partnerorpe.com
CPA Equity Structure IndexTotal Market Size$137.86B
PE / Debt Platform Shift17 Practices
Ownership Composition
Aggregated market capital structures across the Top 100 U.S. CPA practices, showing the ongoing shift from traditional partnerships to institutional backing.
Institutional Backing (17%, 17 firms) Independent Partnership (83%, 83 firms)
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UPDATING...Showing 100 of 100 firms
💡 Click any row to expand structural details and backers
| Rank | Firm / Leadership | Capital Structure | Net Revenue | HQ Region | Structural Notes | |
|---|---|---|---|---|---|---|
| 1 | Deloitte LLP Jason Girzadas | Partner-Owned | $33.05B | New York | Strictly independent, traditional partnership model. Entirely self-funded by internal partner capital. | â–¼ |
| 2 | PwC Paul Griggs | Partner-Owned | $24.34B | New York | Strictly independent, traditional partnership model. Entirely self-funded by internal partner capital. | â–¼ |
| 3 | Ernst & Young LLP Julie Boland | Partner-Owned | $24.15B | New York | Strictly independent. Formally canceled 'Project Everest' (the proposed PE-backed advisory split) to remain a unified partnership. | â–¼ |
| 4 | KPMG Bill Thomas | Partner-Owned | $15.20B | New York | Strictly independent, traditional partnership model. Entirely self-funded by internal partner capital. | â–¼ |
| 5 | RSM US LLP Brian Becker | Partner-Owned | $4.03B | Chicago | Unconsolidated, independent partner-owned structure. Focuses on internal partner equity and organic middle-market growth. | â–¼ |
| 6 | Baker Tilly Jeff Ferro | PE Equity | $3.36B | Chicago | Implemented an alternative practice structure (APS). Significantly expanded its platform by completing a mega-merger with Moss Adams (Rank 11 at the time) on June 3, 2025, to create a combined $7B advisory powerhouse. | â–¼ |
| 7 | CBIZ Chris Spurio, Andrew Gragnani | Public Equity / Debt | $2.94B | Cleveland, New York | Operates an alternative practice structure with Mayer Hoffman McCann PC (MHM). Funded via public markets and corporate debt facilities. Acquired Top 20 firm Marcum to aggressively scale its national platform. | â–¼ |
| 8 | BDO USA Wayne Berson | Institutional Debt (ESOP) | $2.88B | Chicago | Pioneered the mega-firm shift to an Employee Stock Ownership Plan (ESOP). Rather than selling equity control to a PE sponsor, BDO utilized a massive credit facility from Apollo's hybrid value business to buy out legacy partners and fund employee equity. | â–¼ |
| 9 | Grant Thornton Jim Peko | PE Equity | $2.37B | Chicago | Closed a landmark majority investment deal, restructuring into an alternative practice structure to optimize advisory and tax capitalization. | â–¼ |
| 10 | Forvis Mazars LLP Tom Watson | Partner-Owned | $2.24B | Network | Traditional independent partnership structure. | â–¼ |
| 11 | CLA Jennifer Leary | Partner-Owned | $2.04B | Network | Traditional independent partnership structure. | â–¼ |
| 12 | Crowe LLP Steven Strammello | PE Equity | $1.28B | Chicago | Announced a massive strategic investment from KKR to fund technology infrastructure, lateral partner hires, and domestic/international add-on acquisitions. | â–¼ |
| 13 | Plante Moran Jason Drake | Partner-Owned | $1.20B | Southfield, Mich. | Traditional independent partnership structure. | â–¼ |
| 14 | CohnReznick LLP David Kessler | Partner-Owned | $1.15B | New York | Remains traditionally partner-owned, maintaining an independent partnership structure despite surrounding consolidation. | â–¼ |
| 15 | Eisner Advisory Group LLC Charly Weinstein | PE Equity | $1.02B | New York | One of the earliest movers in the institutional space. Continues an aggressive roll-up strategy, absorbing regional firms and specialized advisory groups (e.g., Sherwood Partners). | â–¼ |
| 16 | Citrin Cooperman Alan G. Badey | PE Equity | $871.00M | New York | Originally backed by New Mountain Capital; Blackstone joined as a major co-investor to inject secondary growth capital for mid-market expansion. | â–¼ |
| 17 | Eide Bailly LLP Jeremy Hauk | PE Equity | $761.24M | Network | Announced a significant private equity investment from Reverence Capital Partners to transition out of the traditional partnership model. | â–¼ |
