Sax has rebranded and launched a new website to commemorate its 60th anniversary and a split earlier this year from BST.
The two firms joined forces in September 2013 when Sax Macy Fromm & Co. PC of Clifton, N.J., and Bollam, Sheedy, Torani, & Co. LLP of Albany, N.Y., agreed to merge (see Sax Macy Fromm and Bollam, Sheedy, Torani Merge). The combined firm, known as SaxBST, ranked 84th on Accounting Today’s 2016 list of the Top 100 Firms, with $45.1 million in annual revenue.
However, the two firms announced in May they would split to focus on their local geographies. “At the end of the day we needed to concentrate on New Jersey, New York City, and the tristate area of New York City,” Sax managing partner Joseph Damiano told Accounting Today. “This really narrows our focus from a geographic standpoint.”
BST & Co. will focus on the Albany market, where its specialties include litigation support, governmental work with the New York state government, and nonprofits.
Sax now has 150 employees and 22 partners, including 14 equity partners, in two offices in Clifton, N.J., and New York City. The firm’s revenue is approximately $32 million, according to Damiano. Before the split, the combined firm had about 235 employees, 20 equity partners and 18 non-equity partners.
Damiano said the two firms had no problem fitting together culturally, but the geography was the hard part. “We really just wanted to concentrate on our marketplace,” he said. “We were Sax Macy Fromm for 57 and a half years. Now to spread ourselves all the way out to Albany, I think it was better for us to concentrate on the tristate area, the New York City and Jersey locations.”
The demerged firm is celebrating its 60th anniversary and its independence by launching a new brand, a new website at www.saxllp.com and a new tagline, “Direction That Moves Your Forward.” The workforce is now made up of about 58 percent millennials, according to Damiano.
“We thought it was a great opportunity to celebrate that 60 years,” he said. “We’re having a banner year in business development this year. We’ve brought probably $2 million of new business since January 1 to the firm. We just want to continue down this path, and with the excitement of the new brand, the new logo and the new website.”
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