RSM, the leading global audit, tax and consulting network focused on the middle market has announced revenue growth of 9.2% (calculated using average currency rates and 9.5% in constant currency terms) for 2020, taking global revenues to $6.3 billion and team to 48,000 people across 120 countries.
- Global revenue up from $5.7 billion to $6.3 billion
- Consulting revenues rise 15% as Member Firms support pandemic response
- New Member Firms appointed in Denmark, Chile, Paraguay, Zambia and Kazakhstan
- 12 new offices opened as global team numbers reach 48,000
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.
Jean Stephens, Global Chief Executive Officer, commented:
“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.”
Growth supported by an agile and robust pandemic response
At the start of the pandemic, RSM communicated a four-part framework for both internal management and client service approach, to navigate the different phases of the crisis – reaction, resilience, reactivation and reimagination. Prioritising the safety and support of colleagues, clients and communities, RSM’s business operations were rapidly digitised to facilitate remote collaboration and ensuring seamless business continuity.
A new, dedicated global learning management platform was rolled out, enabling a rapid transition from face-to-face to online learning and further enriching new ways of working, together with sharing latest industry insights, leadership and IT training and service line best practice.
To shape the future of RSM’s digital client service offering, a Digital Services Taskforce was created to facilitate the development of new technology solutions tailored for the middle market. A series of internal virtual training events and conferences were held to harness the creativity and lateral thinking of RSM’s global teams in order to pool ideas and shape client solutions.
Further highlights over the year include the appointment of RSM’s first Global Diversity and Inclusion Leader, together with the creation of a new role - global Chief Operating Officer - reflecting the significant development of RSM’s infrastructure in recent years and intended to further cement RSM’s position as one of the world’s leading networks.
Looking to the future
Jean Stephens concluded:
“It has been humbling to see the sense of community demonstrated by our Member Firms and teams over the course of this year and I am enormously proud of how we have supported clients during this extraordinary time.”
“We enter 2021 in a strong position. That said, we are highly cognisant of the fact that, in common with businesses across the globe, there will be material impacts on our Member Firms, clients and communities due to the lasting and ongoing effects of the pandemic.”
“Amidst the uncertainty and many challenges presented by the pandemic, we have seized the opportunity to reflect, and reimagine how we collaborate, harness the right technology, stay connected and intentionally shape our future. These are the themes that we continue to focus on as we think about the changing world around us and our 2030 strategic roadmap for RSM.”