20111219-NEWS--0053-NAT-CCI-CN_-- 12/16/2011 2:53 PM Page 1
®
VOL. XXVII, NOS. 51, 52 WWW.CRAINSNEWYORK.COM © 2011 BY CRAIN COMMUNICATIONS INC. ALL RIGHTS RESERVED PRICE: $49.95 2012SPECIAL ISSUE BOOK OF LISTS
ACCOUNTING FIRMS, AIRLINES, COMMERCIAL BANKS, CONSTRUCTION COMPANIES, FASTEST-GROWING COMPANIES, FORTUNATE 100 CEOs, HEALTH INSURERS, HOSPITALS, LAW FIRMS, PRIVATELY AND PUBLICLY HELD COMPANIES, AND MORE NEWSPAPER CN014844 12/9/11 5:30 PM Page 1 20111219-NEWS--0001-NAT-CCI-CN_-- 12/16/2011 6:39 PM Page 1
CONTENTS
HEALTH CARE MORE TOP LISTS ONLINE Health Insurers ------28 To download any of Crain’s Top Lists, in Excel or PDF for- Hospitals------30 mat, visit www.crainsnewyork.com/lists. In addition to those in the Book of Lists print edition, the website PEOPLE offers the following lists and more: 32 2012 Fortunate 100 CEOs ------BOOK OFLISTS ● Architecture ● M&A Deals REAL ESTATE Firms ● Management Commercial Property Managers------36 ● Benefits Consulting Consultants
Construction Companies------38 Firms IN THIS ISSUE ● MBA Real Estate Investment Trusts------40 ● Business Programs COMPANIES Improvement TOURISM Districts ● Minority-Owned Fastest-Growing Companies ------2 Businesses Airlines------42 ● Cultural Institutions Privately Held Companies------6 ● Nonprofit Publicly Held Companies------16 INDEX ● Employers Organizations
PROFESSIONS Alphabetical Company Listing ------48 ● Engineering Firms ● Professional Sports Accounting Firms------G4 ● Executive vol. xxvii, nos. 51, 52 december 19, 2011—Crain’s New York Business (issn 8756-789x) Teams Law Firms------22 is published weekly, except for double issues the weeks of July Fourth, Labor Day Recruiters and Christmas, by Crain Communications Inc., 711 Third Ave., New York, NY 10017. ● Periodicals postage paid at New York, N.Y., and additional mailing offices. Postmas- Women-Owned FINANCIAL ter: Send address changes to: Crain’s New York Business, Circulation Department, 1155 ● Highest-Paid Hospital Businesses Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call Executives/Employees Commercial Banks ------24 (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ● SBA-Guaranteed ©Entire contents copyright 2011 by Crain Communications Inc. All rights Thrifts ------26 reserved. ● Hotels Loans
Let’s talk expertise, leader to leader.
Hands-on partners with years of technical and industry-specific expertise. Advisors who offer insights and ideas to help you make smarter business decisions. Unmatched integrity. Unsurpassed results. If that’s what you’re looking for in an accounting firm, talk to J.H. Cohn.
We turn expertise into results.
jhcohn.com . 877.704.3500 Steven Mayer, New York . New Jersey . Connecticut . Massachusetts . California Regional Managing Partner, J.H. Cohn Joe Torre
book of lists 2012 | Crain’s New York Business | 1 20111219-NEWS--0002-NAT-CCI-CN_-- 12/14/2011 4:38 PM Page 1
This chart was first published Oct. 17, 2011 COMPANIES NY Area’s Fastest-Growing Public Companies Based on the sum of firms’ rankings in revenue growth rate, net income growth rate and share price appreciation
&3<00C0,< &3<00C0,< ,88?,64D0/ ,88?,64D0/ 69=482 <0@08?0 80>48.970 &3<00C0,< :<4.019< 2<9A>3 <0@08?0 2<9A>3 80>48.970 =3,<0:<4.0 =3,<0=98 $,85 97:,8C&4.50<=C7-96 "3980)0-=4>0 <,>0$,85 487466498= <,>0$,85 487466498= ,::<0.4,>498$,85 8/?=> %96/482=9<: %+ 1D1@B?35CC9>7 (1B;F5 +?ED8 &5G0?B; &0 GGG 8=C 3?= 9284D,8>&0.389692C%96?>498=9<: &% +?6DG1B5 B1>;/ EBB 20111219-NEWS--0004-NAT-CCI-CN_-- 12/14/2011 4:38 PM Page 1 COMPANIES &3<00C0,< &3<00C0,< ,88?,64D0/ ,88?,64D0/ 69=482 <0@08?0 80>48.970 &3<00C0,< :<4.019< 2<9A>3 <0@08?0 2<9A>3 80>48.970 =3,<0:<4.0 =3,<0=98 $,85 97:,8C&4.50<=C7-96 7 " "3980)0-=4>0 <,>0$,85 487466498= <,>0$,85 487466498= ,::<0.4,>498$,85 8/?=> COMPANIES &3<00C0,< &3<00C0,< ,88?,64D0/ ,88?,64D0/ 69=482 <0@08?0 80>48.970 &3<00C0,< :<4.019< 2<9A>3 <0@08?0 2<9A>3 80>48.970 =3,<0:<4.0 =3,<0=98 $,85 97:,8C&4.50<=C7-96 "3980)0-=4>0 <,>0$,85 487466498= <,>0$,85 487466498= ,::<0.4,>498$,85 8/?=> 8423>,:4>,6<9?:8. +53EB9D95C /1C89>7D?