Shor t Takes
create stakeholder value. Last month, CohnReznick
Advisory expanded our Technology and Digital Advisory practice to help organizations create technology
strategies to realize this value. This will be a major
growth driver for the Firm in the years ahead.
Consulting: What is your vision for CohnReznick
Longobardi: Currently, CohnReznick is the 11th largest accounting firm in the U.S. I’d like to see us solidly entrenched in the Top 10 within the next three
years. I believe we can grow our revenue from approximately $600 million today to $1 billion within
the next five years. Growth will come from geographic expansion and new products and services.
In addition, we expect the consulting side of our
business to grow rapidly in areas such as technology,
real estate and government services. In addition, I
want the firm to be known as one of the best places
to work and a company that provides talented people
with great opportunities, in addition to having a fun
and welcoming culture with challenging projects. We
want professionals who look to grow in their careers,
and who can utilize their talents to help us perpetuate and grow the Firm. I also want CohnReznick to
be known as providers of world-class client service.
This will mean being accurate in everything we do,
providing honest and timely communications, and
delivering forward thinking, value-added insight
which helps our clients achieve their objectives.
Consulting: How would you describe the overall
state of the accounting, tax and advisory
Longobardi: For accounting and tax, the market is still
very competitive both in finding talent as well as in
bringing in new clients to the Firm. As you can tell by
our economic indicators, growth in the United States
has been modest, but not robust. In addition, there
is still significant consolidation in a variety of indus-
tries. This has led many of the larger firms, including
CohnReznick, to seek acquisitions in order to enhance
revenue, and more importantly, to bring in new talent
to help them grow in particular markets.
The market is more robust on the consulting
side, as many companies are doing acquisitions,
revamping current technology, reexamining all of
their processes, and seeking access to capital. For
our advisory professionals, it is incredibly rewarding to help clients tackle complex challenges and be
on the forefront of the latest thinking and solutions.
This has allowed our consulting group to continue to grow at a much more rapid pace than our accounting and tax practices and you’ll find that to be
true in a number of other firms, as well.