connor Davies 64.75 27.96
3. Doeren Mayhew 43.70 21.09
4. Blue & Co. 50.50 20.24
5. Rosen Seymour 49.60 17.81
6. Citrin Cooperman & Co. 100.00 17.65
7. Honkamp Krueger & Co. 31.48 13.93
8. Argy, Wiltse & Robinson 50.00 13.87
9. Nigro Karlin 41.09 13.67
10. Weaver 65.30 12.39
11. RGL Forensics 38.88 10.77
12. Sikich 55.50 10.12
13. Novogradac & Co.* 65.41 10.08
14. Kearney & Co. 72.45 9.62
15. Armanino McKenna 71.45 9.28
16. SS&G 64.80 9.09
17. Alpern Rosenthal 34.06 8.75
18. Holthouse Carlin & Van Trigt 65.00 8.33
19. Postlethwaithe & Netterville 38.17 8.01
20. Marcum 250.80 7.29
21. Friedman 64.20 7.00
22. Eide Bailly 151.80 6.68
23. Morrison, Brown 68.00 5.92
24. Marks Paneth & Shron 90.00 5.88
25. Berdon 93.00 5.68
26. Whitley Penn 32.10 5.59
27. The Bonadio Group* 43.56 5.22
Notes: * Firm estimate or projection
† AT estimate § Gross revenue
1 RSM reported fee split both as percent and
in dollar amounts
For more details on individual firms, see foot-
notes on pages 15-18.
overview
6
least seven firms and offices, from Indiana,
Illinois and Missouri to New Mexico and
California, while Top 6 Firm Grant Thorn-
ton acquired groups in Dallas and Chicago
(though it also sold off some offices and
practices as part of an ambitious five-year
strategic plan). CBIZ / Mayer Hoffman Mc-
Cann, meanwhile, acquired a Utah-based
employee benefits firm and a Baltimore-
based consulting firm, along with a major
local accounting firm in Tampa Bay, Fla.
Southeast regional firm Cherry Bekaert &
Holland was also particularly busy, with
firm acquisitions in Atlanta and Florida,
and two in Virginia, all of which should
boost its numbers next year, as they came
after the firm’s April 2010 year-end.
Firm mergers also reshaped the Top
100 by removing some familiar names:
List stalwarts Caturano & Co. of Boston,
LeMaster & Daniels of Spokane, Wash.,
and Stonefield Josephson of California
were all acquired in 2010, by RSM
McGladrey, LarsonAllen, and Marcum,
respectively. That opened up some posi-
tions at the bottom of the list, allowing
some former Top 100 Firms to reclaim
spots, and new ones to join. It also, along
with the overall decline in revenues, ac-
counted for the new, lower threshold for
joining the list: $30.7 million, against
$31.8 million last year.
One of the biggest of the recent deals,
it should be noted, won’t be reflected in the
list until next year: the announced union of
Southeast super-regional Dixon Hughes
with Virginia powerhouse Goodman & Co.,
which is due to take effect in March 2011
THAW
from page 4
BEYOND THE TOP 100: FIRMS TO WATCH
Mergers and a general decline in revenue have lowered the threshold for this year’s Top 100 to $30.7 million, from last year’s $31.8 million, allowing
some growing firms to join the list. As always, though, there are still many strong firms that are just below the threshold. Some of them have been on
the list before, and have just been temporarily overtaken; others are powering their way toward the list for the first time.
As with last year, we’ve suspended our practice of listing the Ones to Watch by their growth rates; so many strong firms have reported declines
that it hardly seems fair to hold the general economic climate against them — though it’s worth noting that there are some very strong performers in
this year’s OTW.
Year Revenue % Total
Firm Headquarters Managing partner end ($ mn.) chg. Offices Partners employees
CCR Westborough, Mass. David Platt Dec $30.00 -11.76 5 29 200
Macias Gini & O’Connell Sacramento, Calif. Kevin O’Connell Dec 29.92 13.33 6 12 208
Reinsel Kuntz Lesher Wyomissing, Pa. J. Andrew Weidman Dec 29.27 9.46 4 30 225
Rea & Associates New Philadelphia, Ohio Lee Beall Oct 29.06 -4.09 11 30 216
Yeo & Yeo Saginaw, Mich. John Kunitzer Dec 28.27 0.89 8 22 172
Kahn, Litwin, Renza & Co. Providence, R.I. Alan Litwin Dec 27.96 7.13 3 10 162
Perry-Smith Sacramento, Calif. Robert Perry-Smith June 27.95 -2.55 2 15 152
Baker Newman & Noyes Portland, Maine Charlie Hahn Dec 27.80 1.31 4 27 181
Padgett Stratemann & Co. San Antonio John Wright July 27.38 -3.05 2 15 162
Mountjoy Chilton Medley Louisville, Ky. M. Mountjoy/D. Medley Dec 27.24 4.13 4 33 214
Wolf & Co. Boston Daniel DeVasto Sept 26.94 7.12 3 14 168
Brown Smith Wallace St. Louis Harvey Wallace Dec 26.30 -0.38 4 22 186
Clark Nuber Bellevue, Wash. David Katri Dec 25.58 -3.65 1 14 142
Feeley & Driscoll Boston Thomas Feeley March 24.61 -9.85 1 14 115
Yount, Hyde & Barbour Winchester, Va. W. Mark Rudolph June 24.41 -1.57 6 21 149
Gursey | Schneider Los Angeles Stephan Wasserman Dec 24.23 11.30 2 8 126
Frost Little Rock, Ark. Daniel Pellegrin April 23.91 3.60 3 9 134
Bennett Thrasher Atlanta Michael Dukes June 23.46 9.88 1 20 145
Brown, Edwards & Co. Bluefield, W. Va. Domenic Pellillo May 23.38 7.00 7 23 182
Windes & McClaughry Long Beach, Calif. John Di Carlo June 23.34 -8.00 2 15 132
See THAWon 8
Firm mergers
reshaped the
T100 list,
removing some
familiar names.
8
and create a $280 million giant.
COLD SPOTS
With all that heat noted, it’s time for a little
cold water. Last year, when we introduced
our new Regional Leaders lists, they were
a bright spot. With the weight of the na-
tional firms removed, nine out of 10 of our
regions reported respectable growth in
2009. In 2010, only six of the 10 regions re-
ported growth, and it was much more
modest than the year before, with the
leaders — the West and the Mid-Atlantic
— coming in just under 2 percent. Of the
four areas that declined, the Great Lakes
Region and the New England Region both
saw revenue drops that were slightly larg-
er than that of the overall Top 100 Firms.
(See the Regional Leaders lists, pages 21-
26.) The numbers often reflect the eco-
nomic performance of the part of the
country in question — though not always.
(See Regional Overview, page 19.)
Comparisons to last year’s report
aren’t quite exact, as we have added a
number of firms, and made some adjust-
ments to how we break up the regions.
Among other things, we’ve created an en-
tirely new one, the Capital Region centered
around Washington, D.C., and combined
two, the Mid-Atlantic and the New York
Metro. Both the expansion and the re-
arrangement of the regions will, we hope,
better reflect the way that the Regional
Leaders are evolving in terms of their geo-
graphic practice areas.
That evolution, along with all the oth-
er changes brought about by firm mergers,
belt-tightening, new practice lines and
new technologies, show that the profes-
sion isn’t standing still in the deep freeze.
It’s adapting itself, preparing for the op-
portunities that are sure to come when the
cold ends.
The winter will pass and the thaw will
come — it’s just a matter of staying warm
until it does. AT
THE TOP TAX FIRMS
By and large, it was not a great year for tax firms: Two of the three biggest tax prep chains, H&R Block and Jackson Hewitt, reported noteworthy de-
clines in revenue, citing problems with refund anticipation loans and sustained unemployment among their core client bases. (That said, the other
major chain, Liberty Tax, continued its relentless growth, and surpassed Jackson Hewitt for the first time to become the No. 2 chain in the country.)
For firms that provide a wider range of tax services, the results were mixed, a combination of mostly minor declines in revenue and the odd slight
uptick — with the notable exception of Texas-based tax services firm Ryan, which managed growth of over 10 percent, aided, in part, by its expertise
in international tax issues.
Rev. %
from tax from Total % Total
Firm Headquarters Chief executive ($mn) tax revenue chg. Offices staff
H&R Block
P 1
Kansas City, Mo. Russ Smyth 2,979.90 77 3,870.00 -5.23 11,000+ NA
PwC
§
New York City Robert Moritz 2,410.20 30 8,034.00 -2.27 73 29,546
Deloitte
§
New York City Barry Salzberg 2,296.98 21 10,938.00 2.01 100 45,730
Ernst & Young
§
New York City James Turley 2,272.00 32 7,100.00 -6.82 77 24,600
KPMG
§
New York City John Veihmeyer 1,271.14 26 4,889.00 -3.68 87 21,285
RSM / McGladrey & Pullen
2
Bloomington, Minn. C.Andrews/D. Scudder 475.51 35 1,378.87 -5.60 88 7,130
Grant Thornton Chicago Stephen Chipman 304.00 28 1,085.70 -5.41 50 5,249
Liberty Tax Services ƒ Virginia Beach, Va. John Hewitt 291.69 100 291.69 20.29 3,359 375
Ryan Dallas G. Brint Ryan 216.50 100 216.50 9.07 42 792
Jackson Hewitt Tax Services
P
ƒ Parsippany, N.J. Philip Sanford 213.80 100 213.80 -13.90 6,407 NA
CBIZ / Mayer Hoffman McCann

Cleveland D. Sibits/B. Hancock 155.33 27 575.30 -4.00 150 4,241
BDO USA Chicago Jack Weisbaum 152.10 26 585.00 -5.65 39 2,497
BKD Springfield, Mo. Neal Spencer 121.21 31 391.00 -0.51 29 1,814
WTAS San Francisco Mark Vorsatz 114.90 100 114.90 0.44 14 494
Crowe Horwath Oak Brook Terrace, Ill. Charles Allen 110.63 23 481.00 -5.31 26 2,315
Moss Adams Seattle Rick Anderson 104.28 33 316.00 -2.17 18 1,687
Notes: P Figures compiled from public company reports. ƒ Franchise. Figures may not include franchise operations.
* Firm estimate † Accounting Today estimate for revenues NA Not available/applicable § Gross revenue
1 Total revenue includes revenue from RSM McGladrey. Tax fee split reported as a dollar amount. 2 Reported fee split as both percentage
and dollar amount.
THAW
from page 6
The profession
isn’t standing
still in the
deep freeze.
overview
AT TV is a new addition to the information messaging being presented
online by the market-leading brand of Accounting Today
It features a collection of web videos that present in-depth interviews with high-profile
tax and accounting experts to visually inform and engage our audience.
In addition, AT TV also offers news, best practice profiles and video coverage from
industry events.
www.accountingtoday.com/attv
NOWSHOWING!
10
W
hether battling critical is-
sues such as fee pressures,
succession planning, or cli-
ent and employee reten-
tion, the nation’s Top 100 Firms will devote
a good part of 2011 to deploying strategies
to counter the bruising effects of a rough
economy and torrid competition.
After navigating one of the more diffi-
cult revenue years on record, the 2011 class
of the Top 100 Firms revealed a wide range
of planned initiatives, from expanding
their business development units, increas-
ing the use of social media, and hiring
away niche specialists, to scouring for po-
tential M&A partners in an effort to ensure
future growth and profitability.
NEW NICHES, NEW PEOPLE
As an example, California-based Arman-
ino McKenna is pairing its technology cap-
abilities with its consulting division, and
now cross-sells IT services via the consult-
ing teams with offerings like business in-
telligence and budget and forecasting
tools. This year will also mark the second
year of its CFO Evolution — a service that
provides benchmarking studies for CFOs
of their organizations and competition.
Berkowitz Dick Pollack & Brant man-
aging director Richard Berkowitz reported
that the Miami-based CPA firm will initiate
what he termed a “rigorous” growth and
business development program that focus-
es on four targeted niches — forensic serv-
ices, real estate financial advisory services,
wealth services and attest.
Along similar lines, Maryland-based
Reznick Group launched a new practice
line that focuses on the real estate advisory
needs of the long-term health care indus-
try — specifically owners and operators of
facilities across the country. The firm also
formed a National Commercial Real Estate
Committee to offer ideas and resources to
its extensive real estate client base.
Philadelphia-based ParenteBeard’s
chief executive Robert Ciaruffoli revealed
that it would get all levels of the firm en-
gaged in business development, as well as
exploring a number of new service lines
and consulting services. To hone its cost-
management process, the firm is also im-
plementing new budgeting and practice
management systems that provide real-
time data for each practice area.
SingerLewak indicated that it would
expand its current niche of family-owned
businesses to new service lines, as well as
growing its in-house Thought Leadership
Series to include doing business in China
and Europe. The California-based tech-
savvy firm also has sealed a partnership
with online financial and accounting
provider Intacct Corp. to resell its solutions
and advise clients on cloud computing and
Software-as-a-Service issues.
At Holthouse Carlin & Van Trigt, the
Los Angeles-based T100 Firm has launched
search engine optimization initiatives in an
effort to leverage its various areas of expert-
ise, including international tax, transac-
tion advisory services, hiring and econ-tax
credit services. The firm also pledged to
forge strategic relationships with local and
national service providers, including affili-
ates of Moore Stephens North America.
Aronson, which over the past year
added a number of new service lines, in-
cluding the expansion of its consulting
services to its core government contracting
niche, transitioned Lisa Cines, who had
helmed the firm for nine years as chief ex-
ecutive, to oversee its business and corpo-
rate development initiatives. The Mary-
land-based firm said that in 2011 it would
allocate more resources to those units.
BACK TO SCHOOL
To ensure a continuous flow of rainmakers
for each market and industry niche that it
services, Carr, Riggs & Ingram has estab-
lished an in-house sales “college.”
Like CRI, Miami-based Kaufman,
Rossin & Co. will make education a prior-
ity initiative this year, focusing on en-
hanced productivity via its training pro-
grams at Kaufman Rossin University, as
well as The Innovation Challenge, a sum-
mer training program that it conducts for
future leaders. The firm said that TIC pro-
duced four business plans from partici-
pants that are currently being implement-
ed at the firm.
M&A AS A GROWTH STRATEGY
Over the past year, perhaps no firm pur-
sued a more aggressive M&A strategy than
Clifton Gunderson, which closed on a total
of seven mergers, a strategy it plans to con-
tinue though 2011. Toward that end, the
firm last year appointed former long-time
chief executive Carl George to exclusively
seek out M&A opportunities for the firm.
New York-based Friedman revealed
that it also would examine potential merg-
ers, as well as continuing to look for growth
markets in both China and India. Manag-
ing partner Bruce Madnick added that the
firm would also seek to recruit and hire
practitioners in specialty niches.
In August, global firm Grant Thornton
unveiled “Unleashing Our Potential,” an
ambitious five-year growth and strategic
plan that targets the firm generating $2 bil-
lion in revenues by 2015. The multi-
pronged plan includes an aggressive push
into selected markets, attracting top-level
talent, and implementing a strategy of
mergers and acquisitions. The firm, which
had been dormant in the M&A field for a
number of years, acquired the disputes
and investigations practice of Huron Con-
sulting, the first of what the firm said would
be more in 2011. AT
T100 strategize to stay competitive
B Y B I L L C A R L I NO
strategies
11
M
ost CPA firms have long
avoided installing or utiliz-
ing customer relationship
management systems, as
they have been perceived as too costly or
too difficult to understand. But it appears
that many in this year’s Top 100 have shed
those old preconceived notions, as CRM
topped the list of planned technology ini-
tiatives for 2011.
Our 2011 survey of the Top 100 Firms
revealed that CRM was the most popular
initiative among those that were planning
on implementing anything new technol-
ogy-wise this year. These firms cited in-
creased competition and the need to im-
prove client retention and lead generation
as primary reasons for deciding to wade
into the CRM arena in 2011.
For years, the price tag and the highly
tech-centric nature of CRM scared off
many potential users, but now practices
such as Salem, Ore.-based AKT have be-
gun to realize the broad availability of low-
cost, user-friendly CRM systems, whether
on-premise or in cloud or hosted versions.
This year, AKT, which ranked No. 96
on our 2011 roster, plans to roll out Sales-
force.com, and looks to have it integrate
with the firm’s existing time and billing sys-
tems to help ensure that its staff have the
information they need to manage their
own businesses.
“Cost was an issue, but as we are see-
ing increased competition and clients not
wanting to pay for additional services, we
had to address how we manage and build
our relationships with our current clients,"
said Peggy Kitzmiller, director of marketing
in AKT’s Portland office. “Some [employ-
ees] did it through ‘makeshift CRM’ via
Outlook, but it had to be better than that,”
she said. “Providing the highest level of
client service is key. We need to know
things like we had lunch with someone six
months ago and how to follow up with
them and serve them best. Each client
and client category has their own needs,
and a good CRM system will help to meet
those needs.”
Atlanta-based Habif, Arogeti, &
Wynne was also among the T100 firms that
had explored the idea of utilizing a CRM
system, but found it either cost-prohibitive
or that they simply lacked a strong plan-
ning process for implementation. This year
will be different for the firm, which ranked
No. 47, as they have committed to having a
CRM system, and have already initiated
small trial tests for Dynamics CRM, as well
as a search for a consultant to assist with
the planning process.
“We kicked the idea of CRM around a
few times and backed off. What happens a
lot is partners will get together and say we
want to do all these things and implemen-
tation is a nightmare, so we need someone
[like a consultant] to be objective and de-
fine what we need to do to get it off the
ground so we can have early successes and
build on that,” said Brian Falony, director
of marketing at Habif Arogeti. “We’re fac-
ing more and more competition in our
marketplace, and we need to be better at
understanding who our prospects are and
convert leads to clients, as well as retaining
those we have.”
NEEDS BEYOND CRM
CRM systems weren’t the only key tech-
nology plans in 2011 for the Top 100, as
many are also looking towards increasing
cloud-based initiatives, while others listed
wireless, mobile and paperless strategies
as goals this year.
Cloud-based technology plans are
fairly widespread among the T100, with
several recently becoming engaged in con-
sulting on or reselling cloud accounting
systems and services.
In early February of this year, Chica-
go-based Baker Tilly Virchow Krause
joined the NetSuite Solution Provider pro-
gram and will use the Web-based service
as part of its own new cloud-based com-
puting consulting practice. The No. 16-
ranked firm’s cloud consulting practice,
now powered by NetSuite, will initially fo-
cus on service-based companies and
wholesale distributors.
In addition, top firms including Los
Angeles-based SingerLewak, Armanino
McKenna, and national firms Clifton Gun-
derson and RSM McGladrey all have re-
cently signed on to resell or offer account-
ing and outsourced CFO services utilizing
cloud-based financial and accounting ap-
plications provider Intacct.
Other new technology initiatives that
the top firms plan to implement this year
include upgrading existing practice man-
agement systems, utilization of social me-
dia, use of portals, improving security and
data encryption, and upgrading to Win-
dows 7. AT
CRM on 2011 to-do list for T100
B Y S E T H F I NE B E R G
Increased
competition
and concerns
about client
retention
and lead
generation led
firms to wade
into CRM.
technology
12
G
rowth in specialty services at
the 2011 Top 100 Firms re-
mained relatively consistent
with last year, with most top
client niches either treading water or see-
ing small changes in the percentage of
firms reporting growth in those areas. Ac-
cording to the 80 reporting firms, however,
a few niche specialties made some dra-
matic movements.
Nonprofits registered the biggest leap
— from last year’s ninth spot to land in sec-
ond place with 70 percent of firms record-
ing an increase in that specialty. Business
valuations, meanwhile, remained in the
top niche-services spot, with 75 percent of
firms reporting an increase. Suffering a big
drop this year were business recovery/re-
cession services, down six spots at No. 23.
Brent McDade, managing partner of
advisory services for Joseph Decosimo and
Co. in Chattanooga, Tenn., saw business val-
uations at the firm grow rapidly in the past
year because of demand for fair value servic-
es. “It was a realization on the part of audi-
tors and their clients that independent opin-
ions of fair value are becoming a more rou-
tine part of an audit engagement,” he said.
“In the past year, [this niche] grew in spite of
us, instead of because of us, but in the com-
ing year we plan to dedicate more resources
to growing this area of business.”
Joe Evans, a principal at Boardman,
Ohio-based Hill, Barth & King and director
of its business valuation practice, cited
three reasons for growth: “First, the im-
provement in clients’ discretionary spend-
ing. Valuation work tends to be an extra
type of transaction, so in a difficult econ-
omy, discretionary spending goes down.
We expect to see improvement there.”
Evans also echoed McDade’s expecta-
tion of more fair value work in financial
reporting as another catalyst. And lastly, he
sees opportunities for valuation in the Mar-
cellus Shale, an area of deep, untapped nat-
ural gas reserves on the East Coast.
But the dramatic rise in the nonprofit
services arena was perhaps the headline in
T100 niche services in 2011.
For Geralyne Mahoney, a shareholder
in assurance services and leader of the
Nonprofit Services Group at Burr, Pilger &
Mayer in San Francisco, the increase was a
response to the continued boom of the
nonprofit sector during the economic
downturn. “So many nonprofits are in need
of service, and not that many firms special-
ize in nonprofits,” she said. The staff dedi-
cated to this niche within the firm also in-
creased from 60 to 65 people this year.
Forensics and fraud services rounded
out the top three niches this year.
According to Richard Pollack, director
of forensic accounting at Berkowitz Dick
Pollack & Brant in Miami, a few factors —
including location — played into his firm’s
growth in this service. “It’s a result of some
of the banking regulations and the amount
of international banking going on down
here,” he said. “Combined with the govern-
mental regulations and concerns about
money laundering, there is more work for
Nonprofits mean more profits
B Y DA NI E L L E L E E
Payroll services/consulting
1031 like-kind exchanges
Financing arrangements
Employment search
CFO/project staffing services
Cash-flow forecasting/management
IFRS consulting
Business recovery/recession advice
Investment advice/services
Bankruptcy/insolvency
Small businesses
SOX compliance/risk management
Technology consulting
Strategic planning/business plans
Personal financial planning
Cost segregation
Succession planning/family office
Retirement plans
Wealthy individuals
Employee benefits
Mergers and acquisitions
Attest services
Industry specializations
State and local taxes
International tax
Estate/trust/gift tax planning
Litigation support
Forensics/fraud
Nonprofit organizations
Business valuations
0 10 20 30 40 50 60 70 80
Top niche services
Percentage of firms increasing their business in these areas
(of 80 firms responding)
niche services
13
forensic accountants.”
The economy was also a key player.
“When the economy is not thriving, you
tend to see more forensic-type engagements
as well,” Pollack noted. “There’s more bank-
ruptcy, insolvency, restructuring, and that
kind of work for troubled companies.”
While mergers and acquisitions only
moved up one spot to 10th on the list, the
number of firms reporting a spike in that
niche rose nearly 8 percentage points from
2010. The recent expansion of M&A activ-
ity is a main driver for this increase, ac-
cording to Tommy Lawler, managing part-
ner and chief executive officer at Weaver in
Fort Worth, Texas. It also led the firm to in-
crease staff in this practice area. “When
things were not as hot as they used to be,”
said Lawler, “sellers had to adjust their idea
of what their companies are worth.”
MIDSIZED AT THE TOP
Midsized businesses again topped the list
as the largest growing client category,
though the percentage of firms reporting a
rise in business dropped nearly 3 percent-
age points. Nonprofits saw a dip of almost
2 points, while still retaining its No. 2 spot.
The manufacturing category, however,
grew more than 2 percentage points, pro-
pelling it up two spots to third place.
Nonprofit clients now comprise 10
percent of New York-based Marks Paneth
& Shron’s practice, an increase that has
happened in the last decade, said Michael
McNee, partner-in-charge of nonprofit
and government services in the West-
chester, N.Y., office. “I’ve gotten more re-
quests for proposals in the last seven to
eight years, on a weekly basis at times, than
I’ve seen in my entire career,” he said. The
firm built traction with the adoption of Sar-
banes-Oxley policies in the nonprofit
world, as well as taking on clients no
longer working with the Big Four and their
decreased presence on the nonprofit side.
Jerald Murphy, partner-in-charge of
the manufacturing and distribution prac-
tice in the Aurora, Ill., office of Sikich, cred-
its the technology team’s investment in in-
frastructure and enterprise resource plan-
ning software for the upswing. “Manufac-
turing and distribution keeps investing in
that technology to prepare themselves for
growth in the near future,” he explained.
Health care facilities jumped three
slots and nearly 8 percentage points to gar-
ner the No. 6 spot. Chris Champ, principal
and director of Eide Bailly’s health care in-
dustry practice in Fargo, N.D., said that
successful competition with the larger
firms brought his firm gains in this area.
“We have a team with more experience
working with the client day-to-day than
the Big Four’s variety of newer, younger
staff who work in more of a pool concept,”
he revealed. This, in combination with
service pricing, allowed the firm to pick up
larger clients previously served by the Big
Four, Champ said.
Another client service area that made
a steady climb was banking and thrift com-
panies, which rose nearly 4 percentage
points, earning it the No. 14 spot.
JoAnn Cotter, partner-in-charge of the
financial institutions practice in the Green
Bay, Wis., office of Wipfli, attributes the
firm’s gains in the vertical to its “survive and
thrive” mentality in the face of a poor econ-
omy and regulatory-weary environment.
“We developed and further expanded
around advisory areas,” she said. “We built
a strategic plan toward governance, a capi-
tal plan to turn the organizations around,
and were responsive to their needs.” This
response included adding staff to the
strategic planning and risk advisory servic-
es within the practice. AT
Agriculture/farming/forestry/fishing
Franchising
Insurance agents and brokers
Gaming
Finance companies/mortgage banks
Publishing/broadcasting/media
Insurance carriers/cos.
Brokers/Dealers in securities and commodities
School districts
Small businesses
Investment cos./mutual funds
Entertainment
Retail trade
Banking and thrift cos.
Colleges and universities
Government contractors
Hotels and restaurants
Large businesses
Wholesale distributors
State and local government
Construction
Technology
Individuals
Real estate
Healthcare facilities
Professionals
Pension plans
Manufacturing
Midsized businesses
Nonprofit organizations
0 10 20 30 40 50 60 70
Top client categories
Percentage of firms increasing their business with these types of clients
(of 80 firms responding)
client categories
New cloud-based technologies are replacing the traditional way of
doing business, and in the process, literally transforming the way
accounting frms will service clients for years to come. Firms of
all sizes have not only seen their productivity improve, but have
developed more proftable ways to engage their clients as well.
The AICPA Trusted Business Advisor
SM
Solutions from CPA2Biz
provide cloud computing solutions that can address critical
functions within your frm, such as core accounting services,
bill management, tax preparation workfow, cash fow analysis
and more. All of which allows you to maintain your competitive
edge, be more productive, collaborate better with your clients
and foster growth and proftability long into the future.
Transform
your practice
with cloud-based
technologies
XCM
Solutions
Firm-Wide
Workfow Automation
Copanion
GruntWorx
Paperless Tax
Workfow Solution
Bill.com
Paperless Bill
Management
Solution
CPA2Biz
Portal and
Email Solutions
Intacct
Financial Management
and Accounting
Applications
Confrmation.com
Secure Online
Audit Confrmations
This isn’t just a cloud,
it’s your proft center.
Learn more. Go to www.cpa2biz.com/BusinessSolutions
T
H
E