> Regus was represented by Mark Ravesloot and CRAIN’S SMALL BUSINESS COVERAGE INCLUDES: William Iacovelli of CBRE !A small business column in every issue 100% commission was paid !Monthly multi-page small business sections on lease signing !Crain’s annual Small Business Awards !Online dedicated small business section !Small business e-mail alerts !Annual Guide to Growing a Business !Crain’s Signature Lists !Dedicated Small Business Events Mitchell A. Arkin, Executive Director 212-841-7522ÊUÊÌV i°>ÀJVÕÃ Ü>i°V Kelli G. Mekles, Leasing Director 212-695-3617ÊUÊiiÃJ££ÓÜÎ{°V For more information on Haley L. Klein, Director Crain’s small business coverage or to sign 212-841-7892ÊUÊ iJVÕÃ Ü>i°V up for dedicated small business alerts, go to crainsnewyork.com WWW.112WEST34THSTREET.COM Supervised by SMALL BUSINESS 20111219-NEWS--0006-NAT-CCI-CN_-- 12/14/2011 4:39 PM Page 1 This chart was first published Nov. 21, 2011 COMPANIES NY Area’s Largest Privately Held Companies Ranked by 2010 revenues This list is the most comprehensive available, Securities and Exchange Commission. All data Essex, Hudson or Union counties in New Jersey. although it’s not possible to identify and include should be considered estimates. Nonprofits, hospitals, mutual companies, travel every privately held company that would qualify. To qualify, companies must be independent, agencies and partnerships—including accounting Data were provided by the companies or obtained privately held entities with no parent.They must be firms, law firms and consulting firms—are excluded. from sources including Crain’s, Dun & Bradstreet, headquartered in New York City or Nassau, Suffolk Some estimates for 2010 revenues are based on Forbes, Gale Group, Hoover’s and the U.S. or Westchester counties in New York, or Bergen, 2009 data. )"& %# " $) )$ $ ) # ") ) ! ( ! ( #$ !)'%$&# ))) ))) ! (# $%") )%# ## ") %;>69 ;1+73C+=387 ,+ )" .1*- > 1 *51<5CD1D545F5D 8?D5 COMPANY SPOTLIGHT BLOOMBERG EXPANDS ITS OFFERINGS BIGGEST GAINERS Firms with the biggest percent changes in revenues from 2009 to 2010. Journalism is alive and well at Bloomberg LP.The news and information firm, Atrium Staffing (#123) BLOOMBERG LP founded by Mayor Michael Bloomberg, puts out nearly 5,000 articles a day and has +87.7% 146 news bureaus in 72 countries. Led by former Deputy Mayor Daniel Doctoroff, it provides news, data and analytics for financial professionals and businesses, and Transammonia Inc. (#2) 440 publications use Bloomberg content.The company’s revenues increased 9.5% +53.4% #4 from 2009 to 2010, to $6.9 billion. Bloomberg expanded its television Liberty Maritime Corp. (#70) production, mobile offerings and specialty newsletters, such as +44.7% European Economics, during that year. In 2009, the company purchased Blue Tee Corp. (#29) the struggling publication BusinessWeek, and though the endeavor still +43.5% loses $20 million each year, advertising is growing.This year, the Judlau Cos. (#50) company launched Bloomberg Government to attract politicians and +42.3% government insiders. —rebecca olles Includes only companies that responded to the survey. 6 | Crain’s New York Business | book of lists 2012 Project6:fp template.qxd 12/6/11 3:01 PM Page 1 One of a kind. Like you Your company reflects you — your goals, your personality, your instincts. At Deloitte Growth Enterprise Services, we work to know those attributes well. Then we apply our breadth of experience and variety of offerings in just the right areas. The result is a suite of professional services as individualized as the company you’ve built. To learn more about Deloitte Growth Enterprise Services and its customized offerings for mid-market and privately held companies, contact Robin Matza or Argante Capelli at +1 212 436 2000 or e-mail us at [email protected] Gain insight with Perspectives, our series of reports, podcasts, and events for mid-market and privately held companies at www.deloitte.com/us/dges/midmarket/uncertaintimes Official Professional Services Sponsor Professional Services means audit, tax, consulting and financial advisory services. As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, and Deloitte Tax LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2011 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited 36 USC 220506 20111219-NEWS--0008-NAT-CCI-CN_-- 12/14/2011 4:40 PM Page 1 COMPANIES )"& %# " $) )$ $ ) # ") ) ! ( ! ( #$ !)'