Two leading professional services firms, Mazars, an international partnership operating in over 100 countries and territories, and FORVIS, a top-ranked firm in the United States, today mark the official launch of their groundbreaking global network, Forvis Mazars. This new alliance, Forvis Mazars, stands as a top 10 global network and is the largest new entrant in the global rankings in decades. Uniquely comprising just two firms, Forvis Mazars boasts the agility, capacity, and extensive reach to support clients no matter where they are in the world. This development injects fresh competition into the market, serving the public interest with a renewed vigor and choice.
Key leadership positions revealed:
The network consists of two primary members: Forvis Mazars, LLP in the United States, and Forvis Mazars Group SC, an internationally integrated partnership operating across over 100 countries and territories. Governance will be managed by a Global Network Board, responsible for ensuring seamless collaboration and high-quality client services worldwide.
Global Network Board:
Hervé Hélias will take the helm as the inaugural Chair of the Global Network Board. Hélias will continue his role as Chairman of the Group Executive Board of Forvis Mazars Group, SC (formerly Mazars Group). On the other hand, Matt Snow, Chairman of Forvis Mazars, LLP (formerly FORVIS, LLP), will step in as Vice Chair of the Global Network Board.
Within the United States, Tom Watson will remain as the CEO of Forvis Mazars, LLP (formerly FORVIS, LLP) and will also hold a position on the Network Board. Joining him from Forvis Mazars, LLP will be Rob Pruitt, Fran Randall, and Tim York, all of whom will serve on the Global Network Board.
From the international front, the Forvis Mazars Group will be represented by David Chaudat, Pascal Jauffret, Véronique Ryckaert, and Phil Verity on the Global Network Board.
Reacting to the momentous occasion, Hélias remarked, “This is a groundbreaking and exhilarating time for our clients, our profession, and our people. Mazars and Forvis have enjoyed a fruitful partnership spanning over two decades and share a dedication to delivering exceptional client experiences. We are uniquely positioned to provide excellence globally under one unified brand. Our clients can expect consistent, top-tier, comprehensive services worldwide, while we stay flexible to their unique needs. I am deeply honored to be the first Chair of the Global Network Board. Together, our two firms will elevate our service standards and seize industry opportunities to support future needs in local markets.”
Echoing these sentiments, Watson stated, “Forvis Mazars is founded on our dedication to listening to our clients, anticipating their challenges, and delivering an unparalleled client experience in every endeavor. This new network will rapidly unveil new prospects for our clients and our people, giving both groups confidence in our decisions aimed at their long-term success.”
Source: IAB World Network rankings 2023. Based on 2023 revenues of Mazars €2.8bn ($3bn) and FORVIS €1.6bn ($1.7bn)
This is a game-changer for the professional services market. Combining two powerhouses like Mazars and FORVIS will surely shake things up!
True, but don’t you think such a big merger could lead to monopolistic tendencies in the industry?
Right. Doesn’t this mean less competition overall, which could drive prices up?
Good point, both of you. But I think the increase in resources and capabilities will ultimately benefit the clients.
Does anyone else find it problematic that the same people who were leading the two separate companies are now leading the unified network?
It does raise concerns about a fresh perspective. How much actual change can we expect if the leadership remains mostly the same?
Maybe the continuity in leadership will ensure smoother integration initially, though.
I suppose, but it could also stifle innovation. Time will tell, I guess.
Bored already. Just another corporate merger to make the rich richer.
I disagree. This could create opportunities for mid-size businesses to get high-quality services without the big price tags of the Big 4.
Sure, if you believe that fairy tale. The big guys always find a way to charge more.
What about the employees? Will everyone keep their jobs, or will there be layoffs?
Usually, mergers like this do come with some job redundancies, but they’re often done to improve efficiency.
That’s a shame. The human cost is often overlooked in these big corporate moves.
I think it’s awesome that they’ve managed to launch such a massive global network! Imagine the sheer scale of the resources they’ll have access to now.
Yeah, but will those resources actually trickle down to the clients, or just stay at the top?
Hopefully, the clients benefit. That’s the whole point of the merger, isn’t it?
Does anyone know if Forvis Mazars has any plans for sustainability or environmental responsibility? These big firms need to lead the way.
Good question! No mention of sustainability in the article though. It’s something they should definitely address.
I agree. It’s concerning that it isn’t highlighted as a priority.
The formation of Forvis Mazars represents a pivotal moment in the professional services industry. Their unified approach could redefine client-service models.
Exactly, but what about their competitive strategy? Will they lean more towards aggressive expansion or a steadier growth model?
Given their histories, probably a mix of both. It will be interesting to see how they balance it.
This could either be a brilliant move or an absolute disaster. Merging cultures isn’t as easy as merging companies.
Very true. Cultural integration is often underestimated but crucial for long-term success.
So, they’re just rebranding as Forvis Mazars? What’s really going to change apart from the name?
A lot, hopefully! New strategies, new opportunities, and better services for clients worldwide.
Will this merger affect the Big 4’s market dominance? Could this new player actually pose a threat?
It’s possible. With their combined resources and reach, Forvis Mazars might manage to carve out a significant slice of the market.
I’m excited to see how this impacts startups. Could be a great opportunity for smaller companies to get high-quality advisory services.
Definitely. If they offer competitive rates and innovative solutions, startups could greatly benefit.
Any news on how their data and cybersec operations will be managed? It’s a critical issue nowadays.
No details in this article. Hopefully, they’ll integrate the best practices from both firms.
From an accountant’s perspective, this merger should mean more streamlined services and better support resources.
How do you think this will affect the local offices? Will they more autonomy or strict guidelines from the central leadership?
If they manage this right, Forvis Mazars could disrupt the market in ways we can’t even predict yet.