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CONGRATULATIONSTO THE TOP 100 FIRMS OF 2013

TAX & ACCOUNTING

2013 Thomson Reuters. Checkpoint and CS Professional Suite are registered trademarks ofThomson Reuters. Other names and trademarks are properties of their respective owners.

REUTERS/Goran Tomasevik


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regional leaders

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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherBKD Springfield, Mo. 402.30 2.84 30 24 5 1,269 1,90 5 49 31 20 0Eide Bailly Fargo, N.D. 1 5 8.20 4.3 5 19 91 882 1,230 43 38 11 8RubinBrown St. Louis 66.19 7.24 3 28 332 41 5 46 32 22 0Honkamp Krueger & Co. Dubuque, Iowa 37. 5 2 11.60 5 17 103 307 17 18 5 60Kennedy and Coe Salina, Kan. 31.90 4.5 9 8 24 121 197 20 5 4 26 0Brown Smith Wallace St. Louis 29.20 12.31 4 23 164 202 27 4 5 28 0Brady, Martz & Associates Grand Forks, N.D. 26.33 11.28 6 32 102 170 55 37 8 0Lurie Besikof Lapidus & Co. Minneapolis 26.00 -23.98 1 13 64 112 3 5 34 18 13Anders St. Louis 25 .63 45 .5 4 2 18 111 1 5 4 28 42 2 28Mize Houser & Co. Topeka, Kan. 21.63 1 5 .98 3 16 119 198 60 27 13 0Boulay, Heutmaker, Zibell & Co. Minneapolis 21. 55 10.29 1 30 74 129 41 3 5 0 24Lutz & Co. Omaha, Neb. 20. 5 0 5 .72 1 24 77 120 39 34 11 16HLB Tautges Redpath White Bear Lake, Minn. 17.40 13.73 1 13 98 123 5 4 36 10 0Seim Johnson Omaha, Neb. 14.82 18.09 1 16 49 81 40 30 30 0Olsen Thielen & Co. St. Paul, Minn. 13.43 7.10 2 13 68 100 41 30 29 0Abdo, Eick & Meyers Edina, Minn. 13.00 8.33 2 14 42 101 68 30 2 0

Top Firms: MidwestIowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South DakotaRevenue: $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 percentin 2012. Many of the smaller leaders far outperformed that, though, led by St. Louis-based Anders, which rechristeneditself 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 OtherDixon Hughes Goodman Charlotte, N.C. 304.00 3.0 5 26 173 1,114 1,634 3 5 36 29 0Cherry Bekaert Richmond, Va. 123.60 11.17 1 5 5 4 5 36 760 4 5 49 6 0Lattimore, Black, Morgan & Cain Brentwood, Tenn. 6 5 .02 14.07 3 42 247 361 2 5 34 18 23Elliott Davis Greenville, S.C. 61.02 6.03 8 5 3 246 374 48 3 5 14 3Habif, Arogeti & Wynne Atlanta 60.29 3.70 2 26 219 289 46 37 7 10Frazier & Deeter Atlanta 44.10 18.26 3 11 13 5 177 36 44 0 20Mauldin & Jenkins Atlanta 38.5 0 21.07 5 38 138 213 66 30 4 0Mountjoy Chilton Medley Louisville, Ky. 37.93 25 .80 5 39 144 247 44 34 10 12Joseph Decosimo & Co. Chattanooga, Tenn. 36.21 8.09 8 31 170 261 48 39 4 9Bennett Thrasher Atlanta 26.17 12.70 1 22 92 139 28 5 7 7 8Frost Little Rock, Ark. 25 .25 9.12 3 9 89 123 5 2 41 6 1Dean Dorton Allen Ford Lexington, Ky. 21.73 -3.08 2 34 8 5 145 35 41 24 0GreerWalker Charlotte, N.C. 16.42 12.31 1 10 61 8 5 30 39 14 17WebsterRogers Florence, S.C. 16.36 -4. 5 0 8 19 88 12 5 39 42 10 9

Notes: * Firm estimate or projection NC No change NA Not available/applicable2 Figures do not include four mergers conducted after firms April year-end.

Top Firms: Southeast Arkansas, Georgia, Kentucky, North Carolina, South Carolina and TennesseeRevenue: $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 didnt have thehigh-profile merger that created Dixon Hughes Goodman to bolster it. It should be notedthat 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.


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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherWeaver Fort Worth, Texas 73.60 10.84 7 36 31 5 425 41 45 4 10Whitley Penn Fort Worth, Texas 49.00 30.67 5 35 190 272 48 40 9 3Padgett, Stratemann & Co. San Antonio 29.19 6.6 5 2 16 11 5 166 5 3 35 12 0Briggs & Veselka Co. Houston 22.10 12.81 2 16 109 1 5 1 44 46 10 0Gainer Donnelly Houston 20. 5 3 NC 1 10 110 140 30 60 10 0PKF Texas Houston 20.42 2.46 1 12 103 126 48 44 8 0REDW Albuquerque, N.M. 19.83 3.93 2 17 112 161 5 0 18 13 19Cain Watters & Associates Dallas 19.03 5 .14 1 7 43 102 11 1 5 0 74TravisWolff Dallas 18.40 -4.17 2 12 78 110 30 5 4 16 0Lane Gorman Trubitt Dallas 18.10 NC 1 16 5 7 86 5 6 39 0 5Johnson Miller & Co. CPAs Odessa, Texas 17.98 5 .45 3 14 70 98 28 5 1 7 14Henry & Horne Tempe, Ariz. 17.5 0 10.06 3 16 72 109 36 55 9 0Maxwell Locke & Ritter Austin, Texas 16.72 6.23 2 19 63 92 38 41 0 21PMB Helin Donovan Austin, Texas 16.70 23.80 7 26 90 128 6 5 35 0 0BeachFleischman* Tucson, Ariz. 16.40 12.33 2 19 61 99 28 48 6 18Hartman, Leito & Bolt Fort Worth, Texas 11.9 5 -1.89 2 10 46 69 47 44 9 0MaloneBailey Houston 11. 5 3 -19.48 2 7 44 5 7 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 TexasRevenue: $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 HoustonsNull Lairson.

regional leaders

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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherBlumShapiro West Hartford, Conn. 47.80 1.12 3 29 162 2 5 8 55 31 1 13BerryDunn Portland, Maine 40.1 5 15 .87 4 18 137 18 5 5 3 18 2 5 4Kahn, Litwin, Renza & Co. Providence, R.I. 31.30 1. 5 2 3 10 138 176 33 32 3 5 0Wolf & Co. Boston 29.36 4.08 3 18 1 5 2 189 49 2 5 0 26Baker Newman & Noyes Portland, Maine 27.70 -2.12 4 28 128 187 46 40 14 0Feeley & Driscoll Boston 23. 5 1 -0.47 1 12 71 108 63 23 14 0Alexander, Aronson, Finning Westborough, Mass. 17.26 4.42 4 1 5 90 12 5 73 19 8 0DiCicco, Gulman & Co. Woburn, Mass. 17.00 7. 5 9 2 12 6 5 95 42 43 1 5 0Whittlesey & Hadley Hartford, Conn. 14.60 5 .80 1 1 5 79 101 60 20 20 0Gray, Gray & Gray Westwood, Mass. 13.70 31.73 3 10 5 7 79 4 5 35 20 0

Macdonald Page & Co. South Portland, Maine 12.4 5 1.63 2 21 60 9 5 43 32 11 14Melanson Heath & Co. Nashua, N.H. 10.21 2.00 5 9 64 87 72 22 5 1Meyers Brothers Kalicka Holyoke, Mass. 9.80 3.16 1 7 41 60 4 5 40 4 11Gallagher Flynn & Co. South Burlington, Vt. 9. 5 0 4.5 1 2 11 NA 70+ NA NA NA NAAbrams Little-Gill Loberfeld Chestnut Hill, Mass. 7.70 12.74 1 10 30 48 33 62 5 0

Top Firms: New EnglandConnecticut, Maine, Massachusetts, New Hampshire, Rhode Island and VermontRevenue: $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 ofmore than 5 percent. While many firms in the region participated in M&A mania, there were none of the high-profilegrabs that reshaped last years roster; in fact, the top six Regional Leaders all kept the exact same spots.


