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Former US partners hire lawyers in fight for bigger share of the proceeds from New Mountain deal
Accounting firm recently agreed to sell a majority stake to New Mountain Capital
...private equity group Hellman & Friedman to fund an acquisition spree, and is likely to further intensify competition in a sector that has been fast expanding beyond traditional tax and accounting into consulting...
...H&F has invested in business services companies such as advertising agencies, advisory firms and insurance brokerages for decades....
...While spinning out divisions into separate entities frees them from conflict of interest restrictions within the Big Four audit and consulting firms, some partners are sceptical of the benefits when weighed...
...While tech consulting slowed from the heady pace in the wake of the coronavirus pandemic, companies are still upgrading their IT and digital services, Deloitte said, and it has started selling AI and metaverse...
...The Public Company Accounting Oversight Board fined PwC’s Greek business $3mn on Tuesday and levied a $500,000 penalty on KPMG in Japan on Wednesday for failing to meet US standards in their audits of New...
...Some of the world’s biggest audit and consulting firms are asking staff to use burner phones when they visit Hong Kong, a sign of the increasing difficulties global companies are facing in a city long known...
Move comes after accountancy firm abandoned traditional partnership model
...Senior executives at one major US publisher said the news industry was working retroactively because tech companies had launched these products without consulting them....
Accounting firms have put inclusion of women and people from minority groups at heart of recruitment drive
...TPG sold a controlling stake in the talent agency CAA to Artémis, the holding company of the Pinault family, at a $7bn valuation....
...In October, the Financial Times reported that Deloitte was planning to axe about 150 junior consulting roles as part of its initial redundancy round....
...The Big Four accounting and consulting firm first launched the internal tool, called “PairD”, in the UK in October, in the latest sign of professional services firms rushing to adopt AI....
...One issue, Stephens said, was that a company might regard its detailed financial data as proprietary information....
...One recent study by researchers from Columbia University, the University of Houston and the Brattle Group consulting firm quantified the shortfall....
...The rest is controlled by a smattering of smaller companies like S&P Global and FactSet. Most of the segments are growing at a respectable clip....
...Consulting work slowed in the past year after enjoying bumper growth in 2021 and early 2022 when companies were seeking advice on how to deal with challenges linked to the Covid-19 pandemic....
...Revenue in consulting grew 16 per cent, to £1.6bn. Houston said the firm’s financial services, energy and resources, and public sector teams had all experienced “significant demand”....
...On average, companies that raised more than $1bn in IPOs over the past decade spent around $11.5mn on non-underwriting costs, according to the FT analysis....
...PwC Australia also sold its government consulting business for a nominal A$1 to try to ringfence its contracts from the fallout....
...EY has hired crisis adviser David Gold to conduct a review of the failed attempt to split its audit and consulting businesses....
...It signals the onset of tighter scrutiny of the accounting and consulting sector and rising uncertainty over the future of Deloitte, PwC, KPMG and EY in China....
...We imagine that the company’s supporters and sceptics might reach opposite conclusions....
...the latest in a string of transactions by the Big Four accounting firms, which also include EY, KPMG and PwC, as they attempt to raise funds for investment in areas such as technology and sustainability consulting...
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