%$&# ))) ))) ! (# $%") )%# ## ") !/;<87+5866>73-+=387</?3-/< &')'- &.'/0,-. < / =;;C<71/B7=;312>6=<3A 1=; .#/'"#+0!&'#$#4#!10'2# /C>>/C53 %. #85.3718 , #.0 10& < / 'C0:7A67<5 313;03@ *67@2D3 EEE @2 1=; .#/'"#+0!&'#$#4#!10'2# %3E.=@9 %. 87=37/7=+5;+378 1) .' ,1.% 5@70CA7<3AA/<27 COMPANY SPOTLIGHT GETTING AHEAD WITH BEER BIGGEST LOSERS Firms with the largest decreases in revenues from 2009 to 2010. Despite a shrinking overall beer market, Bronx-based Manhattan Beer MANHATTAN Gotham Construction Co. (#88) Distributors managed to increase its revenues in 2010 and expects to -54.7% BEER grow by 2.3% this year to $667 million. Overall, beer sales volume in DISTRIBUTORS Leon D. DeMatteis Construction Corp. (#89) the U.S. fell 1.5% to date this year, according to the Beer Institute.To -44.4% offset the effects of a slumping market, the 33-year-old company beefed up its sales training and technology.“We’ve had an intense Hunter Roberts Construction Group (#40) #36 focus here on sales training,” said Chief Operating Officer Bill -27.2% Bessette.The company also invested in craft beers. Manhattan Beer Americon Construction Inc. (#122) now offers brands such as Dundee, Captain Lawrence and Unita in -23.1% addition to its biggest sellers, Coors Light and Corona. Manhattan Sam Ash Music Corp. (#63) Beer services more than 26,000 bars, restaurants and stores in the New -19.5% York area and has five distribution centers. —lisa fickenscher Includes only companies that responded to the survey. 8 | Crain’s New York Business | book of lists 2012 20111219-NEWS--0010-NAT-CCI-CN_-- 12/14/2011 4:40 PM Page 1 COMPANIES )"& %# " $) )$ $ ) # ") ) ! ( '?BD85B> COMPANY SPOTLIGHT TRANSPORTATION FIRM KEEPS ROLLING TOTAL REVENUE COMPARISON Total revenues at the largest companies. Figures are in billions of dollars. SHEVELL Though the recession has taken its toll, transportation firm Shevell Group of Companies is still trucking along. Its companies offer transportation services in the GROUP OF U.S. and Canada and provide warehousing, real estate and logistics services. Shevell COMPANIES reported a 10.8% drop in revenues in 2010, to $415 $116.6 million, but it’s projecting a 1.2% increase for $109.5 2011. Analyst firm IBISWorld predicts the 6.5% #52 industry will grow about 3.2% annually over the next five years. Shevell Group also was the focus of truly momentous news recently: Vice President Nancy Shevell, daughter of owner Myron, married Paul McCartney last month. —rebecca olles 2009 2010 newscom 10 | Crain’s New York Business | book of lists 2012 Project1:fp template.qxd 12/13/11 12:48 PM Page 1 simplify gifting the old way the better way These brands and more are available with exclusive pricing through Rymax: WWWRYMAXINCCOMCRAINSs 20111219-NEWS--0012-NAT-CCI-CN_-- 12/14/2011 4:40 PM Page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hanges in revenues at the largest companies between 2009 and 2010. SAM ASH When it was founded in Brooklyn 87 years ago, Sam Ash Music Corp. was one of many musical instrument stores.Today, the Hicksville, L.I.-based outfit is one of the Revenues were unchanged MUSIC CORP. largest in the $5 billion industry. It boasts more than 45 locations nationwide, the bulk of which were added in the past 14 years. While West 48th Street once offered 13.6% 24.8% a diverse selection of indie shops, Sam Ash now operates #63 four of the six music stores still on the block. It bought out Revenues declined its biggest neighbor, Manny’s Music, in 1999. After suffering a whopping 20% slide in revenues between 2009 and 2010, revenues for the firm, which is run by the 61.6% grandsons of founders Sam and Rose Ash, are growing Revenues increased again.The company is expected to drum up $330.7 million in 2011, a 7% rise over 2010. —adrianne pasquarelli 12 | Crain’s New York Business | book of lists 2012 20111219-NEWS--0014-NAT-CCI-CN_-- 12/14/2011 4:41 PM Page 1 COMPANIES )"& %# " $) )$ $ ) # ") ) ! ( ! ( #$ !)'%$&# ))) ))) ! (# $%") )%# ## ") 87=;+-=>;73=>;/7- '!& ." .,+/ > 1 ?>DB13D6EB>9DEB5 #ED8F5 GGG 164 9>3 3?= .#/'"#+0 '5G0?B; '0 5/-=;3-7<=+55+=3878 , #.0 ++. <53DB931<3?