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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherMoss Adams Seattle 344.00 6. 5 0 20 240 1,1 5 3 1,772 49 36 1 5 0Armanino San Ramon, Calif. 99.76 18.73 6 41 271 3 5 0 24 26 47 3Novogradac & Co. San Francisco 84.0 5 16.64 1 5 33 314 407 5 7 24 7 12Holthouse Carlin & Van Trigt W. Los Angeles, Calif. 74.14 7.4 5 8 31 218 309 18 73 0 9Burr Pilger Mayer San Francisco 69.10 -1. 5 7 5 5 0 235 372 38 4 5 12 5

Frank, Rimerman & Co. Palo Alto, Calif. 5 4.34 11. 5 8 5 18 22 5 261 28 5 8 13 1Nigro Karlin Segal & Feldstein Los Angeles 5 0.22 12.20 2 21 217 263 17 17 2 64Squar Milner Newport Beach, Calif. 44.00 18.92 4 22 144 204 40 49 3 8SingerLewak Los Angeles 38.81 -2.83 6 32 1 5 9 245 49 36 2 13Miller Kaplan Arase North Hollywood, Calif. 37.00 5 .71 5 24 108 172 5 8 17 17 8Macias Gini & OConnell Sacramento, Calif. 36.20 20.27 9 20 149 243 62 1 5 4 19Gallina Roseville, Calif. 34.64 8.93 9 24 1 5 3 221 46 5 0 4 0AKT CPAs Salem, Ore. 34.64 8.2 5 6 15 163 209 32 34 7 27Seiler Redwood City, Calif. 34.10 3.6 5 2 13 118 1 5 0 10 70 0 20

Vavrinek Trine Day Rancho Cucamonga, Calif. 32.31 1.99 7 36 NA 200 NA NA NA NAClark Nuber Bellevue, Wash. 29.17 9.21 1 16 111 1 5 8 5 0 49 0 1Gursey | Schneider Los Angeles 26.40 0.38 3 9 NA NA NA NA NA NARBZ Los Angeles 24.72 3.78 1 14 71 113 18 5 3 16 13Windes & McClaughry Long Beach, Calif. 24.13 1.26 4 18 81 131 46 4 5 3 6Green Hasson Janks Los Angeles 22.00 5 .77 1 12 86 111 33 33 12 22Hutchinson and Bloodgood Glendale, Calif. 22.00 5 .5 2 4 31 47 100 36 46 18 0Matson & Isom Chico, Calif. 17.00 27.2 5 4 21 74 118 40 4 5 3 12Gumbiner Savett Santa Monica, Calif. 16.30 -1.81 1 12 80 108 40 5 0 8 2Geffen Mesher & Co. Portland, Ore. 16.00 -1. 5 4 1 13 55 86 30 60 10 0Sensiba San Filippo * Pleasanton, Calif. 15 .30 6.2 5 4 16 5 7 95 28 5 9 1 12Hood & Strong San Francisco 1 5 .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: WestCalifornia, Nevada, Oregon and WashingtonRevenue: $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-chargedgrowth spread among firms of all sizes, and all up and down the West Coast. Two of the top three firms Armanino andNovogradac grew by over 15 percent, while one of the newest members of our T100 roster, Macias Gini & OConnell,

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 isCombined 2012 revenues, in billions of dollars by region

regional leaders

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Mid-Atlantic

GreatLakes

West Midwest CapitalRegion

Southeast Gulf Coast

Southwest NewEngland

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u AKT CPAs: Acquired several smallerpractices. Added staff with expertise inR&D credits, health care practice manage-ment, and regulatory rate consulting.u Alpern Rosenthal: Acquired a firm inFt. Lauderdale, Fla. Expanded Business Advisory & Risk Services Group. Launchedupgraded Web site.u Anchin, Block & Anchin: In March2012, 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; inJanuary 2013, merged in consulting firmGradient Vision. In January, rebrandeditself from Armanino McKenna. Namedan Accounting Today Best Firm to WorkFor in 2012.u Aronson: Formed two new service ar-eas: a specialty tax services group and atransaction advisory services group. Grewoverall staff numbers by over 9 percent.u Baker Tilly Virchow Krause: In April

2012, partnered with Financial Force to de-liver professional services automation services. In September, one of six firms namedto oversee banks in a national mortgagesettlement. Named an Accounting Today Best Firm to Work For in 2012.u BDO USA: In January 2012, merged inNew 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 tothe IRS to settle issues over tax sheltersfrom the turn of the century; BDO Consult-ing named to oversee a national mortgagesettlement. In October, merged in Virginia-based Top 100 Firm Argy, Wiltse & Robin-son and Philadelphia firm Asher & Co.u Berdon: In January 2012, named newco-managing partners, Mark Bosswick andStuart 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 planningtask 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 overseebanks in a national mortgage settlement.

Completed a year-long initiative to cel-ebrate client service culture; implementedan enhanced performance managementsystem. Launched a new brand creativestrategy. Implemented an advanced clientportal, BKDconnect.u Blue & Co.: In January 2013, merged insome partners and staff of Kentucky-basedDulworth, Breeding, Karns & Pleasants.u BlumShapiro: In January 2013, mergedin Providence, R.I.-based Sullivan & Co.

u The Bonadio Group: Saw growth ofover 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 Forin 2012.u Burr Pilger Mayer: In February 2012,proposed merger with California-based Windes & McLaughrey called off. In August,long-time CEO Stephen Mayer announcedthat he would step down. Elected a newboard 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 NorthernLouisiana firm Roberts, Cherry & Co. InJanuary 2013, merged in Atlanta firm Pe-terson, Coleman & Marett.

u CBIZ / Mayer Hoffman McCann: InMarch 2012, acquired the Greenville, S.C.-based state tax consulting group of lawfirm Dow Lohnes Price. In May, MHMagreed to pay $350,000 to the CaliforniaBoard of Accountancy over its audits of thecorrupt 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 IFRSSolutions Group, the Fair Value SolutionsGroup and the SEC Consulting Group. InJanuary 2013, acquired assets of Midwestpayroll provider Diversified Industries Inc.u Cherry Bekaert: Continued to integratefirms acquired in 2011, and expanded inMiami. Saw revenue growth of over 12percent. In January 2013, rebranded fromCherry, Bekaert & Holland.u Citrin Cooperman: Saw revenue growthof almost 9 percent.u Clark, Schaefer, Hackett & Co.: In July2012, acquired Columbus, Ohio-basedFentress & Barnes. Deepened industry ex-pertise through hiring experienced staff.u CliftonLarsonAllen: First appearance

on the list, following January 2012 mergerof Top 100 Firms Clifton Gunderson andLarsonAllen. Focused on capitalizing onmerger synergies and merger integration.u Cohen & Co.: Saw net revenue growthof almost 10 percent. Noted very stronggrowth in health care consulting andstrong 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 betterserve clients looking to raise capital andgrow their businesses.u Crowe Horwath: In September 2012,one of six firms named to oversee banks ina national mortgage settlement. In Octo-

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ber, added staff of Sacramento, Calif.-basedgovernment consulting firm NewPoint. InJanuary 2013, announced addition of theDynamics automotive consulting team ofChicago-based ExtOrg. Plans to appoint achief innovation officer in 2013.u Deloitte: In January 2012, acquired Se-attle-based mobile app developer Uber-mind; sued over overtime payments toassociates. In April, acquired restructuringfirm CRG Partners. In May, launched De-loitte Digital, a global service line focusedon digital technologies; signed strategicalliance with financial close solution developer BlackLine Systems. In June, equal-ized benefits for same-sex and domesticpartners of employees; acquired Austin,

Texas-based legal discovery company IEDiscovery Inc. In January 2013, acquiredglobal 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, acquiredMinneapolis-based cost segregation firmCost Seg Associates and Utah-basedSchmitt, Griffiths, Smith & Co. In Novem-ber, merged in North Dakota-based Vol-ler, Lee, Suess & Associates and Littleton,Colo.-based tax firm Clark & Srsich. InDecember, elected new managing partnerand CEO-elect Dave Stende, to succeedcurrent chief Jerry Topp in May 2013.u