2
0
1
1
T
O
P

1
0
0

F
I
R
M
S
R
A
N
K
R
E
V
E
N
U
E

P
E
R
S
O
N
N
E
L
F
E
E

S
P
L
I
T
Y
e
a
r
$
%
O
f
f
-
P
a
r
t
-
%
P
r
o
f
e
s
-
%
T
o
t
a
l
%
(
i
n

p
e
r
c
e
n
t
)
1
1
1
0
F
i
r
m
H
e
a
d
q
u
a
r
t
e
r
s
C
h
i
e
f

e
x
e
c
u
t
i
v
e
e
n
d
m
n
.
c
h
g
.
i
c
e
s
n
e
r
s
c
h
g
.
s
i
o
n
a
l
s
c
h
g
.
e
m
p
s
.
c
h
g
.
A
&
A
T
a
x
M
A
S
O
t
h
e
r
1
1
D
e
l
o
i
t
t
e

§
N
e
w

Y
o
r
k

C
i
t
y
B
a
r
r
y

S
a
l
z
b
e
r
g
D
e
c
$
1
0
,
9
3
8
.
0
0
2
.
0
1
1
0
0
2
,
8
8
3
-
2
.
8
6
3
3
,
6
8
8
9
.
9
6
4
5
,
7
3
0
7
.
9
4
3
4
2
1
4
1
4
2
2
P
w
C

§
1
N
e
w

Y
o
r
k

C
i
t
y
R
o
b
e
r
t

M
o
r
i
t
z
J
u
n
e
$
8
,
0
3
4
.
0
0
-
2
.
2
7
7
3
2
,
2
0
4
2
.
0
4
2
1
,
6
6
1
-
2
.
1
7
2
9
,
5
4
6
-
3
.
3
8
5
1
3
0
1
9
0
3
3
E
r
n
s
t

&

Y
o
u
n
g

§
N
e
w

Y
o
r
k

C
i
t
y
J
a
m
e
s

T
u
r
l
e
y
J
u
n
e
$
7
,
1
0
0
.
0
0

-
6
.
8
2
7
7
2
,
3
0
0
-
8
.
0
0
1
7
,
5
0
0
N
C
2
4
,
6
0
0
-
3
.
9
1
4
2
3
2
2
0
6
4
4
K
P
M
G

§
2
N
e
w

Y
o
r
k

C
i
t
y
J
o
h
n

V
e
i
h
m
e
y
e
r
S
e
p
t
$
4
,
8
8
9
.
0
0

-
3
.
6
8
8
7
1
,
7
5
9
-
4
.
7
6
1
4
,
7
6
2
-
6
.
5
9
2
1
,
2
8
5
-
7
.
3
0
4
6
2
6
2
8
0
5
5
R
S
M

/

M
c
G
l
a
d
r
e
y

&

P
u
l
l
e
n
3
B
l
o
o
m
i
n
g
t
o
n
,

M
i
n
n
.
C
.
A
n
d
r
e
w
s
/
D
.
S
c
u
d
d
e
r
A
p
r
i
l
$
1
,
3
7
8
.
8
7

-
5
.
6
0
8
8
7
4
2
-
1
.
2
0
4
,
8
9
5
-
8
.
1
8
7
,
1
3
0
-
8
.
0
6
4
3
3
5
2
1
1
6
6
G
r
a
n
t

T
h
o
r
n
t
o
n
C
h
i
c
a
g
o
S
t
e
p
h
e
n

C
h
i
p
m
a
n
D
e
c
$
1
,
0
8
5
.
7
0

-
5
.
4
1
5
0
5
1
4
-
3
.
9
3
3
,
5
8
0
-
3
.
2
4
5
,
2
4
9
-
3
.
0
5
4
7
2
8
2
5
0
7
7
B
D
O

U
S
A
C
h
i
c
a
g
o
J
a
c
k

W
e
i
s
b
a
u
m
J
u
n
e
$
5
8
5
.
0
0

-
5
.
6
5
3
9
2
6
3
-
3
.
6
6
1
,
6
8
2
-
9
.
0
3
2
,
4
9
7
-
7
.
9
3
6
2
2
6
1
2
0
8
8
C
B
I
Z

/

M
a
y
e
r

H
o
f
f
m
a
n

M
c
C
a
n
n


4
C
l
e
v
e
l
a
n
d
D
.

S
i
b
i
t
s
/
B
.

H
a
n
c
o
c
k
D
e
c
$
5
7
5
.
3
0

-
4
.
0
0
1
5
0
4
1
8
-
1
0
.
1
1
1
,
7
1
4
-
1
7
.
7
9
4
,
2
4
1
-
7
.
4
0
2
3
2
7
5
0
0
9
9
C
r
o
w
e

H
o
r
w
a
t
h

O
a
k

B
r
o
o
k

T
e
r
r
a
c
e
,

I
l
l
.
C
h
a
r
l
e
s

A
l
l
e
n
M
a
r
c
h
$
4
8
1
.
0
0

-
5
.
3
1
2
6
2
4
9
3
.
7
5
1
,
5
5
9
-
4
.
7
1
2
,
3
1
5
-
4
.
6
5
6
6
2
3
1
1
0
1
0
1
0
B
K
D
S
p
r
i
n
g
f
i
e
l
d
,

M
o
.
N
e
a
l

S
p
e
n
c
e
r
M
a
y
$
3
9
1
.
0
0

-
0
.
5
1
2
9
2
4
6
-
4
.
6
5
1
,
2
0
9
-
3
.
7
4
1
,
8
1
4
-
4
.
0
7
5
1
3
1
1
8
0
1
1
1
1
M
o
s
s

A
d
a
m
s
S
e
a
t
t
l
e
R
i
c
k

A
n
d
e
r
s
o
n
D
e
c
$
3
1
6
.
0
0

-
2
.
1
7
1
8
2
3
8
-
0
.
8
3
1
,
0
6
8
-
5
.
4
9
1
,
6
8
7
-
4
.
2
6
4
9
3
3
1
8
0
1
2
1
2
P
l
a
n
t
e

&

M
o
r
a
n
S
o
u
t
h
f
i
e
l
d
,

M
i
c
h
.
G
o
r
d
o
n

K
r
a
t
e
r
J
u
n
e
$
2
9
8
.
3
2

-
0
.
9
6
1
6
2
2
2
0
.
4
5
9
7
9
-
1
1
.
6
4
1
,
5
3
1
-
9
.
1
9
4
9
3
2
1
9
0
1
3
N
R
E
i
s
n
e
r
A
m
p
e
r
N
e
w

Y
o
r
k

C
i
t
y
C
h
a
r
l
e
s

W
e
i
n
s
t
e
i
n
J
a
n
$
2
5
1
.
1
0

N
A
8
1
6
9
N
A
9
0
0
N
A
1
,
0
6
9
N
A
5
3
3
2
1
5
0
1
4
1
7
M
a
r
c
u
m

M
e
l
v
i
l
l
e
,

N
.
Y
.
J
e
f
f
r
e
y

W
e
i
n
e
r
D
e
c
$
2
5
0
.
8
0

7
.
2
9
1
8
1
4
4
0
.
7
0
5
6
7
-
0
.
3
5
9
1
6
-
2
.
5
5
4
0
3
0
2
5
5
1
5
1
4
C
l
i
f
t
o
n

G
u
n
d
e
r
s
o
n
M
i
l
w
a
u
k
e
e
K
r
i
s
t
a

M
c
M
a
s
t
e
r
s
M
a
y
$
2
4
3
.
0
0

-
3
.
1
9
4
1
2
2
6
1
4
.
1
4
1
,
4
2
7
3
.
3
3
1
,
8
4
4
6
.
1
6
4
9
2
4
2
7
0
1
6
1
3
B
a
k
e
r

T
i
l
l
y

V
i
r
c
h
o
w

K
r
a
u
s
e
C
h
i
c
a
g
o
T
i
m
o
t
h
y

C
h
r
i
s
t
e
n
M
a
y
$
2
3
8
.
0
0

-
8
.
4
6
1
1
1
0
7
-
0
.
9
3
1
,
1
1
9
-
2
.
5
3
1
,
3
4
6
-
1
.
7
5
4
0
3
4
2
3
3
1
7
1
5
J
.
H
.

C
o
h
n
*
R
o
s
e
l
a
n
d
,

N
.
J
.
T
h
o
m
a
s

M
a
r
i
n
o
J
a
n
$
2
3
0
.
0
0

-
2
.
1
3
1
1
1
5
0
-
1
.
9
6
6
1
0
-
3
.
9
4
1
,
0
0
8
-
2
.
8
0
5
0
3
2
1
1
7
1
8
1
8
L
a
r
s
o
n
A
l
l
e
n
M
i
n
n
e
a
p
o
l
i
s
G
o
r
d
y

V
i
e
r
e
O
c
t
$
2
2
7
.
0
0

4
.
1
3
1
9
1
2
1
-
3
.
2
0
9
7
7
2
.
6
3
1
,
3
5
1
1
.
4
3
4
6
3
3
1
9
2
1
9
1
6
U
H
Y

A
d
v
i
s
o
r
s
5
C
h
i
c
a
g
o
R
.

S
t
e
i
n
/
A
.

F
r
a
b
o
t
t
a
D
e
c
$
2
0
4
.
6
0
-
1
2
.
7
1
1
5
1
0
7
-
1
3
.
7
1
5
8
9
-
2
2
.
8
0
9
3
9
-
1
9
.
2
6
3
4
4
0
2
1
5
2
0
1
9
D
i
x
o
n

H
u
g
h
e
s
H
i
g
h

P
o
i
n
t
,

N
.
C
.
K
e
n

H
u
g
h
e
s
D
e
c
$
1
9
3
.
0
0

-
3
.
5
0
2
2
1
3
4
N
C
7
2
3
-
4
.
6
2
1
,
0
8
0
-
2
.
6
1
4
1
3
4
2
5
0
2
1
2
0
R
e
z
n
i
c
k

G
r
o
u
p
B
e
t
h
e
s
d
a
,

M
d
.
K
e
n
n
e
t
h

B
a
g
g
e
t
t
S
e
p
t
$
1
9
1
.
5
3

1
.
0
2
1
0
9
7
-
6
.
7
3
6
5
3
-
1
9
.
6
8
9
6
1
-
1
6
.
9
4
5
7
2
8
1
4
1
2
2
2
2
R
o
t
h
s
t
e
i
n
,

K
a
s
s

&

C
o
.
R
o
s
e
l
a
n
d
,

N
.
J
.
S
.

K
a
s
s
/
H
.

A
l
t
m
a
n
D
e
c
$
1
6
3
.
5
0

-
3
.
5
4
8
6
9
1
.
4
7
5
9
4
-
1
1
.
7
4
7
6
2
-
9
.
2
9
6
7
3
1
1
1
2
3
2
1
P
a
r
e
n
t
e
B
e
a
r
d
P
h
i
l
a
d
e
l
p
h
i
a
R
o
b
e
r
t

C
i
a
r
u
f
f
o
l
i
D
e
c
$
1
6
3
.
0
0

-
4
.
9
0
2
4
1
4
7
-
1
1
.
4
5
6
8
6
-
6
.
9
2
1
,
0
3
1
-
7
.
8
6
5
7
2
5
1
8
0
2
4
2
3
E
i
d
e

B
a
i
l
l
y
F
a
r
g
o
,

N
.
D
.
J
e
r
r
y

T
o
p
p
A
p
r
i
l
$
1
5
1
.
8
0

6
.
6
8
1
9
9
4
N
C
9
8
2
1
2
.
3
6
1
,
3
2
7
7
.
4
5
4
4
3
6
1
0
1
0
2
5
2
4
W
e
i
s
e
r
M
a
z
a
r
s

6
N
e
w

Y
o
r
k

C
i
t
y
D
o
u
g
l
a
s

P
h
i
l
l
i
p
s
D
e
c
$
1
2
0
.
0
0
-
3
.
5
4
5
8
4
-
1
2
.
5
0
3
7
5
-
5
.
7
8
5
8
1
-
4
.
6
0
5
5
3
5
1
0
0
K
e
y

a
n
d

n
o
t
e
s
:
L
a
s
t

y
e
a
r

s

r
a
n
k
i
n
g
s

h
a
v
e

b
e
e
n

r
e
v
i
s
e
d

b
a
s
e
d

o
n

2
0
0
9

r
e
v
e
n
u
e

p
r
o
v
i
d
e
d

b
y

f
i
r
m
s
.

S
o
m
e

f
i
r
m
s


r
a
n
k
i
n
g
s

w
i
l
l

t
h
e
r
e
f
o
r
e

d
i
f
f
e
r

f
r
o
m

t
h
o
s
e

r
e
p
o
r
t
e
d

l
a
s
t

y
e
a
r
.

*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n


A
c
c
o
u
n
t
i
n
g

T
o
d
a
y
e
s
t
i
m
a
t
e
§
G
r
o
s
s

r
e
v
e
n
u
e
N
C

N
o

c
h
a
n
g
e
N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e
N
R

N
o
t

r
a
n
k
e
d
1
R
e
n
a
m
e
d

f
r
o
m

P
r
i
c
e
w
a
t
e
r
h
o
u
s
e
C
o
o
p
e
r
s
.

P
a
r
t
n
e
r

a
n
d

s
t
a
f
f

f
i
g
u
r
e
s

a
n
d

r
e
l
a
t
e
d

m
e
t
r
i
c
s

h
a
v
e

b
e
e
n

r
e
s
t
a
t
e
d

f
o
r

c
u
r
r
e
n
t

a
n
d

p
r
e
v
i
o
u
s

y
e
a
r
s

t
o

e
x
c
l
u
d
e

g
l
o
b
a
l

p
a
r
t
n
e
r
s
/
s
t
a
f
f

r
e
s
i
d
i
n
g

i
n

t
h
e

U
.
S
.
2
O
f
f
i
c
e

t
o
t
a
l

r
e
p
r
e
s
e
n
t
s

b
u
s
i
n
e
s
s

o
f
f
i
c
e
s
,

n
o
t

e
v
e
r
y

p
h
y
s
i
c
a
l

l
o
c
a
t
i
o
n
3
R
S
M

M
c
G
l
a
d
r
e
y

a
n
d

M
c
G
l
a
d
r
e
y

&

P
u
l
l
e
n

o
p
e
r
a
t
e

u
n
d
e
r

t
h
e

b
r
a
n
d

M
c
G
l
a
d
r
e
y

i
n

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.

