Smith & Williamson boasts 18% income boost
Smith & Williamson bucked the trend in the middle market, where most firms have suffered static results in the last two years, with an 18% increase in fee income to #45.3m, writes Phillip Inman.
The 14th largest accountancy firm said the number of fee-earning partners in the firm has increased by three over the last year to 72.
Group managing director Gareth Pearce said two-thirds of the increase came from existing businesses, with the balance made up from the three new offices in Birmingham, Worcester and York.
Pearce, whose firm has never been invited to join the informal association of mid-tier rivals known as Group A, said fees per partner had risen from #556,522 to #629,167, a jump of 13%. A majority of the fees came from the firm’s financial services, corporate finance and management consultancy divisions, while tax advice stayed the same, at 22% of income.
Pearce said he looked forward to the merger of Price Waterhouse and Coopers & Lybrand and the outfall of business to mid-tier firms.
The numbers you crunch tell a story. Your expertis...
26yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article