Marcum LLP and Friedman LLP, two national accounting and advisory firms with a presence in New Jersey, are in advanced talks of merging.
Per the discussions, Friedman will merge into Marcum, resulting in a national top-12 firm with approximately $1 billion in annual revenue and more than 3,400 associates. The merger is anticipated to close in summer 2022.
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 May 3 announcement, the merger will deepen the firms’ 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.
The merger will give Friedman clients access to expanded services, such as strategic information technology consulting and wealth management. And, it will enable the combined firm to enhance and scale investment in technology, talent and innovation.
“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. We view this transaction as a very natural fit and are excited about our shared future together,” said Jeffrey Weiner, chairman and chief executive officer of Marcum, who will maintain both roles.
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.”d