>DB13D?B 535=25B .5B>?> COMPANY SPOTLIGHT CHANGE IN OUTFIT INDUSTRY BREAKDOWN Ⅲ Food and beverage ------24.0% Ⅲ Retail and apparel ------7.2% Daffy’s, the discount retailer, is trying to figure Ⅲ Construction and real estate - - -15.2% Ⅲ Transportation/automotive ------5.6% DAFFY’S INC. out if its new suit fits.The company’s legendary Ⅲ Other ------14.4% Ⅲ Information technology ------4.8% founder, Irving Shulman, died earlier this year Ⅲ Media, mktg., communications -12.0% Ⅲ Energy ------3.2% at age 96, and his family tapped an outsider to Ⅲ Manufacturing/distribution - - - -10.4% Ⅲ Health care, pharmaceuticals ------3.2% #101 run the show for the first time—Caryn Lerner, 3.2% 3.2% 4.8% who used to run a luxury retailer in Canada and 5.6% has experience at such places as Barneys and 24.0% 7.2% Jones Apparel.The chief executive is adding new stores throughout the city, including a 10.4% Times Square location, and is trying to expand 15.2% 12.0% the brand nationally. Competition from off-price rivals like T.J. Maxx has led 14.4% Daffy’s to spiff up its down-market image. —aaron elstein 14 | Crain’s New York Business | book of lists 2012 20111219-NEWS--0015-NAT-CCI-CN_-- 12/14/2011 4:41 PM Page 1 COMPANIES )"& %# " $) )$ $ ) # ") ) ! ( ! ( #$ !)'%$&# ))) ))) ! (# $%") )%# ## ") 778?+=3?/$=87/ .#+ # ./# > 1 '1DEB1<CD?>59=@?BD5B 49CDB92ED?B 535=25B &?D?B)1B;G1I GGG 9>>?F1D9F5CD?>5 3?= ,1+"#.!&'#$#4#!10'2# 1>4612B931D?B !1E@@1E75 '0 /7/1+787<=;>-=3878 1.##+ #+#% + ?>CDBE3D9?>=1>175=5>D1>4 535=25B / D8+D GGG 85>571> 3?= &'#$#4#!10'2# 75>5B1<3?>DB13D9>7 '5G0?B; '0 +=387+5$93773718 *#/ /+100. 01B>=9< /@ *8;4 +;/+ 9>3 PURCHASE THE LIST OF THE NEW YORK AREA'S LARGEST PRIVATELY HELD COMPANIES AND OTHER CRAIN'S BUSINESS LISTS @ WWW.CRAINSNEWYORK.COM/LISTS book of lists 2012 | Crain’s New York Business | 15 20111219-NEWS--0016-NAT-CCI-CN_-- 12/14/2011 4:42 PM Page 1 This chart was first published May 23, 2011 COMPANIES NY Area’s Largest Publicly Held Companies Ranked by annual revenues '7=<4 @4D4 ! ' $=@60<70A4= !'$ :?2?4:2=D6CG:46D '2C<G6 %6H0@C<%0 HHH ;A>@C82?492D6 4@> 8B86@=C> <2 ? > :?2?4:2=D6CG:46D '2C<G6 %6H0@C<%0 HHH 4:E:8C@FA 4@> ,4@8H=<=;;C<820B8=>F?:42E:@?D .6DE*E %6H0@C<%0 HHH G6C:K@? 4@> 20111219-NEWS--0018-NAT-CCI-CN_-- 12/14/2011 3:55 PM Page 1 COMPANIES COMPANIES '0::=@> '## ?5FDEC:2=6BF:A>6?E 2C3@C'2C<C:G6'@CE.2D9:?8E@?%0 HHH A2== 4@> I@=>=AB0:4 <2 )& AA2C6=DE@C6D . E9*E %6H0@C<%0 HHH 26C@A@DE2=6 4@> *@0348<0<280:=@> + ? > :?2?4:2=D6CG:46D *:IE9G6 %6H0@C<%0 HHH 6EC256 4@> %4E/=@9*8;4A= %0+ 'F3=:D9:?8 bloomberg news :89E9G6 %6H0@C<%0 HHH ?JE4@ 4@> No. 74 *=E4@A-0BA=<= +. I64FE:G6D62C492?5DE277:?8 Warner Music Group +9:C5G6 %6H0@C<%0 HHH E@H6CDH2ED@? 4@> may enjoy a reprise -0@<02=@=C> <2 .) AA2C6= *6G6?E9G6 %6H0@C<%0 HHH H2C?24@ 4@> after industrialist Len Blavatnik agreed this %4E/=@9=;;C<8BG0<2=@> <2 %0 2?<:?8 $6CC:4<G6 .6DE3FCJ%0 HHH >J?J43 4@> month to buy it for $1.3 @=03@83648<0<280:)=:CB8= the falling CD sales that $:=10: =:38<6A $ ? > ?G6DE>6?E32?<:?82?53C@<6C286 have savaged Warner, :7E9G6 %6H0@C<%0 HHH >78=@32= 4@> EMI and other label >=::=:=10:$0<064;4 :?2?4:2=D6CG:46D owners is anyone’s . E9*E %6H0@C<%0 HHH 28> 4@> guess. At least he can $==3GA=@> $& C65:EC2E:?8286?4J afford to lose this game: C66?H:49*E %6H0@C<%0 HHH >@@5JD 4@> His net worth is an << <2 %% ? > AA2C6=DE@C6D estimated $10 billion. +:>6D*BF2C6%6H0@C<%0 HHH 2??:?4 4@> )27=:0AB82=@> * # ? > 'F3=:D9:?8 C@25H2J%6H0@C<%0 HHH D49@=2DE:4 4@> $-=@:3E834=@> $. @=5:?84@>A2?J ?5*E %6H0@C<%0 HHH >2?57H@C=5H:56 4@> !=7<-8:4G)= $) <3CAB@80:8@42B= $*$ ?5FDEC:2=AC@5F4ED $2I6DD)@25$6=G:==6%0 HHH >D45:C64E 4@> C<@03AB@44B=@> % ?7@C>2E:@?D6CG:46D !"'2C $038A=<)?C0@40@34<= $* *A@CED6?E6CE2:?>6?E2?5>65:2 bloomberg news '6??'=2K2%6H0@C<%0 HHH >D8 4@> No. 116 "<867B0>8B0:@=C> <2 " *64FC:E:6D .2D9:?8E@?=G5 !6CD6J:EJ%! HHH The buzz was back at Madison Square ,4@8A9<0:GB82A <2 -)*" ):D<>2?286>6?ED6CG:46D .2D9:?8E@?=G5 !6CD6J:EJ%! HHH G6C:D< 4@> Garden this spring, as )#@44<(40:BG=@> *# )62=6DE2E6:?G6DE>6?EECFDE both the Rangers #6I:?8E@?G6 %6H0@C<%0 HHH D=8C66? 