4
C
B
I
Z

a
n
d

M
a
y
e
r

H
o
f
f
m
a
n

M
c
C
a
n
n

a
r
e

a
s
s
o
c
i
a
t
e
d

t
h
r
o
u
g
h

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.

R
e
v
e
n
u
e
s

a
r
e

a
n

A
T
e
s
t
i
m
a
t
e
;

a
l
l

o
t
h
e
r

f
i
g
u
r
e
s

a
r
e

f
i
r
m
-
s
u
p
p
l
i
e
d
,

a
n
d

d
o

n
o
t

r
e
f
l
e
c
t

y
e
a
r
-
e
n
d

m
e
r
g
e
r

w
i
t
h

K
i
r
k
-
l
a
n
d
,

R
u
s
s
,

M
u
r
p
h
y

&

T
a
p
p
.

O
f
f
i
c
e

f
i
g
u
r
e
s

a
r
e

f
o
r

C
B
I
Z

a
l
o
n
e
;

M
H
M

h
a
s

3
6

o
f
f
i
c
e
s

n
a
t
i
o
n
w
i
d
e
.
5
U
H
Y

A
d
v
i
s
o
r
s

a
n
d

U
H
Y

L
L
P

a
r
e

a
f
f
i
l
i
a
t
e
d

t
h
r
o
u
g
h

a
n

a
l
t
e
r
n
a
t
i
v
e

p
r
a
c
t
i
c
e

s
t
r
u
c
t
u
r
e
.
6
C
h
a
n
g
e
d

n
a
m
e

f
r
o
m

W
e
i
s
e
r

o
n

j
o
i
n
i
n
g

i
n
t
e
r
n
a
t
i
o
n
a
l

f
i
r
m

M
a
z
a
r
s
R
A
N
K
R
E
V
E
N
U
E

P
E
R
S
O
N
N
E
L
F
E
E

S
P
L
I
T
Y
e
a
r
$
%
O
f
f
-
P
a
r
t
-
%
P
r
o
f
e
s
-
%
T
o
t
a
l
%
(
i
n

p
e
r
c
e
n
t
)
1
1
1
0
F
i
r
m
H
e
a
d
q
u
a
r
t
e
r
s
C
h
i
e
f

e
x
e
c
u
t
i
v
e
e
n
d
m
n
.
c
h
g
.
i
c
e
s
n
e
r
s
c
h
g
.
s
i
o
n
a
l
s
c
h
g
.
e
m
p
s
.
c
h
g
.
A
&
A
T
a
x
M
A
S
O
t
h
e
r
2
6
2
5
W
i
p
f
l
i

M
i
l
w
a
u
k
e
e
R
i
c
k

D
r
e
h
e
r
M
a
y
$
1
1
4
.
5
4
-
0
.
1
3
1
5
1
0
3
-
3
.
7
4
5
0
5
-
2
.
3
2
7
7
3
-
3
.
1
3
3
7
3
1
3
2
0
2
7
3
0
C
i
t
r
i
n

C
o
o
p
e
r
m
a
n

&

C
o
.
N
e
w

Y
o
r
k

C
i
t
y
J
o
e
l

C
o
o
p
e
r
m
a
n
D
e
c
$
1
0
0
.
0
0

1
7
.
6
5
5
8
5
6
.
2
5
2
5
2
1
9
.
4
3
3
9
5
1
5
.
5
0
4
9
3
4
1
0
7
2
8
2
6
C
h
e
r
r
y
,

B
e
k
a
e
r
t

&

H
o
l
l
a
n
d

7
R
i
c
h
m
o
n
d
,

V
a
.
H
o
w
a
r
d

K
i
e
s
A
p
r
i
l
$
9
8
.
3
8

-
0
.
2
0
1
4
4
7
2
.
1
7
4
5
9
N
C
6
4
7
0
.
6
2
5
7
3
4
9
0
2
9
2
8
B
e
r
d
o
n
N
e
w

Y
o
r
k

C
i
t
y
S
t
a
n
l
e
y

F
r
e
u
n
d
l
i
c
h
D
e
c
$
9
3
.
0
0

5
.
6
8
2
4
6
2
.
2
2
3
2
6
-
2
.
6
9
4
0
1
-
1
.
9
6
3
2
3
8
3
0
0
3
0
3
1
M
a
r
k
s

P
a
n
e
t
h

&

S
h
r
o
n
N
e
w

Y
o
r
k

C
i
t
y
M
.

L
e
v
e
n
f
u
s
/
A
.

C
a
n
n
a
t
a
D
e
c
$
9
0
.
0
0

5
.
8
8
3
6
1
-
1
0
.
2
9
2
8
2
-
9
.
6
2
4
2
3
-
1
1
.
1
3
6
2
2
6
3
9
3
1
2
7
A
n
c
h
i
n
,

B
l
o
c
k

&

A
n
c
h
i
n
N
e
w

Y
o
r
k

C
i
t
y
F
r
a
n
k

S
c
h
e
t
t
i
n
o
S
e
p
t
$
8
9
.
0
0

-
8
.
2
5
1
5
4
3
.
8
5
2
2
7
-
1
4
.
9
8
3
5
7
-
9
.
1
6
4
4
4
3
1
3
0
3
2
2
9
G
o
o
d
m
a
n

&

C
o
.
V
i
r
g
i
n
i
a

B
e
a
c
h
,

V
a
.
T
h
o
m
a
s

W
i
l
s
o
n
J
u
n
e
$
8
7
.
0
0

-
1
.
1
4
1
0
8
0
-
3
.
6
1
3
7
7
-
5
.
9
9
5
7
7
-
5
.
2
5
4
3
4
0
1
7
0
3
3
3
2
C
a
r
r
,

R
i
g
g
s

&

I
n
g
r
a
m

E
n
t
e
r
p
r
i
s
e
,

A
l
a
.
W
i
l
l
i
a
m

C
a
r
r
S
e
p
t
$
8
5
.
8
5

2
.
7
8
1
5
7
9
1
.
2
8
3
8
3
1
.
5
9
5
3
0
0
.
5
7
6
5
3
0
5
0
3
4
3
3
R
e
h
m
a
n
n
S
a
g
i
n
a
w
,

M
i
c
h
.
S
t
e
v
e
n

K
e
l
l
y
D
e
c
$
7
5
.
0
0

2
.
7
4
1
6
4
9
2
.
0
8
4
3
6
9
.
0
0
5
5
3
0
.
9
1
4
4
3
7
8
1
1
3
5
3
4
W
i
t
h
u
m
S
m
i
t
h
+
B
r
o
w
n
P
r
i
n
c
e
t
o
n
,

N
.
J
.
W
i
l
l
a
m

H
a
g
a
m
a
n
J
u
n
e
$
7
2
.
7
3
1
.
0
0
1
2
3
3
1
0
.
0
0
2
6
7
-
2
.
9
1
3
6
0
-
2
.
7
0
4
9
3
9
6
6
3
6
3
5
K
e
a
r
n
e
y

&

C
o
.
A
l
e
x
a
n
d
r
i
a
,

V
a
.
E
d

K
e
a
r
n
e
y
D
e
c
$
7
2
.
4
5

9
.
6
2
3
1
3
N
C
2
8
3
2
6
.
9
1
4
1
6
8
.
6
2
6
7
0
3
3
0
3
7
3
7
A
r
m
a
n
i
n
o

M
c
K
e
n
n
a
S
a
n

R
a
m
o
n
,

C
a
l
i
f
.
A
n
d
y

A
r
m
a
n
i
n
o
D
e
c
$
7
1
.
4
5

9
.
2
8
5
3
7
8
.
8
2
2
1
6
1
6
.
1
3
2
8
3
1
3
.
2
0
3
5
3
7
2
8
0
3
8
3
9
M
o
r
r
i
s
o
n
,

B
r
o
w
n
,

A
r
g
i
z

&

F
a
r
r
a
M
i
a
m
i
A
n
t
o
n
i
o

A
r
g
i
z
J
u
n
e
$
6
8
.
0
0

5
.
9
2
5
1
8
N
C
2
2
4
2
.
7
5
2
9
4
3
.
1
6
3
3
3
2
2
7
8
3
9
4
3
N
o
v
o
g
r
a
d
a
c

&

C
o
.
*
S
a
n

F
r
a
n
c
i
s
c
o
M
i
c
h
a
e
l

N
o
v
o
g
r
a
d
a
c
D
e
c
$
6
5
.
4
1

1
0
.
0
8
1
2
2
8
3
.
7
0
2
4
2
9
.
0
1
3
1
9
8
.
1
4
5
9
2
3
7
1
1
4
0
4
7
W
e
a
v
e
r
F
o
r
t

W
o
r
t
h
,

T
e
x
a
s
T
o
m
m
y

L
a
w
l
e
r
M
a
y
$
6
5
.
3
0
1
2
.
3
9
6
3
8
1
1
.
7
6
3
1
5
3
.
6
2
4
4
3
9
.
6
5
4
0
4
3
9
8
4
1
4
1
H
o
l
t
h
o
u
s
e

C
a
r
l
i
n

&

V
a
n

T
r
i
g
t
W
.

L
o
s

A
n
g
e
l
e
s
,

C
a
l
i
f
.
P
h
i
l
i
p

H
o
l
t
h
o
u
s
e
D
e
c
$
6
5
.
0
0

8
.
3
3
6
2
8
3
.
7
0
1
7
3
5
.
4
9
2
5
9
4
.
4
4
2
1
7
0
0
9
4
2
4
4
S
S
&
G
C
l
e
v
e
l
a
n
d
G
a
r
y

S
h
a
m
i
s
D
e
c
$
6
4
.
8
0

9
.
0
9
8
2
9
2
0
.
8
3
3
3
6
2
.
4
4
4
1
4
5
.
8
8
3
1
3
5
1
4
2
0
4
3
5
3
O

C
o
n
n
o
r

D
a
v
i
e
s

M
u
n
n
s

&

D
o
b
b
i
n
s
N
e
w

Y
o
r
k

C
i
t
y
K
e
v
i
n

K
e
a
n
e
D
e
c
$
6
4
.
7
5

2
7
.
9
6
6
5
6
4
3
.
5
9
2
5
9
1
2
.
6
1
3
5
5
1
9
.
9
3
7
0
2
4
6
0
4
4
3
8
B
u
r
r
,

P
i
l
g
e
r

&

M
a
y
e
r
S
a
n

F
r
a
n
c
i
s
c
o
S
t
e
p
h
e
n

M
a
y
e
r
D
e
c
$
6
4
.
3
8

0
.
2
6
6
5
3
1
2
.
7
7
2
5
7
-
2
.
2
8
3
9
0
-
2
.
5
0
3
4
4
8
1
2
6
4
5
4
2
F
r
i
e
d
m
a
n
N
e
w

Y
o
r
k

C
i
t
y
B
r
u
c
e

M
a
d
n
i
c
k
D
e
c
$
6
4
.
2
0

7
.
0
0
4
4
6
1
5
.
0
0
2
2
4
1
0
.
3
4
3
0
6
9
.
6
8
6
5
3
3
2
0
4
6
3
6
S
c
h
e
n
c
k

A
p
p
l
e
t
o
n
,

W
i
s
.
W
i
l
l
i
a
m

G
o
o
d
m
a
n
S
e
p
t
$
6
3
.
4
6

-
1
.
6
1
8
5
9
-
7
.
8
1
3
2
9
-
3
.
5
2
4
8
0
-
4
.
7
6
3
9
3
8
1
8
5
4
7
4
5
H
a
b
i
f
,

A
r
o
g
e
t
i

&

W
y
n
n
e
A
t
l
a
n
t
a
J
o
s
e
p
h

S
i
m
m
s
D
e
c
$
5
9
.
0
3

0
.
0
3
2
3
4
N
C
2
0
5
-
6
.
3
9
2
8
4
-
5
.
3
3
4
8
3
7
7
8
4
8
4
0
A
r
o
n
s
o
n
R
o
c
k
v
i
l
l
e
,

M
d
.
J
e
f
f
e
r
y

C
a
p
r
o
n
M
a
y
$
5
6
.
8
5

-
7
.
4
1
1
2
8
3
.
7
0
1
3
3
-
7
.
6
4
1
9
7
-
5
.
7
4
4
6
3
0
1
6
8
4
9
4
6
H
o
r
n
e

R
i
d
g
e
l
a
n
d
,

M
i
s
s
.
H
u
g
h

P
a
r
k
e
r
D
e
c
$
5
6
.
3
7

-
4
.
3
0
1
4
2
6
N
C
3
5
3
N
C
5
0
7
N
C
5
4
1
8
1
7
1
1
5
0
4
8
L
a
t
t
i
m
o
r
e
,

B
l
a
c
k
,

M
o
r
g
a
n

&

C
a
i
n
B
r
e
n
t
w
o
o
d
,

T
e
n
n
.
D
.

M
o
r
g
a
n
/
R
.
M
.

C
a
i
n
D
e
c
$
5
5
.
7
0

0
.
6
1
3
4
0
-
9
.
0
9
2
4
5
-
6
.
8
4
3
4
1
-
7
.
8
4
2
5
3
6
1
4
2
5
N
o
t
e
s
:
*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n
N
C

N
o

c
h
a
n
g
e
N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e
7
F
i
g
u
r
e
s

d
o

n
o
t

i
n
c
l
u
d
e

e
x
p
a
n
s
i
o
n
s

a
n
d

a
c
q
u
i
s
i
t
i
o
n
s

a
f
t
e
r

A
p
r
i
l

2
0
1
0

y
e
a
r
-
e
n
d
,

w
h
i
c
h

w
o
u
l
d

a
d
d

a
p
p
r
o
x
i
m
a
t
e
l
y

$
3
0

m
i
l
l
i
o
n

i
n

r
e
v
e
n
u
e

a
n
d

1
7
5

s
t
a
f
f
.
R
A
N
K
R
E
V
E
N
U
E

P
E
R
S
O
N
N
E
L
F
E
E

S
P
L
I
T
Y
e
a
r
$
%
O
f
f
-
P
a
r
t
-
%
P
r
o
f
e
s
-
%
T
o
t
a
l
%
(
i
n

p
e
r
c
e
n
t
)
1
1
1
0
F
i
r
m
H
e
a
d
q
u
a
r
t
e
r
s
C
h
i
e
f

e
x
e
c
u
t
i
v
e
e
n
d
m
n
.
c
h
g
.
i
c
e
s
n
e
r
s
c
h
g
.
s
i
o
n
a
l
s
c
h
g
.
e
m
p
s
.
c
h
g
.
A
&
A
T
a
x
M
A
S
O
t
h
e
r
5
1
5
4
S
i
k
i
c
h

A
u
r
o
r
a
,

I
l
l
.
J
a
m
e
s

S
i
k
i
c
h
D
e
c
$
5
5
.
5
0

1
0
.
1
2
1
0
3
7
-
7
.
5
0
2
8
4
1
2
.
2
5
3
5
9
8
.
7
9
4
0
1
5
4
0
5
5
2
5
0
E
l
l
i
o
t
t

D
a
v
i
s
G
r
e
e
n
v
i
l
l
e
,

S
.
C
.
R
i
c
h
a
r
d

D
a
v
i
s
J
u
n
e
$
5
4
.
6
3

1
.
2
8
1
1
4
9
4
.
2
6
2
5
3
-
5
.
2
4
3
7
3
-
4
.
3
6
4
8
3
7
1
1
4
5
3
4
9
E
h
r
h
a
r
d
t

K
e
e
f
e

S
t
e
i
n
e
r

&

H
o
t
t
m
a
n
D
e
n
v
e
r
R
o
b
e
r
t

H
o
t
t
m
a
n
S
e
p
t
$
5
4
.
6
0

-
1
.
3
7
3
2
9
1
1
.
5
4
2
7
2
-
3
.
2
0
3
6
9
-
2
.
8
9
5
0
3
9
1
1
0
5
4
5
1
R
u
b
i
n
B
r
o
w
n
S
t
.

L
o
u
i
s
J
o
h
n

H
e
r
b
e
r
M
a
y
$
5
4
.
2
7

1
.
1
2
3
2
4
N
C
2
4
6
2
.
0
7
3
1
5
-
0
.
3
2
4
7
3
9
1
4
0
5
5
5
5
B
l
a
c
k
m
a
n

K
a
l
l
i
c
k
C
h
i
c
a
g
o
S
t
e
v
e
n

S
c
h
n
e
i
d
e
r
D
e
c
$
5
1
.
0
2

3
.
8
5
1
3
5
6
.
0
6
1
4
6
-
1
0
.
4
3
2
2
5
-
6
.
2
5
4
2
4
0
1
8
0
5
6
6
8
B
l
u
e

&

C
o
.
C
a
r
m
e
l
,

I
n
d
.
D
o
u
g
l
a
s

H
a
s
l
e
r
D
e
c
$
5
0
.
5
0

2
0
.
2
4
8
3
2
3
9
.
1
3
1
9
3
3
1
.
2
9
2
8
0
2
9
.
6
3
2
5
1
6
5
9
0
5
7
6
5
A
r
g
y
,

W
i
l
t
s
e

&

R
o
b
i
n
s
o
n
M
c
L
e
a
n
,

V
a
.
P
a
u
l

A
r
g
y
D
e
c
$
5
0
.
0
0

1
3
.
8
7
3
2
8
3
.
7
0
1
7
4
8
.
7
5
2
4
5
9
.
8
7
3
2
4
2
2
5
1
5
8
6
7
R
o
s
e
n

S
e
y
m
o
u
r

S
h
a
p
s
s

M
a
r
t
i
n

&

C
o
.
N
e
w

Y
o
r
k

C
i
t
y
M
a
r
t
i
n

G
r
e
e
n
b
e
r
g
D
e
c
$
4
9
.
6
0

1
7
.
8
1
3
2
8
1
6
.
6
7
1
6
5
1
0
.
7
4
2
2
6
1
3
.
0
0
4
6
3
5
1
9
0
5
9
5
2
S
c
h
n
e
i
d
e
r

D
o
w
n
s
P
i
t
t
s
b
u
r
g
h
R
a
y
m
o
n
d

B
u
e
h
l
e
r

J
u
n
e
$
4
9
.
3
0

-
4
.
2
2
2
3
4
N
C
2
5
6
-
1
0
.
4
9
3
2
2
-
8
.
5
2
4
5
3
5
2
0
0
6
0
5
7
S
C
&
H

G
r
o
u
p
S
p
a
r
k
s
,

M
d
.
R
o
n
a
l
d

C
a
u
s
e
y
D
e
c
$
4
8
.
1
1

0
.
5
6
3
1
8
N
C
2
1
5
3
.
3
7
2
7
1
2
.
6
5
2
0
4
7
3
3
0
6
1
5
9
F
r
a
n
k
,

R
i
m
e
r
m
a
n

&

C
o
.
P
a
l
o

A
l
t
o
,

C
a
l
i
f
.
B
r
y
a
n

P
o
l
s
t
e
r
M
a
y
$
4
7
.
4
2

1
.
3
2
5
1
9
1
1
.
7
6
1
7
5
-
4
.
8
9
2
0
8
-
3
.
7
0
2
6
5
9
1
4
1
6
2
6
1
P
a
d
g
e
t
t

B
u
s
i
n
e
s
s

S
e
r
v
i
c
e
s

ƒ
A
t
h
e
n
s
,

G
a
.
S
t
e
v
e

R
a
f
s
k
y
M
a
y
$
4
7
.
2
5

1
.
2
4
2
9
9
2
9
3
1
.
0
3
N
A
N
A
7
7
3
3
.
4
8
7
0
3
0
0
0
6
3
6
4
W
a
t
k
i
n
s

M
e
e
g
a
n
B
e
t
h
e
s
d
a
,

M
d
.
M
i
c
h
a
e
l

M
i
c
h
o
l
a
s
D
e
c
$
4
6
.
0
0
3
.
3
7
4
1
7
-
1
0
.
5
3
1
9
9
1
7
.
0
6
2
3
1
1
2
.
6
8
2
3
2
4
5
3
0
6
4
6
0
K
a
t
z
,

