Washington Business Journal reporter, Bill Flook, spoke to me recently for an article that he was authoring about how the “big four” accounting firms are restructuring and staffing to compete in the emerging IPO market in theWashington,D.C. tech community.
According to the article, despite the ongoing market fluctuation and down economy, the technology market in the National Capital region is seeing significant growth thanks in large part to the success of multiple, local tech startups.
These companies are driving a level of interest not seen in the tech space in the area since the dotcom bubble and leading to accounting and law firms moving to compete with each other and local firms to take these companies through the IPO process.
While much has changed in the accounting industry since I worked for PricewaterhouseCoopers a little over a decade ago, one thing has not changed – competition. The big four are still fighting it out to win the coveted IPO candidates and are also competing for high quality business development talent.
While they also have to compete with regional and national accounting firms with public company attest capabilities, the competition still does not compare to that in the legal industry.
Regardless of the competition that this wave of IPO activity is driving in the legal and accounting space, it’s a positive sign for theWashington,D.C.business community, economy and technology markets.
As I discussed in a recent post on the ACG National Capital blog, theWashington,D.C. regional economy has remained one of the few bright spots in the nation during the ongoing economic downturn. Although many people would attribute this economic stability to the area’s government market, it’s not the only industry that is succeeding in the face of economic uncertainty.
The healthcare, biotechnology, technology and security industries are continuing to see continued investment and revenue growth in the National Capital region and, in conjunction with the strong government market, are helping to drive the areas strong economy.
This restructuring, restaffing and competition for candidates and talent in the law and accounting firms is evidence that these industries are growing and will be a cornerstone for the D.C. regional economy for years to come.