4@> and the Knicks made >>0@4:@=C> AA2C6= (all-too-brief) playoff *6G6?E9G6 %6H0@C<%0 HHH 8 ::: 4@> appearances. The arena &D4@A40A)78>7=:38<6@=C> <2 &* ? > ?6C8JEC2?DA@CE2E:@? is undergoing a major +9:C5G6 %6H0@C<%0 HHH @D8 4@> renovation and will close &>>4<748;4@ =:38<6A <2 &'0 :?2?4:2=D6CG:46D for the next few C@25*E %6H0@C<%0 HHH @A4@ 4@> summers. When all is %4E/=@9=;>0 20 | Crain’s New York Business | book of lists 2012 © Copyright 2011. CBIZ, Inc. and Mayer Hoffman McCann P.C. NYSE Listed: CBZ. All rights reserved. With over 140 locations throughout the United States, CBIZ is one of the nation’s leading providers theUnitedStates,CBIZisoneofnation’sleadingproviders With over140locationsthroughout french flap:French Flap 12/13/11 3:34 PM Page 1 french flap:French Flap 12/13/11 3:39 PM Page 1 IS OUR BUSINESS New York executives rely on Crain’s New York Business to provide them with comprehensive news coverage for doing business in New York. CRAIN’S ACCOUNTING COVERAGE INCLUDES: !Dedicated Accounting Special Reports !Crain’s Signature Lists !Premier listing in Crain’s annual Book of Lists For more information on Crain’s accounting coverage contact Suzanne Wilson, 212.210.0240 or [email protected] ACCOUNTING 20111219-Accounting GF--0001-NAT-CCI-CN_-- 12/14/2011 3:00 PM Page 1 This chart was first published Sept. 26, 2011 PROFESSIONS Employment in the Accounting Field The Big Four’s Share Total NY Area Professionals The number of NYC accounting-sector jobs grew by 4,900 in As is typical, more than two-thirds of the The number of area professionals in audit/accounting, tax and August from year-earlier levels. In NY state, employment rose professionals employed by all 25 accounting firms management advisory at the top 25 firms increased by some by 800 positions vs. August 2010. Figures are in thousands. on this year’s list work for the four largest firms. 2,700 people versus the year-earlier level. Top 25 total: 26,371 90 New York City 73.6 New York state 75 +11.5% 60 23,649 26,371 47.5 30.2% 45 7,967 30 All others 69.8% 15 18,404 1992 2001 2011 Big Four Figures are for August of each year and include accounting, tax preparation, bookkeeping and 2010 2011 payroll services. Source: NYS Department of Labor Includes professionals in audit/accounting, tax and management advisory only. (as of June 30) (as of June 30) New York Area’s Largest Accounting Firms Ranked by number of area professionals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| Crain’s New York Business | book of lists 2012 20111219-Accounting GF--0002-NAT-CCI-CN_-- 12/14/2011 3:01 PM Page 1 PROFESSIONS % % % % %" % % % %" ! % %% # !$%! % " % "% %% % % % 36*2!*;1385!-&466&57.23 ') $ '$' +78A3E4 FFF ABB<2?0 2>< %4F.>A: %. 5.*)1&2 '*$ ! A>03F0H FFF 5A843<0=;;? 2>< %4F.>A: %. &5,30.2#.2*59*26 -" $' = 3 #4G8=6C>=E4 FFF %&;*53++1&2(&22 '! ')$ = 3 = 3 = 3 *8GC7E4 FFF 218I 2>< %4F.>A: %. 307< 8'*267*.2 *1.2.(/ '$ ( $ A>03F0H FFF 7AA;;? 2>< %4F.>A: %. 5&66.3 %* ( '(( = 3 !4A827>(D03A0=6;4 FFF 6A0BB82?0B 2>< = 3 !4A827> %. &.(-2)*&07*53 '"( A>03F0H FFF A4< 2> 2>< "" ( $ %4F.>A: %. 53:*35:&7- + (%$ $038B>=E4 FFF 2A>F47>AF0C7 2>< $-# %4F.>A: %. *: $35/ &5*& 8=2;D34B %4F .>A: 8CH 0=3 %0BB0D *D55>;: 0=3 -4BC274BC4A 2>D=C84B 8= %4F .>A: 0=3 4A64= BB4G D3B>= 0=3 ,=8>= 2>D=C84B 8= %4F !4AB4H ' $( , %'! *( $(( DB4B BC055 A4B40A27 4GC4=B8E4 BDAE4HB 0=3 C74 <>BC 2DAA4=C A454A4=24B 0E08;01;4 C> ?A>3D24 8CB ;8BCB 1DC C74A4 8B => 6D0A0=C44 C70C C74 ;8BC8=6B 0A4 2> @D0;85H 5>A C78B ;8BC 58A55824 8= C74 %4F .>A: 0A40 ;; 8=5>A<0C8>= F0B BD??;843 1H C74 58AC 0E08;01;4 = 3 %>C 38B2;>B43 = < %>C <40=8=65D; D;; C8<4 0=3 5D;; C8<4 4@D8E0;4=C 0B >5 !D=4 8A Everyone wants to grow. But grow how? In which markets? At what cost? To grow wisely, you need an advisor who really knows your business...and knows you. Who can deliver tailored solutions that create opportunities, maximize efficiency and build business. EisnerAmper is that advisor. We roll up our sleeves to get to the bottom of your toughest challenges so you get the advice and strategies you need to create sustainable growth. Let’s get down to business.TM Charles Weinstein Chief Executive Officer 212.949.8700 [email protected] www.eisneramper.com Howard Cohen Chairman EisnerAmper LLP Accountants & Advisors 732.287.1000 NEW YORK | NEW JERSEY | PENNSYLVANIA | CAYMAN