Hard work pays off for global networks
Firms have weathered a significant part of the storm according to the latest Accountancy Age Top 30 survey
Global networks and associations fought hard against the economic downturn to
maintain fee revenues during 2008, according to the latest
Accountancy
Age Top 30 survey.
Clients across the world turned to their advisers to help them through the
downturn: fee income for the top 30 global networks and associations totalled
$152bn (£96bn), 4% up on our November 2008 figures.
The latest results are an indicator that firms have weathered a significant
part of the storm, as our survey includes 20 updated sets of figures ranging
from September 2008 year-ends through to April 2009.
‘We are seeing clear evidence of our members benefiting from clients becoming
more critical buyers during a downturn,’ said MSI Global Alliance chief
executive John Mendelssohn.
The biggest threat to firms was the risk of litigation. ‘It is a daily worry.
There is always going to be some risk there, all you can do is work to minimise
it,’ said John Wolfgang, chairman of UHY International.
‘Risk of litigation is probably the biggest threat of all. We’ll be watching
the current legal cases in the US very carefully,’ said PKF in a statement.
China, Latin America and Eastern Europe would provide good growth
opportunities, said the survey respondents.
‘Our strategy for the next five years is to consolidate our presence in
existing markets and to look to identify appropriate firms in those geographies
where we do not have a representative member,’ said the Alliott Group in a
statement.
