Tuesday, June 11, 2019
Bloomberg Tax, Reborn Arthur Andersen Chases Global Legal, Tax Work; Shuns Audit:
Seventeen years after the collapse of accounting giant Arthur Andersen, a group of its former partners are aggressively expanding the resurrected Andersen name internationally into legal and tax advising.
“We want to revive some of the old magic,” Mark Vorsatz, CEO of Andersen Global, said in a phone call.
Since 2013, Andersen has grown from 16 offices in the U.S. to 19 and to144 offices worldwide. The pace of expansion has been picking up recently, with 46 offices opened in 2018 and 19 so far in 2019.
Revenue was around $500 million in 2018, with 2019 revenue expected to hit $600 million, according to figures from Andersen. “That could hit $1 billion under my tenure,” the 64-year-old Vorsatz said.
“It’s reasonable to add another 25 locations a year,” Vorsatz said. “We don’t compare to the Big Four but Andersen always believed in quality, not quantity.”
The largest of the Big Four firms, Deloitte LLP, had 2018 revenues of $43 billion, according to figures from Andersen. Vorsatz said that the old Arthur Andersen didn’t chase revenues for their own sake.