WithumSmith+Brown, PC is proud to announce that it has once again been named on INSIDE Public Accounting’s Top 100 Firm ranking list. The firm increased its placement on the 2015 list from No. 31 to No. 28.
Withum’s higher position in the IPA Top 100 Firms Rankings for 2015 is based on the firm’s 7.3% increase in net revenues to more than $113.5 million, according to IPA.
The IPA 100, as ranked by net revenue, consists of the Big 4 accounting firms (which collectively represent $43.4 billion this year) and 96 national, regional and local powerhouses representing $15.4 billion. Thirty-five accounting firms report revenues of more than $100 million. The 100th largest firm in the country this year is at $32.4 million. Unless otherwise indicated, all metrics for the IPA 100 reflect the 96 non-Big 4 firms that collectively employ more than 75,000 staff across the United States.
Profit margins (net income as a percentage of net revenue) across the country increased for the first time since 2012. The IPA 100 averaged 27.5% margin last fiscal year (before equity partner compensation), up from 27.1% in 2014. “This slight uptick in profit margin to 27.5% is an encouraging sign, but it is too early to tell if margins have bottomed out and are recovering after drifting downward for the previous three years,” says Mike Platt, principal with INSIDE Public Accounting