Accountancy Top75 Firms Survey 0214

briefing
n top 75 firms survey
february 2014 accountancy
The revenue challenge

reflects the ongoing
challenges in the market.
Inevitably one of the biggest costs
we have is our employee base
Marianne Fallon, director of
corporate affairs, KPMG
Our corporate
finance practice
is beginning to
see its pipeline increasing
and our clients are
beginning to increase their
discretionary spending
88
Scott Barnes, managing

partner, Grant Thornton
Growth is definitely coming

through in the number of
opportunities we are seeing with
existing clients and new clients. There is
definitely more liquidity in the market
Simon Michaels, managing partner, BDO
year of cuts
I
A spate of
mergers
between the
top 10 sees
a shake-up
at the top,
with more
changes set
to come,
reports
Philip Smith
t has been a year of contrasting fortune

for the UKs top accountancy firms.
Mergers, acquisitions, administrations
and rescues have all featured. Some
firms have seen falling profits, others
the opposite, with a similar picture emerging
for fee income. Although many firms have cut
staff numbers, others have been making bold
expansion claims.
But amid this complex picture, the sector as
a whole has kept its head above water overall
fee income has increased by more than 4%
over the course of the year, with staff numbers
edging up in a similar fashion. In total, the firms
in Accountancys 2014 Top 75 survey earned
nearly 11.5bn, up from 11bn in the previous
12 months. Average profits have also increased,
but only marginally, by around 1%.
The big story of the year was the demise of
RSM Tenon, bringing to a close a decade long
story of the listed consolidator. Baker Tilly
stepped in to acquire the firm in a pre-pack
administration last September the combined
reported income of the two firms topped 330m
in 2013, which would have made them the sixth
largest firm in the UK. It will be interesting to
see whether this revenue is achieved in the next
12 months, but each of the firms saw a fall in
income over their latest financial year.
A growing BDO, which reported a 10%
increase in fees bolstered by its merger with
www.accountancylive.com
PKF, could force Baker Tilly down a peg in the

pecking order when the merger beds down.
Meanwhile, BDO itself was consolidating its
own merger, which came into force during the
final three months of BDOs financial year. A large
amount of our growth has come from the merger,
says Simon Michaels, BDOs managing partner.
However, there has been some organic
growth in a few areas, predominantly in
financial services, advisory, specialist tax and
international projects. Encouragingly, Michaels
says he has seen the market for the firms
services pick up over the last six months of
2013. This is definitely coming through in the
number of opportunities we are seeing, he
says, both with existing clients and new
clients. There is definitely more liquidity in
the market.
However, he does not believe that the
Competition Commissions investigation into
the large firm audit market has significantly
altered the landscape so far. It is a start, he
says, but buyer behaviour is ingrained and it
will take time to change. Instead, Michaels
sees more opportunities for the firm in nonaudit services in this area of the market.
It is a similar story at Grant Thornton, the
UKs fifth largest firm by fee income. Scott
Barnes, the firms managing partner, saw fee
income increase 13%, buoyed by significant
wins in the financial services sector and public
briefing
accountancy february 2014
I dont think we
are heading into a
period of exuberant
growth but we have definitely
made a bet that the UK
and global economies are
getting stronger
top 75 firms survey n
We have set
ourselves a
challenging
growth target for the
coming financial year
and so far we are
completely on budget
Steve Varley, senior partner, EY
Ian Powell, senior

partner, PwC
PKF is a game changer for

us. We are now working
with the agreement of
PKFI to select the firms that we want
Carmine Papa, senior partner,

PKF Littlejohn
and mergers
discretionary spending. In particular, Barnes
is seeing growth in work outside the south
east of the country.
However, he does not expect the firm to
consider any mergers in the near future and
rejects the idea of bulking up for the sake of it.
Instead, he will focus on targeted deals, such
as last Julys acquisition of the financial
10
services arm of Navigant Consulting.
sector work the impact of taking on contracts

from the old Audit Commission was felt during
the second half of the firms financial year.
Talking to our partners around the firm, the
indications are that our clients are now
beginning to see the benefits of the economic
recovery, Barnes says. Our corporate finance
practice is beginning to see its pipeline grow
and our clients are beginning to increase their
big four
Fees by service line

3,000
2,500
2,331
2,461
2,621 2,689
2,118
2,000
1,598
2,306
Note: Deloitte UK fee income

only, excludes 209m
revenue for Switzerland
Fee income:
Audit and assurance
Tax
Consulting and corporate finance
1,774 1,814
1,703
1,500
1,205
1,631
1,329
1,072
1,721
1,186
1,000
500
0
2010
2011
2012
PwC
804 907
2013
999 1040
2010
459
2011
2012
Deloitte
517
2013
2010
2011
2012
KPMG
2013
397 481 925 1073
926
1001
2010
309
2011
370
2012
EY
722
2013
507
briefing
Income by service line
Audit and accounting
top 75
total income of top 75 firms

bn
11
Note: 2012 and 2013 top 75,

2007 to 2011 top 60
9.92
10
9
9.36
11.03
11.48
20
% change
15
10
10.33
9.82
8.80
12 13
4
10
10
10
15
-15
-20
-25
2007
2008
2009
2010
2011
2012
2013
-30
-35
Rank
2013 (2012)
10
16 17
18 19
11
-5
10
14
10
10
-10
20
Big Four dominance

