Should Accounting Firms Be Thinking About IPOs?

The accounting profession may be on the cusp of an unprecedented transformation. With Baker Tilly and Moss Adams announcing a $7 billion merger—and hints that the new Baker Tilly may pursue an IPO—questions are mounting about the future of the traditional partner model. This follows close on the heels of Anderson’s anticipated IPO, which, despite delays, signaled that the idea of publicly traded accounting firms is no longer hypothetical.

In a private equity-fueled environment, the allure of IPOs is clear. Capital infusion from public markets can fund aggressive growth, fuel technology investments, and drive geographic expansion. But going public fundamentally reshapes the governance and purpose of a firm. Accountability shifts from partners to shareholders. The quarterly earnings cycle may challenge long-term client relationships and firm culture, traditionally built on trust, continuity, and shared leadership.

So, should other firms be considering an IPO? The answer lies in strategic clarity. IPOs are not a fit for every firm—but watching how this plays out offers valuable lessons. Even firms with no intention of going public should pay attention to how IPO-oriented firms are structuring leadership, driving efficiency, and investing in growth. The public markets are demanding, and those pressures often result in forward-leaning business practices that others can adopt.

Additionally, the volatile IPO market—now experiencing more pullbacks than launches—serves as a warning. Going public may offer upside, but timing and market conditions are critical. Firms exploring this path must weigh reputational risk and long-term sustainability against the immediate financial gains.

As the accounting landscape reshapes, firms should ask themselves: Are we building a firm for long-term independence or one designed to attract capital? Either choice demands clarity, courage, and a forward-thinking strategy.

In the end, the rise of IPO-ready firms may not upend the partner model entirely—but it will certainly evolve it.

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