Early 2002 proved the most
turbulent time ever experienced by
professional services firms as the
future of over 3,000 partners and
staff in the UK and around 100,000
globally was held in the balance.
As the Enron story unfolded and
criticism of Andersen mounted,
cracks began to appear in
Andersen’s global organisation.
Country firms spun off from a once
all powerful global parent and, as
this happened, there was a
scramble to rescue the partners and
staff of an organisation that had
been held in the highest possible
regard by competitors.
Standing in the wings were the other
Big 5 firms who were exploring
possible tie ups with the besieged
business. In the UK this process
took place at an unprecedented
speed and it was Deloitte that
concluded the transaction with
Andersen. The deal struck in April
2002 led to the very successful
integration of 3,500 partners and
staff, which began on 1st August
2002.
It is a testament to Deloitte that on
integration day there was a
leadership team in place that drew
on the strengths of both businesses
and was client facing from day one.
Despite immense challenges, we
can look back and see a strong
organisation, which has had minimal
client fallout and low staff attrition
rates. In July 2003 – just 10 months
after the integration took place – a
33% growth rate was posted.
Deloitte has emerged stronger and
is built on the combined strengths of
obsessive client focus and
outstanding teamwork.
Its position in the Big 4 ranking is
now number two with aspirations to
the top spot.