Of course, three quarters of the sectors fee
income is tied up in just four firms PwC,
Deloitte, EY and KPMG. Combined, they
accounted for more than 8.7bn in fee income,
an increase of 352m on the previous year and
accounting for 76% of total income.
All four firms managed to increase their fee
income, but with varying degrees of success.
While Deloitte pushed up its fees by 8% and
EY by 5.5%, PwC only recorded 2.6% growth
while KPMG struggled to achieve a mere
0.4% increase.
But the profitability story is different,
with KPMG outstripping its competitors by
producing a 30% hike, driven by a series of
job cuts and restructuring across the firm.
It was a different scenario at the three other
Big Four firms.
Deloittes profitability fell by 22%, with both
PwC and EY recording more modest increases
of 2% and 3% respectively. Clearly, the firms
are taking different approaches to managing
their businesses.
EY, in particular, has made a big deal out of
its desire to take on more professional staff in
the coming year and was the only Big Four firm
to show an increase in staffing levels last year.
It is a statement of confidence and intent,
says Steve Varley, EYs senior partner. In
the first half of this [financial] year, we have
maintained momentum in line with last years
results, which is the culmination of several
years of strategic planning through the
downturn. I dont think we are heading into
a period of exuberant growth but we have
definitely made a bet that the UK and global
economies are getting stronger.
At the same time, the firm also rebranded,
dropping the Ernst & Young name, and moving
to the shorter EY label last autumn.
KPMGs approach has been different,
attacking its cost base so that it was able to
boost profits by 30% while seeing its fee
income growing marginally to 1.81bn. The
revenue challenge reflects the ongoing
1
302
3
4
205
156
7
10
8
59
10
0
11
-5
12
13
-10
14
15
16
17
18
19=
19=
Total
25
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8=)
(10)
(12)
(13)
(14)
(15)
(20)
(16)
(17)
(18)
(19)
(-)
(-)
Firm
PwC
Deloitte 1
EY
KPMG 2
Grant Thornton
BDO 4
Baker Tilly 3
Mazars 6
Moore Stephens
Crowe Clark Whitehill
Haines Watts Group 7
UHY Hacker Young 9
Kingston Smith10
MHA MacIntyre Hudson
Smith & Williamson 5
Saffery Champness
Wilkins Kennedy
Chantrey Vellacott DFK
Francis Clark
Buzzacott
m
2013
m
2012
%
change
969.0
742.0
507.0
434.0
131.1
111.0
108.0
81.3
38.3
34.4
31.5
25.3
23.3
22.6
21.1
18.6
17.6
12.3
11.9
11.9
3,352.1
963.0
663.0
478.0
469.0
120.0
96.0
139.0
68.8
57.0
33.1
31.5
25.7
23.5
21.0
22.2
17.4
16.7
12.0
11.6
10.0
3,268.5
1
12
6
-7
9
16
-22
18
-33
4
0
-2
-1
7
-5
7
5
3
3
19
1.4
Footnotes: see page 16. This chart only features figures where reported
8.74bn
The majority
of fee income is
earned by the Big Four,
accounting for 76% of
total income at 8.74bn,
up slightly from 8.35bn
in 2011/12
challenges in the market, says Marianne

Fallon, KPMGs director of corporate affairs.
Inevitably, one of the biggest costs we have is
our employee base. During the 2013 financial
year we looked at our staff model across the
business. There were some parts of the
business where we didnt have the right mix,
and so made some redundancies, but we
have also recruited heavily into other parts of
the business.
Fallon also adds that the firm looked to
improve the efficiency of its cost base. We
have really focused on how we manage our
resources, their mobility and flexibility, she
says. She also says the firm is expecting to see
real growth in the coming year, but like Varley,
she says there is unlikely to be an explosion of
client activity.
-10
-15
briefing
accountancy
february 2014
-20
-25
-30
-35
Income by service line
Tax
30
big four
% change
20
25
2,500
2010
2011
2012
2013
2,000
2,0101,948 1,994
3,000
17
20
15
10
5
pre-tax profit and partners
19
9
10
1
5
-5
-10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Total
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(9)
(11)
(13)
(-)
(12)
(-)
(14)
(15)
(-)
(17)
(16)
(18)
(-)
PwC
Deloitte 1
EY
KPMG 2
Grant Thornton
BDO 4
Baker Tilly 3
Haines Watts Group7
Mazars6
Frank Hirth
Moore Stephens
SJD Accountancy
Saffery Champness
Buzzacott
UHY Hacker Young 9
Chantrey Vellacott DFK
Francis Clark
1,000
m
2013
m
2012
680.0
563.0
455.0
343.0
91.4
86.0
77.0
37.3
23.5
20.7
20.6
19.7
19.0
15.2
13.8
12.8
11.3
10.4
8.9
8.5
2,517.0
659.0
529.0
431.0
380.0
91.9
80.0
81.0
34.0
21.0
19.5
n/a
20.5
n/a
14.2
14.0
11.8
9.6
10.2
7.8
6.7
2,421.2
Pre-tax profit m
4.6% 0.9% -2.0%
Partners
%
change
3
6
6
-10
-1
8
-5
10
12
6
n/a
-4
n/a
7
-1
9
18
2
14
27
1
Footnotes: see page 16. This chart only features figures where reported
Mid-tier expansion
But while the big firms have been slugging it
out, there has been some interesting movement
further down the league table. Mazars, which
saw a 4.7% growth in fee income to 120.4m,
took on a number of former RSM Tenon
partners in the East Midlands and Edinburgh.
And then in December it announced that it
would be acquiring Deloittes public sector
internal audit business, which provides services
to local government and health organisations in
London and the south east.
Mazars says the move would complement its
existing strengths in its public sector external
audit work. The firm also acquired Sarah Butler
Associates, a specialist immigration services
consultancy, during its financial year.
Other firms in the mid-tier were also on the
2,173
-3.0% 0.2% 9.0%
12
Rank
Firm
2013 (2012)
2,717
1,500
15
7
2,598
18
13
11
16
14
3,029 2,971
11.48bn
Total fee
income for the top
75 in 2012/13 was
11.48bn, recording 4%
annual growth, up from
11.03bn
acquisition trail during 2103: the Haines Watts

