Andersen is catching up with large consultancy firms faster than expected

Budapest, 11 April 2022 – In 2021, Andersen Hungary increased its revenues by almost 20 percent further consolidating its position on the market of tax and legal advisory services. The pace of growth clearly exceeds preliminary plans. The Budapest-based tax consultancy and law firm is currently the fifth largest player on the Hungarian market after the BIG4 companies.

The iconic brand returned to Hungary in July 2020, after a break of 18 years, thanks to the cooperation between OrienTax Tax Advisory Ltd. and Szabo, Kelemen & Partners Andersen Attorneys. According to their agreement, the two companies perform their activities as members of the Andersen Global international consultancy group.

The return of Andersen clearly generated competition in the Hungarian consultancy market. The economic downturn caused by the epidemic has not hindered the firm’s business expansion. It is evident in the light of the increase in its clientele, the larger volume of engagements and the significant improvement of the key financial indices.

In 2021, Andersen Hungary realised a 20% sales revenue increase compared to the previous year. This pace clearly exceeds the average 14-15 percent annual revenue increase goal set by the company’s management. The firm currently has 100 staff, including almost 90 tax and legal experts, which is a significant step forward compared to the past.

According to Károly Radnai, Managing Partner of Andersen Adótanácsadó Zrt., the faster-than-expected growth rate is due to several factors. “We managed to establish a dynamic working relationship between the tax and legal teams, though we also work closely with our foreign partner offices. We benefit greatly from the results of Andersen’s regional business development activities, which are based on the collaboration of joint service line teams and the international office network’s industry experts, assessed Károly Radnai, who was elected to Andersen’s European Board of Directors for the second time in December 2021.

Additionally, the office has also been intensively developing the range of its services. A good example of this is the tax allowance and state grants business line, launched in 2021, which, in its first year of its operation, already attracted a strong client base and generated significant revenues. “While many people in Hungary are involved in compiling traditional tender documentation, far fewer provide consultancy on state grants. We strive to be, if not necessarily the biggest, therefore clearly the best in this field, while also challenging the dominance of the Big4,” was how Károly Radnai outlined the plans.

In addition to taxation, Andersen’s Hungarian legal service provider, Szabo Kelemen & Partners Andersen Attorneys, further strengthened its market position in 2021. Based on the latest publication of BBJ’s Book of Lists, compared to the conditions a year before, the firm currently in 8th place in the ranking of law firms with international connections, up one place from a year ago. “We’re particularly proud of this result, because we achieved it against an extremely strong field of highly qualified competitors. We clearly caught up with the biggest players, which is supported by the number and volume of engagements that we won. Our staff provide legal services for both domestic and multinational companies and participate in significant domestic and cross-border transactions as legal advisors,” – assessed László Kelemen, partner at Szabo Kelemen & Partners Andersen Attorneys of the previous year.

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