S
a
p
p
e
r

&

M
i
l
l
e
r
I
n
d
i
a
n
a
p
o
l
i
s
D
a
v
i
d

R
e
s
n
i
c
k
D
e
c
$
4
5
.
3
6

-
2
.
9
9
1
3
3
-
5
.
7
1
1
6
0
-
6
.
9
8
2
3
8
-
6
.
3
0
2
9
4
2
2
4
5
6
5
5
6
S
V
A

M
a
d
i
s
o
n
,

W
i
s
.
J
a
c
k

C
o
t
t
o
n
M
a
y
$
4
5
.
2
3

-
7
.
4
5
5
2
7
-
6
.
9
0
1
4
2
-
1
3
.
4
1
3
7
6
-
8
.
7
4
1
5
1
9
1
4
5
2
6
6
6
2
H
e
i
n

&

A
s
s
o
c
i
a
t
e
s
D
e
n
v
e
r
B
r
i
a
n

M
a
n
d
e
l
l
-
R
i
c
e
D
e
c
$
4
5
.
1
0

-
1
.
7
4
4
3
2
6
.
6
7
1
5
6
-
1
1
.
3
6
2
3
1
-
4
.
1
5
5
4
3
6
8
2
6
7
5
8
K
a
u
f
m
a
n
,

R
o
s
s
i
n

&

C
o
.
M
i
a
m
i
J
a
m
e
s

K
a
u
f
m
a
n
M
a
y
$
4
4
.
2
0

-
5
.
8
8
5
3
4
-
2
.
8
6
1
5
5
-
7
.
7
4
2
4
4
-
6
.
1
5
3
2
2
3
3
4
2
6
8
6
3
B
l
u
m
,

S
h
a
p
i
r
o

&

C
o
.
W
e
s
t

H
a
r
t
f
o
r
d
,

C
o
n
n
.
C
a
r
l

J
o
h
n
s
o
n
D
e
c
$
4
4
.
0
0

-
2
.
2
2
2
4
1
2
.
5
0
1
5
3
-
2
2
.
3
4
2
4
2
-
1
5
.
9
7
5
4
3
0
2
1
4
6
9
7
9
D
o
e
r
e
n

M
a
y
h
e
w
T
r
o
y
,

M
i
c
h
.
M
a
r
k

C
r
a
w
f
o
r
d
S
e
p
t
$
4
3
.
7
0

2
1
.
0
9
2
2
6
2
3
.
8
1
1
6
2
2
8
.
5
7
2
2
5
3
0
.
0
6
4
2
3
0
1
0
1
8
7
0
7
0
T
h
e

B
o
n
a
d
i
o

G
r
o
u
p
*
P
i
t
t
s
f
o
r
d
,

N
.
Y
.
T
h
o
m
a
s

B
o
n
a
d
i
o
A
p
r
i
l
$
4
3
.
5
6

5
.
2
2
6
4
2
1
6
.
6
7
2
1
6
1
0
.
7
7
3
2
0
9
.
2
2
5
9
1
7
8
1
6
7
1
6
6
C
l
a
r
k
,

S
c
h
a
e
f
e
r
,

H
a
c
k
e
t
t

&

C
o
.
M
i
d
d
l
e
t
o
w
n
,

O
h
i
o
C
a
r
l

C
o
b
u
r
n
J
u
n
e
$
4
2
.
5
2

-
1
.
0
2
6
2
5
4
.
1
7
1
9
8
N
C
2
7
6
N
C
4
9
3
8
5
8
7
2
7
8
N
i
g
r
o

K
a
r
l
i
n

S
e
g
a
l

&

F
e
l
d
s
t
e
i
n
L
o
s

A
n
g
e
l
e
s
M
i
c
k
e
y

S
e
g
a
l
D
e
c
$
4
1
.
0
9

1
3
.
6
7
2
1
8
-
1
0
.
0
0
1
7
8
1
.
7
1
2
2
6
0
.
4
4
0
1
2
0
8
8
7
3
7
2
M
a
r
g
o
l
i
n
,

W
i
n
e
r

&

E
v
e
n
s
G
a
r
d
e
n

C
i
t
y
,

N
.
Y
.
T
e
d
d
y

S
e
l
i
n
g
e
r
D
e
c
$
3
9
.
0
0

-
2
.
5
0
2
2
7
N
C
1
6
9
-
0
.
5
9
2
1
4
-
0
.
9
3
6
0
3
0
1
0
0
7
4
8
1
R
G
L

F
o
r
e
n
s
i
c
s
D
e
n
v
e
r
P
a
u
l

C
a
d
o
r
e
t
t
e
D
e
c
$
3
8
.
8
8

1
0
.
7
7
1
6
2
6
-
7
.
1
4
1
2
3
-
6
.
1
1
1
8
8
-
6
.
4
7
0
0
0
1
0
0
7
5
7
1
J
o
s
e
p
h

D
e
c
o
s
i
m
o

&

C
o
.
C
h
a
t
t
a
n
o
o
g
a
,

T
e
n
n
.
N
i
c
k

D
e
c
o
s
i
m
o
D
e
c
$
3
8
.
3
6

-
6
.
3
0
8
2
9
N
C
1
8
4
2
.
2
2
2
7
2
1
.
1
2
4
5
4
0
7
8
N
o
t
e
s
:
*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n


A
c
c
o
u
n
t
i
n
g

T
o
d
a
y
e
s
t
i
m
a
t
e
N
C

N
o

c
h
a
n
g
e
N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e
ƒ
F
r
a
n
c
h
i
s
e
.

D
a
t
a

m
a
y

i
n
c
l
u
d
e

f
r
a
n
c
h
i
s
e
e
s
.
R
A
N
K
R
E
V
E
N
U
E

P
E
R
S
O
N
N
E
L
F
E
E

S
P
L
I
T
Y
e
a
r
$
%
O
f
f
-
P
a
r
t
-
%
P
r
o
f
e
s
-
%
T
o
t
a
l
%
(
i
n

p
e
r
c
e
n
t
)
1
1
1
0
F
i
r
m
H
e
a
d
q
u
a
r
t
e
r
s
C
h
i
e
f

e
x
e
c
u
t
i
v
e
e
n
d
m
n
.
c
h
g
.
i
c
e
s
n
e
r
s
c
h
g
.
s
i
o
n
a
l
s
c
h
g
.
e
m
p
s
.
c
h
g
.
A
&
A
T
a
x
M
A
S
O
t
h
e
r
7
6
8
0
P
o
s
t
l
e
t
h
w
a
i
t
h
e

&

N
e
t
t
e
r
v
i
l
l
e
B
a
t
o
n

R
o
u
g
e
,

L
a
.
W
i
l
l
i
a
m

B
a
l
h
o
f
f
A
p
r
i
l
$
3
8
.
1
7

8
.
0
1
9
2
8
1
2
.
0
0
2
2
4
1
0
.
3
4
2
9
9
9
.
5
2
4
7
2
9
2
4
0
7
7
7
6
S
i
n
g
e
r
L
e
w
a
k
*
L
o
s

A
n
g
e
l
e
s
D
a
v
i
d

K
r
a
j
a
n
o
w
s
k
i
D
e
c
$
3
7
.
4
0

2
.
7
5
6
3
3
6
.
4
5
1
5
3
2
.
0
0
2
3
2
2
.
6
5
5
1
3
2
5
1
2
7
8
7
7
W
a
r
r
e
n
,

A
v
e
r
e
t
t
,

K
i
m
b
r
o
u
g
h

&

M
a
r
i
n
o

B
i
r
m
i
n
g
h
a
m
,

A
l
a
.
J
a
m
e
s

W
a
r
r
e
n
J
u
n
e
$
3
7
.
0
3
2
.
0
1
3
4
2
N
C
N
A
N
A
2
4
5
-
2
.
0
0
N
A
N
A
N
A
N
A
7
9
7
5
B
e
r
k
o
w
i
t
z

D
i
c
k

P
o
l
l
a
c
k

&

B
r
a
n
t
M
i
a
m
i
R
i
c
h
a
r
d

B
e
r
k
o
w
i
t
z
D
e
c
$
3
6
.
6
6

0
.
0
3
3
1
7
-
5
.
5
6
8
9
3
.
4
9
1
4
5
-
3
.
3
3
1
9
3
9
5
3
7
8
0
7
3
L
u
r
i
e

B
e
s
i
k
o
f

L
a
p
i
d
u
s

&

C
o
.
M
i
n
n
e
a
p
o
l
i
s
B
e
t
h

K
i
e
f
f
e
r

L
e
o
n
a
r
d
A
p
r
i
l
$
3
6
.
2
0

-
3
.
4
7
1
1
8
1
2
.
5
0
8
7
-
1
3
.
0
0
1
3
7
-
8
.
6
7
3
5
3
1
1
7
1
7
8
1
8
3
F
r
e
e
d

M
a
x
i
c
k

&

B
a
t
t
a
g
l
i
a
B
u
f
f
a
l
o
,

N
.
Y
.
R
o
b
e
r
t

G
l
a
s
e
r
A
p
r
i
l
$
3
5
.
7
0

2
.
8
8
3
3
2
N
C
1
7
6
1
.
7
3
2
4
7
1
.
6
5
3
9
3
9
1
2
1
0
8
2
8
6
F
r
a
z
i
e
r

&

D
e
e
t
e
r
A
t
l
a
n
t
a
S
e
t
h

M
c
D
a
n
i
e
l
D
e
c
$
3
4
.
8
9

5
.
0
6
3
9
-
1
0
.
0
0
1
0
5
3
.
9
6
1
4
0
3
.
7
0
3
8
4
2
0
2
0
8
3
9
4
A
l
p
e
r
n

R
o
s
e
n
t
h
a
l
P
i
t
t
s
b
u
r
g
h
A
l
e
x
a
n
d
e
r

P
a
u
l
D
e
c
$
3
4
.
0
6

8
.
7
5
2
3
1
-
6
.
0
6
1
4
4
-
1
.
3
7
2
1
1
-
1
.
8
6
3
9
4
0
1
0
1
1
8
4
8
4
S
q
u
a
r
,

M
i
l
n
e
r
,

P
e
t
e
r
s
o
n
,

M
i
r
a
n
d
a

a
n
d

W
i
l
l
i
a
m
s
o
n
N
e
w
p
o
r
t

B
e
a
c
h
,

C
a
l
i
f
.
S
t
e
p
h
e
n

M
i
l
n
e
r
D
e
c
$
3
4
.
0
0

N
C
3
2
1
1
0
.
5
3
1
0
4
-
7
.
9
6
1
6
0
N
C
4
0
5
0
0
1
0
8
5
6
9
H
i
l
l
,

B
a
r
t
h

&

K
i
n
g

8
B
o
a
r
d
m
a
n
,

O
h
i
o
C
h
r
i
s

A
l
l
e
g
r
e
t
t
i
A
u
g
$
3
3
.
5
0

-
2
0
.
2
4
1
2
3
4
-
5
.
5
6
1
5
4
-
1
9
.
7
9
2
4
0
-
1
8
.
0
9
3
7
4
9
1
2
2
8
6
8
5
R
a
f
f
a

W
a
s
h
i
n
g
t
o
n
,

D
.
C
.
T
h
o
m
a
s

R
a
f
f
a
D
e
c
$
3
3
.
2
6

-
0
.
8
3
2
1
7
N
C
1
7
4
-
2
1
.
9
7
2
2
0
-
2
1
.
1
5
5
3
1
7
3
0
0
8
7
7
4
M
o
h
l
e
r
,

N
i
x
o
n

&

W
i
l
l
i
a
m
s
C
a
m
p
b
e
l
l
,

C
a
l
i
f
.
G
r
e
g

F
i
n
l
e
y
J
u
n
e
$
3
3
.
2
0

-
1
0
.
2
7
3
2
4
N
C
1
0
4
-
1
3
.
3
3
1
6
6
-
7
.
2
6
4
3
5
2
0
5
8
8
8
8
V
a
v
r
i
n
e
k

T
r
i
n
e

D
a
y

&

C
o
.


R
a
n
c
h
o

C
u
c
a
m
o
n
g
a
,

C
a
l
i
f
.
R
o
n

W
h
i
t
e
D
e
c
$
3
3
.
0
3
2
.
0
1
6
3
5
1
6
.
6
7
N
A
N
A
2
1
0
N
C
N
A
N
A
N
A
N
A
8
9
8
9
M
a
u
l
d
i
n

&

J
e
n
k
i
n
s
A
t
l
a
n
t
a
D
o
n
a
l
d

L
u
k
e
r
M
a
y
$
3
2
.
5
0

0
.
9
3
4
4
0
5
.
2
6
1
1
4
-
1
.
7
2
1
7
9
1
.
7
0
7
5
2
3
1
1
9
0
8
2
H
o
l
t
z

R
u
b
e
n
s
t
e
i
n

R
e
m
i
n
i
c
k
M
e
l
v
i
l
l
e
,

N
.
Y
.
F
r
a
n
c
i
s

C
a
n
d
i
a
S
e
p
t
$
3
2
.
5
0

-
6
.
6
1
2
2
3
1
5
.
0
0
1
1
3
-
1
3
.
7
4
1
7
3
-
8
.
4
7
4
5
4
1
4
1
0
9
1
8
7
K
e
m
p
e
r

C
P
A

G
r
o
u
p
G
r
e
e
n
f
i
e
l
d
,

I
n
d
.
R
o
n
a
l
d

D
e
z
e
l
a
n
A
p
r
i
l
$
3
2
.
3
8

-
2
.
3
2
2
3
5
2
-
1
8
.
7
5
2
2
0
4
.
7
6
3
0
4
-
0
.
9
8
4
2
3
6
2
2
0
9
2
9
1
C
o
h
e
n

&

C
o
.
C
l
e
v
e
l
a
n
d
R
a
n
d
y

M
y
e
r
o
f
f
S
e
p
t
$
3
2
.
2
2

0
.
8
8
8
2
3
-
4
.
1
7
1
5
4
-
4
.
9
4
2
1
6
-
5
.
2
6
4
6
4
3
3
8
9
3
9
7
W
h
i
t
l
e
y

P
e
n
n
F
o
r
t

W
o
r
t
h
,

T
e
x
a
s
L
a
r
r
y

A
u
t
r
e
y
D
e
c
$
3
2
.
1
0
5
.
5
9
2
2
2
1
5
.
7
9
1
1
5
7
.
4
8
1
6
4
5
.
8
1
4
6
3
9
1
0
5
9
4
N
R
M
i
l
l
e
r
,

K
a
p
l
a
n
,

A
r
a
s
e

&

C
o
.



9
N
.

H
o
l
l
y
w
o
o
d
,

C
a
l
i
f
.
M
a
n
n
o
n

K
a
p
l
a
n
F
e
b
$
3
2
.
0
0

3
.
2
3
4
2
1
5
.
0
0
1
2
4
5
.
9
8
1
8
1
7
.
1
0
5
8
1
7
1
7
8
9
5
9
3
S
e
i
l
e
r
R
e
d
w
o
o
d

C
i
t
y
,

C
a
l
i
f
.
J
a
m
e
s

D
e
M
a
r
t
i
n
i
D
e
c
$
3
1
.
9
0

0
.
3
1
2
1
0
N
C
1
1
4
-
0
.
8
7
1
4
3
-
0
.
6
9
2
0
5
5
0
2
5
9
6
N
R
A
K
T

S
a
l
e
m
,

O
r
e
.
S
t
e
p
h
e
n

T
a
t
o
n
e
D
e
c
$
3
1
.
6
2

3
.
1
3
5
1
7
N
C
1
4
6
2
4
.
7
9
1
8
6
1
.
0
9
3
2
3
3
1
4
2
1
9
7
N
R
G
a
l
l
i
n
a
R
o
s
e
v
i
l
l
e
,

C
a
l
i
f
.
L
a
r
r
y

T
a
y
l
o
r
D
e
c
$
3
1
.
5
0

3
1
.
2
5
9
2
4
2
6
.
3
2
1
4
9
3
6
.
7
0
2
1
0
3
3
.
7
6
4
9
4
7
4
0
9
8
N
R
H
o
n
k
a
m
p

K
r
u
e
g
e
r

&

C
o
.
D
u
b
u
q
u
e
,

I
o
w
a
A
.

H
o
n
k
a
m
p
/
G
.

B
u
r
b
a
c
h
D
e
c
$
3
1
.
4
8

1
3
.
9
3
6
1
7
-
5
.
5
6
8
1
5
8
.
8
2
2
4
2
-
0
.
8
2
1
7
1
9
4
6
0
9
9
9
0
B
e
r
r
y
,

D
u
n
n
,

M
c
N
e
i
l

&

P
a
r
k
e
r
P
o
r
t
l
a
n
d
,

M
a
i
n
e
J
o
h
n

C
h
a
n
d
l
e
r
J
u
n
e
$
3
0
.
7
5

-
4
.
4
7
3
1
8
-
5
.
2
6
1
3
0
-
0
.
7
6
1
8
2
-
1
.
6
2
5
9
2
3
1
7
1
1
0
0
9
2
K
e
n
n
e
d
y

a
n
d

C
o
e
S
a
l
i
n
a
,

K
a
n
.
K
u
r
t
i
s

S
i
e
m
e
r
s
M
a
r
c
h
$
3
0
.
7
0

-
3
.
7
6
8
2
2
-
4
.
3
5
1
2
4
-
8
.
8
2
2
0
4
-
6
.
4
2
2
0
5
3
2
7
0
N
o
t
e
s
:
*

F
i
r
m

e
s
t
i
m
a
t
e

o
r

p
r
o
j
e
c
t
i
o
n


A
c
c
o
u
n
t
i
n
g

T
o
d
a
y
e
s
t
i
m
a
t
e
N
C

N
o

c
h
a
n
g
e
N
A

N
o
t

a
v
a
i
l
a
b
l
e
/
a
p
p
l
i
c
a
b
l
e
N
R

N
o
t

r
a
n
k
e
d
8
2
0
1
0

r
e
v
e
n
u
e

d
o
e
s

n
o
t

i
n
c
l
u
d
e

a
p
p
r
o
x
i
m
a
t
e
l
y

$
8
.
5

m
i
l
l
i
o
n

f
r
o
m

H
B
K

S
o
u
r
c
e

F
i
n
a
n
c
i
a
l
,

t
h
e

f
i
r
m

s

f
i
n
a
n
c
i
a
l

s
e
r
v
i
c
e
s

b
u
s
i
n
e
s
s
,

w
h
i
c
h

w
a
s

s
p
u
n

o
f
f

s
o

t
h
a
t

i
t

i
s

n
o

l
o
n
g
e
r

d
i
r
e
c
t
l
y

o
w
n
e
d
,

t
h
o
u
g
h

i
t

i
s

s
t
i
l
l

c
o
n
-
t
r
o
l
l
e
d

b
y

t
h
e

o
w
n
e
r
s

o
f

t
h
e

a
c
c
o
u
n
t
i
n
g

f
i
r
m
.





