Article“Lateral Partner Opportunities in the NY CPA Market” – Firms Use Lateral Hiring as a Business Development Strategy
In a contribution to The CPA Journal, accounting industry expert Robert Fligel reveals why more and more CPA firms are turning to lateral hiring as a strategy to drive new business.
Fligel writes that there are five primary reasons why lateral hiring is accelerating in the New York market:
- Organic growth has been slow and firms believe this trend will continue for several more years.
- The market demands increasing specialization and niche businesses.
- Many firms are facing a leadership gap. They are unprepared for succession in key profit centers, such as the core tax and audit businesses, SEC work, international services, and trusts and estates.
- Some firms are in dire need of partners with business-development skills.
- Due to years of decline in the number of college graduates with accounting degrees, firms in particular—and the profession as a whole—are facing a much smaller next generation of potential new leaders.
He goes on to offer guidance to both firms considering lateral hiring and accounting professionals considering a lateral move. RF Resources provides services to both groups.
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