EisnerAmper: In February 2012, ex-panded to West Coast by merging in SanFrancisco-based Harb, Levy & Weiland.Significantly enhanced financial servicespractice by adding new partners and staff,and expanding geographic presence.u Elliott Davis: Expanded internationalpractice group. Closed or relocated severaloffices 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 chairand CEO James Turley, in 2013. In Febru-ary, paid the Public Company AccountingOversight Board $2 million to settle auditfailure 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 overallstaff growth of over 17 percent. In Febru-ary 2012, technology consulting divisionlaunched cloud computing practice inpartnership with NetSuite.u Frazier & Deeter: Grew net revenue byover 18 percent. Fastest growing specialtyservices international. Fastest growingclient category real estate.u Freed Maxick CPAs: First full year afterbuyback from McGladrey. Fastest grow-ing specialty service risk management.Fastest growing client category healthcare facilities.u Friedman: Expanded Forensic, Liti-gation Support and Business ValuationGroup. Grew practice in Southern NewJersey to cover entire state. In December2012, named first chief marketing officer.u Gallina: In July 2012, expanded in Se-attle through merger with Merrill Carlson.u Grant Thornton: Revenue growth wastwo-third organic and one-third M&A.Launched a global brand initiative. Namedits first chief learning officer in Spring 2012.In September, one of six firms named tooversee banks in a national mortgage set-tlement. In October, partnered with Tagetikto deliver corporate management supportservices. In December, opened a sharedservices center in Bangalore. In January2013, partnered with BlackLine Systems.u Grassi & Co.: New to the list. In January2012, 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 newservice lines and industry groups.u Hein & Associates: Added transactionadvisory 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-basedStrategic Valuation Group. Re-electedmanaging 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 BigFour veteran to work on practice develop-ment.u Holtz Rubenstein Reminick: In Octo-ber 2012, appointed new managing part-ner, Barry Garfield. Moved to significantlylarger office in Manhattan.u Honkamp Krueger & Co.: Merged insmall 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 over11 percent. In May 2012, new executivepartner, Joe Havens, took office.u Joseph Decosimo & Co.: Saw net rev-enue growth of over 8 percent.u Kahn, Litwin, Renza & Co.: Launchedstart-up and emerging business practice.Opened an office in the Cambridge In-novation Center. Named an AccountingToday 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 developmentmanager.u Kaufman Rossin Group: In April 2012,merged in Florida firm Friedman, Cohen,Taubman and Co. In November, namedBlain Heckaman managing principal;James Kaufman remains CEO. Named an

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Accounting Today Best Firm to Work For in2012. Acquired new international talent tofocus on international tax opportunities.Grew total staff by over 20 percent.u Kearney & Co.: Grew total staff by al-most 10 percent. Named an AccountingToday Best Firm to Work For in 2012.u Kemper CPA Group: Saw net revenuegrowth of over 6 percent.u Kennedy and Coe: In November 2012,marked its 80th anniversary. Named an Accounting Today Best Firm to Work Forin 2012.u KPMG: In January 2012, sued over over-time payments to associates. In February,acquired indirect tax managed services

business of Thomson Reuters; equalizedbenefits 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 automationservice provider ServiceNow to deliverprofessional services offerings. In June,allied with Axiom Software Laboratorieson new regulatory requirements facinginvestment advisors; launched transfer

pricing service. Launched Cloud Impact Assessment offering with IBM.u Lattimore Black Morgan & Cain: Sawnet revenue growth of over 14 percent,and organic growth of approximately 10percent. Named an Accounting Today BestFirm to Work For in 2012.u Macias Gini & OConnell: New to thelist. Saw net revenue growth of over 20 per-cent. Acquired San Diego-based Mensch & Associates. Marked its 25th anniversary.u Marcum: In January 2012, mergedin 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 firmHorton International. In June, launchedLGBT practice group. In October, launchedMarcum Commercial Construction Index.

u Margolin, Winer & Evens: Almost twothirds of fees (60 percent) come from audit& attest.u Marks Paneth & Shron: In Febru-ary 2013, merged in New York-area firmRosenberg, Neuwirth & Kuchner.u Mauldin & Jenkins: Acquired a firmin Atlanta, and one to open a new marketin Florida. Implemented a new incomepartner position. Continued to expand taxpractice and nonprofit niche.u MBAF CPAs: In April 2012, promotedmarketing department, named first chiefmarketing officer. Moved to new Miamiheadquarters. Organized and consolidatedNortheast 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 July2012, relocated headquarters to Chicago;named a new national industry leader, who then named a number of leaders formajor industries. In September, one of sixfirms named to oversee banks in a nationalmortgage settlement. In October, acquiredForward 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, launchedmobile 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 MarquisBanking Partners to provide strategic andoperational consulting to financial institu-tions. In December, announced merger with T100 Firm Mohler, Nixon & Williams.u Mountjoy Chilton Medley: New to thelist. Saw net revenue growth of over 25percent. 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 businessmanagement service line.u Novogradac & Co.: Saw net revenuegrowth of almost 17 percent.u OConnor Davies: Saw net revenuegrowth of over 12 percent. RelocatedMidtown New York office. Added severalpartners and high-level senior managers.Continued implementation of career de- velopment program. Launched new Website. Implemented several IT upgrades,and increased internal communications.u ParenteBeard: Re-organized firm intothree lines of business: accounting & au-dit; tax; and consulting. In June 2012,

named Jeff Ferro to newly created positionof president. In October, created a Chinadesk. In January 2013, added Avon, Conn.-based health care management consultingfirm Presscott Associates.u Plante Moran: In January 2012, mergedin Michigan-based Stuart Franey Matthews& Chantres. In July, merged in Chicago-based T100 Firm Blackman Kallick.u Postlethwaithe & Netterville: Saw netrevenue 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 riskmanagement. In March, launched an on-line risk management tool. In September,announced it would collaborate with Mi-crosoft on a portfolio of services, primarilyin tax; acquired social media firm Ants Eye View. In November, acquired consultingfirm Ray Group International.u Raffa: Rebranded itself, includinglaunching a new logo and Web site. Addednew service lines, including forensic, busi-ness valuation, nonprofit branding, andCSR education.u Raich Ende Malter & Co.: Saw net

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revenue growth of over 13 percent. In May2012, merged in New Jersey-based TrienRosenberg Weinberg Ciullo & Fazzari andits New York affiliate, Todman & Co.u Rea & Associates: Returning to the list.Formalized and expanded oil & gas indus-try team. Created CPA consulting servicesline, LeanCPA. Formed a profit enhance-ment committeeu Rehmann: In September 2012, mergedin 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, andadded four partners and a number of stafffrom a different practice. In December,

expanded Lancaster office. Rebranded oneof its investment advisory subsidiaries. ITconsulting subsidiary added NetSuite.u RGL Forensics: In May 2012, namednew CEO, Angie MacPhee. Added a newoffice in Australia. Expanded corporateadvisory 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 growingspecialty service private equity trans-actions. Fastest growing client category private equity companies.u Rothstein Kass: In March 2012, mergedSan Francisco-based HC Associates LLCinto its Business Advisory Services Group.In August, added Boston-based JDJ Re-sources Corp. to its Family Office Group.Launched a financial service regulatorypractice.

u RubinBrown: In 2012, marked 60th an-niversary. Fastest growing specialty service wealth management. Fastest growingclient category real estate.u SC&H Group: Saw net revenue growthof over 9 percent. Saw significant growthin SALT, risk management, business pro-cess management and contract auditingpractices. Added line appraisal services.

Joined Moore Stephens International.u Schenck: In January 2013, acquired amajority stake in Milwaukee-based Bon-field & Co. Continued to execute succes-sion plans for CFO and president.u Schneider Downs: Saw net revenuegrowth 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 StreamlineSystems. In December, merged in Decatur,Ill.-area CPA firm Hill & White. In Janu-ary 2013, merged in Warrenville, Ill.-basedsupply chain consulting firm Achieve Con-sulting; joined NetSuite channel. In Febru-

ary, merged in Plainfield, Ill.-based tech-nology advisory firm S2 Consulting. Addeda new service line, Flex-Staff Solutions.u SingerLewak: In February 2012, openedSan Francisco office. In April, named newMP, Jim Pitrat. In July, stopped resellingIntacct. In January 2013, merged in the SanFrancisco 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, openednew West Los Angeles office, which it planson making its flagship office.u SS&G: In June 2012, merged in Cleve-land-based management consulting firmParkland Group to create SS&G ParklandConsulting. In January 2013, merged inChicago-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 CEOin June.u UHY Advisors: Continued to increaserevenues 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 January2012 combination of T100 Firm Warren, Averett, Kimbrough & Marino with Wilson,Price, Barranco, Blankenship & Billingsley,and OSullivan Creel; formed operationsboard to promote the highest level of cli-ent service. In September, joint ventureRdl Warren Averett opened an extra Kore-an business services office in Montgomery, Ala. In January 2013, merged with Atlanta-based Gifford, Hillegass & Ingwersen, andTampa, Fla.-based Newkirk & Co.u Watkins Meegan: Expanded bankingpractice. Increased construction indus-try practice and government contractingpractice. Relocated headquarters.u Weaver: Saw net revenue growth ofalmost 11 percent. In June 2012, mergedin Delong Consulting Services. Expandedenergy practice. Launched a state govern-ment contracting practice.u WeiserMazars: In January 2012, mergedin Garden City, N.Y.-based Biscotti, Toback& Co. In December, merged in boutiquehealth care consulting firm Creative HealthConcepts.

u Whitley Penn: In April 2012, merged inHouston-based Null Lairson. Named an Accounting Today Best Firm to Work Forin 2012.u Wipfli: In January 2012, announcedmerger with Top 100 Firm Eide Bailly; can-celled in February. In February, merged in Wisconsin-based Tobin & Associates. InDecember, announced merger with Min-nesota-based Eikill & Schilling. Launchedturnaround and restructuring practice.

u Wiss & Co.: New to the list. Fastest grow-ing specialty service outsourced tax andaccounting/CFO services. Fastest growingclient 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 BestFirm to Work For in 2012.

firm highlights


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ADPCCH, a Wolters Kluwer business

CPA2BizPKF North AmericaSurePrep A supplement to Accounting Today


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CONGRATULATIONSTO THE TOP 100 FIRMS OF 2012

TAX & ACCOUNTING

2012 Thomson Reuters. Checkpoint and CS Professional Suite are registereds trademark of ThomsonReuters (Tax & Accounting) Inc. Other names and trademarks are properties of their respective owners.