9
R
e
v
e
n
u
e

f
i
g
u
r
e
s

a
r
e

A
T

e
s
t
i
m
a
t
e
s
;

a
l
l

o
t
h
e
r

f
i
g
u
r
e
s

a
r
e

f
i
r
m
-
s
u
p
p
l
i
e
d
.
19
Regions see modest gains, declines
B Y R OGE R R U S S E L L
A
lthough the recession officially
ended in June 2009, economic
conditions remained stagnant
throughout most of 2010. Nat-
ionwide, unemployment began the year
with a rate of 9.7 percent, and ended at 9.4
percent. Last year, figures for 2009 showed
the first-ever decline in the revenue of the
Top 100 Firms. This year’s figures for the
T100 are also down, by nearly 2 percent.
Our 2011 Regional Leaders did some-
what better, with many experiencing mod-
est growth during the year. However, four
of the 10 regions experienced a slight de-
crease in revenue. The Regional Leaders
reported combined revenue of $9 billion.
CAPITAL REGION
Unemployment declined in the area corre-
sponding to our new Capital Region, ac-
cording to the Bureau of Labor Statistics,
dropping from 6.2 percent to 5.7 percent.
Growth in the region was reported as
mixed or modestly improving during the
first half of the year. At year’s end, econom-
ic activity was increasing, with manufac-
turing posting solid gains, retailers report-
ing a spike in sales, and the banking sector
reporting moderate improvements.
The Regional Leaders here grew their
revenue to $747.7 million, an increase of
1.6 percent over last year.
GREAT LAKES
The states of the Great Lakes Region all ex-
perienced at least a slight decline in unem-
ployment during the year. Michigan’s rate
dropped the most, although it began with
the highest rate, declining from 14.5 per-
cent to 11.17 percent. Indiana, Illinois and
Ohio were all in the 9-to-10-percent range,
while only Wisconsin ended the year at
well under the national average, having
declined from 8.5 to 7.5 percent.
The Federal Reserve districts com-
prising the Great Lakes Region began the
year with economic activity improving at a
modest pace, according to the Federal Re-
serve Board Beige Book. At year’s end, the
Cleveland District reported that economic
activity was growing at a “modest pace,”
while the Chicago District grew at a “slight-
ly faster pace.” General retailing was flat to
slightly down in the Cleveland District,
while the Chicago District reported a mod-
erate rise in consumer spending.
The Regional Leaders in the Great
Lakes earned $1.8 billion in revenue in
2010, down 2 percent over last year.
GULF COAST
By year’s end, Alabama and Louisiana
were below the national unemployment
average, at 9.1 percent and 8 percent, re-
spectively. Mississippi, although declining
from 10.5 percent to 10.1 percent, re-
mained above the average for the nation as
a whole, as did Florida, which increased
from 11.7 percent to 12 percent. “Coinci-
dent economic activity” (a combination of
non-farm payroll employment, the unem-
ployment rate, average hours worked in
manufacturing, and wages and salaries)
for the states in the Gulf Coast was stag-
nant or grew slightly during the year.
The Regional Leaders registered a
slight rise in revenue. Total revenue was
$483 million, with a growth rate of slightly
less than a quarter of a percent.
MID-ATLANTIC
Unemployment dropped in the Mid-At-
lantic Region, remaining below the nation-
al average throughout the year. The econo-
my expanded at a modest pace, with most
sectors reporting improved conditions and
widespread optimism about the near-term
outlook at the end of the year. Retail sales
over the holiday season, although adverse-
ly affected by the late-December blizzard,
were generally strong and ahead of expec-
tations. Housing markets were mixed but
generally weak, and bankers reported
mixed loan demand.
The leading firms in the region report-
ed combined revenue of slightly over $2
billion, an increase of 1.9 percent.
MIDWEST
The Midwest had the lowest unemploy-
ment rate in the nation. North Dakota end-
ed the year with the lowest unemployment
rate, at 3.8 percent; Nebraska placed sec-
ond at 4.4 percent. Missouri was the only
state in the region that had an unemploy-
ment rate slightly above the nation’s aver-
age, at 9.5 percent. Both the Minneapolis
District and the Kansas City District posted
moderate economic expansion during the
year. Consumer spending, manufacturing
activity and commercial real estate were
slightly improved. However, residential
construction decreased in the Minneapolis
District, and remained weak in the Kansas
City District.
Regional Leaders in the Midwest re-
ported a combined $1.07 billion in revenue
for 2010, an increase of 1.7 percent over
last year.
MOUNTAIN
Every state in the Mountain Region was
below the national average for unemploy-
ment, but most saw unemployment in-
creasing at year’s end. Only Wyoming’s un-
employment rate was less at the end of the
year, at 6.4 percent, than at the beginning
of the year. Although construction activity
slowed in most parts of the region, manu-
facturing activity increased. Commercial
real estate activity also edged up, but resi-
dential construction and residential real
estate activity decreased.
Revenue for the Regional Leaders in
See REGIONS on 20
regional overview
20
the region was $229 million for 2010, a de-
crease of 1.74 percent over 2009.
NEW ENGLAND
With the exception of Rhode Island, unem-
ployment in New England states remained
below the national average. Rhode Island,
although above the average, posted a sig-
nificant (1.2 percent) drop in unemploy-
ment. The mid-year outlook varied widely
across sectors, according to the Federal
Reserve. The outlook was largely positive
in manufacturing and software, cautious
for retail and tourism, and mixed among
commercial real estate professionals. Con-
ditions continued to improve during the
waning months of the year, with most re-
tailers reporting year-over-year sales in-
creases, and manufacturing activity ex-
panding. However, while commercial real
estate markets were stable, residential real
estate continued to be weak.
The Regional Leaders in New England
reported combined revenue of $311.5 mil-
lion, a drop of 2 percent from last year.
SOUTHEAST
While unemployment in the Southeast
dropped in five of the six states in the re-
gion, it remained at or above the national
average in four states. Signs of slowing or
contracting economic activity were preva-
lent during the second half of the year, ac-
cording to the Federal Reserve. Activity at
retail and services firms was flat to down,
and manufacturing activity also edged
down during the fall months. At year’s end,
indicators were generally either mixed or
modestly improving.
The Regional Leaders in the Southeast
earned a total of $641 million in 2010, de-
clining by about half a percent from 2009.
SOUTHWEST
Unemployment in the states comprising
the Southwest increased slightly during
the year, remaining below the national av-
erage in Texas and New Mexico at 8.3 per-
cent and 8.5 percent, respectively. Arizona
mirrored the national average, ending the
year at 9.4 percent unemployment.
The Dallas Federal Reserve District
expanded at a modest pace throughout the
year. Activity in the energy sector strength-
ened, while transportation services and
staffing firms reported steady but solid de-
mand. The region ended the year with
mixed reports from the manufacturing
sector. Commercial real estate conditions
were improving slightly at year’s end.
The Southwest’s top regional firms re-
ported $331 million in revenue in 2010, up
nearly 1 percent over 2009 figures.
WEST
Unemployment in the three Western states
with Regional Leaders in them rose slight-
ly or remained steady during the year. Eco-
nomic activity in the Federal Reserve Dis-
trict picked up slightly from June through
mid-July, and firmed further from the fall
through to the end of December. Manufac-
turing activity grew, agricultural produc-
tion remained solid, and demand grew for
providers of energy resources. However,
home sales and construction stayed slug-
gish, and conditions continued to be weak
in commercial real estate markets.
The Regional Leaders in the West re-
ported revenue of $1.22 billion, for growth
of 1.9 percent over last year. AT
Capital
Region
Great
Lakes
Gulf
Coast
Mid-
Atlantic
Mid
west
Mountain
New
England
South
east
South
west
West
-2. 5
-2
-1. 5
-1
-0. 5
0
0. 5
1
1. 5
2
-2.05%
Mixed results
Regional Leader revenue growth, year-to-year % change
REGIONS
from page 19
regional overview
21
THE 2010 REGIONAL LEADERS
Top Firms: Capital Region
Delaware, Maryland, Virginia, Washington, D.C.,
and West Virginia
For a relatively small area, our newly created Capital
Region boasts a significant concentration of strong
firms. The presence of the federal government at the
heart of the region explains some of it, both indirectly,
through helping buoy employment in the area, and di-
rectly through engagements — the No. 3 firm here,
Kearney & Co., has more than tripled in size in the last
four years by focusing on government work — but not
all, as the firms here serve a wide range of clients with
an even wider range of services.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Reznick Group Bethesda, Md. 191.53 1.02 10 97 653 961 57 28 14 1
Goodman & Co. Virginia Beach, Va. 87.00 -1.14 10 80 377 577 43 40 17 0
Kearney & Co. Alexandria, Va. 72.45 9.62 3 13 283 416 67 0 33 0
Aronson Rockville, Md. 56.85 -7.41 1 28 133 197 46 30 16 8
Argy, Wiltse & Robinson McLean, Va. 50.00 13.87 3 28 174 245 32 42 25 1
SC&H Group Sparks, Md. 48.11 0.56 3 18 215 271 20 47 33 0
Watkins Meegan Bethesda, Md. 46.00 3.37 4 17 199 231 23 24 53 0
Raffa Washington, D.C. 33.26 -0.83 2 17 174 220 53 17 30 0
Yount, Hyde & Barbour Winchester, Va. 24.41 -1.57 6 21 105 149 42 45 13 0
Brown, Edwards & Co. Bluefield, W. Va. 23.38 7.00 7 23 133 182 64 36 0 0
Keiter, Stephens, Hurst, Gary & Shreaves
Glen Allen, Va. 20.83 5.36 2 19 74 120 40 48 6 6
Johnson Lambert & Co.* Falls Church, Va. 20.22 2.17 8 12 101 129 86 13 1 0
Gelman, Rosenberg & Freedman Bethesda, Md. 17.65 NA 1 12 68 99 70 29 1 0
Smith Elliott Kearns & Co. Hagerstown, Md. 16.03 1.07 4 20 103 143 56 32 5 7
KatzAbosch Timonium, Md. 14.00 NC 3 22 38 80 39 48 5 8
Gross, Mendelsohn & Associates Baltimore 13.01 -2.11 1 13 50 83 49 28 23 0
Arnett & Foster Charleston, W. Va. 12.95 -11.72 1 17 57 91 50 20 30 0
Total: $747.68 1.59
Notes: * Firm estimate or projection NC No change NA Not available/applicable
F
or our 2011 list of the leading regional accounting firms,
we’ve taken the liberty of re-organizing the United States.
We haven’t dropped any of the old states, or added any
new ones, but we have changed how we break them down into
regions in a way that, we hope, is both coherent and accurately
reflects how the Regional Leaders are evolving. The main
change has been to create a new area, the Capital Region, for the
growing cluster of strong firms in the states immediately around
Washington, D.C., and to combine our old New York Metro re-
gion with the broader Mid-Atlantic region, in recognition of the
fact that many firms that were previously Big Apple-centric have
been branching out — to the rest of the state, to the Philadelphia
market, and, in some cases, to Florida, California and the coun-
try as a whole.
While this re-arrangement makes direct comparisons with
last year difficult, we should note that, overall, performance in
the regions was not as strong as last year. While only one region
reported declining revenues in 2009, four reported them for
2010, and growth in the six regions that saw it was not as strong
as last year, though many individual firms managed to post
some impressive gains.
Compiling the Regional Leaders lists involves some tricky
judgment calls: At what point does an expanding firm tran-
scend its home region and become truly national? What about
firms that straddle two regions, with strong practices in both?
We’ve noted the trickier calls in the individual regional reports,
but we’re open to correction.
On a happier note, we’re proud to say that we’ve expanded
this year’s list, and plan to expand it further in the years to
come, delving deeper into each region to highlight even more
Regional Leaders. While we expect that to make this report even
more useful, it also means that we will, inevitably, miss some
worthy firms. If your firm should have appeared on this year’s
list, but didn’t, contact us at AcToday@SourceMedia.com, so we
can be sure to include you next year.
In the meantime, meet 168 of the accounting firms that
are reshaping both the profession and the country — the 2011
Regional Leaders.
regional leaders
22
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Crowe Horwath Oak Brook Terrace, Ill. 481.00 -5.31 26 249 1,559 2,315 66 23 11 0
Plante & Moran Southfield, Mich. 298.32 -0.96 16 222 979 1,531 49 32 19 0
Baker Tilly Virchow Krause Chicago 238.00 -8.46 11 107 1,119 1,346 40 34 23 3
Wipfli Milwaukee 114.54 -0.13 15 103 505 773 37 31 32 0
Rehmann Saginaw, Mich. 75.00 2.74 16 49 436 553 44 37 8 11
SS&G Cleveland 64.80 9.09 8 29 336 414 31 35 14 20
Schenck Appleton, Wis. 63.46 -1.61 8 59 329 480 39 38 18 5
Sikich Aurora, Ill. 55.50 10.12 10 37 284 359 40 15 40 5
Blackman Kallick Chicago 51.02 3.85 1 35 146 225 42 40 18 0
Blue & Co. Carmel, Ind. 50.50 20.24 8 32 193 280 25 16 59 0
Katz, Sapper & Miller Indianapolis 45.36 -2.99 1 33 160 238 29 42 24 5
SVA Madison, Wis. 45.23 -7.45 5 27 142 376 15 19 14 52
Doeren Mayhew Troy, Mich. 43.70 21.09 2 26 162 225 42 30 10 18
Clark, Schaefer, Hackett & Co. Middletown, Ohio 42.52 -1.02 6 25 198 276 49 38 5 8
Hill, Barth & King
1
Boardman, Ohio 33.50 -20.24 12 34 154 240 37 49 12 2
Kemper CPA Group Greenfield, Ind. 32.38 -2.32 23 52 220 304 42 36 22 0
Cohen & Co. Cleveland 32.22 0.88 8 23 154 216 46 43 3 8
Rea & Associates New Philadelphia, Ohio 29.06 -4.09 11 30 140 216 46 32 8 14
Yeo & Yeo Saginaw, Mich. 28.27 0.89 8 22 117 172 20 20 21 39
Somerset Indianapolis 20.09 1.26 1 21 62 117 34 35 30 1
Total: $1,844.47 -2.06
Notes: NC No change NA Not available/applicable
1 2010 revenue figure does not include approximately $8.5 million in revenues from HBK Source Financial, the firm’s financial services business,
which was spun off so that it is no longer directly owned, though it is still controlled by the owners of the accounting firm.
Top Firms: Great Lakes
Illinois, Indiana, Michigan, Ohio and Wisconsin
While manufacturers in the Rust Belt were making modest
gains and unemployment dropped somewhat, the Regional
Leaders bucked the trend by showing an overall drop in rev-
enue, against last year’s modest rise. Declines were reported
at firms of all sizes, but the decreases at the area’s three
biggest firms certainly had a major impact, as they account
for 55 percent of revenues.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Carr, Riggs & Ingram Enterprise, Ala. 85.85 2.78 15 79 383 530 65 30 5 0
Morrison, Brown, Argiz & Farra Miami 68.00 5.92 5 18 224 294 33 32 27 8
Horne Ridgeland, Miss. 56.37 -4.30 14 26 353 507 54 18 17 11
Kaufman, Rossin & Co. Miami 44.20 -5.88 5 34 155 244 32 23 3 42
Postlethwaithe & Netterville Baton Rouge, La. 38.17 8.01 9 28 224 299 47 29 24 0
Warren, Averett, Kimbrough & Marino

Birmingham, Ala. 37.03 2.01 3 42 NA 245 NA NA NA NA
Berkowitz Dick Pollack & Brant Miami 36.66 0.03 3 17 89 145 19 39 5 37
Jackson Thornton & Co. Montgomery, Ala. 23.05 5.54 5 21 129 173 42 23 11 24
LaPorte Sehrt Romig Hand Metairie, La. 20.66 11.80 4 17 112 162 47 43 10 0
O’Sullivan Creel Pensacola, Fla. 17.52 -6.26 5 26 84 139 38 38 16 8
Barfield, Murphy, Shank & Smith Birmingham, Ala. 13.70 -1.44 1 10 67 100 37 32 5 26
Gerson Preston Robinson & Co. Miami Beach, Fla. 13.40 -20.94 3 6 39 58 40 40 20 0
Bourgeois Bennett Metairie, La. 10.90 -11.74 3 18 51 85 43 16 15 26
Cross, Fernandez & Riley Orlando, Fla. 9.50 3.26 3 13 75 98 63 35 2 0
Averett Warmus Durkee Osburn Henning
Orlando, Fla. 8.40 -6.67 1 12 69 92 50 45 5 0
Total: $483.41 0.23
Notes: † Accounting Today estimate NC No change NA Not available/applicable
Top Firms: Gulf Coast
Alabama, Florida, Louisiana and Mississippi
Between the economy and the BP oil spill, the Gulf
Coast states could not catch a break last year, but
while the Regional Leaders here did not grow quite
as strongly as they did last year, they managed to
squeeze out a slight increase, demonstrating the
sort of resilience necessary for living in an area that
seems to attract disaster after disaster.
regional leaders
23
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
EisnerAmper New York City 251.10 NA 8 169 900 1,069 53 32 15 0
Marcum Melville, N.Y. 250.80 7.29 18 144 567 916 40 30 25 5
J.H. Cohn* Roseland, N.J. 230.00 -2.13 11 150 610 1,008 50 32 1 17
Rothstein, Kass & Co. Roseland, N.J. 163.50 -3.54 8 69 594 762 67 31 1 1
ParenteBeard Philadelphia 163.00 -4.90 24 147 686 1,031 57 25 18 0
WeiserMazars New York City 120.00 -3.54 5 84 375 581 55 35 10 0
Citrin Cooperman & Co. New York City 100.00 17.65 5 85 252 395 49 34 10 7
Berdon New York City 93.00 5.68 2 46 326 401 32 38 30 0
Marks Paneth & Shron New York City 90.00 5.88 3 61 282 423 62 26 3 9
Anchin, Block & Anchin New York City 89.00 -8.25 1 54 227 357 44 43 13 0
WithumSmith+Brown Princeton, N.J. 72.73 1.00 12 33 267 360 49 39 6 6
O’Connor Davies Munns & Dobbins New York City 64.75 27.96 6 56 259 355 70 24 6 0
Friedman New York City 64.20 7.00 4 46 224 306 65 33 2 0
Rosen Seymour Shapss Martin & Co. New York City 49.60 17.81 3 28 165 226 46 35 19 0
Schneider Downs Pittsburgh 49.30 -4.22 2 34 256 322 45 35 20 0
The Bonadio Group* Pittsford, N.Y. 43.56 5.22 6 42 216 320 59 17 8 16
Margolin, Winer & Evens Garden City, N.Y. 39.00 -2.50 2 27 169 214 60 30 10 0
Freed Maxick & Battaglia Buffalo, N.Y. 35.70 2.88 3 32 176 247 39 39 12 10
Alpern Rosenthal Pittsburgh 34.06 8.75 2 31 144 211 39 40 10 11
Holtz Rubenstein Reminick Melville, N.Y. 32.50 -6.61 2 23 113 173 45 41 4 10
Reinsel Kuntz Lesher Wyomissing, Pa. 29.27 9.46 4 30 171 225 41 31 9 19
Total: $2,065.07 1.86
Notes: * Firm estimate or projection NC No change NA Not available/applicable
Top Firms: Mid-Atlantic
New Jersey, New York and Pennsylvania
Where there was once a clear divide between New York
City firms and firms that operated in the wider Mid-At-
lantic region, more and more firms like Marcum, Citrin
Cooperman and the newly created EinserAmper (now the
largest firm in the region) have begun pushing out to new
markets across the country, and even abroad. Mergers like
the one that created EinserAmper helped boost the num-
bers of some of the strongest performers in the area, but so
did a recovering economy, which helped make the Region-
al Leaders here the second-best performing set of regional
firms in the country.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
BKD Springfield, Mo. 391.00 -0.51 29 246 1,209 1,814 51 31 18 0
LarsonAllen Minneapolis 227.00 4.13 19 121 977 1,351 46 33 19 2
Eide Bailly Fargo, N.D. 151.80 6.68 19 94 982 1,327 44 36 10 8
RubinBrown St. Louis 54.27 1.12 3 24 246 315 47 39 14 0
Lurie Besikof Lapidus & Co. Minneapolis 36.20 -3.47 1 18 87 137 35 31 17 17
Honkamp Krueger & Co. Dubuque, Iowa 31.48 13.93 6 17 81 242 17 19 4 60
Kennedy and Coe Salina, Kan. 30.70 -3.76 8 22 124 204 20 53 27 0
Brown Smith Wallace St. Louis 26.30 -0.38 4 22 147 186 25 35 40 0
Brady, Martz & Associates Grand Forks, N.D. 22.24 13.88 6 29 92 156 59 31 10 0
Boulay, Heutmaker, Zibell & Co. Minneapolis 21.39 2.79 1 24 85 129 61 26 0 13
Lutz & Co. Omaha, Neb. 18.47 -1.55 1 23 64 103 43 33 9 15
Mize, Houser & Co. Topeka, Kan. 17.60 0.57 4 14 88 161 60 26 14 0
Anders Minkler & Diehl St. Louis 17.17 -1.83 1 12 84 110 27 41 0 32
Allen, Gibbs & Houlik

Wichita, Kan. 15.24 -1.99 1 9 NA 100 31 34 35 0
Olsen Thielen & Co. St. Paul, Minn. 14.08 -18.71 2 12 66 95 37 25 32 6
Total: $1,074.94 1.66
Key and notes: † Accounting Today estimate NC No change NA Not available/applicable
Top Firms: Midwest
Iowa, Kansas, Minnesota, Missouri, Nebraska,
North Dakota and South Dakota
It was a strong year for firms in the Midwest overall, if not
as strong as last year, befitting a region that had the lowest
unemployment in the nation, and a modest expansion.
The rankings stayed much the same as last year, with the
region’s three biggest firms solidly ensconced in their po-
sitions, and only modest moves elsewhere.
regional leaders
24
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Ehrhardt Keefe Steiner & Hottman Denver 54.60 -1.37 3 29 272 369 50 39 11 0
Hein & Associates Denver 45.10 -1.74 4 32 156 231 54 36 8 2
Anderson ZurMuehlen & Co. Helena, Mont. 20.07 -7.34 6 20 122 187 36 35 10 19
Galusha, Higgins & Galusha Helena, Mont. 17.55 -0.23 6 25 97 165 43 49 8 0
GHP Horwath Denver 16.70 4.38 1 15 64 94 55 37 0 8
Junkermier, Clark, Campanella, Stevens