2,991
2,964
Group
3000 took on new practices in Bromley and
Godalming, while MHA Macintyre Hudson
11
acquired HMT Assurance, which became its
2500
Reading office. Johnston Carmichael took on
2,041 Kennedy acquired
Ritson Smith,1,948
while Wilkins
2000
Matthews Mist during the financial year and
11
then CW Fellowes in November 2013.
Further
down
the
table,
Barber
Harrison
&
+0.9%
1500
Platt merged with Barron & Barron in York and
+4.8%
Carter Backer Winter
(CBW) got together with
1000
Backstone Franks.
In Scotland,
French
Duncan
Pre-tax profit
m
Partners
11
merged with Macfarlane Gray.
Top 10 aspirations
Johnston Carmichael was also part of another
intriguing move, as it joined PKF International
(PKFI). The international network had of
course been left high and dry by the departure
of its UK firm when PKF (UK) merged with
BDO last year. This left PKFI with a large hole
to fill with no obvious single firm available to
fill it. So instead, the network took a more
regional approach, signing up Johnston
Carmichael to cover Scotland and the north,
Cooper Parry for the Midlands and Littlejohn
for London and the south east.
The move is interesting as it points to the
prospect of a new top 10 firm if the three
members, plus any subsequent joiners, bring
their operations closer together.
PKF Littlejohn, as the firm quickly rebranded
itself, had fees of 15.8m, Johnston
Carmichael had some 33.4m while Cooper
Parry brought a further 15.6m to the party.
Carmine Papa, PKF Littlejohns senior
partner, says they are looking for more firms to
join to fill the regional gaps, particularly in the
south west and Manchester. Its a game
changer for us, he says, and it has already
produced a number of referrals and
reciprocated work. We are now working
together with the agreement of PKFI to select
the firms that we want.
If the firms were to formally merge, in terms
of fee income around the 65m mark,
12
11
11
11
briefing
4,906
736
HOW the top 75

is compiled
Information is collected through
2009
a questionnaire sent out by
Accountancy and completed
by firms. Wherever possible,
we adhere to firms description
of service lines and structure,
and rely on the integrity of
66,035
the information
provided. The
aim is to produce consistent
information
4,913as far as possible
and for this reason we have not
excluded firms or groups756
with an
unusual structure, although the
question of whether some in the
list are firms in the traditional
sense remains
open to debate.
2010
top 75
57,868
staffing
levels
12
5,085
12
12
896
2012
76,553
5,361
890
12
2013
12
83,039
12
Male partners
Female partners
Other staff
partner value
income and profit 2013 (2012)

Rank
Firm
(1)
PwC
(2)
Deloitte 1
(3)
KPMG 2
(4)
EY
Fees (m)
Pre-tax profit
(m)
Partners
Fee/partner
ratio (000s)
2,689.0 (2,621.0)
740.0
(727.0)
840
(872)
3,201
(3,006)
2,515.0 (2,329.0)
610.0
(560.0)
983
(991)
2,558
(2,350)
1,814.0 (1,806.0)
455.0
(349.0)
583
(617)
3,111
(2,927)
1,721.0 (1,631.0)
368.0
(358.0)
565
(549)
3,046
(2,971)
(5)
Grant Thornton
471.2
(417.1)
73.1
(69.1)
206
(202)
2,287
(2,065)
(6)
BDO 4
312.0
(283.0)
55.0
(51.2)
209
(196)
1,493
(1,444)
(8)
185.8
(179.1)
29.4
(27.9)
261
(254)
712
(705)
(824)
12 (14)
60.7
(59.3)
15.3
(15.1)
72
(72)
843
14 (15)
Begbies Traynor Group 8
51.1
(57.7)
6.7
(6.9)
n/a
(-)
n/a
(-)
17 (19)
39.3
(35.2)
9.6
(9.8)
66
(42)
595
(838)
(839)
21 (23)
Menzies
30.3
(28.5)
8.4
(8.5)
34
(34)
891
23 (25)
Francis Clark
25.8
(22.1)
8.7
(7.5)
47
(44)
549
(502)
26 (27)
FRP Advisory
21.5
(21.8)
8.4
(8.9)
37
(28)
581
(779)
27 (30)
Frank Hirth
21.3
(19.0)
1.9
24
(17)
888
(1,116)
28 (29)
Price Bailey
20.6
(19.3)
3.5
(4.2)
22
(22)
936
(877)
29 (28)
Reeves & Co
20.0
(20.3)
5.8
(5.9)
40
(39)
500
(521)
40 (38)
Cooper Parry
15.6
(15.8)
5.1
(5.2)
22
(22)
708
(718)
44 (41)
Shipleys
12.4
(13.6)
3.9
(5.2)
15
(16)
827
(850)
45 (46)
Barnes Roffe
12.0
(12.3)
5.2
(5.4)
18
(19)
666
(646)
46 (51)
Hillier Hopkins
11.9
(10.8)
3.9
(3.6)
20
(22)
595
(489)
47 (49)
James Cowper
11.8
(10.9)
2.5
(2.2)
13
(14)
908
(779)
54 (57)
SRLV
10.0
(9.2)
3.0
(3.2)
13
(9)
770
(1,020)
56 (53)
Simmons Gainsford
9.9
(10.1)
2.4
(2.2)
15
(14)
658
(718)
57 (56)
Rothman Pantall
9.7
(9.6)
2.7
(1.9)
20
(20)
485
(480)
58 (59)
Dains
9.4
(8.3)
2.9
(2.5)
18
(20)
519
(415)
60
(-)
Spofforths
9.3
(9.0)
1.7
17
(-)
544
(-)
61
(-)
Scruton Bland 13
8.9
(8.8)
2.4
11
(-)
809
(-)
63
(-)
Berg Kaprow Lewis
8.3
(7.7)
2.5
12
(-)
692
(-)
64
(-)
Cowgill Holloway
8.3
(8.0)
2.2
11
(12)
755
(667)
65
(-)
Gerald Edelman
8.3
(7.9)
2.8
12
(-)
692
(-)
67
(-)
French Duncan
8.0
(8.0)
2.0
(2.0)
22
(20)
364
(400)
68
(-)
Alliotts
7.8
(7.4)
2.3
(2.0)
13
(14)
600
(529)
70
(-)
Whittingham Riddell
7.0
(6.9)
1.6
12
(-)
583
(-)
72
(-)
Jeffreys Henry
5.6
(5.3)
2.2
(-)
622
(-)
75
(-)
Wright Vigar
4.0
(3.5)
0.9
(0.7)
(7)
572
(506)
987
857
Total
10,176.6 (9,722.3) 2,450.9 (2,245.1) 4,269 (4,188)
Average
Footnotes: see page 16. This chart only features reported P&L
this would put them on a par with Haines Watts,