ISLANDS [email protected] Independent Member of PKF International book of lists 2012 | Crain’s New York Business | G5 french flap:French Flap 12/13/11 3:47 PM Page 1 Just like the Iron Horse... HoltzHoltz RubensteinRubenstein Reminick...Reminick... GoingGoing toto batbat forfor itsits clientsclients sincesince 1939.1939. CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS ADVISERS. www.hrrllp.com Lou Gehrig | Retired from the NY Yankees, June 1939 french flap:French Flap 12/13/11 3:56 PM Page 1 ACCOUNTABILITYWITHOUT QUESTION ACCOUNTABILITYWITHOUT QUESTION To succeed today, a business person must have complete faith in the advice that he or she receives in order to act with confidence. At Rothstein Kass, our advice does not come pre-packaged or off the shelf. It is always specific, highly focused and grounded in the realities of your business. Whether the state of the economy is tranquil, fluid or turbulent, you can rely on Rothstein Kass to help identify, protect and advance your company’s interest. Rothstein Kass is a premier professional services firm that has served privately held and publicly traded companies, individuals, and families for over 50 years. Beyond audit and tax services, the firm provides a full array of integrated services, including strategic business counseling, regulatory compliance and SEC advisory services, insurance and risk management consulting and family office services. If you understand the value of a skilled and trusted advisor and would like to find out how Rothstein Kass can assist you, contact Steven Kass, Co-CEO and Co-Managing Principal, at 973.994.6666 or [email protected]. AUDIT TAX ADVISORY Beverly Hills Dallas Denver Grand Cayman New York Roseland San Francisco Walnut Creek www.rkco.com frenchCvr:FrenchCvr 12/13/11 1:17 PM Page 1 Early on in his career, Joseph Weilgus worked as an intern at a top consulting firm. He used CRAIN’S annual Book of Lists as the ultimate prospecting tool, eventually building enough of a client base to start his own business. Today, as Chief Executive Officer of investment and financial advisory firm New Legacy Group and founder of Project Sunshine, a multi-national children’s non-profit organization, Joe continues to use CRAIN’S assets to build his growing empire. Crain s New York Business: Making Connections for 25 Years. CN014815 12/1/11 3:55 PM Page 1 The Lincoln Center Corporate Fund, a unique example of an effective business/arts partnership, raises vital unrestricted funds from corporations and professional firms for Lincoln Center 10 world-class performing arts organizations resident at Lincoln Center. The unrestricted nature of these funds is crucial to these organizations’ mission of bringing the best in the performing arts to the broadest audience possible. For information about the Corporate Fund Corporate Fund and the benefits available to participating companies and their employees, please call 212.875.5430. Photo: Brian Stanton LINCOLN CENTER ScheinMedia FRIEND DISTINGUISHED DONORS LEADERSHIP Transammonia Inc. $10,000 AND MORE $5,000 AND MORE CORPORATE FUND Wells Fargo A & E Television Networks Aon Corporation COMMITTEE Xerox Corporation ABM Associate Ophthalmologists, PC GOLDEN CIRCLE Abbey Spanier Rodd & Bernstein Global Wealth Management Steven Swartz $250,000 AND MORE DISTINGUISHED PATRON Abrams LLP Cadwalader, Wickersham & Taft LLP Chairman Hearst Corporation Lincoln Center Business Council $25,000 AND MORE Anchin, Block & Anchin LLP Certified Moving & Storage, LLC Best Buy Company, Inc. Lincoln Center Real Estate and Construction AXA Foundation ClearVision Optical Robert F. Arning Council The Blackstone Charitable Foundation KPMG LLP Accenture LLP The Coca-Cola Company MetLife Foundation Bloomberg Keith T. Banks Alvarez & Marsal Real Estate Advisory Communications Partners & Associates, U.S. Trust/Bank of America The New York Times Company Foundation Services, LLC The Bloomingdale’s Fund LLC of the Macy’s Foundation Angelica Cantlon The Wall Street Journal BlackRock Corning Incorporated Foundation International Flavors & Fragrances Boston Properties The William Randolph Hearst Foundation CA Technologies Corsair Capital Richard A. Cirillo, Esq. Charles