Rob Donaldson – CEO of RSM UK

Average profit per equity partner rose 16% to £821,000 in the year to March, up from £708,000. This figure overtakes the average earnings at EY (£787,000) and aligns closely with KPMG (£816,000), though it remains below PwC (£862,000) and Deloitte (over £1 million).

Outperforming the mid-market RSM’s performance stands in sharp contrast to its immediate mid-tier competitors. BDO, the largest firm outside the Big Four, saw partner pay fall by £100,000 to £589,000, while partners at Grant Thornton earned an average of £682,000 following a private equity buyout by Cinven.

Total UK revenue at RSM grew nearly 10% to £594m, outpacing the flat or contracting revenues reported by major competitors like Deloitte and EY.

RSM’s audit division revenues surged 14% to £188m, driven by clients such as Greggs, Frasers Group, and Superdry. The firm’s tax division grew 13% to £183m, and consulting saw modest growth of 3% to £223m, reflecting a wider sector slowdown.

RSM maintained its headcount during a period where peers made significant cuts. CEO Rob Donaldson attributed the success to a “performance culture” designed to attract top talent in a tough market.

Looking ahead, RSM UK has agreed to a transatlantic tie-up with its US sister firm. This integration aims to create a unified leadership structure and offer member firms a viable alternative to accepting private equity investment.