Larry Leaf, Fairfield Office Leader, Estates and Trust Leader, Tax Partner, Aprio
Larry Leaf, Fairfield office leader, estates and trust leader, and tax partner at Aprio, spoke with Invest: about synergizing the firm’s strengths with its location in New Jersey. “New Jersey is strategically located, which allows the state to be strong in transportation, warehousing, and healthcare. We can be all things financial to our clients, including asset management, accounting, auditing, state and local tax, and legal.”
Reflecting on the past year, what significant market changes have shaped how Aprio operates in New Jersey?
We’ve had tremendous growth over the past year, which has enabled us to expand in traditional accounting and to form Aprio Legal, the first alternate business structure for law firms in the country. We can now provide not only accounting, but also legal services. We’ve grown about 30% in the last year. The accounting market is robust, and since COVID, the reason the accounting and financial services markets have done well is that we’ve benefited from advances in technology, something we’ve invested heavily in as a firm. For example, having video conferencing and incorporating AI into our processes has allowed us to be more efficient.
How is your team leveraging technology, including automation, AI and data analytics, to enhance service delivery and decision-making for clients?
Video conferencing allows us to meet with specialists throughout the country. Because we have grown so much, our depth in specialties has increased. We don’t need a specialist locally to help our clients. We can tap the entire world for the best specialists and have them live in real time. We can increase accuracy by using AI to help us scan and analyze information to enhance our processes and products. Collaboration has become more efficient. AI programs like Copilot and other intelligent tools give us the ability to communicate more effectively and efficiently.
Given the increased depth in specialties, what types of businesses are driving the most demand for accounting, audit, and consulting services in the region?
Tax and audit are both highly needed in New Jersey. I like to call New Jersey the lynchpin of the megalopolis from Boston to Atlanta. New Jersey is strategically located and allows the state to be strong in transportation, warehousing, and healthcare. New Jersey has been doing well. State and Local Tax (SALT) has been increasing. Efficiencies from technology make it challenging to determine exactly where you’re doing business between states, and SALT helps us iron out where our company is doing business and how it is taxed. Aprio Legal can now service clients, building upon a holistic approach. We can be all things financial to our clients, including asset management, accounting, auditing, state and local tax, legal, and advisory services. We offer a wide array of solutions.
What unique challenges and opportunities does your industry face in New Jersey, and how is your firm addressing them?
As the economy gets more and more complex due to growth, we are able to help. Technological improvements also create complexity. Even if laws become simpler, that is still a change that can create challenges. Tax law changes are coming, and we’re at the forefront of advising our clients. Companies and individuals need advisors to help maximize and benefit from the opportunities of these changes. Tariff changes are significant and create implications for our clients. Tariff changes can create challenges for companies, but an opportunity for us by providing new ways to advise clients. Through the One Big Beautiful Bill, the estate tax laws were extended, which gives opportunity to people to utilize the new benefits.
What trends are shaping your strategic approach in the accounting and advisory space?
There’s a move toward consolidation and investing in accounting. There’s a lot of optimism in the accounting industry, and we’re seeing many firms investing. Larger firms are acquiring smaller firms, and private equity is getting involved. That’s a sign of faith in the industry. Challenges to the market create opportunities for us, because we can help advise clients on how to overcome these challenges and maximize benefits. Although talent is expensive in New Jersey, we can find talent worldwide, giving us the ability to be more competitive. Culture is at the heart of Aprio. Our 31 Fundamentals are woven into nearly every meeting, shaping how we work and communicate with team members and clients. We stay connected through weekly check-ins, robust mentorship programs, in-house learning opportunities, and ongoing open communication across teams.
Looking ahead, what is your outlook for Aprio and the accounting advisory industry in the Northeast over the next three to five years?
Accounting is attracting significant investment, with smart money recognizing its potential. Aprio is leveraging this trend, becoming one of the nation’s fastest-growing firms. Our resources give us the ability to maximize growth, invest in our people, and lead in technological advancements. We are highly optimistic about the future, driven by our ability to utilize improved technology, mirroring the success of large companies in the stock market.