F. and Anne Meckes Niemeth The Donald and Barbara Zucker Family Martha Crowninshield King & Spalding Foundation Foundation GRAND CIRCLE Daiwa Capital Markets David A. Coulter Citizens Financial Group, Inc. $200,000 AND MORE Gotham Construction America Inc. Warburg Pincus, LLC Company, LLC Clifford Chance CB Richard Ellis Deloitte Thomas H. Glocer Susan and John Hess Colonial Consulting DST Systems, Inc. Thomson Reuters HSBC Bank USA, N.A. David and Susan Coulter LEADERSHIP E.G. Bowman Co., Inc. Richard A. Goldstein Interpublic Group Deborah van der Heyden, Maurice R. Greenberg $100,000 AND MORE Elias B. Cohen & Associates Jones Lang LaSalle, Inc. C.V. Starr and Co. LightSquared Epstein, Becker & Green Pc Bank of America The Dow Foundation David Hansen Mitsui USA Foundation First Eagle Investment Management Citigroup, Inc. Ernst & Young LLP Numara Software News Corporation Gaylord Entertainment Foundation Credit Suisse First Manhattan Co. David W. Heleniak The New York Observer Grunfeld, Desiderio, Lebowitz, Silverman & JPMorgan Chase & Co. Morgan Stanley Fitch, Inc. Klestadt LLP Restaurant Associates Robert A. Iger Sony Corporation FTI Consulting Roger Dubuis Hertz, Herson & Company, LLP The Walt Disney Company Fulbright & Jaworski L.L.P. Sidley Austin LLP The Jordan, Edmiston Group, Inc. Jill Kaplan OUTSTANDING BENEFACTORS G-III Apparel Group, Ltd. Thomson Reuters Kekst and Company Incorporated Crain’s New York Business $75,000 AND MORE General Atlantic LLC Toyota Loomis, Sayles & Company Eric Knauss Lazard Con Edison Global Infrastructure Partners Loews Corporation Charles G. Ludmer Cushman & Wakefield The Hartford Financial Services Group, Inc. Logicworks PATRONS J.H. Cohn LLP International Flavors & Fragrances Inc. The Herman Goldman Foundation McCANN WORLDGROUP $15,000 AND MORE Peter L. Malkin, Esq. U.S. Trust Humana Inc. Apollo Global Real Estate Milberg Factors Malkin Holdings, LLC Linda and Richard Goldstein Arnhold and S. Bleichroeder Holdings, Inc. Mitsui Fudosan America, Inc. William E. Mitchell DISTINGUISHED BENEFACTORS J.C.C. Fund of the Japanese Chamber of Sequel Capital Management, LLC Bristol-Myers Squibb Company N.S. Bienstock, Inc. Commerce and Industry of New York, Inc. $50,000 AND MORE Bruce E. Mosler Brown-Forman Corporation Peerless Clothing American Express J.H. Cohn LLP Cushman & Wakefield, Inc. Capital One Bank Randa Corporation Jack Resnick & Sons Narendra P. Mulani BNY Mellon SESAC Colgate-Palmolive Company Accenture Benenson Capital Partners, LLC Jones Day Credit Agricole Corporate Shydlo Communications, LLC Kurtzman Carson Consultants Charles F. Niemeth, Esq. Goldman, Sachs & Co. and Investment Bank Spielman Koenigsberg & Baker & McKenzie LLP Latham & Watkins Parker, LLP IBM International Foundation Curtis,Mallet-Prevost, Colt Douglas L. Paul Lazard Clarion Partners & Mosle LLP Sugar Foods Corporation Credit Suisse Securities (USA) LLC Mann Publications The Jeffries Companies The Durst Organization Toshiba America, Inc. Ernesta G. Procope King & Spalding LLP Eastdil Secured LLC The McGraw-Hill Companies The Trump Organization E.G. Bowman Co., Inc. The Marc Haas Foundation Emmet, Marvin & Martin, LLP McMullan Family Fund UnitedHealthcare Thomas A. Renyi BNY Mellon Mr. and Mrs. Peter L. Malkin Feinberg Properties LLC Merck Vandenberg & Feliu, LLP William R. Rhodes Fidelity National Title Insurance Company Bill and Jan Mitchell Warburg Pincus Morgan Stanley Citigroup, Inc. Goldfarb & Fleece LLP Mitsubishi International Corporation Newman’s Own Foundation Janet L. Robinson Ogilvy & Mather Worldwide Omnicom Group Greenberg Traurig, LLP DONORS The New York Times Company Roche Pfizer Inc Gregory P. Joseph Law Offices, LLC $3,000 AND MORE Michael I. Roth Rolex Watch U.S.A., Inc. The Starr Foundation The Guardian Life Insurance Company of BATTLEY Performance Consulting, Inc. Interpublic Group America Samuel I. Newhouse Foundation Tishman Speyer Dennis Miller Associates Sir Howard Stringer ITOCHU International, Inc. Service Directions Inc. Sony Corporation UBS Fishman & Tobin, Inc. Johnson & Johnson Standard Motor Products, Inc. Kenneth L. Wyse The Walt Disney Company Great Performances PVH Corp. Kramer