Crowe Clark Whitehill and Saffery Champness,
all currently ranked just outside the top 10. But
Papa is aiming higher, saying he could see the
firms breaking into the top 10. That is the plan,
he says. Such aspiration will no doubt be helped
by an increase in corporate activity as business
confidence turns into substantive action.
Economic upturn
Papa has already seen a significant uptick in
his corporate finance business over the past six
months, with overseas companies looking to
access the UK capital markets, particularly AIM.

The model is that we take companies to market
and then retain the audit, Papa explains.
So it would appear that firms across the board
have been following different paths to weather
the economic storms of the past few years. Some
have held their nerve and retained their staff in
order to take advantage of the economic upturn,
while others have sought to improve efficiency
and flexibility. Several have found strength in
numbers by coming together to offer a greater
breadth of services. But all will be looking forward
to the coming year as one of opportunity.
briefing
PwC
the view from the top

PwC
2013
Fee income
2,689m
Profit
Profit per partner
2,621m
740m
727m
880,950
833,715
840
872
16,580
16,700
Partners
Staff
2012
are completely on budget, with

growth significantly above last years
4%. In fact, November 2013 was our
fastest growing month for five years.
The growth is coming from
across the business. There is good
growth in our assurance business,
Ian Powell, senior partner at PwC,

says: We have set ourselves a
challenging growth target for the
coming financial year and so far we
tax has had a really good five

months and consulting continues to
grow. There has been more deal and
IPO activity, which are both good
indicators for the economy.
We are working with the outcome
of the Competition Commissions
investigation it is there and has been
factored into our finances. But we
have real concerns with the EU
proposals. The first is the cost for
businesses for mandatory audit firm
rotation, and the second is that if you
say that the incumbent auditor cant
pitch then you have immediately
eliminated one of the competitors
from the market. It puts regulation
ahead of good governance.
13
Smith & Williamson
the view from the middle

Kevin Stopps, co-CEO of Smith &
Williamson, says: In the first six
months of the new financial year we
saw a 10% increase in revenue
compared with the same time in the
prior year. Will this be sustained in
the next six months? It could be too
early to call but my colleagues are
optimistic. The economic recovery is
fragile, and although economic data
could put pressure on interest rates,
any increase could be disastrous.
There has been a material
improvement in transactional-based
activity, and our corporate finance
team have worked on 13 deals so far
[in 2013], compared with only three
Smith & Williamson
2013
Fee income
185.8m
179.1m
29.4m
27.9m
112,643
109,842
261
254
1,193
1,227
Profit
Profit per partner
Partners
Staff
2012
deals for the whole of last year.

Competition will remain over all
clients; when we are pitching for new
business, the Big Four are being very
aggressive on pricing, even though
our focus is on owner-managed
13
13
13
businesses and private clients.
We are not looking for any
mergers, we dont need the scale and
it is easier to integrate smaller teams.
13
French duncan
the view from Scotland

French Duncan
2013
2012
Fee income
8m
8m
Profit
2m
2m
90,900
100,000
22
20
165
140
Profit per partner

Partners
Staff
Robert Kerr, chairman at French

Duncan, says: We are still in the throes
of the recession up here and are quite
pleased we have maintained our
income. We are seeing signs of growth

in outsourcing, where we are now
doing more management accounts
work and book-keeping services.
People are realising it is better than
employing someone for 52 weeks a
year when they only work 36 weeks.
The increase in the audit threshold

