Forvis Mazars UK CEO: We have what others are trying to buy
Forvis Mazars UK boss tells Maria Ward-Brennan that the firm’s integrated, global structure is what competitors are now trying to acquire through mergers and investments
Forvis Mazars has built an integrated firm from the ground up, something others are now trying to purchase, says its UK chief executive, who added that building integration from scratch is a longer-term but ultimately easier approach than acquiring it.
The accountancy and management consultancy sector is fully focused on external investment, with private equity funding fuelling the sector, and MHA opting for the public market after listing on the London Stock Exchange last year.
The firms are keen to invest in AI and to expand their geographic reach using external capital.
However, speaking to City PM, James Gilbey, UK CEO of Forvis Mazars, said: “We are now a globally integrated firm…. when you see others announcing headlines that they are going to merge this country with this country, or this service line with that one over there, we already merged.”
French-based Mazars and US-based Forvis agreed in June 2024 to merge the two firms into Forvis Mazars, an internationally integrated partnership operating in over 100 countries.
Gilbey stated that, as a result of its setup, the firm can pool profits and capital globally to fund projects, such as investment into AI.
Like many, Forvis Mazars has also invested heavily in AI: “We’ve invested millions into globally integrated audit platforms and other tools for different service lines,” he explained.
Although hallucination has been dominating the headlines after several firms, including a major US law firm, issued work that turned out to be filled with AI hallucination.
Gilbey explained that the firm “will not allow technology to be rolled out until we are absolutely certain that it does not dilute the quality of the advice we give.” He added, “If the price of ensuring that… the quality of our work is not diluted is to go a little bit slower, I’m more than happy paying that price”.
Changing skills for changing times
The UK boss pushed back on the idea that AI is the primary driver of pressure in the professional services sector, stating that he sees geopolitics and macro‑economics as the bigger drivers.
“Part of me thinks that narrative is used as a rationale to explain why results aren’t where they should be when there are different reasons.” He added: “I would put [slower growth] much more down to geopolitics, economic uncertainty as a whole”.
The rapid increase in technology across businesses, especially in AI, has been cited many times as one of the reasons layoffs are occurring across the Big Four and the broader business sector.
While layoffs dominated the conversation around the Big Four giants, Gilbey warns that cutting now would create a future leadership gap. “If you don’t do that, you create a major problem… in three, four, or five years. They’re your future managers, team leaders that you have to have in a business like this.”
Although the firm is changing how it hires and what skills it seeks. “We start now to think what are the skills that this business is really going to need going forward,” the UK boss explained.
“The obvious ones… technology, data science, but of equal importance… skills to really communicate with people, build relationships, build real trust with clients, because I just don’t believe you can do that through a spreadsheet,” he added.
But while private equity circles the sector, Gilbey pointed out, “What we stand for is becoming increasingly unique… for those really looking for firms that believe in stewardship, believe in building for the long term, and believe in partnership, then I think Forvis Mazars is a great choice.”