REUTERS/Goran Tomasev


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One State St. Plaza, 27th Fl., New York, NY 10004Phone: (212) 803-8200/Fax: (212) 843-9614http://www.accountingtoday.com

EDITOR-IN-CHIEF BILL CARLINOManaging Editor Daniel HoodSenior Editors Roger Russell, Danielle LeeTechnology Editor Seth Fineberg

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SOURCEMEDIA INC.

If someone were to deliver a State ofthe Union address on the accountingprofession, 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 wasM&A would not be mere hyperbole, butrather reflective of the mind-numbing volume of firm marriages and com-binations in 2011. Andto achieve that scope ofactivity despite a still-uncertain economy andincreased competitionfrom firms above andbelow is perhaps all the

more impressive.Blockbuster mergers

among this years Top 100Firms such as thosebetween Clifton Gunder-son and LarsonAllen, orDixon Hughes and Good-man not only added tothe length of our tradi-tional footnotes column,but promise to play hav-

oc with the T100 rankings ladder, as thesynergy of many of the 2011 unions will vault the combined entities upward andonward toward the top.

So with that as an entre, welcometo our 2012 Top 100 Firms report, theSilver Anniversary of this study (whichsome long-time Accounting Today read-ers will know began as a Top 60), andthe third year we have augmented thispopular annual feature with a listing

of the nations 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 ofthis annual undertaking.

As always, a quick tutorial on ourT100 guidelines:

! Revenue, unless its otherwisenoted, is net revenue.

! Also, unless noted, firm revenuesare for the U.S. only.

! The Total Emp-loyees category is com-prised of partners, pro-fessionals and other per-sonnel.

! In a case wheretwo firms report equal

revenue, the firm with thehigher percentage of rev-enue increase will receivethe higher ranking.

This project, like anyother we publish, was theresult of a well-synchro-nized team, led by ourown in-house Eli Man-ning managing edi-tor Dan Hood. Big thank

yous also go to our senior editors RogerRussell and Danielle Lee, technologyeditor Seth Fineberg, and Mike Cohn,editor of our Web portal, Accounting-Today.com.

With that, its 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 inthe years to come. Enjoy!

Bill Carlino

Editor-in-chief

A rankings reshuffle

ContentsTop 100 Overview 4

Top 100 Databank 5

Firms to Watch 6

Firm Strategies 8Top 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


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overview

First, the good news: After two years

of decline, and with a major assistfrom a boom in mergers, Account-ing Today s 2012 Top 100 Firms

grew their revenues in 2011 by almost 8percent, even as they boosted their overallstaff numbers and expanded into a widerange 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 fewminor notes of gloom, and plenty of

caveats, there really isnt any bad news.If we cant quite proclaim that the pro-fessions economic troubles are over(weve made that mistake before), wecan at least say that things have begunmoving, however slowly, away from thestasis 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 revenuesbetween $100 million and $1 billion,and those below $100 million werepointed up, with growth figures aroundthe same range. ( See Databank, page5.) 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, allthree tiers reported increasing numbersof partners, professionals and overall staff.

And while 32 individual firms reported adecline in their total number of employees,and 47 reported flat or declining numbersof partners, thats 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 thepositive outlook, but two stand out. First isthat accounting firms have been launchingnew 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 carepractices to serve the ongoing increase inclient demand for those services; othersare creating entirely new units in areas as wide-ranging as alternative energy, debtcollection, and marketing. While the pro-fession has always done this, the depths

of the recent recession lent an urgencyto what had been, in the past, a leisure-ly process, and firms are innovating andbranching 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 tothe other source of growth for this yearsTop 100: mergers and acquisitions.

FASTER AND FASTER

M&A has become so common in the ac-counting profession that it cant really beconsidered a trend anymore: Its an inte-

gral part of the professional landscape, as

normal as tax season, and as predictableas complaints about the next generation ofaccountants.

Its here to stay and in 2011, it ac-celerated. Over half of the Top 100 engagedin M&A in the past year, with 55 firms of-ficially reporting at least one merger, andmany reporting more than one. (See Firm

Highlights, page 27.) We know of a fewmore that merged in other firms, butdidnt bother to report it; an indication,

perhaps, of just how commonplaceM&A has become.

These unions know almost noboundaries: Large firms court otherlarge firms while gobbling up the mid-sized and the small; the midsized bandtogether for strength while bulking upon small firms and making themselvesattractive to the large; and the smallfirms gain scope and scale by flockingtogether, or by merging up.

Take, as an example, LarsonAllen.Everyone knows that the Top 100 Firmmerged with the similarly sized CliftonGunderson to form CliftonLarsonAl-len, a move that will propel them intothe Top 10 Firms. (The merger tookeffect in January 2012, so the two re-

ported separately for 2011.) But in all theexcitement over the formation of Clifton-LarsonAllen, whats sometimes overlookedis that LarsonAllen grew its revenues over

25 percent and climbed four spots on thelist this year due to a whole series of acqui-sitions of smaller firms that it completedin 2011, before inking the deal with CliftonGunderson. ( See Firm Rankings, page 15.

Or take Dixon Hughes Goodman.Created at the beginning of 2011 from thecombination of Southeast super-regionalDixon Hughes and Virginia powerhouseGoodman & Co., the firm climbed seven

M&A leads the wayB Y D A N I E L H O O D

5

5

10

15

20

30

10

*Compiled from individual firm resultsreported at years end; includes some estimates

Back to growthAnnual revenue growth of the Top 100 Firms (%)*

See OVERVIEW on


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databan

Leaders in A&ARanked by revenue

Rev. share FeeTop 6 firms ($ mn) split1. PwC $4,245.12 482. Deloitte 3,820.48 323. Ernst & Young 3,000.00 404. KPMG 2,305.23 435. McGladrey & Pullen 1 586.77 436. Grant Thornton 515.75 45 Firms over $100 mn1. BDO USA $348.92 612. Crowe Horwath 238.37 453. BKD 195.60 504. Moss Adams 164.73 515. Plante Moran 158.26 52

Firms under $100 mn1. Kearney & Co. $56.64 712. Marks Paneth & Shron 54.18 623. OConnor Davies 48.43 654. Friedman 43.60 635. Novogradac & Co. 40.35 56

Leaders in TaxRanked by revenue

Rev. share FeeTop 6 firms ($ mn) split1. PwC $2,564.76 292. Deloitte 2,387.80 203. Ernst & Young 2,325.00 314. KPMG 1,393.86 265. McGladrey & Pullen 1 491.84 366. Grant Thornton 332.37 29 Firms over $100 mn1. CBIZ / MHM $161.33 272. BDO USA 160.16 283. BKD 125.18 324. Crowe Horwath 121.83 235. Moss Adams 113.05 35

Firms under $100 mn1. Holthouse Carlin & Van Trigt $48.99 712. Anchin, Block & Anchin 39.35 433. Berdon 38.00 404. MBAF CPAs 34.40 435. Armanino McKenna 32.00 38

Leaders in MASRanked by revenue

Rev. share FeeTop 6 firms ($ mn) split1. Deloitte $5,253.16 442. PwC 2,034.12 233. Ernst & Young 1,725.00 234. KPMG 1,661.91 315. Grant Thornton 297.99 266. McGladrey & Pullen 1 274.36 20 Firms over $100 mn1. CBIZ / MHM $298.75 502. Crowe Horwath 95.35 183. BKD 70.42 184. Dixon Hughes Goodman 67.85 235. Clifton Gunderson 66.21 26

Firms under $100 mn1. Berdon $28.50 302. Blue & Co. 28.10 513. Watkins Meegan 27.61 554. Sikich 25.80 405. 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 7.89Partners 10,577 1.68 3,696 3.85 2,329 10.07 16,602 3.27Professionals 107,493 11.87 20,858 4.99 13,957 6.28 142,308 10.24Total 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 41Tax $9,495.63 26 $1,852.35 31 $1,242.13 34 $12,590.11 28MAS (consulting) $11,246.54 31 $1,165.96 19 $519.23 14 $12,931.73 27Other $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 growthRanked by % chg.

