Despite the COVID-19 pandemic, RSM revenue in 2020 grew 9.2% to $6.3B. RSM is a leading global provider of audit and tax services focused on the middle market. It has been increasingly focused on selling consulting services as well which contributed significantly to the RSM growth. And with a massive team of 48,000 people across 120 countries, it has the capabilities to deliver its breadth of services to its clients.
RSM Revenues Rise Year Over Year in 2020
In 2020, RSM revenue grew from $5.7B to $6.3B. RSM revenue growth was most impacted by its consulting services, which grew at 15%. The tax group moved quickly to help existing clients deal with the complexity and evolving tax landscape created by the large-scale legislation passed by Congress. Clients also needed help navigating applications for government stimulus packages, as well as M&A opportunities.
Consulting Services Play Key Part in Growth
RSM revenue growth was most impacted by fast growth in consulting services, which in turn was driven by demand for IT consulting and risk management solutions for middle market business leaders trying to optimize their pandemic responses. In addition, business consulting to serve clients trying to reorganize and digitize their infrastructure was another key growth driver for the firm.
Another growth enabler was geographic expansion. This was enabled by 12 new offices opened in locations such as Denmark, Chile, Paraguay, Zambia and Kazakhstan. RSM now has 820 (!) offices across the Americas, Europe, MENA, Africa and Asia Pacific.
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Conclusion
RSM revenue growth in 2020 was an impressive 9%. Consulting services revenue grew fastest at 15%, in large part driven by middle-market companies looking for help in navigating the pandemic. It seems the firm has found a new recipe for growth going forward. The question remains: can RSM sustain this growth in 2021 and beyond? Only time will tell.
Additional Reading:
- According to BCG Study, Retail Banks Must Adapt a Digital-First Operating Model in Light of Acceleration Brought on by Pandemic
- KPMG Revenue Up- But Growth Slowing
- Variable Cost: Examples, Definition, & Formula