RSM’s Global Revenue Soared 9.2% in FY 2020 Because the Firm Spat In the Face of Adversity or Something Like That

The international firm formerly known as McGladrey was thrilled with the fact that its global revenue increased 9.2% from $5.7 billion in 2019 to $6.3 billion during the year of our COVID Lord 2020.

RSM Global CEO Jean Stephens ruminated:

“2020 has been a challenging year but our growth reflects the agility and resilience we have shown in the face of adversity, adapting our digital infrastructure in line with rapid change, being purposeful in our decision-making and prioritising the wellbeing of our colleagues and business security of our clients.

“At a time when businesses are being challenged to transform, we remain focused on providing innovative, high-quality services and solutions to help our clients reimagine their future.”

Who is more agile in the face of adversity: ex-Minnesota Vikings running back Adrian Peterson blowing past a tackle by Arizona Cardinals defensive back James Sanders or RSM making billions during a pandemic? I guess it’s RSM (no offense, Adrian).

RSM didn’t disclose in a press release how much money each of its three core service lines brought in last year, just that each one increased its revenue over 2019, so I guess we’ll have to trust RSM’s fuzzy math:

Consulting services saw the highest growth with an increase of 15%. This was driven by demand for management and business consulting, IT consulting and risk management, as RSM supported middle market business leaders in their response to the pandemic, the reorganisation of their business operations and the digitalisation of their infrastructure.

Significant audit client wins in 2019 contributed to a 10% increase in audit revenue in 2020. Audit services were further enhanced through the launch of an innovative online collaboration tool to enhance client experience, enable efficiencies in audit, compliance and advisory services, as well as offering integrated data analytics capabilities.

Recording a 6% increase in global tax revenue, predominantly driven by its business advisory services, RSM’s tax team rapidly mobilised to help clients address heightened complexity in an ever-changing legislative landscape caused by the COVID-19 crisis. RSM also saw an increased demand for advice regarding the application of government stimulus packages, M&A opportunities for strategic deals and, in the latter part of the year, restructuring and transaction support as businesses looked for recovery solutions.

There are now 48,000 people across 120 countries who work for Really Still McGladrey.

[RSM]

Related article:

RSM’s 6.9% Increase In Global Revenue For 2019 Seems Respectable

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2 Comments

  1. Actually, don’t forget that RSM laid off a very significant part of their workforce this year because of “Covid”. So, the comment about prioritizing the well being of its colleagues is largely a lie or at the very least misleading. But, what would you expect from a Mickey Mouse firm with a decent PR budget such as McGladrey. Kids in college beware of this in deciding where you choose to work…

    Also, it is hilarious that Jean Stephens likes to refer to herself as the global “CEO”, which is by far not the case. She is a glorified admin for the network.

  2. I work for RSM and it is excellent firm to work for. There were not significant layoffs as suggested. The layoffs that did occur were based of performance, as the firm had kept on people that should have been terminated years ago because growth was so rapid that we needed them even if they weren’t adding the amount of value they should. When I looked at the layoffs in my office everyone on that list has been rated poorly in the past or were on performance improvement plans. What RSM did do during the recession is cut no ones pay, paid bonus, provided merit increases to all staff, did not stop 401K matches, provided meals stipends to employees without providing receipts and for those that didn’t take them gave the money to charity, gave everyone in the firm time off form December 24 to January 4th without using any PTO, and provided enhanced health benefits for mental health. Find another firm that did that during COVID.

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