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State accounting firms buck the Big 6
Consulting has become such a big part of the accounting business that many accounting firms employ more consultants than accountants.
As some of the largest firms see consulting fees generating the largest percentage of their revenue, those consulting practices are gaining independence as freestanding businesses.
Andersen Worldwide, the Chicago-based holding company for Arthur Andersen and Andersen Consulting, took in $6.8 billion in revenue in 1998, 70 percent of which came from consulting, according to the Public Accounting Report, Atlanta.
Most of the other large national firms, including Ernst & Young and PriceWaterhouseCoopers in New York, derive between 30 percent and 40 percent of their revenue from consulting, according to Public Accounting Report.
But the breakaway of the consulting …