Global growth at Praxity alliance with women partners up almost 30%

Global accountancy firm network Praxity has reported a 3% rise in in member revenue for 2015, equating to a 12% increase when exchange rate fluctuations are included, marking the ninth consecutive year of growth for the alliance, while nearly 30% of senior women were also made partners

The total number of partners grew by over 16% to 3,287 and 2015 saw more women become partners of member firms than in 2014 - up by nearly 30% to 613 – accounting for nearly 19% of total partners.

Praxity says member firm fees rose from $4.36bn in 2014 to $4.5bn, a rise of almost 3%, which, when taking the significant exchange rate movement into account, equates to an 11.93% rise on a like-for-like basis.

There were increases in six of the seven service line revenue streams led by nearly a 250% rise in corporate finance, followed by litigation support at more than 60%, management consulting (36%), tax services (25%), audit and accountancy at 20%, and corporate recovery/Insolvency above 9%. Client demand for other services fell close to 68%.

 

Praxity, which is ranked at number nine in the Accountancy listing of international accounting networks, saw strongest growth in Asia Pacific, where revenues were up by nearly 40%, followed by Europe at 10%, North America and Africa/Middle East at nearly 9% and Latin America at nearly 4%.

The total number of partners grew by over 16% to 3,287 and 2015 saw more women become partners of member firms than in 2014 - up by nearly 30% to 613 – accounting for nearly 19% of total partners.

Similarly, the percentage of female professionals increased by over 21% to 14,224, accounting for nearly 53% of all professionals, ahead of 12,646 male professionals. Graduate numbers also grew by over 18% to 2,885.

Newly appointed Praxity vice chair Gordon Krater, managing partner at Plante Moran in the US, said: ‘Our results confirm the quality of our member firms and their ability to serve clients’ needs.

'I’m delighted to see more women being offered and accepting partnership roles and accounting for over half our professional representation at some 53%. I look forward this year to member firms working together and delivering pragmatic value-added services.’

Praxity participants now employ over 39,000 people - a rise of just over 10% since 2014 -in 630 offices across 103 countries. Growth is a result of participant mergers and organic growth, plus new additions in Italy and Australia.

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Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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