| 18 | Andersen Mark L. Vorsatz | Partner-Owned | $731.50M | San Francisco | Traditional independent partnership structure. | â–¼ |
| 19 | Armanino Advisory LLC Matt Armanino | Partner-Owned | $697.37M | San Ramon, Calif. | Traditional independent partnership structure. | â–¼ |
| 20 | Cherry Bekaert Michelle Thompson | PE Equity | $658.00M | Raleigh, N.C. | Operates an alternative practice structure, utilizing PE capital to systematically absorb regional CPA practices across the Sunbelt and corporate technology consulting groups. | â–¼ |
| 21 | Wipfli LLP Kurt Gresens | Partner-Owned | $612.20M | Milwaukee | Traditional independent partnership structure. | â–¼ |
| 22 | WithumSmith+Brown PC Patrick Walsh | Partner-Owned | $610.73M | Princeton, N.J. | Traditional independent partnership structure. | â–¼ |
| 23 | Carr Riggs & Ingram LLC Chad Pinson | Partner-Owned | $506.45M | Enterprise, Ala. | Traditional independent partnership structure. | â–¼ |
| 24 | Aprio LLP Richard Kopelman | PE Equity | $485.34M | Atlanta | Transitioned to a PE-backed model to fuel programmatic M&A consolidation, rapidly acquiring regional accounting teams (e.g., Price Kong, TaxOps). | â–¼ |
| 25 | Sikich LLC Christopher Geier | PE Equity | $438.87M | Naperville, Ill. | Secured a $250 million minority equity investment from Bain Capital to expand its technology-enabled professional services and corporate advisory practices. | â–¼ |
| 26 | PKF O’Connor Davies Kevin J. Keane | Partner-Owned | $410.00M | Harrison, N.Y. | Traditional independent partnership structure. | ▼ |
| 27 | UHY Steven P. McCarty | Partner-Owned | $385.50M | Farmington Hills, Mich. | Traditional independent partnership structure. | â–¼ |
| 28 | Weaver John J. Mackel | Partner-Owned | $383.40M | Houston | Traditional independent partnership structure. | â–¼ |
| 29 | Kearney & Company PC Brian Kearney | Partner-Owned | $288.06M | Alexandria, Va. | Traditional independent partnership structure. | â–¼ |
| 30 | HORNE J. Rusty Butcher | Partner-Owned | $271.46M | Ridgeland, Miss. | Traditional independent partnership structure. | â–¼ |
| 31 | Holthouse Carlin & Van Trigt LLP Vicken Haleblian | Partner-Owned | $267.28M | Los Angeles | Traditional independent partnership structure. | â–¼ |
| 32 | BPM LLP Jim Wallace | Partner-Owned | $261.40M | San Francisco | Traditional independent partnership structure. | â–¼ |
| 33 | RubinBrown LLP Steven L. Harris | Partner-Owned | $240.40M | St. Louis | Traditional independent partnership structure. | â–¼ |
| 34 | Whitley Penn Nathen McEown | Partner-Owned | $237.75M | Fort Worth, Texas | Traditional independent partnership structure. | â–¼ |
| 35 | LBMC PC James Meade Jr. | Partner-Owned | $234.57M | Brentwood, Tenn. | Traditional independent partnership structure. | â–¼ |
| 36 | Novogradac & Company LLP Michael J. Novogradac | Partner-Owned | $230.37M | San Francisco | Traditional independent partnership structure. | â–¼ |
| 37 | Rehmann LLC Stacie Kwaiser | Partner-Owned | $219.44M | Troy, Mich. | Traditional independent partnership structure. | â–¼ |
| 38 | Frank Rimerman + Co. LLP Brian Kreischer | Partner-Owned | $208.75M | Palo Alto, Calif. | Traditional independent partnership structure. | â–¼ |
| 39 | Elliott Davis LLC Rick Davis | Partner-Owned | $193.21M | Greenville, S.C. | Traditional independent partnership structure. | â–¼ |
| 40 | The Bonadio Group Bruce Zicari | Partner-Owned | $189.47M | Pittsford, N.Y. | Traditional independent partnership structure. | â–¼ |
| 41 | Frazier & Deeter LLC Seth McDaniel | PE Equity | $184.02M | Atlanta | Partnered with General Atlantic via a strategic minority investment aimed at accelerating digital transformation, AI tax compliance integration, and international reach. | â–¼ |
| 42 | Cohen & Co. Chris Bellamy | Partner-Owned | $183.77M | Cleveland | Traditional independent partnership structure. | â–¼ |
| 43 | BerryDunn Sarah Belliveau | Partner-Owned | $181.13M | Portland, Maine | Traditional independent partnership structure. | â–¼ |