Firms over $100 mn.

1. Dixon Hughes Goodman $295.00 52.852. LarsonAllen 285.00 25.553. Wipfli 142.17 24.124. Carr, Riggs & Ingram 100.31 16.845. Citrin Cooperman & Co. 115.00 15.00

Revenue %Firms under $100 mn. ($mn) chg.1. Warren Averett* $84.39 127.902. Raich Ende Malter & Co. 33.50 34.863. Armanino McKenna 84.20 17.844. MBAF CPAs 80.00 17.655. Whitley Penn 37.50 16.82

Revenue %Overall Top 100 Firms ($mn) chg.1. Warren Averett* $84.39 127.902. Dixon Hughes Goodman 295.00 52.853. Raich Ende Malter & Co. 33.50 34.86

4. LarsonAllen 285.00 25.555. Wipfli 142.17 24.126. Armanino McKenna 84.20 17.847. MBAF CPAs 80.00 17.658. Carr, Riggs & Ingram 100.31 16.849. Whitley Penn 37.50 16.8210. Sikich 64.50 16.2211. Rehmann 87.00 16.0012. Kaufman, Rossin Group 51.20 15.8413. OConnor Davies 74.50 15.0614. Citrin Cooperman & Co. 115.00 15.0015. RubinBrown 61.72 13.7316. Cherry, Bekaert & Holland 111.18 13.01

17. BerryDunn 34.65 12.6818. Reinsel Kuntz Lesher 32.97 12.6419. Cohen & Co. 35.98 11.6720. The Bonadio Group* 46.43 10.6321. Kahn, Litwin, Renza & Co. 30.83 10.2622. Novogradac & Co. 72.06 10.1723. Aronson 52.15 10.1424. Kearney & Co. 79.78 10.1225. PwC 8,844.00 10.0826. Rothstein, Kass & Co. 179.50 9.99

Notes: * Firm estimate or projection Gross revenue1 McGladrey & Pullen reported fee split bothas percent and in dollar amounts

For more details on individual firms, see foot-notes on pages 15-18.


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overview

spots in the Top 100 and grew its revenues

by over 52 percent and still managedto find time in 2011 to acquire a midsizedfirm in Virginia.

Heres another example: Warren Aver-ett emerged this year as a major playerin the Top 100 and the Gulf Coast bycombining three firms Warren, Averett,Kimbrough & Marino, OSullivan Creel,and Wilson, Price, Barranco, Blankenship& Billingsley. Together, the three vaultedan astonishing 42 spots on the Top 100, to

No. 34, and grew their combined revenuealmost 130 percent.

And if proof were needed that M&A ishere to stay, we can already tell you abouta deal that will make a major impact on

our 2013 Top 100: In June 2012, T100 FirmsEide Bailly and Wipfli are due to merge,a combination that will move them fromthe low 20s on the list to the low teens.(Though its wise to remember that merg-

ers dont always pan out: T100 Firm Burr,Pilger & Mayer was due to merge withmajor Southern California firm Windes& McClaughry, but the two called it off inearly February of this year.)

RESHAPING REGIONS

With deals at all levels, its no surprisethat M&A had a major effect on our Re-gional Leaders, as well. All 10 regions grewin 2011, and most by more than in 2010

(if they grew in 2010 at all, which somedidnt), and its no coincidence that thetwo regions that grew the most, the GulfCoast and the Southeast, are home to War-ren Averett and Dixon Hughes Goodman,

as well as a number of other acquisitivefirms. (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 orsuper-regional firms like to grab, either asan entre into a particular region, or just toboost revenue. New England in particularhas 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, its hard todeny the overwhelming impact of firmM&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 Boomerretirements coming, and a highly competi-tive professional landscape, look for it tocontinue even as times get better. AT

OVERVIEWfrom 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 mergersand acquisitions of their own, and are strong contenders for the ranks of future T100 Firms.

Year Revenue % TotalFirm Headquarters Managing partner end ($ mn.) chg. Offices Partners employeesKennedy and Coe Salina, Kan. Kurtis Siemers March 30.50 -0.65 8 24 193Mountjoy Chilton Medley Louisville, Ky. D. Medley/M. Mountjoy Dec 30.15 10.68 4 32 211Macias Gini & OConnell Sacramento, Calif. Kevin OConnell Dec 30.10 0.60 7 12 223Grassi & Co.* Jericho, N.Y. Louis Grassi Dec 29.70 20.10 2 13 164Rea & Associates New Philadelphia, Ohio Lee Beall Oct 29.20 0.48 11 29 217Wiss & Co. Livingston, N.J. Paul Peterson March 29.10 0.21 4 30 171Baker Newman & Noyes Portland, Maine Charlie Hahn Dec 28.30 1.80 4 26 178Wolf & Co. Boston Daniel DeVasto Sept 28.21 4.71 3 17 180Padgett, 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 177Clark Nuber Bellevue, Wash. David Katri Dec 26.71 4.42 1 16 152Brown Smith Wallace St. Louis Harvey Wallace Dec 26.00 4.92 4 23 191Jackson 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 125Brady, Martz & Associates Grand Forks, N.D. Ronald Johnke Sept 23.66 6.38 6 30 159Feeley & Driscoll Boston Thomas Feeley March 23.62 -4.02 1 14 120Frost Little Rock, Ark. Cheryl Shuffield April 23.14 -3.22 3 9 144Dean Dorton Allen Ford Lexington, Ky. Richard Dorton June 22.42 39.51 2 30 143LaPorte Sehrt Romig Hand Metairie, La. William Mason Nov 21.33 3.24 4 17 151

Notes: * Firm estimate or projection


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initiatives, chief among them WCF Advi-sors, a corporate finance subsidiary. Aug-menting those initiatives was a new digitalforensics lab, and TechPro, a proprietarytool that allows nonprofit and governmentorganizations to manage their informationsecurity and governance IT.

The newly created Warren Averett a 550-member power in the Southeast with 11 offices under an agreement withRodl Warren Averett, its joint venture con-cern, opened a Korean business servicesoffice in Alabama in the Korean Automo-tive Corridor, which specializes in servingU.S.-based subsidiaries of Korean entities.

In July, Pennsylvanias Reinsel KuntzLesher expanded its reach to include se-nior services, acquiring the Senior Living

Consulting Group of ParenteBeard, a move

that added one partner and one principalto the firm. Internally, RKL expanded theuse of its client portal, giving its clients24/7 access to documents, and completedthe virtualization of the firms servers andimplemented an HR information systemto help address a number of recordkeepingand operations issues.

In 2011, SC&H Group MP RonaldCausey revealed that the firm underwenta process that identified key revenue and

client areas. As a result, the firm developeda go-to-market strategy that encompassesin-depth brand research studies with cli-ents, prospects and firm employees, withthe results used to develop messaging,positioning and marketing plans.

SOCIAL MEDIA AND YOUNG STAFF

A number of T100 Firms have boostedtheir use of social media, most notablyNew Jersey-based WithumSmith+Brown,

whose two highly publicized in-house

dance videos went viral online. The mostrecent one also highlighted its end-of-the- year merger with EisnerLubin, as well asserving as a recruiting conduit to lure newand prospective young employees to thefirm. WS+Bs Garden State competitor, J.H.Cohn, also used various social media out-lets to attract employees, and as a vehicleto keep clients abreast of news in the firm.

To help groom younger staff membersfor their careers in the firm, Alpern Rosen-

thal has created a three-tiered programand a succession blueprint that carriesthem through various points of their ten-ure with the Pennsylvania-based firm.