has not helped, but audit is really a
thing of the past. Banks are looking at
management accounts that have been
examined by a firm of accountants.
But we do audit one listed company,
and are in fact one of the few
independent firms [in Scotland] that
can still audit PLCs.
With the vote on Scottish
independence, uncertainty is the
biggest problem. People are not going
ahead with inward or outward
investment, everyone is holding fire.
Even if we dont get independence, we
already have devolved tax, and if
nothing else happens, we could get a
different rate of income tax anyway.
13
14
briefing
top 75 firms
Survey: uk accountancy firms league table
1,721.0
1,631.0
5 (5) Grant Thornton
471.2
417.1
6 (9) Baker Tilly 3
337.0
365.0
7 (6) BDO 4
312.0
283.0
8 (8) Smith & Williamson 5
185.8
179.1
9 (10) Moore Stephens
131.7
135.9
120.4
115.0
10 (11) Mazars 6
14
11 (13) Haines Watts Group7
60.8
58.0
12 (14) Crowe Clark Whitehill
60.7
59.3
13 (16) Saffery Champness
58.9
56.1
14 (15) Begbies Traynor Group8
51.1
57.7
15 (17) UHY Hacker Young 9
48.3
48.8
16 (18) Kingston Smith10
40.5
40.7
17 (19) MHA MacIntyre Hudson
39.3
35.2
18 (21) Johnston Carmichael
33.4
29.6
19 (20) Wilkins Kennedy
31.5
30.2
20 (22) Chantrey Vellacott DFK
30.5
28.6
21 (23) Menzies
30.3
28.5
22 (24) Buzzacott
27.9
25.4
23 (25) Francis Clark
25.8
22.1
24 (26) TaxAssist Accountants 11
24.5
21.8
25
23.7
23.4
26 (27) FRP Advisory
21.5
21.8
27 (30) Frank Hirth
21.3
19.0
(-) HW Fisher & Company
28 (29) Price Bailey
20.6
19.3
29 (28) Reeves & Co
20.0
20.3
30 (32) SJD Accountancy
19.0
17.6
31 (31) Armstrong Watson
18.8
18.1
32 (33) Haysmacintyre
18.3
17.4
33 (35) Duncan & Toplis
17.8
17.1
34 (34) Hazlewoods
17.4
17.1
35 (36) Streets12
16.9
16.9
36 (40) Anderson Anderson & Brown
16.7
14.3
37 (43) Bishop Fleming
15.8
13.2
38 (37) PKF Littlejohn
15.8
16.2
39 (39) Lovewell Blake
15.7
15.5
40 (38) Cooper Parry
15.6
15.8
41 (42) Larking Gowen
13.7
13.5
42 (44) AIMS
13.0
13.0
43 (45) Mercer & Hole
12.5
12.5
44 (41) Shipleys
12.4
13.6
45 (46) Barnes Roffe
12.0
12.3
46 (51) Hillier Hopkins
11.9
10.8
47 (49) James Cowper
11.8
10.9
48
(-) Moore & Smalley
11.6
11.3
49 (54) Barber Harrison & Platt
11.2
10.0
50 (50) Silver Levene
11.1
10.7
51 (48) Henderson Loggie
11.0
11.3
52 (47) Scott-Moncrieff
11.0
11.3
53 (55) Forrester Boyd
10.8
9.7
54 (57) SRLV
10.0
9.2
55 (53) Beever and Struthers
10.0
10.3
e
ur
4 (4) EY
en
1,806.0
rt
1,814.0
to
3 (3) KPMG 2
2.6
8.0
0.4
5.5
13.0
-7.7
10.2
3.7
-3.1
4.7
4.8
2.4
4.9
-11.4
-1.0
-0.5
11.6
12.7
4.1
6.8
6.2
9.6
16.7
12.4
1.4
-1.4
12.3
6.7
-1.5
8.0
3.9
5.2
4.1
1.8
n 0.0
16.8
19.7
-2.5
1.3
-1.4
1.5
n 0.0
0.2
-8.8
-2.4
10.5
8.3
2.7
12.0
4.0
-2.2
-2.7
11.3
9.0
-2.9
nd
2,329.0
di
2,621.0
2,515.0
re
2,689.0
Au
1 (1) PwC
2 (2) Deloitte1
a
Ye
Firm
r
to
di
Au
ts
un
co
ac
al
us
at
nu
St
An
rs
ne
rt
Pa tio
a
r r 0s
ne 0
rt 0
p a 2 t io
e / 2 0 1 ra s
r 0
Fe
ne 0
rt 0
pa 3
e
e / 2 0 1 om
Fe
c e
in g
e an
Fe ch
e
%
m
co
in m
e 2
Fe 01
2
e
m
co
in m
e 3
Fe 201
Rank
2013
(2012)
3,201
3,006
840
LLP
Yes Crowe Clark Whitehill
30/06/13 2003
2,558
2,350
983
LLP
Yes Grant Thornton
31/05/13 2003
3,111
2,927
583
LLP
Yes Grant Thornton
30/09/13 1996
3,046
2,971
565
LLP
Yes BDO
28/06/13
2,287
2,065
206
LLP
Yes Mazars
30/06/13 2013
n/a
1,066
1,594
316
LLP
Yes Kingston Smith
31/03/13 2007
1,493
1,444
209
LLP
Yes PwC
05/07/13 2004
712
705
261
Ltd
Yes Grant Thornton
30/04/13 2009
834
894
158 Ltd/N
n/a n/a
31/12/13 n/a
1,115
1,000
108
31/08/13 n/a
529
496
115
LLP
No n/a
31/03/13 n/a
843
824
72
LLP
Yes Grant Thornton
31/03/13 2005
949
951
62
No n/a
31/03/13 n/a
n/a
n/a
604
588
LLP
n/a Listed Yes Deloitte