Great Falls, Mont. 12.72 -2.00 6 30 NA 120 40 47 7 6
Dalby, Wendland & Co. Grand Junction, Colo. 12.24 -3.16 6 14 54 93 16 65 7 12
Tanner Salt Lake City 12.10 -2.42 1 7 56 70 70 27 3 0
Squire & Co. Orem, Utah 10.39 2.06 1 11 47 72 48 33 4 15
Anton Collins Mitchell Denver 9.55 -0.52 2 11 45 70 65 32 2 1
McGee, Hearne & Paiz Cheyenne, Wyo. 9.22 NA 1 9 46 64 58 40 2 0
Haynie & Co. Salt Lake City 8.51 -6.28 3 5 54 68 43 41 6 10
Total: $228.75 -1.74
Notes: † Accounting Today estimate NC No change NA Not available/applicable
Top Firms: Mountain
Colorado, Idaho, Montana, Utah and Wyoming
The Mountain Region was the only one to report a de-
cline in revenue last year; it reported another mild de-
cline this year, but was joined by three other regions. Al-
though unemployment in the states that comprise the
area was low, it did start creeping up this year, which
helps explain the performance.
It also probably wasn’t helped by the absence of
RGL Forensics from this year’s list. Though we’ve in-
cluded the Denver-based forensic accounting firm in
the Regional Leaders before, its geographic reach — it
has offices across the country, and six outside it — put it
outside the scope of the list. Its growth of over 10 per-
cent in 2010 would certainly have boosted the overall
figure for the region, in which all but two firms reported
relatively modest declines.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Blum, Shapiro & Co. West Hartford, Conn. 44.00 -2.22 2 41 153 242 54 30 2 14
Berry, Dunn, McNeil & Parker Portland, Maine 30.75 -4.47 3 18 130 182 59 23 17 1
CCR Westborough, Mass. 30.00 -11.76 5 29 141 200 49 48 3 0
Kahn, Litwin, Renza & Co. Providence, R.I. 27.96 7.13 3 10 126 162 41 40 19 0
Baker Newman & Noyes Portland, Maine 27.80 1.31 4 27 125 181 43 36 21 0
Wolf & Co. Boston 26.94 7.12 3 14 137 168 52 24 0 24
Feeley & Driscoll Boston 24.61 -9.85 1 14 72 115 63 23 14 0
Kostin, Ruffkess & Co. Farmington, Conn. 20.60 -0.96 3 18 67 110 45 40 10 5
Braver Newton, Mass. 18.97 -4.53 5 17 72 109 39 50 7 4
DiCicco, Gulman & Co. Woburn, Mass. 14.96 0.40 2 9 63 90 41 44 15 0
Whittlesey & Hadley Hartford, Conn. 13.30 2.31 1 13 74 96 60 20 20 0
Macdonald Page & Co. South Portland, Maine 12.03 3.89 2 21 58 90 40 35 11 14
Gray, Gray & Gray Westwood, Mass. 10.00 -2.91 2 12 42 68 65 30 5 0
Meyers Brothers Kalicka Holyoke, Mass. 9.60 -7.69 1 8 42 62 44 43 13 0
Total: $311.52 -2.05
Top Firms: New England
Connecticut, Maine, Massachusetts, New Hampshire,
Rhode Island and Vermont
The biggest change among the Regional Leaders in New
England was the removal from the list of by far its largest
firm, Boston-based Caturano & Co., through its mid-year
merger with national firm RSM McGladrey. That pushed
Connecticut-based Blum Shapiro up to
the top spot — and brought another large competitor to
the region.
Firms in the region overall reported declines in rev-
enue, though of varying degrees, leading to some shake-
ups in the order of the list, while Providence, R.I.-based
Kahn, Litwin, Renza & Co. climbed a few spots with re-
gion-leading growth of over 7 percent.
regional leaders
25
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Dixon Hughes High Point, N.C. 193.00 -3.50 22 134 723 1,080 41 34 25 0
Cherry, Bekaert & Holland
1
Richmond, Va. 98.38 -0.20 14 47 459 647 57 34 9 0
Habif, Arogeti & Wynne Atlanta 59.03 0.03 2 34 205 284 48 37 7 8
Lattimore, Black, Morgan & Cain Brentwood, Tenn. 55.70 0.61 3 40 245 341 25 36 14 25
Elliott Davis Greenville, S.C. 54.63 1.28 11 49 253 373 48 37 11 4
Joseph Decosimo & Co. Chattanooga, Tenn. 38.36 -6.30 8 29 184 272 45 40 7 8
Frazier & Deeter Atlanta 34.89 5.06 3 9 105 140 38 42 0 20
Mauldin & Jenkins Atlanta 32.50 0.93 4 40 114 179 75 23 1 1
Mountjoy Chilton Medley Louisville, Ky. 27.24 4.13 4 33 133 214 46 37 12 5
Frost Little Rock, Ark. 23.91 3.60 3 9 97 134 48 39 10 3
Bennett Thrasher Atlanta 23.46 9.88 1 20 103 145 31 59 0 10
Total: $641.10 -0.42
Notes: 1 Figures do not include expansions and acquisitions after April 2010 year-end, which would add approximately $30 million in revenue and
175 staff. CB&H also has a significant presence in the Capital Region, specifically in Virginia, where it is headquartered.
Top Firms: Southeast
Arkansas, Georgia, Kentucky, North Car-
olina, South Carolina and Tennessee
The Southeast probably saw the most geo-
graphic changes of our regions this year,
with Virginia lopped off to join our Capital
Region (though it kept Cherry Bekaert, as
the Virginia-based firm has operations
throughout the Southeast), and Arkansas
added to its western edge to accomodate
Little Rock-based Frost, which de-merged
from former Top 100 Firm Frazer Frost late
in 2010, and has significant operations in
the Southeast. The changes will continue
in 2011, as it sees the March mega-merger
between regional champ Dixon Hughes
and Goodman & Co.
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Weaver Fort Worth, Texas 65.30 12.39 6 38 315 443 40 43 9 8
Whitley Penn Fort Worth, Texas 32.10 5.59 2 22 115 164 46 39 10 5
Padgett, Stratemann & Co. San Antonio 27.38 -3.05 2 15 112 162 56 32 12 0
TravisWolff Dallas 21.50 NC 2 25 100 151 38 49 13 0
Gainer, Donelly & Desroches Houston 20.93 -14.05 1 10 114 149 32 50 12 6
REDW The Rogoff Firm* Albuquerque, N.M. 19.80 10.68 1 15 84 131 51 15 16 18
PKF Texas Houston 19.46 -2.65 1 12 94 121 49 43 8 0
Briggs & Veselka Bellaire, Texas 18.98 8.33 2 13 103 129 35 58 7 0
Lane Gorman Trubitt Dallas 17.58 -6.84 1 16 64 90 51 43 0 6
Cain Watters & Associates Dallas 17.50 1.10 1 8 41 114 12 15 0 73
Henry & Horne Tempe, Ariz. 16.40 -8.89 3 13 70 106 38 56 6 0
Johnson, Miller & Co. Odessa, Texas 16.32 -6.31 3 14 79 109 31 49 7 13
BeachFleischman* Tucson, Ariz. 14.40 -8.69 1 16 65 105 20 43 8 29
MaloneBailey Houston 12.86 7.08 2 5 53 67 84 16 0 0
Null-Lairson* Houston 10.31 0.29 3 9 60 77 52 28 17 3
Total: $330.82 0.97
Notes: * Firm estimate or projection NC No change NA Not available/applicable
Top Firms: Southwest
Arizona, New Mexico, Oklahoma
and Texas
We discovered even more strong firms in the
Southwest this year, so the list for 2011 is
signficantly deeper than 2010’s.
We did remove a firm, though — Ha-
gen, Streiff, Newton & Oshiro was listed as a
Southwest Regional Leader last year because
of its strong Texas presence, but it is actually
headquartered in California, so it’s been
moved to our West Region.
Mergers helped Texas’ Weaver cement
its position as the largest firm in the region
— it’s more than double the size of the next
firm on the list — but a number of South-
west firms put in strong showings in a tough
year, including New Mexico’s REDW (over 10
percent), Texas’ Briggs & Veselka (over 8 per-
cent) and Houston’s MaloneBailey (over 7
percent).
regional leaders
26
Rev. % Profess- Total ———— Fee split ————
Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS Other
Moss Adams Seattle 316.00 -2.17 18 238 1,068 1,687 49 33 18 0
Armanino McKenna San Ramon, Calif. 71.45 9.28 5 37 216 283 35 37 28 0
Novogradac & Co.* San Francisco 65.41 10.08 12 28 242 319 59 23 7 11
Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 65.00 8.33 6 28 173 259 21 70 0 9
Burr, Pilger & Mayer San Francisco 64.38 0.26 6 53 257 390 34 48 12 6
Frank, Rimerman & Co. Palo Alto, Calif. 47.42 1.32 5 19 175 208 26 59 14 1
Nigro Karlin Segal & Feldstein Los Angeles 41.09 13.67 2 18 178 226 0 12 0 88
SingerLewak* Los Angeles 37.40 2.75 6 33 153 232 51 32 5 12
Squar, Milner, Peterson, Miranda & Williamson
Newport Beach, Calif. 34.00 NC 3 21 104 160 40 50 0 10
Mohler, Nixon & Williams Campbell, Calif. 33.20 -10.27 3 24 104 166 43 52 0 5
Vavrinek Trine Day & Co.

Rancho Cucamonga, Calif. 33.03 2.01 6 35 NA 210 NA NA NA NA
Miller, Kaplan, Arase & Co.
†1
North Hollywood, Calif. 32.00 3.23 4 21 124 181 58 17 17 8
Seiler Redwood City, Calif. 31.90 0.31 2 10 114 143 20 55 0 25
AKT Salem, Ore. 31.62 3.13 5 17 146 186 32 33 14 21
Gallina Roseville, Calif. 31.50 31.25 9 24 149 210 49 47 4 0
Macias Gini & O’Connell Sacramento, Calif. 29.92 13.33 6 12 158 208 67 14 0 19
Perry-Smith Sacramento, Calif. 27.95 -2.55 2 15 121 152 69 20 11 0
Clark Nuber Bellevue, Wash. 25.58 -3.65 1 14 102 142 45 39 0 16
Gursey | Schneider
2
Los Angeles 24.23 11.30 2 8 100 126 29 0 0 71
Windes & McClaughry Long Beach, Calif. 23.34 -8.00 2 15 89 132 47 44 2 7
Hagen, Streiff, Newton & Oshiro
3
Newport Beach, Calif. 23.27 4.68 16 19 64 98 0 0 0 100
Hemming Morse

