Private equity-backed accountancy giant Grant Thornton is bucking the trend in the professional service market with its plans to recruit 160 new partners over the next two years.
Back in December, the firm’s partners unanimously voted in favour of an investment from private equity firm Cinven in a deal expected to value the firm at up to £1.5bn. As a result, Grant Thornton became the largest UK professional services business to take external equity investment.
Now, the firm has set a “new benchmark for ambition in the professional services market” as it laid out plans to recruit 160 new partners over the next two years.
The firm has already made 40 partner appointments this year, with its focus on accelerating recruitment through a combination of internal promotions and targeted external hiring.
Alongside its investment in new partners, the firm is also focusing on its director-level talent, with a mix of internal promotions and external hires planned.
Grant Thornton announced on Tuesday that it is partnering with recruitment firms Korn Ferry and Wilton & Bain, while working with an advisory firm to “enhance its partner selection process” across audit, tax and advisory.
With its PE backing, the firm’s partner model has changed and now offers “a balance of in-year and long-term incentive reward”.
In the twelve months to 31 December 2024, Grant Thornton’s UK net revenue rose from £654m to £724m, while operating profits increased minimally by £1m from £146m to £147m.
Malcolm Gomersall, CEO of Grant Thornton UK, said: “2025 has been a transformative year for our firm, as we reimagined what the multi-disciplinary professional services partnership of the future should look like – combining equity ownership with external investment from Cinven to unlock unprecedented competitiveness.”
“We have an exceptionally ambitious growth plan and we know our strong brand, unique operating model and industry-leading quality will continue to drive our momentum over the years to come.”
“Our industry is changing at an unprecedented speed and the evolution of our business model puts us in prime position to capitalise on these dynamics.”
“Joining our partnership means joining something genuinely unique and special, so we’re excited to share this opportunity with many more people whose values and ambitions are aligned with ours,” he added.
This comes as many firms, including the Big Four giants, have been slashing thousands of jobs over the last couple of years due to profitability problems and advances in technology, as the broader sector faces its most pivotal moment for 20 years.