80
note
Yes See note
30/04/13 n/a
30/04/13 n/a
686
656
59
LLP
Yes Price Bailey
30/04/13 2006
595
838
66
LLP
Yes Hillier Hopkins
31/03/13 2005
630
658
53
LLP
Yes Price Bailey
31/05/13 2011
507
512
62
LLP
Yes Harmer Slater
30/04/13 2012
726
649
42
LLP
Yes Grant Thornton
30/12/13 2006
891
839
34
LLP
Yes Princecroft Willis
30/06/13 2009
1,072
1,017
26
LLP
Yes Hillier Hopkins
30/09/13 2007
549
502
47
LLP
Yes Price Bailey
31/03/13 2011
130
119
188
nte Price Bailey
31/12/12 2007
817
n/a
29
No n/a
30/04/12 n/a
Yes BDO
30/04/13 2010
Yes Manningtons
30/06/13 2004
31/03/13 2004
581
779
37
LLP
888
1,116
24
936
877
22
LLP
Yes n/a
500
521
40
LLP
Yes Clive Owen & Co
31/05/13 2008
- 17,600
Ltd
Yes Kingston Smith
31/10/13 2011
570
670
33
No n/a
31/03/13 n/a
678
696
27
No n/a
31/03/13 n/a
636
633
28
No n/a
31/03/13 n/a
916
900
19
LLP
Yes Princecroft Willis
30/04/13 2006
845
845
20
note
No n/a
30/06/13 n/a
1,392
1,192
12
LLP
Yes Bill Hay & Co
31/03/13 2013
632
528
25
No n/a
02/06/13 n/a
545
523
29
LLP
Yes Price Bailey
31/05/13 2009
604
596
26
LLP
30/09/13 2011
708
718
22
LLP
Yes Buzzacott
30/04/13 2003
685
675
20
No n/a
31/03/13 n/a
57
55
229
No n/a
30/04/13 n/a
737
658
17
No n/a
30/09/13 n/a
827
850
15
LLP
Yes SRG
30/04/13 2008
666
646
18
LLP
Yes HW Leicester
30/06/13 2009
595
489
20
LLP
No Price Bailey
31/03/13 2008
908
779
13
LLP
Yes Monahans
30/04/13 2012
644
n/a
18
LLP
Yes n/a
31/03/13 2007
659
667
17
No n/a
31/12/13 n/a
655
713
17
LLP
Yes Pritchard Fellows & Co
31/05/13 2011
524
489
21
No n/a
30/11/12 n/a
786
753
14
No n/a
01/04/13 n/a
771
746
14
No n/a
31/03/13 n/a
770
1,020
13
No n/a
30/06/13 n/a
455
448
22
No n/a
30/09/13 n/a
briefing
9.1
60
(-) Spofforths
9.3
9.0
61
(-) Scruton Bland13
8.9
8.8
62
(-) Carter Backer Winter
8.6
7.7
63
(-) Berg Kaprow Lewis
8.3
7.7
64
(-) Cowgill Holloway
8.3
8.0
65
(-) Gerald Edelman
8.3
7.9
66 (60) RGL Forensics
8.3
8.2
67
(-) French Duncan
8.0
8.0
68
(-) Alliotts
7.8
7.4
69
(-) Brebners
7.6
8.1
70
(-) Whittingham Riddell
7.0
6.9
71
(-) Chiene + Tait
6.0
5.5
72
(-) Jeffreys Henry
5.6
5.3
73
(-) Bird Luckin
5.1
4.7
74
(-) Harris Lipman
4.8
5.1
75
(-) Wright Vigar
4.0
3.5
Total
11,483.3 11,026.2
e
ur
9.3
en
8.3
(-) Lubbock Fine
rt
9.4
59
to
58 (59) Dains
658
-1.8
485
1.0
519
12.7
773
1.5
544
3.2
809
1.1
614
11.7
692
7.8
755
3.8
692
5.5
1.2 1,383
n 0.0
364
600
5.4
475
-5.8
583
1.4
667
9.1
622
5.7
461
8.1
679
-6.9
572
13.0
4.1 827*
nd
9.6
di
10.1
re
9.9
9.7
Au
56 (53) Simmons Gainsford