San Francisco 23.22 5.02 4 21 NA 100 NA NA NA NA
RBZ Los Angeles 22.90 -0.43 1 14 76 115 23 53 12 12
Hutchinson and Bloodgood Glendale, Calif. 20.60 -5.68 4 29 51 105 36 45 19 0
Green Hasson Janks* Los Angeles 18.60 16.25 1 14 74 105 60 29 7 4
Harb, Levy & Weiland San Francisco 17.83 -7.47 1 10 55 78 47 47 0 6
Sensiba San Filippo Pleasanton, Calif. 15.88 -16.82 4 13 46 87 63 31 6 0
Gumbiner Savett Santa Monica, Calif. 15.40 -6.10 2 12 58 86 40 50 8 2
Total: $1,224.12 1.93
Notes: * Firm estimate or projection † Accounting Today estimate NC No change NA Not available/applicable
1 Revenue figures are AT estimates; all other figures are firm-supplied. 2 A&A fee split figure of 29 includes tax and accounting services
3 Firm also has a significant presence in the Southwest
Top Firms: West
California, Nevada, Oregon and Washington
The Regional Leaders list for the West probably saw the
most changes of any this year, with a number of firms
changing position, new firms joining the list, and some
dropping off entirely.
While Seattle-based super-regional Moss Adams re-
mained by far the largest firm in the area, Armanino
McKenna, Novogradac and Holthouse Carlin & Van Trigt
all moved up, to No. 2, No. 3 and No. 4, respectively, on the
strength of growth of between 8 and 10 percent.
New Regional Leaders include growth leader Gallina
(up over 30 percent in 2010), AKT, Gursey | Schneider and
RBZ, as well as Hagen, Streiff, Newton & Oshiro, which was
previously listed in the Southwest.
A number of firms are missing from this year’s list:
Washington’s LeMaster & Daniels merged with Larson-
Allen, while Los Angeles-based Stonefield Josephson
merged with Marcum. Frazer Frost, which had joined the
list last year through a large merger, fell off this year when
the constituent firms decided to de-merge.
regional leaders
0
500
1,000
1,500
2,000
Mid-
Atlantic
Great
Lakes
West Mid
west
Capital
Region
South
east
Gulf
Coast
South
west
New
England
Mountain
Top 6 Firms
($33.4 bn)
Regional
Leaders
($9 bn)
T100 under
$100 mn
($3.7 bn)
T100 over
$100 mn
($5.5 bn)
Where the money is
Combined 2010 revenues by region Combined 2010 revenues
firm highlights
AKT: New to the list. Re-organized serv-
ice lines to formalize consulting practice;
introduced new focuses on international
taxation, emerging companies, and high-
net-worth clients.
Alpern Rosenthal: Celebrated its 50th
anniversary in 2010. Created an energy and
energy-related services group, and a public
company services group. Opened an office
in Philadelphia.
Anchin, Block & Anchin: Established a
Cayman Islands practice in February 2010.
Named an Accounting Today Best Firm to
Work For in 2010.
Argy, Wiltse & Robinson: Co-founded
Public Contracting Institute. Expanded
Fort Lauderdale, Fla., office.
Armanino McKenna: Acquired Dyn-
amics reseller 1Source Solutions in August
2010. Launched CFO advisory services.
Aronson: Elected new managing part-
ner, effective June 2010. Changed named
from Aronson & Co. Added service lines in
consulting to government contractors,
audit and accounting services for technol-
ogy companies, and transactional due dili-
gence.
Baker Tilly Virchow Krause: In Febru-
ary 2011, became a NetSuite Solutions
Provider as part of a new cloud computing
consulting practice.
BDO USA: Marked 100th anniversary. In
January 2010, changed name from BDO
Seidman, as part of international rebrand-
ing. In June, won an appeal against a $520
million jury verdict over a bank client’s au-
dits. In July, opened an office in Raleigh,
N.C. In November, merged in Delaware-
based McBride Shopa. In February 2011,
jury imposed $91 million judgment over
audits of a real estate firm.
Berdon: Grew revenues over 5 percent.
Focused on niche areas, including real es-
tate and REITs; saw ongoing growth in liti-
gation support. Added a second claims ad-
ministration location.
Berkowitz Dick Pollack & Brant: Saw
fastest growth in forensics and fraud;
served as forensic accountant on $1.2 bil-
lion Ponzi scheme. Developed growth and
business development plan to focus on
high-demand areas, including forensic
services, real estate financial advisory serv-
ices, wealth services and attest.
Berry, Dunn, McNeil & Parker: Fastest
growing specialty service — state and local
consulting; fastest growing client category
— state and local governments.
BKD: In June 2010, launched a health
care reform Web site. In August, acquired
Grant Thornton’s hospital and health care
auditing practice in Wichita, Kan. In Sep-
tember, launched a financial reform Web
site.
Blackman Kallick: Saw “incremental
growth” in audit practice, and a rebound
from the recession for several of its consult-
ing practices.
Blue & Co.: Acquired two small tax prac-
tices with revenues of approximately
$700,000, in Columbus, Ohio, and Louis-
ville, Ky. Developing a partnership with an
IT and security firm to deliver tech consult-
ing services. Named an Accounting Today
Best Firm to Work For in 2010.
Blum, Shapiro & Co.: In January 2011,
expanded into Massachusetts through a
merger with Rockland, Mass.-based Ned-
del, Welch & Stone, a 26-person firm.
The Bonadio Group: Saw growth in
consulting services, including Medicaid
fraud, waste and abuse, and IT security.
Launched “Personal CFO” service. In Octo-
ber 2010, launched a new communications
strategy. In February 2011, created a three-
person executive committee, and its first
board of directors. Named an Accounting
Today Best Firm to Work For in 2010.
Burr, Pilger & Mayer: Marked 25 years
of consecutive growth. Expanded its servic-
es in China. Strengthened marketing and
HR departments. Named an Accounting
Today Best Firm to Work For in 2010.
Carr, Riggs & Ingram: In February 2010,
announced merger with Florida-based
Davis, Monk & Co., adding three offices. In
June, expanded into Texas through merger
with Austin-based Cooper, Graci & Co.
CBIZ / Mayer Hoffman McCann: In
January 2010, acquired Midvale, Utah-
based employee benefits firm National
Benefit Alliance. In August, acquired South
Winds Inc., a Baltimore-based retirement
consulting firm. In November, announced
acquisition of Tampa Bay, Fla.-based firm
Kirkland, Russ, Murphy & Tapp, adding 75
staff and $12.8 million in revenue.
Cherry, Bekaert & Holland: Revenue
does not include M&A activity after April
2010. In July 2010, announced acquisition
of Atlanta-based Braver Schimler Pierce
Jenkins, adding app. $4.5 million in rev-
enue. In November, acquired Roanoke-
based McLeod & Co., with $8 million in
revenue. In December, added 14 partners
and 120 professionals from liquidated
Florida firm Berenfeld, Spritzer, Schechter
& Sheer. In February 2011, acquired Vir-
ginia firm Burrus Paul & Turnbull, adding
two partners and nine professionals.
Citrin Cooperman & Co.: In June 2010,
joined Moore Stephens North America. In
October, launched a new logo and brand-
ing effort. In November, merged in Con-
necticut-based Schwartz & Hofflich, add-
ing six partners and $4 million in revenues;
New York City-based Wlodinguer, Erk &
Chanzis, adding two partners and $3 mil-
lion in revenue; and New Jersey firm Rose,
Dratch & Gilbert, adding two partners.
Named an Accounting Today Best Firm to
Work For in 2010.
Clark, Schaefer, Hackett & Co.: In June
2010, merged in compliance consulting
firm Albright Consulting Inc., doubling the
number of financial institutions clients of
its Risk Management Services Group.
Clifton Gunderson: In May 2010, ac-
2011 firm highlights
27
28
quired U.S. Tax Advantage, boosting its in-
ternational tax practice. In June, merged in
Philadelphia-based Stockton Bates, adding
three partners; the Merrillville, Ind., office
of BKD; and St. Louis-based CPA firm
Humes & Barrington, adding seven part-
ners. In November, acquired Rockford, Ill.-
based Farrell & Associates, adding three
partners. In January 2011, acquired Los An-
geles-based Durkin Forensic, adding a
partner; and Albuquerque, N.M.-based
Meyners & Co., adding five partners and
app. $9 million in revenue.
Cohen & Co.: Saw fastest growth in serv-
ing wealthy individuals, and significant in-
terest in wealthy family/family office serv-
ices, as well as increase in large private
company clients. Named an Accounting
Today Best Firm to Work For in 2010.
Crowe Horwath: Expanded offices in
Dallas and New York. Expanded health
care service line, and services around in-
solvency and bankruptcy, the Foreign Cor-
rupt Practices Act, federal government as-
surance, and risk consulting. Began imple-
menting a $12 million business process
and technology roadmap.
Deloitte: In January 2010, won a lawsuit
against a former vice chairman over insider
trading. In June, launched a federal energy
management/sustainability initiative. In
July, announced merger with Burlington,
Ont.-based Horne (not to be confused with
the Mississippi-based Top 100 Firm). In
October, launched a hedge fund emerging
manager platform. In December, acquired
the assets of ClearCarbon Consulting and
Domani Sustainability Consulting. In Janu-
ary 2011, merged in Oakville, Ont.-based
Managerial Design, a management process
consulting firm.
Dixon Hughes: In December 2010,
merged in health care strategy consulting
firm Charis Healthcare. In January 2011,
announced plans to merge with Virginia-
based Top 100 Firm Goodman & Co. in
March to create Dixon Hughes Goodman.
Named an Accounting Today Best Firm to
Work For in 2010.
Doeren Mayhew: In July 2010, expand-
ed to Texas through merger with Houston-
based T.R. Moore, adding 45 staff and app.
$8 million in revenue, and significantly
boosting its energy industry business.
Ehrhardt Keefe Steiner & Hottman:
Added three partners. Fastest growing spe-
cialty service — international tax. Fastest
growing client category — government
contractors.
Eide Bailly: In July 2010, expanded its
presence in Colorado by merging in RT
Higgins & Associates, adding a partner and
boosting its oil and gas industry business.
EisnerAmper: Newly formed in August
2010 by the merger of Top 100 Firms Eisner
(No. 24 on last year’s list) and Amper,
Politziner & Mattia (No. 26).
Elliott Davis: Hired a new director of
practice growth, and formed an economic
development team.
Ernst & Young: In April 2010, agreed to
pay $33.5 million to settle lawsuits over au-
dits of HealthSouth, but was sued by for-
mer shareholders of Lehman Brothers over
audits. In August, was sued over audits of
failed Texas hedge fund. In December, sued
by New York Attorney General over
Lehman audits.
Frank, Rimerman & Co.: Increased rev-
enues and number of partners; reduced
overall employee count.
Frazier & Deeter: In January 2010, elect-
ed new managing partner, Seth McDaniel.
Fastest growing specialty service — indi-
vidual tax. Fastest growing client category
— individuals.
Freed Maxick & Battaglia: In Septem-
ber 2010, launched an interactive digital
billboard. In May 2011, current chair and
managing director Robert Glaser will hand
his managing director responsibilities over
to current vice chair Ronald Soluri.
Friedman: Added a governance risk and
compliance services practice. Saw growth
in specialty tax areas, and new markets in
government and China.
Gallina: New to the list. In October 2010,
merged with Burnett + Co., in Sacramento,
Calif., adding app. $6 million in revenue. In
January 2011, merged with Zanoni & Co., in
Las Vegas. Named an Accounting Today
Best Firm to Work For in 2010.
Goodman & Co.: Saw growth in non-
core service areas, including significant ex-
pansion of its HR consulting group, and
major growth in contract accounting serv-
ices. Also expanded government contract-
ing services line. In January 2011, an-
nounced plans to merge with Southeast
super-regional Top 100 Firm Dixon Hughes
in March 2011.
Grant Thornton: Launched new five-
year growth strategy, as part of which it sold
a number of offices and practices. In May
2010, announced acquisition of assets of
Dallas-based IT consulting and software
firm Avalion Consulting. In October, ac-
quired disputes and investigations practice
of Huron Consulting.
Habif, Arogeti & Wynne: Added IT
audit and assurance services line, includ-
ing SAS 70/SSAE 16 services. Fastest grow-
ing specialty service — international tax.
Fastest growing client category — tech.
Hein & Associates: In January 2011,
named new managing partner, Brian Man-
dell-Rice. Fastest growing specialty service
— technology consulting. Fastest growing
client category — alternative energy.
Hill, Barth & King: Concentrated on
outsourced CFO services, and invested re-
sources in oil and gas services. Separated
out financial services operations so firm no
longer has direct ownership, though finan-
cial practice is still controlled by firm own-
ers; change reflected in a one-off drop in
revenue. In November, merged with Fort
Myers, Fla.-based Gilbert, Wallace, Stewart,
Stramel & Sowers.
Holthouse Carlin & Van Trigt: Relocat-
ed headquarters to new, customized faci-
lity in West Los Angeles. Launched a new
Web site, enhanced in-house training pro-
firm highlights
29
grams and internship program, and in-
creased adoption of paperless initiative.
Holtz Rubenstein Reminick: Rolled out
three new practice groups, focusing on
services to American companies with sub-
sidiaries in China, and Chinese companies
in the U.S.; a medical practice group; and
state and local tax services.
Honkamp Krueger & Co.: Grew rev-
enues by almost 14 percent. Almost 40 per-
cent of revenue comes from financial serv-
ices. In June 2010, elected Gregory Burbach
as co-managing partner.
Horne: Increased focus on business de-
velopment, and on client retention, client
service, and business efficiency. Fastest
growing specialty service — outsourcing.
Fastest growing client category — mid-
sized businesses.
J.H. Cohn: Attracted partners with spe-
cialty skills in tax, business management,
nonprofits and real estate. Developed a
client service plan. Launched Cohn Logis-
tics service line.
Joseph Decosimo & Co.: Opened a new
office in Huntsville, Ala. Fastest growing
specialty service — business valuations.
Fastest growing client category — invest-
ment companies.
Katz, Sapper & Miller: In September, re-
branded and relaunched its KSM Business
Technology practice as KSM Consulting to
reflect broader range of services. Fastest
growing specialty service — tech consult-
ing. Fastest growing client category — real
estate.
Kaufman, Rossin & Co.: Expanded
bank anti-money laundering/Bank Secrecy
Act consulting practice. Opened an office
in San Francisco, primarily for fund admin-
istration practice. Launched a new Quick-
Books consulting practice. In July, reported
to have settled lawsuit over audits of two
failed hedge funds for $9.6 million. Named
an Accounting Today Best Firm to Work For
in 2010.
Kearney & Co.: Increased revenue by al-
most 10 percent. Named an Accounting
Today Best Firm to Work For in 2010.
Kemper CPA Group: Decreased partner
numbers by over 18 percent, and decreased
number of offices.
Kennedy and Coe: In January 2011, new
office in Loveland, Colo., received LEED
certification for sustainability.
KPMG: In March, CEO John Veihmeyer
named chair. In July, acquired Grant
Thornton’s supply chain advisory services
practice, adding 23 professionals; an-
nounced that it had shrunk its carbon foot-
print by 26 percent between 2007 and 2009.
In August, launched online Financial Re-
porting Network.
LarsonAllen: In November 2010, ex-
panded to the Pacific Northwest through
merger with Spokane, Wash.-based Top
100 Firm LeMaster & Daniels, adding app.
$40 million in revenue. In January 2011,
merged in Kennewick, Wash.-based Han-
sen NvO.
Lattimore, Black, Morgan & Cain: Saw
significant growth in non-traditional serv-
ices; traditional services were “sluggish
with intense fee competition.” Partner
count reduced over past three years
through departures and retirements. In Au-
gust 2010, launched a capital structure ad-
visory services practice in partnership with
CapControls.
Lurie Besikof Lapidus & Co.: Increased
M&A acquisition activity, and technology
consulting. Fastest growing specialty serv-
ice — technology consulting. Fastest grow-
ing client category — franchising.
Marcum: In March, recruiting arm Mar-
cum Search launched a temporary services
division. In April, announced expansion in
New England through purchase of UHY of-
fices in Boston, Hartford and New Haven,
Conn. In October, announced merger with
California-based Top 100 Firm Stonefield
Josephson. In January 2011, merged China
practice with Bernstein & Pinchuk.
Margolin, Winer & Evens: In November
2010, held its second annual Long Island
College Accounting Challenge.
Marks Paneth & Shron: Increased rev-
enues by almost 6 percent. Fastest growing
specialty service — business management
for wealthy individuals. Fastest growing cli-
ent category — nonprofits.
Mauldin & Jenkins: In December 2010,
announced mergers with CPA Associates in
Bradenton, Fla., and Evers & Fox in Atlanta.
Both are due to be completed by June 2011.
Miller, Kaplan, Arase & Co.: Revenues
are AT estimates; all other figures are firm-
supplied. Entered Seattle market.
Mohler, Nixon & Williams: Fastest
growing specialty service — attest. Fastest
growing client category — technology.
Morrison, Brown, Argiz & Farra: In
January 2011, announced merger with New
York-based ERE, adding a Northeast pres-
ence and app. $21 million in revenue.
Moss Adams: In June, announced plans
to acquire Grant Thornton’s Albuquerque,
N.M., practice.
Nigro Karlin Segal & Feldstein: Grew
revenue by almost 14 percent. Moved to
new office in Westwood. Fastest growing
specialty service — forensics/fraud. Fastest
growing client category — entertainment.
Novogradac & Co.: Grew revenue by
over 10 percent.
O’Connor Davies Munns & Dobbins:
Combined with PKF (New York). Relocated
White Plains, N.Y., office to expanded Har-
rison, N.Y., office. Added 17 partners and a
number of high-level senior managers with
significant niche expertise. Began celebrat-
ing 120th anniversary in 2011.
Padgett Business Services: Increased
revenues, partners, offices and staff.
ParenteBeard: Launched new service
lines in emerging growth business services,
transactions advisory services, Marcellus
Shale services, and XBRL services. Devel-
oped and launched a new partner compen-
sation system. In May 2010, launched a
new logo and tagline. In December, com-
bined with Philadelphia-based Pressman
Ciocca Smith, adding three partners.
firm highlights
30
Plante & Moran: In April, teamed with
IASeminars to offer IFRS training solutions.
Marked the 50th anniversary of its intern-
ship program.
Postlethwaithe & Netterville: Grew rev-
enue by over 8 percent. Hired a full-time
audit quality control director, and a direc-
tor to lead a recently acquired practice.
PwC: In August, announced acquisition
of Diamond Management & Technology
Consultants for $378 million. In September,
formally rebranded itself PwC.
Raffa: In July 2010, launched Compa-
nies for Causes initiative to partner busi-
nesses with nonprofits and create referral
opportunities.
Rehmann: Launched receivership serv-
ices line, collective trusts for ERISA plans,
and non-resident-alien services for Miami
office. Announced a number of mergers
with wealth management practices in Ohio
and Southern Florida, including January
2010 merger with Cleveland-based Daw-
son Wealth Management. In July, acquired
Troy, Mich.-based corporate investigative
services firm Veritas Global. In January
2011, merged with Ohio-based Hylant Fi-
nancial Services, and Ann Arbor, Mich.-
based Wright, Griffin & Davis.
Reznick Group: Launched strategic
growth plan, including a new organization
structure based on service area regions, a
new M&A strategy, a formal leadership and
career development program, and a new
compensation model. Launched a practice
focused on real estate advisory needs of the
long-term health care industry.
RGL Forensics: Grew revenue by over
10 percent. Launched a new practice area
focusing on corporate advisory services.
Developed an internal training program.
Rosen Seymour Shapss Martin & Co.:
Grew revenue by close to 18 percent. Ex-
panded M&A consulting practice. In Janu-
ary 2011, merged in Rockland County, N.Y.-
based Kahn, Hoffman & Hochman, adding
four partners and 40 accountants.
Rothstein, Kass & Co.: Expanded advi-
sory services offering. Fastest growing spe-
cialty service — attest. Fastest growing
client category — investment companies
and mutual funds.
RSM McGladrey / McGladrey & Pullen:
In June 2010, launched McGladrey brand
with a national marketing campaign. In
July, acquired Boston-based Top 100 Firm
Caturano & Co., adding approximately 250
employees and $60 million in revenue. Ex-
panded and relocated Washington Nation-
al Tax Practice.
RubinBrown: In August 2010, expanded
to Denver through merger with Saltzman
Hamman Nelson Massaro. In September,
launched Life Sciences Industry Group.
SC&H Group Inc.: Increased revenue
and staff numbers slightly.
Schenck: Realized “significant opera-
tional efficiencies,” and “substantial contri-
butions” from specialty service lines, in-
cluding investment management.
Schneider Downs: Expanded business
advisory services. President and CEO Ray-
mond Buehler named chairman of firm
network IGAF International.
Seiler: Expanded technology practice.
Sikich: Relocated Springfield, Ill., office.
Named an Accounting Today Best Firm to
Work For in 2010.
SingerLewak: Grew entrepreneur and
family-owned companies sector, as well as
royalty audits, profit participation and valu-
ations services areas. Named an Account-
ing Today Best Firm to Work For in 2010.
Squar, Milner, Peterson, Miranda and
Williamson: Maintained revenue and staff
figures.
SS&G: Grew revenue by over 9 percent.
In October, merged in Chicago-based Ahl-
beck & Co., adding 22 staff.
SVA: Relocated Rockford, Ill., office.
UHY Advisors: Marked its 10th anniver-
sary as a national firm. Hired a new COO,
and continued to nationalize processes
and policies, as well as investing in IT in-
frastructure and professional training.
Launched new enterprise optimization
and management consulting offerings. In
October, published IFRS Survival Guide.
Vavrinek Trine Day & Co.: All figures
are AT estimates. In June 2010, opened an
office in Sacramento, its sixth location.
Warren, Averett, Kimbrough & Mari-
no: All figures are AT estimates.
Watkins Meegan: Saw significant in-
crease in federal government contracting.
Restructured industry groups. Fastest
growing specialty services — project staf-
fing, staff augmentation, consulting proj-
ects. Fastest growing client category —
government contractors.
Weaver: In June, merged in Houston-
based community bank consulting firm
Bank Advisory Resources; expanded to
Midland/Odessa through merger with
Elms Farris. In January 2011, merged in
Houston-based firm L.T. Hawthorne & As-
sociates.
WeiserMazars: In April, Top 100 Firm
Weiser joined international firm Mazars
and became WeiserMazars.
Whitley Penn: Grew revenue and em-
ployee numbers by over 5 percent. Named
an Accounting Today Best Firm to Work For
in 2010.
Wipfli: In March 2010, acquired Chica-
go-based tax and succession planning
services firm American Capital. In August,
merged in Washington State-based Mich-
ael R. Bell & Co., adding two partners. In
October, merged in the officers and associ-
ates of Illinois-based Lindgren Callihan
Van Osdol & Co. In December, acquired
Rockford, Ill.-based Blascoe & Associates;
launched a risk management tool for infor-
mation security. In January 2011, launched
a life sciences practice.
WithumSmith+Brown: In December
2010, merged with Paramus, N.J.-based
forensic accounting firm Morrison & Co.
Named an Accounting Today Best Firm to
Work For in 2010.
firm highlights
Accounting Today’s fourth-annual ranking is dedicated
to identifying and recognizing the best employers in
the tax and accounting profession.
PARTICIPATION BENEFITS:
All firms that register for this free, confidential survey receive:
ELIGIBILITY:
To be eligible for consideration,
companies must be a public or
privately held U.S. accounting firm
with a minimum of 15 employees.
The survey and awards program
will rank companies in three
categories:
Small-sized firms
(15-24 employees)
Medium-sized firms
(25-249 employees)
Large-sized firms
(more than 250 employees)
More information and samples of the ranking surveys can be found online at:
WWW.BESTACCOUNTINGFIRMSTOWORKFOR.COM
For more information, contact:
William Carlino, Editor-In-Chief, Accounting Today | 212.803.8855 | william.carlino@sourcemedia.com
ARE YOU ONE OF THE
BEST ACCOUNTING
FIRMS TO WORK FOR?
All ranked firms receive the following benefits
Inclusion in our extensive ranking
coverage in our December issue.
Recognition as a Best Firm at our awards
luncheon in October in Las Vegas.
Enhanced visibility to help attract
and retain employees and customers alike.
Publication Date: December 2011
Awards Luncheon: October
|
Las Vegas, NV
(To take place during Accounting Today’s Growth and Profitability
Conference at the Bellagio hotel—October 25-27, 2011)
A complimentary participation report.
(Employee feedback reports will be available for purchase to gain more in-depth
insight)
Invaluable insight about your firm’s policies and practices.
Critical comparison details on what makes an organization
an Accounting Today Best Firm to Work For.
An opportunity to potentially be part of an elite
and exclusive industry ranking.
2011 RANKING
Participant Deadline:
JUNE 30, 2011
State-by-State. Multistate. Across the States.
Let BNA's expert practltloners help you connect
the dots of state tax research.
Take your 15-day free trlal today!
Vlslt www.bnatax.com/premlerstate
Call 1.800.372.1033
The BNA Difference: Only BNA’s new Premier State Tax Library offers you an unparalleled
network of expert practitioners, who give you in-depth analysis, real-life scenarios, guidance,
and planning points, and a network of award-winning reporters, who keep you current on
trends and issues with news and commentary. Plus, you get full text of primary sources. BNA
gives you unique perspectives on the state tax information you need for nexus, income tax,
sales & use taxes, credits & incentives, and more.
BNA's expert Portfollo analysls NOW accompanled
by a complete state tax llbrary!
BNA ~ Your slngle source for state tax research.
THE 2010 TOP 100 FIRMS
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
10 09 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
1 1 Deloitte & Touche
§
New York City Barry Salzberg May 10,722.00 -2.90 102 2,968 0.88 30,637 -4.64 42,367 -4.53 37 24 34 5
2 2 Ernst & Young
§
New York City James Turley June 7,620.00 -5.63 80 2,500 8.70 17,500 -6.91 25,600 -5.88 41 33 23 3
3 3 PricewaterhouseCoopers
1
New York City Robert Moritz June 7,369.44 -2.76 76 2,235 1.68 22,729 2.85 31,681 2.47 54 31 0 15
4 4 KPMG
§ 2
New York City Timothy Flynn Sept 5,076.00 -10.62 88 1,847 1.60 15,803 -4.59 22,960 -3.99 48 27 25 0
5 5 RSM / McGladrey & Pullen
3
Bloomington, Minn. C.Andrews/D.Scudder April 1,460.72 -0.47 93 751 1.76 5,331 -1.48 7,755 -0.27 44 35 20 1
6 6 Grant Thornton Chicago Stephen Chipman Dec 1,147.81 -5.17 52 535 -4.29 3,700 -8.01 5,414 -7.29 47 26 27 0
7 7 BDO
4
Chicago Jack Weisbaum June 620.00 -5.92 37 273 2.63 1,849 -13.60 2,712 -10.20 60 25 15 0
8 8 CBIZ/Mayer Hoffman McCann
† 5
Cleveland D. Sibits/B. Hancock Dec 600.66 8.60 180 465 32.48 2,085 -8.43 4,580 -12.66 23 27 50 0
9 9 Crowe Horwath Oak Brook Terrace, Ill. Charles Allen March 508.00 3.04 25 240 9.09 1,636 6.93 2,428 5.89 65 22 13 0
10 10 BKD Springfield, Mo. Neal Spencer May 393.00 9.78 31 258 12.17 1,256 -5.06 1,891 -1.82 52 30 18 0
11 11 Moss Adams Seattle Rick Anderson Dec 323.00 -3.87 18 240 -4.00 1,130 -12.61 1,762 -11.37 49 34 17 0
12 12 Plante & Moran Southfield, Mich. Gordon Krater June 301.20 3.19 18 221 7.28 1,108 10.25 1,686 7.66 50 32 18 0
13 17 Baker Tilly Virchow Krause
6
Chicago Timothy Christen May 260.00 20.37 11 108 14.89 1,148 9.23 1,370 10.84 37 33 25 5
14 14 Clifton Gunderson Milwaukee Krista McMasters May 251.00 1.21 40 198 -4.81 1,381 -2.54 1,737 -4.35 48 25 27 0
15 15 J.H. Cohn* Roseland, N.J. Thomas Marino Jan 235.00 -4.08 11 153 2.00 635 -32.23 1,037 -22.15 54 28 1 17
16 13 UHY Advisors*
7
Chicago R. Stein/A. Frabotta Dec 234.40 -7.35 17 124 -6.06 763 -7.18 1,163 -6.81 35 37 23 5
17 20 Marcum
8
Melville, N.Y. Jeffrey Weiner Dec 233.75 28.04 17 143 32.41 569 -12.46 940 2.40 40 30 25 5
18 19 LarsonAllen Minneapolis Gordy Viere Oct 218.00 8.46 18 125 7.76 952 1.28 1,332 1.22 45 34 20 1
19 18 Dixon Hughes High Point, N.C. Ken Hughes Dec 200.00 -3.38 21 134 -2.19 758 -0.26 1,109 -1.60 42 33 25 0
20 16 Reznick Group Bethesda, Md. Kenneth Baggett Sept 189.60 -13.64 10 104 -2.80 813 -16.36 1,157 -13.27 55 27 17 1
21 NR ParenteBeard* Philadelphia Robert Ciaruffoli Dec 172.30 131.90 25 166 167.74 737 102.47 1,119 109.55 57 26 17 0
22 21 Rothstein, Kass & Co.* Roseland, N.J. S. Kass/H. Altman Dec 169.50 0.59 8 68 1.49 673 -9.30 840 -8.99 68 29 2 1
23 24 Eide Bailly Fargo, N.D. Jerry Topp April 142.30 20.62 19 94 17.50 874 39.17 1,235 30.83 44 35 7 14
24 23 Eisner New York City Charles Weinstein Jan 133.25 7.92 3 81 12.50 358 2.29 532 4.72 56 33 11 0
25 22 Weiser* New York City Douglas Phillips Dec 128.00 -1.54 5 96 5.49 398 1.53 609 1.00 55 35 10 0
26 29 Amper, Politziner & Mattia Edison, N.J. Howard Cohen March 119.90 36.62 7 61 41.86 485 24.36 670 27.86 59 23 18 0
27 25 Wipfli Milwaukee Rick Dreher May 114.69 7.45 15 107 7.00 517 6.82 798 5.42 40 31 29 0
28 30 Cherry, Bekaert & Holland Richmond, Va. Howard Kies April 98.58 13.77 14 46 4.55 459 1.32 643 3.21 60 32 8 0
29 26 Anchin, Block & Anchin New York City Frank Schettino Sept 97.00 NC 1 52 NC 267 0.38 393 -0.51 44 43 13 0
Key and notes: Last year’s rankings have been revised based on 2008 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate † Accounting Today estimate § Gross revenue NC No change NA Not available/applicable NR Not ranked 1 Fee split: “Other” includes advisory line of services and
statutorily wholly owned subsidiaries. 2 Office figures are business offices, not all physical locations. 3 RSM McGladrey and McGladrey & Pullen have an alternative practice structure in which each
is a separate and independent legal entity. RSM is not a licensed CPA firm. 4 Changed name from BDO Seidman 5 Revenue figures are AT estimates; all other figures are firm-supplied. CBIZ and
Mayer Hoffman McCann are associated through an alternative practice structure. Figures do not reflect merger with Goldstein Lewin. (See Top 100 Highlights, page 20.) 6 Changed name from Virchow
Krause 7 UHY Advisors and UHY LLP are affiliated through an alternative practice structure. 8 Changed name from Marcum & Kliegman
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
10 09 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
30 31 Goodman & Co. Virginia Beach, Va. Thomas Wilson June 88.00 2.33 10 83 3.75 401 3.62 609 4.10 45 40 15 0
31 27 Berdon New York City Stanley Freundlich Dec 88.00 -7.37 2 45 NC 335 -8.22 409 -7.26 32 38 30 0
32 32 Citrin Cooperman & Co. New York City Joel Cooperman Dec 85.00 5.59 5 80 5.26 211 -3.21 342 0.59 50 32 9 9
33 28 Marks Paneth & Shron* New York City M. Levenfus/A. Cannata Dec 85.00 -5.56 3 68 NC 312 2.19 476 -2.26 63 27 3 7
34 33 Carr, Riggs & Ingram Enterprise, Ala. William Carr Sept 83.53 7.53 14 78 27.87 377 15.29 527 15.82 60 35 5 0
35 37 Rehmann Saginaw, Mich. Steven Kelly Dec 73.00 9.77 11 48 11.63 400 5.54 548 -1.79 39 31 12 18
36 35 WithumSmith+Brown Princeton, N.J. William Hagaman Jr. June 72.01 2.74 11 30 15.38 275 4.96 370 4.82 48 39 7 6
37 43 Burr, Pilger & Mayer Inc. San Francisco Stephen Mayer Dec 68.45 18.63 6 47 4.44 263 -7.72 400 1.27 40 41 15 4
38 58 Kearney & Co. Alexandria, Va. Ed Kearney Dec 66.09 37.60 3 13 8.33 223 23.89 383 7.28 71 0 29 0
39 34 Armanino McKenna San Ramon, Calif. Andy Armanino Dec 65.38 -10.77 3 34 13.33 186 -20.85 250 -16.67 39 37 24 0
40 38 Schenck Business Solutions Appleton, Wis. William Goodman Sept 64.50 1.98 9 64 8.47 341 -3.94 504 -1.75 38 39 18 5
41 39 Morrison, Brown, Argiz & Farra Miami Antonio Argiz June 64.20 6.64 5 18 20.00 218 7.39 285 7.55 33 31 28 8
42 36 Caturano & Co.*
9
Boston Richard Caturano June 61.80 -7.90 1 32 -8.57 279 10.28 387 3.20 42 26 32 0
43 45 Aronson & Co. Rockville, Md. Lisa Cines May 61.40 7.47 1 27 28.57 144 -20.00 209 -15.04 49 28 13 10
44 41 Friedman New York City Bruce Madnick Dec 60.00 1.69 3 40 -4.76 203 -7.31 279 -6.06 67 31 2 0
45 47 Novogradac & Co.* San Francisco Michael Novogradac Dec 59.42 8.02 12 27 3.85 222 -9.39 295 -7.52 56 24 9 11
46 44 SS&G Financial Services Inc. Cleveland Gary Shamis Dec 59.40 2.95 8 24 9.09 328 -1.80 391 -0.76 29 35 14 22
47 40 Habif, Arogeti & Wynne Atlanta Joseph Simms Dec 59.01 -0.12 2 34 -2.86 219 -4.78 300 -4.76 50 36 7 7
48 48 Horne Ridgeland, Miss. Hugh Parker Dec 58.90 9.18 12 26 8.33 353 13.87 507 10.70 46 19 20 15
49 54 Weaver
10
Fort Worth, Texas Tommy Lawler May 58.10 14.39 5 34 30.77 304 31.60 404 27.85 43 37 15 5
50 42 Holthouse Carlin & Van Trigt Santa Monica, Calif. Philip Holthouse Dec 58.00 -1.56 7 27 12.50 164 -12.30 248 -7.12 22 67 0 11
51 49 Ehrhardt Keefe Steiner & Hottman Denver Robert Hottman Sept 55.36 4.83 3 26 4.00 281 10.63 380 8.88 54 36 10 0
52 46 Lattimore, Black, Morgan & Cain Brentwood, Tenn. D. Morgan/RM Cain Dec 55.36 -2.47 3 44 -4.35 263 3.95 370 0.27 25 39 15 21
53 57 Elliott Davis Greenville, S.C. Richard Davis June 53.94 10.87 11 47 NC 267 8.10 390 7.14 47 37 10 6
54 50 RubinBrown St. Louis John Herber May 53.67 2.48 2 24 NC 241 -4.37 316 -3.36 46 35 19 0
55 51 Schneider Downs Pittsburgh Raymond Buehler Jr. June 52.42 1.08 2 34 6.25 286 -1.38 352 -1.40 45 35 20 0
56 63 O’Connor Davies Munns & Dobbins New York City Kevin Keane Dec 50.60 13.71 5 39 2.63 230 4.55 296 4.59 70 23 7 0
57 64 Sikich Aurora, Ill. James Sikich Dec 50.40 14.81 10 40 5.26 253 9.05 330 8.20 40 15 40 5
58 NR Frazer Frost Brea, Calif. D.Yamagata/D.Peregrin Dec 50.00 6.38 6 23 -4.17 177 -0.56 248 -1.98 46 23 5 26
59 53 Blackman Kallick Chicago Steven Schneider Dec 49.13 -3.57 1 33 -2.94 163 -11.89 241 -8.71 44 45 11 0
60 59 SVA CPAs
11
Madison, Wis. Jack Cotton May 48.87 3.54 5 29 7.41 164 -2.38 412 -1.90 18 20 15 47
61 62 Katz, Sapper & Miller* Indianapolis David Resnick Dec 48.00 7.87 1 35 NC 172 -5.49 254 -3.05 30 42 24 4
62 52 SC&H Group Inc. Sparks, Md. Thomas Stout Dec 47.84 -6.18 3 18 28.57 208 1.46 264 2.72 17 51 32 0
63 56 Kaufman, Rossin & Co. Miami James Kaufman May 46.96 -4.05 4 35 9.38 168 -12.50 260 -10.34 34 23 3 40
64 60 Frank, Rimerman & Co. Palo Alto, Calif. Bryan Polster May 46.80 -0.72 4 17 NC 184 13.58 216 10.77 26 59 14 1
65 61 Padgett Business Services ƒ Athens, Ga. Steve Rafsky May 46.67 3.90 311 304 7.42 NA NA 761 5.99 70 30 0 0
Notes: * Firm estimate ƒ Franchise. Data may include franchisees. 9 Changed name from Vitale Caturano 10 Changed name from Weaver & Tidwell 11 Changed name from Suby Von Haden
RANK REVENUE PERSONNEL FEE SPLIT
Year $ % Off- Part- % Profes- % Total %
(in percent)
10 09 Firm Headquarters Chief executive end mn. chg. ices ners chg. sionals chg. emps. chg. A&A Tax MAS Other
66 55 Hein & Associates Denver Larry Unruh Dec 45.90 -9.47 4 30 7.14 176 -12.44 241 -13.31 53 38 5 4
67 68 Blum, Shapiro & Co. West Hartford, Conn. Carl Johnson Dec 45.00 8.43 3 40 17.65 197 23.13 288 18.52 52 30 4 14
68 70 Watkins Meegan
12
Bethesda, Md. Michael Micholas Dec 44.50 8.54 4 19 11.76 170 -5.56 205 -4.65 24 25 51 0
69 69 Argy, Wiltse & Robinson* McLean, Va. Paul Argy Dec 44.00 7.32 3 27 12.50 160 5.96 223 3.24 41 48 10 1
70 67 Clark, Schaefer, Hackett & Co. Middletown, Ohio Carl Coburn June 42.96 2.29 6 24 NC 198 2.06 276 2.99 50 37 2 11
71 78 The Bonadio Group* Pittsford, N.Y. Thomas Bonadio April 42.50 15.80 6 37 2.78 218 14.74 317 10.84 58 24 5 13
72 85 Rosen Seymour Shapss Martin & Co. New York City Martin Greenberg Dec 42.10 26.81 2 24 -4.00 149 19.20 200 12.99 53 42 5 0
73 74 Blue & Co.
13
Carmel, Ind. Douglas Hasler Dec 42.00 9.09 6 23 NC 147 -8.13 216 -4.85 24 15 61 0
74 65 Hill, Barth & King Boardman, Ohio Chris Allegretti Aug 42.00 -2.33 14 36 2.86 192 2.67 293 0.69 32 39 10 19
75 77 LeMaster & Daniels Spokane, Wash. Scott Dietzen May 41.73 12.78 12 27 NC 193 12.21 287 12.11 28 51 7 14
76 71 Joseph Decosimo & Co. Chattanooga, Tenn. Nick Decosimo Dec 40.94 1.51 7 29 -3.33 180 -2.17 269 -6.27 47 42 6 5
77 66 Margolin, Winer & Evens Garden City, N.Y. Teddy Selinger Dec 40.00 -5.88 2 27 NC 170 -5.56 216 -4.85 60 30 10 0
78 81 Warren, Averett, Kimbrough & Marino