| 44 | Hill Barth & King LLC Tom Angelo | Partner-Owned | $175.59M | Canfield, Ohio | Traditional independent partnership structure. | â–¼ |
| 45 | Schellman Avani Desai | PE Equity | $171.46M | Tampa, Fla. | A specialized IT compliance and cybersecurity attestation firm that took early private equity backing to expand its global enterprise risk platform. | â–¼ |
| 46 | Doeren Mayhew Chad M. Anschuetz | PE Equity | $170.37M | Troy, Mich. | Partnered with Audax to secure expansion capital, executing a series of regional accounting and wealth management add-ons. | â–¼ |
| 47 | Katz Sapper & Miller Tim Cook | Partner-Owned | $166.04M | Indianapolis | Traditional independent partnership structure. | â–¼ |
| 48 | Warren Averett Mary Elliot | Partner-Owned | $165.46M | Birmingham, Ala. | Traditional independent partnership structure. | â–¼ |
| 49 | Kaufman Rossin Blain L. Heckaman | Partner-Owned | $164.00M | Miami | Traditional independent partnership structure. | â–¼ |
| 50 | Anchin Block & Anchin LLP Russell B. Shinsky | PE Equity | $150.73M | New York | Acquired directly by the PE-backed Baker Tilly platform, fully absorbing Anchin's legacy New York metro practice into the Baker Tilly brand. | â–¼ |
| 51 | Miller Cooper & Co. Ltd. Kristen Fitzpatrick | Partner-Owned | $149.79M | Chicago | Traditional independent partnership structure. | â–¼ |
| 52 | Grassi Advisory Group Inc. Louis C. Grassi | Partner-Owned | $146.54M | New York | Traditional independent partnership structure. | â–¼ |
| 53 | Blue & Co. LLC Brad Shaw | Partner-Owned | $139.45M | Carmel, Ind. | Traditional independent partnership structure. | â–¼ |
| 54 | RKL LLP Ed Monborne | Partner-Owned | $138.01M | Lancaster, Pa. | Traditional independent partnership structure. | â–¼ |
| 55 | Schneider Downs & Co. Inc. Christopher McElroy, Steven Thompson | Partner-Owned | $131.99M | Pittsburgh | Traditional independent partnership structure. | â–¼ |
| 56 | Berkowitz Pollack Brant Joseph Saka | Partner-Owned | $131.81M | Miami | Traditional independent partnership structure. | â–¼ |
| 57 | Pinion LLC Jeffrey Wald | Partner-Owned | $130.78M | Salina, Kan. | Traditional independent partnership structure. | â–¼ |
| 58 | Prager Metis International Glenn Friedman, Lori Roth | Institutional Debt | $128.92M | New York | Relies on corporate and mezzanine debt facilities to optimize its international business management and entertainment industry financial service practices rather than selling equity control. | â–¼ |
| 59 | Mauldin & Jenkins LLC V. Hanson Borders | Partner-Owned | $120.64M | Atlanta | Traditional independent partnership structure. | â–¼ |
| 60 | SC&H Group Pritpal Kalsi | Partner-Owned | $115.00M | Sparks, Md. | Traditional independent partnership structure. | â–¼ |
| 61 | Sorren Josh Tyree | Partner-Owned | $114.98M | Meridian, Idaho | Traditional independent partnership structure. | â–¼ |
| 62 | Bennett Thrasher LLP Jeff Call | Partner-Owned | $113.95M | Atlanta | Traditional independent partnership structure. | â–¼ |
| 63 | Sax LLP Joseph A. Damiano | Partner-Owned | $110.89M | Parsippany, N.J. | Traditional independent partnership structure. | â–¼ |
| 64 | SingerLewak LLP Jim Pitrat | Partner-Owned | $105.68M | Los Angeles | Traditional independent partnership structure. | â–¼ |
| 65 | Clark Schaefer Hackett & Co. Kerry Roe | Partner-Owned | $104.28M | Miamisburg, Ohio | Traditional independent partnership structure. | â–¼ |
| 66 | H&CO Armando Hernandez | Partner-Owned | $100.39M | Coral Gables, Fla. | Traditional independent partnership structure. | â–¼ |
| 67 | Dean Dorton David Bundy | Partner-Owned | $98.51M | Lexington, Ky. | Traditional independent partnership structure. | â–¼ |
| 68 | Aldrich John Lauseng | Partner-Owned | $92.25M | Lake Oswego, Ore. | Traditional independent partnership structure. | â–¼ |
| 69 | Wolf & Company PC Gerald R. Gagne | Partner-Owned | $90.67M | Boston | Traditional independent partnership structure. | â–¼ |
| 70 | Brown Edwards & Company LLP Laura Sprouse | Partner-Owned | $87.88M | Roanoke, Va. | Traditional independent partnership structure. | â–¼ |
| 71 | Lutz Mark Duren | Partner-Owned | $85.31M | Omaha, Neb. | Traditional independent partnership structure. | â–¼ |