In a similar vein, Bruce Madnick,managing partner at New York-basedFriedman, said that the firm began aninitiative titled Build Its Bench Strength, aprogram that identifies the next groups offuture partners and potential leaders whoare slated to be groomed and mentored

over the next several years. AT

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 didnt report any figures for 2011. Those tax firms that made itthrough, though, mostly reported growing their revenues, despite ongoing problems finding banks to provide RALs. Even H&R Block, which reporteda 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 11,068 107,200PwC New York City Robert Moritz 2,564.76 29 8,844.00 10.08 73 32,993Deloitte New York City Joe Echevarria 2,387.80 20 11,939.00 9.15 100 51,262Ernst & Young New York City Steve Howe 2,325.00 31 7,500.00 5.63 78 26,500KPMG New York City John Veihmeyer 1,393.86 26 5,361.00 9.65 88 22,278McGladrey & Pullen 2 Bloomington, Minn. Joe Adams 491.84 36 1,370.42 -0.61 85 7,046Liberty Tax Services 3 Virginia Beach, Va. John Hewitt 333.51 100 333.51 14.34 3,590 416Grant Thornton Chicago Stephen Chipman 332.37 29 1,146.12 5.57 56 5,847Ryan Dallas G. Brint Ryan 233.50 100 233.50 7.85 46 790CBIZ / Mayer Hoffman McCann Cleveland D. Sibits/B. Hancock 161.33 27 597.50 1.17 150 4,023BDO USA Chicago Jack Weisbaum 160.16 28 572.00 -2.22 41 2,566BKD Springfield, Mo. Neal Spencer 125.18 32 391.20 0.10 30 1,844Crowe Horwath Oak Brook Terrace, Ill. Charles Allen 121.83 23 529.71 8.15 28 2,420WTAS San Francisco Mark Vorsatz 120.30 100 120.30 4.70 14 501Moss Adams Seattle Rick Anderson 113.05 35 323.00 2.22 19 1,741Dixon 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. Franchise. Figures may not include franchise operations.NA Not available/applicable Gross revenue1 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.

STRATEGIESfrom page 8


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Tax services were a large source

of growth for the 2012 Top 100Firms, with both internationaland state and local taxes mak-

ing big gains to top the list of the fastestgrowing niche service areas. Internationaltax services ranked first, making one ofthe biggest leaps, of nearly 11 percentagepoints and five spots from last year, with 77percent 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 spotsthis year to second on the list.

Business valuation, though overtakenfrom 2011s top spot, remained steady anddown only one percentage point, with 74percent of firms tracking expansion. Attestservices made a big climb of nine percent-age points to 2012s No. 4 spot, but with 15percent more firms reporting growth thanin 2011, this years biggest climber wascash-flow forecasting and management

up eight spots to 43 percent.Gary Milligan, managing partner of

tax at Crowe Horwath, attributed the firmsdouble-digit growth in international taxfor the past three years to greater legalimplementation and more businesses op-erating overseas: The primary driver ofour growth has been in the transfer pricingarea. We are seeing a lot of heightenedenforcement of tax laws in this area, andthe clients are being scrutinized more. As

clients and businesses grow and begin tohave operations in other countries, this is when transfer pricing comes into play.

When William Mueldener, nationaldirector of state and local tax for Denver-based Hein & Associates, joined the firmfrom the Big Four five years ago, he helpedestablish the practice, which has since seen30 percent annual increases. According tohim, the growth that mid-market firms arenow experiencing in this niche reflects the

increases experienced by the Big Four 20

years ago. States are hurting for revenueand theres an emphasis on the state sidefor how to increase revenue states havegotten more aggressive in asserting whatlaws are out there and have revisited grayareas in tax law, he explained. Anotherscenario is the changing technology; somuch is changing in the way services aredelivered and how companies operategeneral business and day-to-day functionsthat doesnt 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 atSoutheast firm Elliott Davis, which re-corded 39 percent growth in the area forthe fiscal year ending in June, and is pro- jecting at least a 25 percent increase in thenext. Part of it is the regulatory issues outthere, and the uncertainty of the politicalsituation whats going to happen in theelection and where estate and gift tax aregoing to fall out with rates, he said. The

other piece in valuation is that valuationsrelated to litigation corporate divorce,

Tax services vault atop T100 niche listB Y D A N I E L L E L E E

0 10 20 30 40 50 60 70 80

International taxState and local taxes

Business valuationsAttest services

Forensics/fraudstate/trust/gift tax planning

Litigation supportNonprot organizationsIndustry specializations

M&ABiz mgmt. for wealthy individuals

Retirement plansEmployee benets

Strategic planning/business plansSuccession planning/family ofce

Cash ow forecasting/mgmt.Investment advice/services

Cost segregation

Technology consultingPersonal nancial planning

SOX compliance/risk mgmt.Bankruptcy/insolvency

Biz mgmt. services for small bizCFO/project stafng services

Business recovery/recession adviceEmployment search

IFRS consultingFinancing arrangements

Export/import

Top niche servicesPercentage of firms increasing their business in these areas

(of 82 firms responding)

niches and clients


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marital divorce always seems to behanging around. Theres an uptick in thecorporate divorce arena, with sharehold-ers parting ways and valuations related tobuy-sell agreements.

The greater need for transaction work

in todays mergers and acquisitions-heavyclimate was also a contributor to the gainsin attest services, according to Beth KiefferLeonard, managing partner at Minneapo-lis firm Lurie Besikof Lapidus & Co.: Over-all business growth also helped. People aregoing back to the bank looking for thoseservices 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 percentof firms reporting.

Manufacturing, tracking progress at73 percent of firms, leapfrogged last yearsNo. 2 category, nonprofits, with the help ofa 10-percentage point increase.

Rounding out the top three was realestate, making an even bigger climb of fourspots with the help of 65 percent of firmsreporting growth. Meanwhile, the three-percentage-point dip in the nonprofit cli-ent category dropped it two spots.

In the positive column, technologyseight-point increase from 2011s survey vaulted it up three spots. Other categoriesrecording significant gains included largebusinesses and hotels and restaurants.

Lurie Besikof Lapidus & Co.s Midwestshelter from the more severe economic

downturn on the coasts also protected itsmidsized clients, according to Leonard. Alot of the work weve done in the downturn was to position ourselves in a positive wayto attract new opportunities, she said.Companies that survived and have done

well some have had one of the best yearstheyve ever had in 2011. If they survivedthrough the downturn, they had a reallyrobust year.

Richard Kopelman, partner at Geor-gias Habif, Arogeti & Wynne, partially cred-its the firms regional presence for its boostin manufacturing clients. The Southeastis seeing a lot of growth, with a lot of automanufacturers moving into the Southeastin 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 lastthree months and the feeling that, Thetipping 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 JayGoldstein, the firms head partner of real

estate. New York is somewhat insulatedfrom the real estate problems throughoutthe country. The rest of the country issuffering a slowdown, especially in thecommercial area. But we handle nationalcompanies pension funds who invest inreal estate, among other things through-out the country. This has helped the firmspractice revenue grow 10 to 15 percent inthe last year, he said.

Geographical advantage was also ap-

parent in the rise of technology clients forSilicon Valley-based Mohler, Nixon & Wil-liams, though managing and audit partnerSteve Vidlock also attributed this to widereconomic recovery: [Technology] com-panies that deferred having audit servicesperformed in the last couple of years arecoming back into the market a bit. Pricingpressure is still a challenge, but as thingsimprove in the marketplace, that gets bet-ter as well. AT

0 10 20 30 40 50 60 70 80

Midsized businessesManufacturing

Real estateNonprot organizations

Professional servicesTechnology

Health care facilitiesPension plans

IndividualsConstruction

Wholesale distributorsLarge businesses

Hotels and restaurantsState and local government

Retail tradeEntertainment

Banking & thrift companiesGovernment contractors

Colleges and universitiesSmall businesses

Investment cos. & mutual fundsPublishing/broadcasting/media

Securities/commod. brokers/dealersInsurance carriers/companiesFinance cos./mortgage banks

Auto dealershipsGaming

School districtsFranchising

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

(of 82 firms responding)

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Much like our Top 100 Firms,our Regional Leaders hada decent 2011, with all 10regions reporting growth.

And as with our T100, mergers played amajor role in how the year unfolded, bothfor the firms and for the regions.

In 2011, the regions fell into threebands: those with extremely high growthoverall, those with perfectly respectable

growth, and those with growth that was,if not wildly exciting, at least better thanin 2010. Rocketing ahead were the South-east and the Gulf Coast, with the RegionalLeaders there reporting combined growthof 18 percent and 19 percent, respectively.It should come as no surprise that theseregions are home to two of 2011s biggestfirm mergers the combination of Dix-on Hughes with Goodman & Co. to formDixon 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, OSullivanCreel, and Wilson, Price, Barranco, Blank-enship & Billingsley.

Moving along at a reasonable pace were the Mid-Atlantic Region, the GreatLakes, New England, the Capital Region,and the West, all with growth between 4.5and 6.5 percent. Mergers reshaped theterrain in all of these, as well, and in many

cases created new ties between regions, as witnessed by the number of Mid-AtlanticRegional Leaders, particularly from theNew York Metro area, that made movesinto New England.

Bringing up the rear were the Moun-tain Region, the Southwest and the Mid- west, with growth rates ranging between1.1 and 2.2 percent. While that may seemlow, it should be noted that the first twogrew faster than they did in 2010, when the

Mountain Region actually contracted, andthat the Midwest was only off a little from2010, while suffering the loss of one of its

major firms, LarsonAllen, which becamea national firm through you guessed it a series of mergers.

