The 2020 RSM US annual report is out, and boy is it a real page-turner. But I found what I was looking for in the “Our Perspective” portion of the report: RSM’s FY 2020 revenue.
If you’ve perused INSIDE Public Accounting’s latest ranking of the top 100 public accounting firms in the U.S. based on revenue, you might have noticed No. 5 RSM’s revenue at $2,706,305,000, which accounting firm revenue wonks would know must be FY 2020’s results because, as we reported last September, RSM’s FY 2019 revenue topped out at $2.4 billion.
Sure enough, RSM’s annual report shows FY 2020 revenue at $2.7 billion. Here are some other highlights of the report, including revenue portion by service line:
So RSM’s revenue increased about 11% over last year, but keep in mind the firm’s year end is April 30, so the full effect of the COVID-19 pandemic on the firm’s businesses won’t really be felt until FY 2021.
In a letter to clients and colleagues, RSM US boss Joe Adams outlined the four steps, or “guardrails,” the firm took to “approach the management of our own business” during the Rona:
Keep everyone as safe as possible. Retain as many jobs as possible. Maintain compensation at current levels. And a commitment from our owners to support our people during these difficult times. These guardrails, along with a continuing focus on our long-term strategy and our values, enabled us to successfully navigate the first months of the pandemic and put us in a position to pay our employees bonuses and continue to make strategic investments in our future.
Damn, Joe skipped over guardrails one through three and went right to four! While many of RSM’s competitors announced no bonuses for employees this year, the House of Adams told RSMers in June that the firm would at least fund its portion of employee bonuses at 70%.
Because Joe glossed over the other guardrails, I thought I’d fill in the blanks for him:
- RSM employees have been working from home since March 17 because of the pandemic.
- There were not one but two rounds of job cuts at RSM, sooooo you be the judge about job retention.
- RSM hasn’t cut employee pay during the pandemic. And after originally announcing raises only for those RSMers who are getting promoted, Adams told employees last week that raises for everyone are back on the table.
So Adams’ family, how do you feel about your firm’s performance in FY 2020 and how it has dealt with the pandemic?