Birmingham, Ala. James Warren June 38.85 10.68 3 42 23.53 130 4.00 250 17.92 42 31 14 13
79 73 Lurie Besikof Lapidus & Co. Minneapolis Beth Kieffer Leonard April 37.50 -3.85 1 16 -5.88 100 -15.25 150 -13.79 40 32 15 13
80 80 Mohler, Nixon & Williams Campbell, Calif. Leinani Nakamura June 37.00 4.43 3 24 4.35 120 5.26 179 2.87 44 49 1 6
81 79 Berkowitz Dick Pollack & Brant Miami Richard Berkowitz Dec 36.65 2.17 3 18 NC 86 -14.00 150 -13.79 16 38 4 42
82 76 SingerLewak* Los Angeles David Krajanowski Dec 36.50 -1.88 6 30 3.45 150 -3.85 218 -3.54 55 28 5 12
83 84 Nigro Karlin Segal & Feldstein Los Angeles Mickey Segal Dec 36.15 4.21 2 20 NC 175 6.06 220 2.33 0 15 0 85
84 72 Doeren Mayhew Troy, Mich. Mark Crawford Sept 36.09 -8.10 1 21 5.00 126 -2.33 173 -9.90 46 28 11 15
85 92 Postlethwaithe & Netterville Baton Rouge, La. William Balhoff April 35.34 9.38 9 25 NC 203 NA 273 8.76 44 19 18 19
86 83 RGL Forensics*
14
Denver Paul Brunner Dec 35.10 1.15 16 28 16.67 131 7.38 201 9.84 0 0 0 100
87 75 Holtz Rubenstein Reminick Melville, N.Y. Francis Candia Sept 34.80 -6.95 2 20 17.65 131 -7.09 189 -3.57 45 42 3 10
88 89 Freed Maxick & Battaglia* Buffalo, N.Y. Robert Glaser April 34.70 6.77 3 32 NC 205 NC 275 -0.36 39 40 8 13
89 88 CCR Westborough, Mass. David Platt Dec 34.00 4.62 5 36 16.13 165 19.57 243 18.54 49 45 6 0
90 82 Squar Milner Newport Beach, Calif. Stephen Milner Dec 34.00 -2.86 3 16 -11.11 113 -20.42 160 -20.00 42 45 0 13
91 96 Raffa Washington, D.C. Thomas Raffa Dec 33.54 5.90 2 17 21.43 223 1.83 279 6.08 59 17 24 0
92 94 Frazier & Deeter Atlanta Seth McDaniel Dec 33.21 2.79 3 10 -9.09 101 -3.81 135 -2.17 40 41 0 19
93 98 Kemper CPA Group Greenfield, Ind. Ronald Dezelan April 33.15 6.97 26 64 4.92 210 -0.94 307 1.66 43 36 21 0
94 91 Whitley Penn* Fort Worth, Texas Larry Autrey Dec 32.50 NC 2 19 NC 111 -15.91 157 -11.30 45 39 11 5
95 97 Mauldin & Jenkins Atlanta Donald Luker May 32.20 2.22 4 38 2.70 116 -0.85 176 -1.12 74 23 1 2
96 NR Berry, Dunn, McNeil & Parker Portland, Maine John Chandler June 32.19 13.27 3 19 -5.00 131 9.17 185 8.82 54 23 18 5
97 100 Cohen & Co. Cleveland Randy Myeroff Sept 31.94 3.73 9 24 26.32 162 -13.37 228 -5.00 46 45 2 7
98 99 Kennedy and Coe Salina, Kan. Kurtis Siemers March 31.90 3.24 8 23 NC 136 2.26 218 -5.63 18 54 28 0
99 87 Vavrinek Trine Day & Co.

Rancho Cucamonga, Calif. Ron White Dec 31.85 -2.18 5 30 -9.09 165 -0.60 210 -6.67 67 17 13 3
100 90 Seiler Redwood City, Calif. James DeMartini Dec 31.80 -2.15 2 10 NC 115 -0.86 144 -0.69 20 55 0 25
Notes: * Firm estimate † Accounting Today estimate 12 Changed name from Watkins, Meegan, Drury 13 Employee figures do not include year-end merger with Potter & Co.
14 Data include international offices
Rev.
Headquarters ($mn) % chg.
Dixon Hughes High Point, N.C. $207.00 16.29
Cherry, Bekaert & Holland Richmond, Va. 86.65 11.95
Goodman & Co. Virginia Beach, Va. 86.00 21.13
Carr, Riggs & Ingram Enterprise, Ala. 77.68 17.55
Beers & Cutler Vienna, Va. 60.32 10.35
Morrison, Brown, Argiz & Farra Miami 60.20 8.86
Habif, Arogeti & Wynne Atlanta 59.08 30.65
LBMC Brentwood, Tenn. 56.76 16.34
Horne Jackson, Miss. 53.95 20.08
Kaufman, Rossin & Co. Miami 48.94 20.33
THE TOP 10 SOUTHEAST FIRMS
©2009 SourceMedia, Inc. and Accounting Today. All rights reserved. SourceMedia, One State Street Plaza, New York, N.Y. 10004 (800) 367-3989
Pacesetters in growth
Ranked by % chg.
Revenue %
Firms under $100 mn ($mn) chg.
1. Kearney & Co. $48.62 51.13
2. Habif, Arogeti & Wynne $59.08 30.65
3. Argy, Wiltse & Robinson $41.00 30.08
4. Elliott Davis $48.65 28.60
5. Blue & Co. $38.50 27.31
THE 2009 TOP 100 FIRMS
RANK REVENUE PERSONNEL FEE SPLIT
Year $ Off- Part- Profes- Total (in percent)
09 08 Firm Headquarters Chief executive end mn. ices ners sionals emps. A&A Tax MAS Other
1 1 Deloitte & Touche
§1
New York Barry Salzberg May $10,980.00 105 2,949 32,857 44,929 44 22 30 4
2 2 Ernst & Young

New York James Turley June $8,232.10 90 2,350 20,250 25,050 68 30 0 2
3 3 PricewaterhouseCoopers
2
New York Dennis Nally June $7,578.30 74 2,198 22,100 30,917 56 30 0 14
4 4 KPMG
§3
New York Timothy Flynn Sept $5,679.00 89 1,818 16,564 23,914 48 25 27 0
5 5 RSM/McGladrey & Pullen
4
Bloomington, Minn. S. Tait/D. Scudder April $1,467.64 100 738 5,411 7,776 43 34 21 2
6 6 Grant Thornton
5
Chicago Edward Nusbaum Dec $1,210.34 51 559 4,022 5,840 48 26 26 0
7 7 BDO Seidman Chicago Jack Weisbaum June $659.00 37 266 2,140 3,020 62 23 15 0
8 8 CBIZ/Mayer Hoffman McCann
6
Cleveland D. Sibits/B. Hancock Dec $545.78 177 351 2,277 5,244 23 27 50 0
9 9 Crowe Horwath
7
Oak Brook Terrace, Ill. Charles Allen March $493.00 23 220 1,530 2,293 65 22 13 0
10 10 BKD Springfield, Mo. Neal Spencer May $358.00 27 230 1,323 1,926 49 32 19 0
40 38 Rehmann
1
Saginaw, Mich. Steven Kelly Dec $66.50 11 43 379 558 43 31 9 17
41 41 Schenck Business Solutions Appleton, Wis. William Goodman Sept $63.25 9 59 355 513 37 39 19 5
42 43 Beers & Cutler Vienna, Va. Ed Offterdinger Sept $60.32 1 26 222 332 23 38 39 0
43 42 Morrison, Brown, Argiz & Farra Miami Antonio Argiz June $60.20 5 15 203 265 34 31 27 8
44 56 Habif, Arogeti & Wynne Atlanta Joseph Simms Dec $59.08 1 35 230 315 48 35 9 8
45 45 Friedman New York Bruce Madnick Dec $59.00 3 42 219 297 61 34 5 0
46 44 Holthouse Carlin & Van Trigt Santa Monica, Calif. Philip Holthouse Dec $58.92 6 24 187 267 26 66 0 8
47 50 SS&G Financial Services Cleveland Gary Shamis Dec $57.70 8 22 334 394 31 36 14 19
48 46 Aronson & Co. Rockville, Md. Lisa Cines May $57.13 1 21 180 246 49 27 14 10
49 51 Lattimore, Black, Morgan & Cain Brentwood, Tenn. D. Morgan/RM Cain Dec $56.76 3 46 253 369 23 38 15 24
50 52 Burr, Pilger & Mayer San Francisco Stephen Mayer Dec $56.50 6 45 285 395 45 34 18 3
Key and notes: Last year’s rankings have been revised based on 2007 revenue provided by firms. Some firms’ rankings will therefore differ from those reported last year.
* Firm estimate † Accounting Today estimate NC No change NA Not available/applicable NR Not ranked § Gross revenue 1 Fee split is AT estimate. 2 Fee split: “Other” includes adviso-
ry line of services and statutorily wholly owned subsidiaries. 3 Office figures are business offices, not all physical locations. 4 RSM McGladrey and McGladrey & Pullen have an alternative practice
structure in which each is a separate and independent legal entity. Prior years have been restated for 2007 and 2008 divestitures. 5 Net revenues now include billed out-of-pocket expenses; previous
years’ data has been restated for comparison. Also, business advisory services are now included under MAS in fee split; previously, they had been under A&A. 6 Revenue figures are AT estimates; all
other figures are firm-supplied. CBIZ and Mayer Hoffman McCann are associated through an alternative practice structure. Figures do not reflect year-end mergers with Tofias and Mahoney Cohen. (See
Top 100 Highlights, page 20.) 7 Changed name from Crowe Group. 8 UHY Advisors and UHY LLP are affiliated through an alternative practice structure.
9 Figures do not reflect four mergers from August and November 2008, including approx. $26 million in revenue. 10 Figures do not reflect June 2008 merger with Goldenberg Rosenthal.
Pacesetters in growth
Ranked by % chg.
Revenue %
Overall Top100 mn ($mn) chg.
1. Kearney & Co. $48.62 51.13
2. Marcum & Kliegman $182.56 48.11
3. Habif, Arogeti & Wynne $59.08 30.65
4. Argy, Wiltse & Robinson $41.00 30.08
5. Elliott Davis $48.65 28.60
6. Blue & Co. $38.50 27.31
7. The Bonadio Group* $38.25 26.95
8. LeMaster Daniels $37.00 26.58
9. Rothstein, Kass & Co. $167.00 26.32
10. Postlethwaite & Netterville $32.31 25.72
Habif, Arogeti & Wynne, LLP
Five Concourse Parkway, Suite 1000
Atlanta, GA 30328
404-892-9651
www.hawcpa.com