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The AI Capability Layer: Who Will Own the Infrastructure Behind AI-Enabled Professional Services?
31. August 2026
For several years, the artificial-intelligence discussion inside professional services has focused primarily on what individual firms are building. Deloitte, PwC, EY, KPMG and their competitors have invested heavily in internal AI environments, proprietary tools, data platforms, technology alliances and workflow automation. The assumption underneath much of the debate has been familiar: each firm chooses its
Case Study 43: Citrin Cooperman and the Accounting Firm That Became Transferable
24. August 2026
In October 2021, New Mountain Capital invested in Citrin Cooperman at a reported enterprise value of approximately USD 500 million. A little more than three years later, an investor group led by Blackstone agreed to acquire New Mountain’s interest in a transaction reported to value Citrin at more than USD 2 billion. Revenue had increased
Case Study 42: Grant Thornton, CBIZ and the Public Company That Became Harder to Keep Public
10. August 2026
When CBIZ entered the public markets in 1996, it began an institutional experiment that would eventually make it one of the most unusual organisations in professional services. The listed company developed a commercial platform around independently owned CPA firms, allowing it to provide accounting, tax, advisory, technology and administrative services while the regulated firms retained
Case Study 34: Grant Thornton Australia and the Real Economics of Private Equity in Professional Services
1. Juni 2026
Private equity entering professional services is no longer a theoretical discussion. Over the past several years, accounting, tax and advisory firms have increasingly explored external capital, alternative practice structures, platform consolidation and sponsor-backed expansion models. The pattern is now visible across Grant Thornton, Baker Tilly, Citrin Cooperman, MHA, Interpath, Vialto and multiple regional accounting roll-ups.
Case Study 23: The Fragmentation of a Global Firm – How Private Equity Is Reshaping Grant Thornton
23. März 2026
Originally published March 2026, updated May 2026. For most of its history, Grant Thornton operated through the standard global professional-services model: a network of legally separate member firms sharing a brand, methodologies, and network infrastructure, but not functioning as a single worldwide partnership. Grant Thornton International itself states that its member firms are separate legal