The downturn hadn't quite appeared on the books of the best regional firms as of the end of last year. In fact, most firms surveyed said they see the downtown as both a threat and an opportunity, the latter because it's a chance to work closer than ever with their best clients. While the recession seems uppermost in the minds of top firms, other concerns are succession planning, staffing, and increasing regulation.
Among the top 121 regional firms scattered through eight sections of the country, almost two-thirds reported double-digit jumps in revenue, and about a third reported single-digit increases.
Trends among the firms this year:
- Partners and staff: 59 percent reported increasing their numbers of partners/principals over 2007, and 67 percent reported increasing their professional staff. Twenty-one firms decreased their partner/principals rolls, and 30 cut their professional staffs over 2007 reported numbers.
- Offices: Though most firms maintained their same number of offices in 2008 as in 2007, 19 reported increasing the number and 12 decreasing.
- Fee splits: Two-thirds of the firms garnered most of their revenue from A&A. Twenty firms reported tax as their major source of revenue, and 16 firms listed "miscellaneous services," including all types of consulting.
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