The merger between Friedman LLP and Marcum LLP, two national accounting and advisory firms with a New Jersey presence, closed in early September. The deal creates a national top-12 firm with nearly $1 billion in revenue and more than 3,400 associates.
“The integration of Friedman into Marcum will accelerate and expand our ability to offer increasingly specialized services and deep industry insights,” the firms said in a statement. “Together, our complementary practices, entrepreneurial mindset, and employee-centric culture form a powerful foundation for the long-term success of our clients, partners, and staff.”
Friedman assured clients and friends of the firm that they will have access to a deep bench of talent, offering the capabilities of more than two dozen specialized industry groups.
Another big deal
Professional services firm Citrin Cooperman announced in August that Untracht Early and its 150 partners and staff are now part of the New York-based buyer’s team. Read about the move here.
“In addition, Friedman’s core tax, assurance, and advisory practices will be enriched by the full complement of technology consulting, wealth management, and executive search and staffing services offered under the Marcum Group umbrella,” Friedman wrote in the statement.
“Marcum and Friedman share common roots in the New York area, extensive histories of exceptional client service, similar employee-oriented cultures, and a commitment to leading in emerging growth areas in our profession,” Marcum Chairman and CEO Jeffrey Weiner said in May. “We view this transaction as a very natural fit and are excited about our shared future together.”
Both firms rank high on Accounting Today’s list of top firms with Marcum as No. 15 and Friedman, which has been in business since 1924, as No. 33. According to the firms, the merger deepens their capabilities in service areas including public company audit and assurance, digital assets, cybersecurity, real estate, construction and other advisory services. It will also create one of the largest firms serving Chinese companies listed on the U.S. stock markets.
Friedman clients are getting access to expanded services, such as strategic information technology consulting and wealth management. And, the deal enables the combined firm to enhance and scale investment in technology, talent and innovation.
According to Frederick Berk, co-managing partner of Friedman, that firm has experienced record growth, hiring and revenues over the past two years.
“Friedman has been fortunate during its history to grow through selective mergers, the addition and retention of great clients, and the thoughtful contributions of employees at every level of our firm,” said Harriet Greenberg, co-managing partner of Friedman. “Joining with Marcum is the next logical step in that evolution. Our complementary practices and entrepreneurial mindsets form a powerful foundation for long-term strategic growth.”