July 16, 2018

Here’s Your Open Thread for BDO Compensation Discussions (2016)

BDO is a firm on a roll. Just last week they announced a third straight year of 20%+ growth in revenue to $1.29 billion. They admitted 39 new partners this year, the largest class since we began covering those promotions. They're snapping up firms left and right. Yep, everybody sounds pretty happy.

Oh, who am I kidding — there's always griping going on, at least according to this tip we received:

BDO Houston comp talks have been taking place over the last couple days.  The legacy UHY people I've spoken to are pissed, haven't talked to a single happy camper yet.  Some are being told it relates to a tough market, oil being down, clients are hurting, etc.  Others were told that the current conditions had no influence and that these numbers are normal.  Staff with a 2016 start date are getting three figures.

If you recall, BDO acquired UHY's Texas practice in late 2014. Prior to the acquisition, UHY was the 5th largest accounting firm in Houston. These days, they're just part of Bravo Delta Oscar machine chasing after Grant Thornton and McGladrey (ooops, RSM) for second-tier firm glory.

But how are the rank 'n' file doing? Are they rewarded for the firm's success? That's why we'll leave this post here, so they can discuss it. As always, the GC comment hall monitors like for those participating to include the following info:

  • Position, promotion (if applicable)
  • City (region is not informative) & Line of Service
  • % Raise 
  • % Bonus (if any)
  • Old & New Base

Bon appétit.

More compensation season:
PwC
RSM
Grant Thornton

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Jeremy Newman Just Wants to Be Clear, We are NOT Declaring Victory Over Banco Espirito…YET

BDO_International.pngAfter throwing an all night rager last week when BDO International Global Coordination skated on the $521M verdict, Jeremy Newman, BDO Boss, wants everybody to chill.

Newman said he had always been confident that BDO International’s arms-length approach would be proved but added: ‘There is still the risk of a further appeal, as well as the appeal by the US firm.’

See? Staying cool. Not out of the woods yet. But when we beat those bastards on appeal, then we are getting down.

Newman stays cool after BDO victory
[Accountancy Age]

You Know That Guy That Panhandles on Your Block? He May Be a CPA.

Anybody out there looking to help their fellow CPA, who’s down on his luck?
The Wall St. Journal is reporting that the former BDO Seidman LLP CEO, Denis Field may have to pay back a portion of $180 million that is being sought by prosecutors in the tax shelter case that involves Field and six others.
Natch, everybody has denied wrongdoing. The charges include conspiracy and tax evasion. Good luck with that.

Prosecutors Seek Ex-BDO Seidman CEO, 6 Others To Forfeit $180M
[WSJ]