Levin Naftalis & Steven and Tina Swartz Lemle & Wolff James D. Zirin, Esq. Frankel LLP Sumitomo Corporation BENEFACTORS Marks Paneth & Shron LLP Sidley Austin LLP The Leir Charitable Foundations of America $35,000 AND MORE Mitchell & Titus, LLP Paul Stuart SYMS Corp and The Sy Syms Foundation EX OFFICIO Blank Rome LLP Rockefeller Group PVH Corp. TD Bank N.A. Crain’s New York Business International, Inc. Katherine Farley Richard H. Holzer Memorial Foundation Tom James Company Chair, Lincoln Center Fisher Brothers Foundation Search Advisory Group The Segal Company Verizon Communications Reynold Levy Glenwood Management Corp. Anonymous Mr. & Mrs. Larry A. Silverstein Viacom President, Lincoln Center KPMG LLP Sullivan & Cromwell LLP Anonymous and 29 supporters and L. Jay Grossman Foundation Inc. contributors under $3,000 Ventas, Inc. As of November 28, 2011 Newmark Knight Frank William Kaufman Organization, Ltd. Ogden CAP Properties, LLC The Chamber Music Society of Lincoln Center Film Society of Lincoln Center Jazz at Lincoln Center The Juilliard School Lincoln Center Theater The Metropolitan Opera New York City Ballet New York Philharmonic The School of American Ballet Lincoln Center for the Performing Arts 20111219-NEWS--0022-NAT-CCI-CN_-- 12/14/2011 3:26 PM Page 1 This chart was first published Oct. 31, 2011 PROFESSIONS Number of Lawyers at Top 25 Average Staff Composition Legal Services Employment Median Starting Salaries The number of New York-based lawyers at Top 25 All NYC employees, in thousands. Leading New York City firms kept salaries flat at the top 25 firms rose a modest 1.6%. from 2009 to 2010. 90 Partners 110 86 2009 2010 +1.6% 82 CHICAGO $160,000 $145,000 10,721 10,889 22% 74.7* 66% 78 LOS ANGELES $160,000 $160,000 12% NEW YORK CITY $160,000 $160,000 322 74 59 Associates and counsel Paralegals 70 WASHINGTON, D.C. $160,000 $160,000 20101 20112 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 1-As of Dec. 31. May not include deferred associates starting in 2011. As of Sept. 1. Includes first-year associates who were hired on or *Average for first nine months of the year. 2-As of Sept. 1; includes first-year associates hired on or before Sept. 1. before Sept. 1. Sources: U.S. Department of Labor, Bureau of Labor Statistics Source: The National Association for Legal Career Professionals New York Area’s Largest Law Firms Ranked by number of area lawyers 2011 lawyer breakdown, by practice area2 2011 lawyer breakdown2 NY area Firmwide 2 5 lawyers 4 lawyers NY area 20112/ 20112/ personnel6/ Rank Firm/senior partner(s) in New York1 20103 Partners Associates Of counsel Banking/commerceBankruptcy Corporate/securitiesEntertainmentExec. comp./benefitsHealth care Intell. prop./newLabor/employment media Litigation Real estate Tax Trusts/estatesOther 20103 paralegals4 -$''(0324 .$5(($*+(3.1/$0')),.,$5(4 $04,:#8<(9, >>>:2(++,5*64 ' ' #$ $6.!(,44,)-,0'!+$3510$33,410 5+ #0?;/=, >>>7(<3>,0::*64 ' '& !(,.154+$.$0*(4 0-;/=, >>>>,03*64 ''. %" $7,41.-!$3'8(.. ,?05.;65=, >>>+(=0:7632*64 %#( ,/2410 +$&+(3$35.(55 ,?05.;65=, >>>:047:65;/(*/,9*64 " & *' (8(:(1(6) #0?;/=, >>>+3*64 )+$ + ( (%(71,4(.,/2510 5+ $/09+=, 5+ >>>+,),=60:,*64 " " ' 3$7$5+ 8$,0(113( 0./;/=, >>>*9(=(;/*64 +$ ("' .($3:155.,(% 5((0$/,.510 0),9;@!3(A( >>>*3,([email protected];;30,)*64 '! . !+,5($4( #0?;/=, >>>>/0;,*(:,*64 * '' ' +($3/$0 5(3.,0* ,?05.;65=, >>>:/,(94(5*64 % $ '( $ !,..-,($33$..$*+(3 #,=,5;/=, >>>>03320,*64 %#( ' $% )+$ ')$' 3,('3$0-$33,4 +3,7(3$&1%410 ,>'692!3(A( >>>-90,+-9(52*64 "' %' % *() $ &$"%+ !,.410.4(3 5+#; >>>>03:65,3:,9*64 %') %'! &+6.5(15+#$%(. $/09+=, >>>:9A*64 -*) +%## )) 22 | Crain’s New York Business | book of lists 2012 20111219-NEWS--0023-NAT-CCI-CN_-- 12/14/2011 3:27 PM Page 1 PROFESSIONS 2011 lawyer breakdown, by practice area2 2011 lawyer breakdown2 NY area Firmwide 2 5 lawyers 4 lawyers NY area 20112/ 20112/ personnel6/ Rank Firm/senior partner(s) in New York1 20103 Partners Associates Of counsel Banking/commerceBankruptcy Corporate/securitiesEntertainmentExec. comp./benefitsHealth care Intell. prop./newLabor/employment media Litigation Real estate Tax Trusts/estatesOther 20103 paralegals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