| 72 | Anders Robert J. Minkler Jr. | Partner-Owned | $85.18M | St. Louis | Traditional independent partnership structure. | â–¼ |
| 73 | Rea Mark McKinley | Partner-Owned | $82.48M | New Philadelphia, Ohio | Traditional independent partnership structure. | â–¼ |
| 74 | PBMares LLP Harvey L. Johnson | Partner-Owned | $80.51M | Newport News, Va. | Traditional independent partnership structure. | â–¼ |
| 75 | Sensiba LLP John Sensiba | Partner-Owned | $77.54M | San Ramon, Calif. | Traditional independent partnership structure. | â–¼ |
| 76 | HHM CPAs James D. Hutcherson | Partner-Owned | $76.83M | Chattanooga, Tenn. | Traditional independent partnership structure. | â–¼ |
| 77 | HoganTaylor LLP Randy Nail | Partner-Owned | $75.83M | Tulsa, Okla. | Traditional independent partnership structure. | â–¼ |
| 78 | Cain Watters & Associates LLC Dan Wicker | Partner-Owned | $75.31M | Frisco, Texas | Traditional independent partnership structure. | â–¼ |
| 79 | BMSS LLC Don Murphy | Partner-Owned | $75.27M | Birmingham, Ala. | Traditional independent partnership structure. | â–¼ |
| 80 | Kahn Litwin Renza & Co. Ltd. Paul Oliveira | Partner-Owned | $75.02M | Providence, R.I. | Traditional independent partnership structure. | â–¼ |
| 81 | Archer Lewis Matt Walters | Partner-Owned | $74.55M | Miami | Traditional independent partnership structure. | â–¼ |
| 82 | PYA Martin D. block | Partner-Owned | $74.31M | Knoxville, Tenn. | Traditional independent partnership structure. | â–¼ |
| 83 | Smith + Howard Sean Taylor | PE Equity | $74.20M | Atlanta | TPG purchased substantially all of the equity investment from former sponsor Broad Sky Partners, establishing a well-capitalized foundation for middle-market accounting roll-ups. | â–¼ |
| 84 | Gursey Schneider LLP Stephan Wasserman | Partner-Owned | $73.38M | Los Angeles | Traditional independent partnership structure. | â–¼ |
| 85 | Brady Martz Stacy DuToit | Partner-Owned | $71.96M | Grand Forks, N.D. | Traditional independent partnership structure. | â–¼ |
| 86 | AAFCPAs Carla McCall | Partner-Owned | $71.70M | Westborough, Mass. | Traditional independent partnership structure. | â–¼ |
| 87 | Miller Kaplan Michael Kaplan | Partner-Owned | $71.00M | Burbank, Calif. | Traditional independent partnership structure. | â–¼ |
| 88 | Clark Nuber PS Tom Sulewski | Partner-Owned | $70.89M | Bellevue, Wash. | Traditional independent partnership structure. | â–¼ |
| 89 | Wiss & Company LLP Paul Peterson | Partner-Owned | $70.00M | Florham Park, N.J. | Traditional independent partnership structure. | â–¼ |
| 90 | Haynie & Company Kent Christensen | Partner-Owned | $68.52M | Salt Lake City | Traditional independent partnership structure. | â–¼ |
| 91 | Freed Maxick PC Richard Wright | Partner-Owned | $68.04M | Buffalo, N.Y. | Traditional independent partnership structure. | â–¼ |
| 92 | Baker Newman Noyes Darren Hurlburt | Partner-Owned | $66.92M | Portland, Maine | Traditional independent partnership structure. | â–¼ |
| 93 | Boulay PLLP Thomas B. Johnson | Partner-Owned | $66.25M | Eden Prairie, Minn. | Traditional independent partnership structure. | â–¼ |
| 94 | GBQ Partners LLC Darci L. Congrove | Partner-Owned | $66.18M | Columbus, Ohio | Traditional independent partnership structure. | â–¼ |
| 95 | Kemper CPA Group LLP John A. Rubenacker | Partner-Owned | $66.07M | Evansville, Ind. | Traditional independent partnership structure. | â–¼ |
| 96 | REDW LLC Steve Cogan | Partner-Owned | $65.04M | Albuquerque, N.M. | Traditional independent partnership structure. | â–¼ |
| 97 | GHJ Tom Barry | Partner-Owned | $63.66M | Los Angeles | Traditional independent partnership structure. | â–¼ |
| 98 | YHB | CPAs & Consultants Thomas Milburn | Partner-Owned | $62.92M | Winchester, Va. | Traditional independent partnership structure. | â–¼ |
| 99 | Global Tax Management David Sekula | Partner-Owned | $60.36M | Wayne, Pa. | Traditional independent partnership structure. | â–¼ |
| 100 | Herbein + Company Inc. David W. Stonesifer | Partner-Owned | $60.20M | Reading, Pa. | Traditional independent partnership structure. | â–¼ |