In the inaugural IPA 100 rankings in 1991, just four firms outside of the Big 6 reported annual revenue exceeding $100 million. A decade later, that number had nearly tripled, with 11 firms surpassing the $100 million mark in 2001. Then, in 2005, the profession saw a historic milestone: RSM McGladrey became the first non-Big 4 firm to reach $1 billion in revenue. That same year, only 14 firms had crossed the $100 million threshold.
Fast forward to 2025, and the landscape has transformed dramatically. This year’s IPA 100 includes 11 firms with revenue above $1 billion and an additional 51 firms above the $100 million mark. In fact, you have to go all the way to No. 67 on the list to find a firm with less than $100 million in annual revenue – a sharp contrast to earlier decades when this level of financial scale was rare.
With more billion-dollar firms than ever before, the August IPA Insight offers a compelling look at the forces driving unprecedented growth – and what that means for the future of the profession.