It should be remembered, though,that geography is not destiny: There werelow-performing firms in the leading re-gions, while the Southwests Whitley Pennand PMB Helin Donovan grew by over 16and 12 percent, respectively; the MountainRegion is home to standouts like Squire &Co., which grew by over 11 percent; and

the Midwest hosts RubinBrown, whichgrew 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 ourRegional 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; Alabamas Carr, Riggs &Ingram is building a super-regional firmthat encompasses the Gulf Coast and theSoutheast; Midwest No. 2 Regional Leader

regional overview

2012 Regional Leaderssee three kinds of growth

CapitalRegion

GreatLakes

GulfCoast

Mid-Atlantic

Midwest

Mountain NewEngland

Southeast

Southwest

West

20

15

10

5

0

In all its formsRegional Leader revenue growth, year-to-year % change


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THE 2012 REGIONAL LEADERSTop Firms: Capital RegionDelaware, Maryland, Virginia, Washington, D.C.,and West VirginiaThe 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 thatone of last years mega-mergers meant that one of

the regions major players, Virginias 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 presencein the Capital Region, but can be found on our listof 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 strongoperations throughout the Southeast.

Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherReznick Group Bethesda, Md. 202.50 5.73 10 106 652 967 57 29 13 1Kearney & Co. Alexandria, Va. 79.78 10.12 2 13 248 358 71 0 29 0Aronson Rockville, Md. 52.15 10.14 1 27 136 198 42 32 15 11Watkins Meegan Bethesda, Md. 50.20 9.13 4 16 204 235 22 23 55 0Argy, Wiltse & Robinson McLean, Va. 50.00 NC 3 25 175 240 31 44 23 2SC&H Group Sparks, Md. 49.62 7.17 3 20 207 265 17 48 35 0Raffa 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 0Brown, Edwards & Co. Bluefield, W. Va. 23.85 2.01 7 23 NA NA NA NA NA NAKeiter, Stephens, Hurst, Gary & Shreaves

Glen Allen, Va. 21.04 1.01 2 20 NA NA NA NA NA NAJohnson Lambert & Co. Falls Church, Va. 20.05 -0.84 8 13 107 135 85 14 1 0Gelman, Rosenberg & Freedman Bethesda, Md. 18.00 1.98 1 12 NA NA NA NA NA NASmith Elliott Kearns & Co. Hagerstown, Md. 16.20 1.06 4 20 97 137 57 31 5 7KatzAbosch Timonium, Md. 15.00 7.14 3 21 41 83 39 48 5 8Gross, Mendelsohn & Associates Baltimore 13.39 2.92 1 13 51 84 49 29 22 0Arnett & 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 GreatLakes No. 3 Wipfli in June; and so on.

Needless to say, this complicates ourlist-making, requiring fine and, ad-mittedly, often subjective judgmentsabout where to put a firm that straddles

two or more regions, but hasnt quite gotthe reach to be a national firm. WesternRegional Leader Hagen, Streiff, Newton& Oshiro, for instance, is headquarteredin Newport Beach, Calif., but has a strongpresence in the Southwest, as well. Wevenoted some of these dual citizenships inthe regional lists that follow.

BEYOND M&A

As much as mergers contributed to growth

in the regions, they arent the only way tobuild 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 inindividual regions firms in the Capi-

tal Region, for obvious reasons, saw in-creased demand from both governmentand government contractors, while firmsin the Southwest, and Texas in particular, were doing well with oil, gas, and otherenergy-related services and clients.

Organic growth like that is what willcontinue to replenish the ranks of the Re-gional Leaders, as more and more of themeither graduate to national status, or proveattractive M&A targets for national and

super-regional firms. Most of the regionssaw a Regional Leader move up this way the Wests Perry-Smith was merged

into national firm Crowe Horwath, whichitself rose from a Great Lakes leader to anational firm. New England lost two major firms, Kostin Ruffkess and CCR, to J.H.Cohn and Grant Thornton, respectively.

With that said, weve managed to

grow this years Regional Leaders fromthe 2011 list, not only replacing thosefirms that were either acquired or grew solarge they became national, but adding afew more, to bring our total up to 171. If you belong among our Regional Leadersbut we missed you this year, e-mail us at [email protected] so we canadd you to next years survey.

In the meantime, consider this yearslist of Regional Leaders, starting below

and continuing in the pages that follow,as they demonstrate the many ways anaccounting firm can grow. AT

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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherPlante Moran Southfield, Mich. 304.35 2.02 16 217 975 1,518 52 32 16 0Baker Tilly Virchow Krause Chicago 242.00 1.68 11 101 1,081 1,300 38 34 25 3Wipfli Milwaukee 142.17 24.12 20 132 705 1035 35 30 35 0Rehmann Saginaw, Mich. 87.00 16.00 20 56 493 687 43 33 7 17SS&G Cleveland 70.70 9.17 9 30 362 444 32 36 12 20Schenck Appleton, Wis. 65.45 3.14 9 57 317 466 38 38 19 5Sikich Naperville, Ill. 64.50 16.22 7 62 271 373 40 15 40 5Blue & Co. Carmel, Ind. 55.10 9.11 8 32 207 293 31 18 51 0Blackman Kallick Chicago 52.00 1.92 1 36 148 222 43 38 19 0SVA CPAs Madison, Wis. 47.09 3.93 5 27 137 366 14 20 15 51Katz, Sapper & Miller Indianapolis 46.71 2.98 2 33 166 242 28 42 25 5Clark, Schaefer, Hackett & Co. Middletown, Ohio 44.18 3.97 7 24 209 315 48 36 7 9Doeren Mayhew Troy, Mich. 43.75 0.11 2 26 147 210 44 29 10 17Cohen & Co. Cleveland 35.98 11.67 9 23 164 233 46 41 3 10Hill, Barth & King Boardman, Ohio 35.50 5.97 12 34 163 233 31 49 19 1Kemper CPA Group Greenfield, Ind. 32.57 0.59 23 54 215 302 40 36 24 0Rea & 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 38ORBA Chicago 20.90 6.09 1 17 66 105 65 25 10 0Somerset CPAs Indianapolis 20.29 1.00 1 22 NA 117 NA NA NA NA

Top Firms: Great LakesIllinois, Indiana, Michigan, Ohio and WisconsinThe Regional Leaders in the Great Lakes reversed theircontraction 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 fromthe ranks of the Regional Leaders to become a nationalfirm. 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 OtherCarr, Riggs & Ingram Enterprise, Ala. 100.31 16.84 16 79 366 513 60 25 15 0Warren Averett* Birmingham, Ala. 84.39 127.90 11 106 309 575 NA NA NA NAMBAF CPAs Miami 80.00 17.65 10 22 310 397 38 43 11 8Horne* Ridgeland, Miss. 56.77 4.17 12 22 267 383 35 13 41 11Kaufman, Rossin Group Miami 51.20 15.84 6 38 182 272 32 23 4 41Berkowitz 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 0Jackson Thornton & Co. Montgomery, Ala. 23.96 3.95 5 21 120 169 40 25 11 24LaPorte Sehrt Romig Hand Metairie, La. 21.33 3.24 4 17 110 151 47 43 10 0Sellers, Richardson, Holman & West

Birmingham, Ala. 15.05 3.01 1 12 61 82 43 57 0 0Barfield, Murphy, Shank & Smith Birmingham, Ala. 14.20 3.65 1 9 68 101 40 29 4 27Gerson Preston Robinson & Co. Miami Beach, Fla. 14.10 5.22 3 6 39 58 40 40 20 0Daszkal Bolton Boca Raton, Fla. 13.67 2.55 3 9 63 101 23 69 8 0Averett Warmus Durkee Osburn Henning

Orlando, Fla. 12.00 42.86 2 12 59 88 50 45 5 0Bourgeois 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 MississippiThe Gulf Coast Regional Leaders roared ahead in2011, 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, OSullivan Creel, and Wilson Price registering growth of almost 128 percent. TheNo. 1 firm, Alabamas Carr, Riggs & Ingram, was noslouch either, expanding its already considerablereach across the Gulf Coast and the Southeast.

