CohnReznick LLP, one of the top accounting, tax, and advisory firms in the U.S., and Bethesda-based accounting, tax, and consulting firm, Watkins Meegan LLC, have signed a letter of intent to combine practices, expected to be effective on November 1, 2014. The combination brings added bench strength to both firms and will bolster CohnReznick’s position as a leading firm in the Washington-Metro area.

Founded in 1975, Watkins Meegan has 13 partners and 200 employees with revenues of $40M and is ranked among the top 100 firms in the country. With offices in Bethesda, Tysons Corner, Herndon, and Annapolis, the firm has considerable strength in serving government contractors, the real estate and construction industries, as well as the not-for-profit and hospitality industries.  Mike Micholas, Watkins Meegan’s Managing Partner, will continue to be a part of the senior management team in the region.

CohnReznick has 26 offices, including three in MD and VA that house over 600 employees. Its Firm-wide resources include dedicated industry practices, specialized assurance, tax, and advisory services, and global reach through Nexia International. The Firm is also an award-winning workplace recognized for its women’s program, flexibility, dedicated learning and development department, and community service initiatives.

“We are very excited about what this combination means for our ability to serve our clients and our employees in the future,” said Micholas. “CohnReznick’s formidable Commercial Real Estate, Construction, Not-for-Profit, and Hospitality Industry Practices will provide valuable resources to our clients in those industries.  All of our clients will benefit from a deeper bench of professionals with diverse technical expertise as well.  And our employees will find greater opportunities for learning and growth as part of a larger organization.”

The combined firm will have approximately $600MM in revenues, nearly 300 Partners, approximately 2750 employees, and 28 offices.

Ken Baggett, Co-CEO of CohnReznick stated, “We are continually looking at quality firms whose specialties complement our own. Watkins Meegan is a firm we have known for a number of years and have admired from a distance. We are very pleased about the synergies created by this combination.”

“Both firms sought a partner with the same core values, particularly a commitment to technical excellence and superior client service. When you have that, along with complementary experience and expertise, you know you will make a positive impact on your clients, your employees, and your community,” added Tom Marino, Co-CEO of CohnReznick.