57 (56) Rothman Pantall
a
Ye
Firm
r
to
di
Au
ts
un
co
ac
al
us
at
nu
St
An
rs
ne
rt
Pa tio
a
r r 0s
ne 0
rt 0
p a 2 t io
e / 2 0 1 ra s
r 0
Fe
ne 0
rt 0
pa 3
e
e / 201 om
Fe
c e
in g
e an
Fe ch
e
%
m
co
in m
e 2
Fe 01
2
e
m
co
in m
e 3
Fe 201
Rank
718
15
LLP
Yes Sopher & Co
31/03/13 2005
480
20
LLP
Yes Mazars
31/03/13 2009
415
18
LLP
Yes Price Bailey
31/03/13 2007
n/a
12
No n/a
30/11/12 n/a
n/a
17
LLP
Yes Price Bailey
31/12/12 2011
n/a
11
No n/a
31/03/13 n/a
550
14
LLP
Yes Rickard Keen
31/03/13 2010
n/a
12
LLP
Yes Leslie Woolfson & Co
31/03/13 2003
667
11
LLP
Yes Champion & Co
31/05/13 2010
n/a
12
No n/a
31/03/13 n/a
1,367
LLP
Yes CBHC
31/03/13 2012
400
22
LLP
Yes Parkhill Mackie & Co
30/04/13 2007
529
13
No n/a
30/06/13 n/a
n/a
16
No n/a
05/04/13 n/a
n/a
12
LLP
Yes Garratts
31/03/13 2004
n/a
No n/a
30/09/13 n/a
n/a
LLP
Yes n/a
30/04/13 n/a
426
11
Ltd
No n/a
30/09/13 n/a
567
LLP
No n/a
31/03/13 n/a
506
Ltd
Yes n/a
31/03/13 n/a
15
714* 6,104
top 75 firms
Talent: partners and staff levels 2013 (2012)
2012
2013
2012
2013
ce
ffi
f
af
st
2013 2012
e
m
co
in m
al
2012
Fe
t
To
2013
e
al
m
Fe ers
n
rt
2012
pa
2013
r
ne
rt
pa 0s
e/ 00
Fe io
t
ra
rs
ne
Firm
rt
Pa
Rank
1
(1) PwC
840
872
3,201
3,006
130
127
16,580
16,700
2,689.0
2,621.0
34
(2) Deloitte1
983
991
2,558
2,350
143
140
13,648
13,754
2,515.0
2,329.0
24
(3) KPMG 2
583
617
3,111
2,927
87
91
10,752
11,612
1,814.0
1,806.0
22
(4) EY
565
549
3,046
2,971
113
93
13,688
10,500
1,721.0
1,631.0
23
(5) Grant Thornton
206
202
2,287
2,065
28
26
4,028
3,665
471.2
417.1
28
(9) Baker Tilly 3
316
229
1,066
1,594
n/a
66
3,990
4,405
337.0
365.0
64
(6) BDO 4
209
196
1,493
1,444
23
23
2,503
2,337
312.0
283.0
25
(8) Smith & Williamson 5
261
254
712
705
52
48
1,193
1,227
185.8
179.1
12
158
152
834
894
26
22
947
1,348
131.7
135.9
35
10 (11) Mazars 6
108
115
1,115
1,000
14
11
1,340
1,200
120.4
115.0
18
11 (13) Haines Watts Group7
115
117
529
496
10
12
771
789
60.8
58.0
53
12 (14) Crowe Clark Whitehill
72
72
843
824
11
12
573
564
60.7
59.3
13 (16) Saffery Champness
62
59
949
951
13
14
497
470
58.9
56.1
10
9 (10) Moore Stephens
14 (15) Begbies Traynor Group8
n/a
n/a
n/a
n/a
n/a
11
501
462
51.1
57.7
34
15 (17) UHY Hacker Young 9
80
83
604
588
14
13
654
649
48.3
48.8
23
16 (18) Kingston Smith10
59
62
686
656
13
13
401
407
40.5
40.7
17 (19) MHA MacIntyre Hudson
66
42
595
838
473
496
39.3
35.2
13
18 (21) Johnston Carmichael
53
45
630
658
500
440
33.4
29.6
13
19 (20) Wilkins Kennedy
62
59
507
512
421
414
31.5
30.2
13
20 (22) Chantrey Vellacott DFK
42
44
726
649
303
303
30.5
28.6
21 (23) Menzies
34
34
891
839
306
314
30.3
28.5
22 (24) Buzzacott
26
25
1,072
1,017
275
233
27.9
25.4
23 (25) Francis Clark
47
44
549
502
394
384
25.8
22.1
188
183
130
119
35
39
666
676
24.5
21.8
237
29
n/a
817
n/a
n/a
193
n/a
23.7
23.4
37
28
581
779
185
149
21.5
21.8
12
24 (26) TaxAssist Accountants 11

25
(-) HW Fisher & Company
26 (27) FRP Advisory

27 (30) Frank Hirth
24
17
888
1,116
198
172
21.3
19.0
28 (29) Price Bailey
22
22
936
877
260
280
20.6
19.3
16
briefing
top 75 firms
Talent: partners and staff levels 2013 (2012) contd

Fe
e
2012
2013
2012
es
2013
c
ffi
2013 2012
e
m
co
in m
ff
500
a
st
2012
al
39
t
To
40
30 (32) SJD Accountancy
521
273
260
20.0
20.3
- 17,600
160
170
19.0
17.6
10
14
31 (31) Armstrong Watson
33
27
570
670
371
342
18.8
18.1
32 (33) Haysmacintyre
27
25
678
696
160
160
18.3
17.4
33 (35) Duncan & Toplis
28
27
636
633
316
292
17.8
17.1
10
34 (34) Hazlewoods
19
19
916
900
216
198
17.4
17.1
35 (36) Streets12
20
20
845
845
109
109
16.9
16.9
10
36 (40) Anderson Anderson & Brown
12
12
1,392
1,192
195
168
16.7
14.3
37 (43) Bishop Fleming
25
25
632
528
245
267
15.8
13.2
38 (37) PKF Littlejohn
29
31
545
523
152
127
15.8
16.2
39 (39) Lovewell Blake
26
26
604
596
228
230
15.7
15.5
40 (38) Cooper Parry
22
22
708
718
189
170
15.6
15.8
41 (42) Larking Gowen
20
20
685
675
242
245
13.7
13.5
9
224
42 (44) AIMS
16
2013
e
al
m
Fe ers
n
rt
29 (28) Reeves & Co
2012
pa
er
2013
r
ne
rt
pa 0s
e / 00
Fe io
t
ra
tn
Firm
r
Pa
Rank
229
238
57
55
18
n/a
n/a
n/a
13.0
13.0
43 (45) Mercer & Hole
17
19
737
658
137
130
12.5
12.5
44 (41) Shipleys
15
16
827
850
87
94
12.4
13.6
45 (46) Barnes Roffe
18
19
666
646
110
109
12.0
12.3
46 (51) Hillier Hopkins
20
22
595
489
123
105
11.9
10.8
4
6
47 (49) James Cowper
13
14
908
779
153
144
11.8
10.9
48
(-) Moore & Smalley
18
n/a
644
n/a
n/a
230
n/a
11.6
11.3
49 (54) Barber Harrison & Platt
17
15
659
667
217
186
11.2
10.0
50 (50) Silver Levene
17
15
655
713
95
90
11.1
10.7
51 (48) Henderson Loggie
21
23
524
489
170
189
11.0
11.3
52 (47) Scott-Moncrieff
14
15
786
753
151
165
11.0
11.3
53 (55) Forrester Boyd
14
13
771
746
183
164
10.8
9.7
54 (57) SRLV
13
770
1,020
110
90
10.0
9.2
55 (53) Beever and Struthers
22
23
455
448
176
139
10.0
10.3
56 (53) Simmons Gainsford
15
14
658
718
85
81
9.9
10.1
57 (56) Rothman Pantall
20
20
485
480
140
151
9.7
9.6
12
58 (59) Dains
18
20
519
415
131
127
9.4
8.3
59
(-) Lubbock Fine
12
n/a
773
n/a
n/a
75
n/a
9.3
9.1
60
(-) Spofforths
17
n/a
544
n/a
n/a
174
n/a
9.3
9.0
61
(-) Scruton Bland13
11
n/a
809
n/a
n/a
145
n/a
8.9
8.8
62
(-) Carter Backer Winter
14
14
614
500
89
80
8.6
7.7
63
(-) Berg Kaprow Lewis
12
n/a
692
n/a
n/a
91
n/a
8.3
7.7
64
(-) Cowgill Holloway
11
12
755
667
108
107
8.3
8.0
65
(-) Gerald Edelman
12
n/a
692
n/a
n/a
88
n/a
8.3
7.9
1,383
1,367
55
51
8.3
8.2
22
20
364
400
165
140
8.0
8.0
66 (60) RGL Forensics