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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherMarcum New York City 274.20 9.33 18 138 549 904 45 30 10 15EisnerAmper New York City 254.60 1.39 8 164 822 986 55 28 17 0J.H. Cohn* Roseland, N.J. 243.00 5.65 15 174 657 1,101 54 30 2 14Rothstein, Kass & Co. Roseland, N.J. 179.50 9.99 8 71 677 857 61 36 2 1ParenteBeard Philadelphia 170.00 4.29 20 140 672 1,036 54 28 18 0WeiserMazars New York City 124.50 4.25 6 97 405 624 50 40 10 0Citrin Cooperman & Co. New York City 115.00 15.00 5 102 285 452 47 36 10 7Berdon New York City 95.00 2.15 2 42 327 395 30 40 30 0Anchin, Block & Anchin New York City 91.50 2.81 1 52 205 321 44 43 13 0Marks Paneth & Shron New York City 87.38 0.59 3 63 312 472 62 27 1 10WithumSmith+Brown Princeton, N.J. 76.72 5.49 12 82 340 512 43 33 4 20

OConnor Davies New York City 74.50 15.06 7 58 282 382 65 28 7 0Friedman New York City 69.20 7.79 6 53 241 337 63 35 2 0Schneider Downs Pittsburgh 52.30 6.09 2 34 267 334 45 35 20 0Rosen Seymour Shapss Martin & Co. New York City 51.30 3.43 4 28 167 228 46 35 19 0The Bonadio Group* Pittsford, N.Y. 46.43 10.63 7 48 204 300 59 17 10 14Margolin, Winer & Evens Garden City, N.Y. 40.50 3.85 2 28 168 213 60 30 10 0Freed Maxick CPAs Buffalo, N.Y. 37.80 5.88 3 33 182 254 39 39 12 10Alpern Rosenthal Pittsburgh 36.42 6.93 3 33 148 217 40 40 9 11Holtz Rubenstein Reminick Melville, N.Y. 33.80 1.81 2 20 119 175 47 40 4 9Raich Ende Malter & Co. New York City 33.50 34.86 4 28 109 175 40 60 0 0Reinsel Kuntz Lesher Lancaster, Pa. 32.97 12.64 4 33 179 237 36 34 8 22Grassi & Co.* Jericho, N.Y. 29.70 20.10 2 13 122 164 50 31 11 8Wiss & Co. Livingston, N.J. 29.10 0.21 4 30 112 171 52 35 0 13

Top Firms: Mid-AtlanticNew Jersey, New York and PennsylvaniaThe 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 theM&A game, with both Marcum and J.H. Cohn expandingfurther into New England, and others, like ParenteBeard,using mergers to grow within the Mid-Atlantic Region. Thearea 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 OtherBKD Springfield, Mo. 391.20 0.10 30 244 1,223 1,844 50 32 18 0Eide Bailly Fargo, N.D. 151.60 -0.13 19 97 881 1,251 44 30 19 7RubinBrown St. Louis 61.72 13.73 3 28 280 362 50 35 15 0Lurie Besikof Lapidus & Co. Minneapolis 34.20 -5.52 1 13 78 127 35 34 18 13Honkamp Krueger & Co. Dubuque, Iowa 33.62 6.80 6 18 92 286 18 20 4 58Kennedy and Coe Salina, Kan. 30.50 -0.65 8 24 112 193 20 53 27 0Brown Smith Wallace St. Louis 26.00 4.92 4 23 151 191 24 44 32 0Brady, Martz & Associates Grand Forks, N.D. 23.66 6.38 6 30 93 159 59 34 7 0Boulay, Heutmaker, Zibell & Co. Minneapolis 19.54 -8.65 1 30 74 122 50 33 0 17Lutz & Co. Omaha, Neb. 19.39 4.98 1 23 65 107 39 34 11 16Mize, Houser & Co. Topeka, Kan. 18.65 5.97 4 15 98 178 59 24 17 0Anders, Minkler & Diehl St. Louis 17.61 2.56 1 12 83 108 26 39 0 35Seim Johnson Omaha, Neb. 12.55 5.11 1 15 45 75 41 25 34 0Olsen 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: MidwestIowa, Kansas, Minnesota, Missouri, Nebraska,North Dakota and South DakotaThe Midwest Regional Leaders put in the weakest perform-ance in 2011, growing their revenues at a slower clip eventhan in 2010 but still growing them, by 1.11 percent, to

$852.28. Those numbers would undoubtedly have beenhigher if wed included LarsonAllen, which grew 25 percentthrough a series of mergers but its final merger, withClifton Gunderson, turned it into a national firm.

Next year well get to puzzle out what to do with No. 2Midwest firm Eide Bailly, which is set to merge with GreatLakes No. 3 Wipfli in June.

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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherEhrhardt Keefe Steiner & Hottman Denver 58.47 7.09 3 30 275 377 51 40 9 0Hein & Associates Denver 45.28 0.40 4 30 151 222 53 40 7 0Anderson ZurMuehlen & Co. Helena, Mont. 19.54 5.34 7 25 124 203 32 35 13 20Galusha, Higgins & Galusha Helena, Mont. 17.64 0.51 6 NA NA NA NA NA NA NAGHP Horwath Denver 16.70 NC 1 9 67 92 41 29 0 30JCCS Great Falls, Mont. 13.04 0.54 7 30 NA NA NA NA NA NATanner Salt Lake City 12.30 1.65 1 9 68 85 70 26 4 0Dalby, Wendland & Co. Grand Junction, Colo. 11.78 -3.76 6 16 45 82 19 63 7 11Squire & Co. Orem, Utah 11.63 11.93 1 11 51 76 43 30 8 19Anton Collins Mitchell Denver 9.75 2.09 2 9 65 89 65 32 3 0McGee, Hearne & Paiz Cheyenne, Wyo. 9.28 0.65 1 9 48 66 59 37 4 0Haynie & Co. Salt Lake City 7.39 -13.16 3 5 45 60 49 33 7 11Wisan Smith Racker & Prescott Salt Lake City 7.16 NA 2 7 38 50 45 45 10 0

Top Firms: MountainColorado, 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, puttingthem ahead of their slower-growing peers in theSouthwest and Midwest.

Growth came from a wide variety of services

the fastest growing Regional Leader, Utahs Squire &Co., reported that its fastest growing specialty service was technology consulting, while the largest firm inthe area, Denvers Ehrhardt Keefe Steiner & Hottman,saw its fastest growth in international tax.

There were also mergers, of course MidwestRegional Leader RubinBrown, for instance, continuedits expansion into the area, which is began in 2010, byacquiring major Denver firm Bondi & Co.

Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherBlum, Shapiro & Co. West Hartford, Conn. 47.27 7.43 3 44 170 267 50 37 5 8BerryDunn Portland, Maine 34.65 12.68 3 18 127 174 56 21 18 5Kahn, 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 0Wolf & Co. Boston 28.21 4.71 3 17 145 180 51 24 0 25Feeley & Driscoll Boston 23.62 -4.02 1 14 80 120 63 23 14 0Braver Newton, Mass. 19.35 2.00 5 16 NA NA NA NA NA NADiCicco, Gulman & Co. Woburn, Mass. 15.80 5.61 2 12 60 87 42 43 15 0Whittlesey & Hadley Hartford, Conn. 13.80 3.76 1 14 76 98 60 20 20 0Macdonald Page & Co. South Portland, Maine 12.25 1.83 2 22 57 92 44 31 11 14Gray, Gray & Gray Westwood, Mass. 10.40 4.00 2 10 44 66 60 30 10 0Meyers Brothers Kalicka Holyoke, Mass. 9.50 -1.04 1 8 41 60 50 42 8 0Gallagher Flynn & Co. South Burlington, Vt. 9.09 3.30 2 10 NA NA NA NA NA NAAbrams 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 EnglandConnecticut, Maine, Massachusetts, New Hampshire,Rhode Island and VermontThe Regional Leaders in New England rebounded from2010s contraction, growing their revenues by 5.2 percentto $289.9 million.

And this was despite the fact that two of the largerfirms 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 LeaderJ.H. Cohn, while Massachusetts CCR was grabbed by na-tional firm Grant Thornton. New York-based Top 100 FirmMarcum also expanded its presence in the area with twomergers early in 2012.

The news wasnt all about the Top 100 moving intoNew England, though: One Regional Leader RhodeIslands Kahn, Litwin, Renza & Co. broke the revenuebarrier and joined the T100 for the first time this year, aftergrowing over 10 percent in 2011.

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Rev. % Profess- Total Fee split Firm Headquarters $ mn. chg. Offices Partners ionals emps. A&A Tax MAS OtherMoss Adams Seattle 323.00 2.22 19 230 1,081 1,741 51 35 14 0Armanino McKenna San Ramon, Calif. 84.20 17.84 5 39 219 295 36 38 26 0Novogradac & Co. San Francisco 72.06 10.17 12 29 250 332 56 27 7 10Burr, Pilger & Mayer San Francisco 70.20 9.04 7 57 264 411 36 43 13 8Holthouse 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 6

us accounting today 2009-2014

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