Julie Lamey, Market Managing Partner – Jacksonville, Grant Thornton LLP
Julie Lamey, market managing partner of Grant Thornton’s Jacksonville office, talked to Invest: about the advantages that Jacksonville offers for both businesses and people to relocate, the growing demand for tax and audit services, and the impact of AI on professional services.
What are some of the key milestones and achievements for the Jacksonville team over the past 12 months?
The Jacksonville office has grown tremendously since it was established eight years ago. From no office, clients or employees, we have expanded our team to over 55 professionals. Our success story extends beyond numbers as we’ve made significant strides in enhancing our client base across our Audit and Assurance, Tax, and Advisory service lines, while keeping our net promoter score high.
Equally noteworthy is our sustained low attrition rate over the past 18 months. This is pivotal as our people are the cornerstone of our firm and drive our ability to serve clients effectively and continue our growth. We prioritize efforts to retain our talented workforce, recognizing their contribution to our success.
Furthermore, our commitment to community engagement is evident through initiatives like GT United Group. This volunteer committee spearheads our philanthropic endeavors, carefully selecting and supporting various charitable causes. We take pride in our active involvement with numerous charitable organizations and are committed to giving back and making a positive impact in the community.
How is Grant Thornton’s commitment to making business more personal and building trust incorporated into its operations?
Our approach is simple: we do what we say and say what we do. We uphold our promises and communicate with transparency. This commitment extends to our people and our clients, recognizing that business is personal. We recognize that behind every professional endeavor lies a personal narrative.
Our inclusive culture is marked by mutual respect and that has been instrumental in attracting and retaining top talent. Our goal is to create an environment that our people and our clients want to be a part of.
What areas of Grant Thornton’s service portfolio have been in most demand in Jacksonville?
In Jacksonville, the most in-demand services have been in the Audit and Assurance and Advisory practices. Notably, the city is experiencing significant growth on the Audit side, driven by the relocation of company headquarters to Jacksonville and the growth of existing businesses.
There has also been a notable surge in private equity investments in these companies, accelerating their growth and subsequent transition to public markets. Similarly, the influx of people relocating to Jacksonville has attracted new companies in the area, contributing to our own growth trajectory. These dynamics are accelerating growth in Audit and Assurance services.
As for advisory services, we have seen notable growth in process work, such as financial transformation, cybersecurity and regulatory compliance, particularly in anticipation of recently enacted climate change regulations.
What regulatory or legislative changes are you closely monitoring due to their potential impact on your clients?
We are closely monitoring the climate change rules. For example, with California issuing their own rules, every company that does business in that state now has to comply with those standards. Additionally, recent disclosure rules by the SEC have brought heightened scrutiny to cybersecurity protocols. Public companies are now mandated to disclose their cybersecurity processes, incidents and breaches, prompting organizations to formalize their cybersecurity policies.
In the realm of taxes, while we anticipate minimal changes in an election year, we remain attentive to potential shifts depending on who ends up in the White House. Nevertheless, our focus mainly lies on impending expirations of tax provisions, such as the Tax Cuts and Jobs Act which sunsets at the end of 2025. This necessitates proactive tax planning to mitigate potential impacts (like rate increases) which will require additional tax planning and guidance to our clients.
How are technological advancements and innovations impacting the Grant Thornton Jacksonville practice?
Tech advancements and innovations have impacted our firm significantly. The ever-expanding array of tools at our disposal continues to enhance the way we engage with clients. We prioritize substantial investments in our innovation group, which is dedicated to creating tools that help us both internally and with client services. Data analytics are a notable game changer for us. Tasks that once took hours to complete are now done within seconds, with heightened precision and quality, thanks to sophisticated analytics dashboards.
We are also seeing a surge in our clients’ adoption of AI, a growing part of our toolset. Gone are the days of mundane admin tasks prevalent in public accounting 30 years ago. Today, our professionals are armed with a dashboard of information that allows them to deliver data-driven solutions that drive tangible outcomes for our clients.
What are the unique characteristics that make Jacksonville a great place to live, work, and play?
Jacksonville is an appealing and easy place to be, so attracting people here is not hard. When we opened our office here, I thought we would have to hire a bunch of people outside of the firm. To my surprise, when I put out a message asking who would like to transfer here, I had a pool of eager people to pick from. Jacksonville is a beautiful city with great weather, big enough where there are things to do but small enough that you can actually do them.
From a business standpoint, Jacksonville is a connected community, making it easier to get to know the growing business community. The resurgence of Downtown Jacksonville is exciting to see as well. Moreover, the Emerald Trail holds great promise for Jacksonville’s future development and will enhance the city’s recreational offerings and promote a healthier lifestyle for its residents. It also serves as a catalyst for economic growth, attracting employers and connecting businesses and communities.
What factors make Jacksonville an attractive destination for businesses to relocate?
Companies are moving here because of the lower cost of living and the fact that Jacksonville is an attractive place to live. From a logistical standpoint, Jacksonville is home to ports, rail networks, and I-10, positioning it as a prime hub for transportation. This accessibility is advantageous for manufacturing enterprises because it is an efficient avenue for nationwide product distribution.
Furthermore, Jacksonville has a robust healthcare sector, home to renowned institutions such as Mayo Clinic, Baptist MD Anderson Cancer Center, and UF Health, among others. We have a health hub here, which has spurred the increase in life science companies within the city.
What are some of the major trends that will shape audit, tax, and advisory services in the future?
One of the most significant trends is the ongoing wave of innovation and technology. AI is poised to play an increasing role in these service lines. Our clients’ businesses are embracing AI, which necessitates a reassessment of our audit procedures and the delivery of our advisory and tax services, as we adapt to evolving risk landscapes.
Another factor that is impacting the accounting profession is a talent shortage. Over the last 10 years, there has been a noticeable decline in the number of students pursuing accounting majors and graduating with accounting degrees, resulting in a shrinking talent pool. We all have had to step up our recruiting and retention efforts and are taking proactive measures such as reaching out to students at the high school and college freshman levels to showcase the diverse career opportunities within accounting. By illustrating the various career paths an accounting degree can offer and what work in public accounting actually looks like, we aim to inspire more people to pursue careers in this field.
Another area is growth. Jacksonville and our firm will continue to grow, so it’s imperative to strategize and prepare for this growth trajectory, ensuring that we have the necessary infrastructure and resources in place to manage the growth effectively. We have grown mainly through word of mouth, a testament to cultivating strong client relationships. By prioritizing client satisfaction, we can foster a network of advocates for our work and propel our growth through referrals.