67
(-) French Duncan
68
(-) Alliotts
13
14
600
529
70
n/a
7.8
7.4
69
(-) Brebners
16
n/a
475
n/a
n/a
83
n/a
7.6
8.1
70
(-) Whittingham Riddell
12
n/a
583
n/a
n/a
165
n/a
7.0
6.9
71
(-) Chiene + Tait
n/a
667
n/a
n/a
100
n/a
6.0
5.5
72
(-) Jeffreys Henry
n/a
622
n/a
n/a
45
n/a
5.6
5.3
73
(-) Bird Luckin
11
11
461
426
70
60
5.1
4.7
74
(-) Harris Lipman
679
567
44
45
4.8
5.1
75
(-) Wright Vigar
572
506
78
72
4.0
3.5
6,104
5,916
827*
714*
869
881
83,039
79,207
11,483.3
Total
11,026.2 1,154
Notes
1 Includes 209m revenue for Switerland
2 Corporate finance includes transactions
and insolvency, consulting includes all
corporate finance
3 Figures combine Baker Tilly with RSM Tenon.
Baker Tilly fee income was 167m (31/3/13),
RSM Tenon fee income was 170m ( 30/6/13)
4 Figures supplied as at year end 05/07/2013 but
are unaudited. Figures are 9 months BDO plus
three months combined firm
5 Smith & Williamson Holdings Limited is the

overall holding business
6 Audit includes corporate finance and
consulting. Consulting includes insolvencies
and forensic accounting
7 Some offices are not LLPs
8 Figures taken from annual report
9 Group of independent firms with a
shared brand
10 Consulting includes 2.6m insolvency
and 1.5m wealth and pensions fees

11 Each TaxAssist franchisee operates as a sole
trader, part of partnership or limited company.
TaxAssist Direct (franchisor) publishes accounts
12 Firm made up of legal entities, limited and
unlimited companies
LLP, limited liability partnership; P, partnership;
F, franchise: N, network LLP/company preacquisition Unlisted plc
* Average partner ratio

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briefing

n top 75 firms survey

february 2014 accountancy

The revenue challenge

Scott Barnes, managing

Growth is definitely coming

t has been a year of contrasting fortune

PKF, could force Baker Tilly down a peg in the

accountancy february 2014

top 75 firms survey n

Steve Varley, senior partner, EY

Ian Powell, senior

PKF is a game changer for

Carmine Papa, senior partner,

sector work the impact of taking on contracts

Fees by service line

Note: Deloitte UK fee income

n top 75 firms survey

february 2014 accountancy

Income by service line

Audit and accounting

total income of top 75 firms

Note: 2012 and 2013 top 75,

Big Four dominance

challenges in the market, says Marianne

top 75 firms survey n

pre-tax profit and partners

4.6% 0.9% -2.0%

-3.0% 0.2% 9.0%

acquisition trail during 2103: the Haines Watts

n top 75 firms survey

HOW the top 75

february 2014 accountancy

income and profit 2013 (2012)

Smith & Williamson 5

Crowe Clark Whitehill

Begbies Traynor Group 8

MHA MacIntyre Hudson

Berg Kaprow Lewis

10,176.6 (9,722.3) 2,450.9 (2,245.1) 4,269 (4,188)

this would put them on a par with Haines Watts,

access the UK capital markets, particularly AIM.

accountancy february 2014

top 75 firms survey n

the view from the top

are completely on budget, with

Ian Powell, senior partner at PwC,

tax has had a really good five

Smith & Williamson

the view from the middle

Smith & Williamson

deals for the whole of last year.

the view from Scotland

Profit per partner

Robert Kerr, chairman at French

income. We are seeing signs of growth

The increase in the audit threshold

n top 75 firms survey

february 2014 accountancy

Survey: uk accountancy firms league table

5 (5) Grant Thornton

6 (9) Baker Tilly 3

8 (8) Smith & Williamson 5