Spotlight On: Timothy Devlin, Managing Partner, CohnReznick
May 2025 — In an interview with Invest:, Timothy Devlin, managing partner at top professional services firm CohnReznick, said that innovation, strategic partnerships, and client-centric services are contributing to the firm’s expansion. A recent strategic investment from Funds advised by Apax Partners LLP (Apax) will also boost its ability to continue growing. “We see this partnership as a way to supercharge our growth and access the technology and infrastructure needed to expand effectively,” he said.
CohnReznick this year received a strategic investment from Apax. What results are expected from this partnership?
CohnReznick generated about $1.1 billion in revenue last year. In our industry, you have the Big Four firms leading the pack with revenues in the $20 billion range. Then there’s a group in the $3 billion to $4 billion range, and another in the $1billion to $2 billion range, which is where we fall. Our goal is to continue growing and move up in that hierarchy. To do that, we need more resources. AI, for example, is going to impact most businesses, including ours, so building our technological capabilities is critical — and that takes investment. Partnering with Apax provides us with access to additional capital, tools, and experience we wouldn’t otherwise have. Even as a billion-dollar firm, we recognize the need for added resources to compete at the next level. We see this partnership as a way to supercharge our growth and access the technology and infrastructure needed to expand effectively.
How is CohnReznick integrating AI and other technological innovations to provide top-tier services in the accounting industry?
We started an innovation office years ago within the firm, with the idea of sourcing ideas from any of our 5,000 employees, from partners to junior staff. These ideas are reviewed, vetted, and, if they make sense for us, implemented. Some of the most impactful innovation ideas have come from those working directly with clients on a day-to-day basis. That was the foundation. More recently, as AI becomes more central, we’re leveraging tools like Microsoft Copilot and other automation platforms. However, since we manage a large volume of sensitive financial data, we have to be extremely cautious. While we are implementing AI where appropriate, maintaining data security and client trust is paramount. So, while we may not necessarily be on the absolute cutting edge, we’re being intentional and strategic in how we integrate these technologies.
What is your assessment of the state of the accounting, advisory, assurance, and tax landscape in Palm Beach and South Florida?
The profession remains in high demand. I’ve been practicing for over 40 years, and that’s always been the case — there simply aren’t enough accountants. Even with all the talk about AI and automation replacing us, demand for experienced advisory, assurance, and tax professionals remains strong. That demand has helped us maintain strong pricing. Coming out of COVID, businesses have remained resilient, and clients are willing to pay for high-quality service. We are seeing some pricing pressure in certain areas, but, by and large, clients still value strong relationships with trusted advisors. This gives us the ability to build long-term clients, and yes, it enables a good standard of living for our team and the firm.
Which services would you say are driving the firm’s growth, demand, and profitability?
Our firm is best known for its work in real estate, particularly commercial real estate and affordable housing. We’ve specialized in tax credit investments and built a deep level of expertise over the past two decades. That reputation helps us stand out in the market and drives significant business growth, especially in evolving markets like South Florida.
Another rapidly growing area is outsourced accounting. Many younger entrepreneurs prefer to outsource their accounting functions so they can focus on what they do best. Our ability to provide efficient, tech-enabled services makes that a very attractive offering.
A third major growth driver is private client services. With the transfer of wealth from one generation to the next, and as more entrepreneurs monetize their businesses, we’re seeing a significant increase in demand for wealth management and related advisory services. Especially in South Florida, where there’s a real influx of high-net-worth individuals, this area continues to expand quickly.
Given CohnReznick’s national and international presence, what makes Palm Beach and South Florida a particularly strategic market for your operations?
CohnReznick acquired a 225-person firm here in South Florida called Daszkal Bolton, which I previously led as managing partner. So, we’ve had a strong presence in the region for a while. COVID accelerated a trend that was already underway: clients, especially executives, relocating to South Florida. One of the big draws is the lack of state income tax — it’s like an instant 13% raise for someone coming from California or New York. Many executives realized they could buy a condo here with the money they were paying in taxes elsewhere.
And once they moved, they didn’t just want to retire on the beach — they wanted to build or move their businesses here too. That’s the exciting part for us. Instead of losing clients to other markets, we’re gaining them. I like to describe it as sitting here with a catcher’s mitt: business is coming our way, and we’re ready to receive it.
Have you noticed any shifts in client expectations, and how is CohnReznick adapting to these changes in how clients want to manage their accounts and wealth?
Clients have always expected quality, especially in the high-net-worth segment. If you’re running a boutique practice, personal service and attention to detail are critical. To differentiate ourselves, we dig deep to understand our clients and offer solutions that save them time, reduce their tax burdens, and support their business transitions. When we do that, cost becomes less of a concern. In fact, I often feel we’re saving our clients far more than we charge them. And if we’re not, then we’re not doing our job right.
Are there any legal or regulatory changes that could affect how you serve clients?
There aren’t any major legal shifts at the moment. However, one thing clients often overlook is state taxation. People assume Florida is tax-free, and for individuals and pass-through entities, that’s mostly true. But C corporations still pay state income tax here. More importantly, many clients don’t realize that if they’re doing over $100,000 of business in another state, even without physical presence, they may be required to file income tax returns there. The old rules tied tax liability to physical presence; now it’s about economic activity. That’s been a major surprise for many clients, and we’re helping them navigate that evolving landscape.
Could you elaborate on what “quality” service means — is it more about technical expertise or relationship management?
We recently had a group of interns, and one of them asked me for career advice. I told them something simple: communicate. Clients want responsiveness. Ideally, they’d love to have the most brilliant, articulate advisor serving their business. But they also want someone who calls them back on time. Being present, responsive, and proactive wins trust. You always seek technical expertise from a firm, but it’s that communication that lays the foundation for long-term relationships. That’s what quality means to us.
What is your outlook for the market and the firm?
We’re extremely excited about the West Palm Beach market. We have offices in Jupiter, Boca Raton, Fort Lauderdale, and Brickell, but West Palm is a focus for future expansion. We recently co-hosted an event at One Flagler with Related Ross and Wall Street South. Our CEO, David Kessler, introduced Ken Himmel from Related Ross, who spoke about the developments in the area. There were around 200 attendees, many from private equity, hedge funds, and related industries. It really showed us how much momentum is building in West Palm. We’re not just seeing buildings go up, we’re seeing people actively networking and doing business. Since that event, we’ve started working with a few new clients we met there. It’s a very exciting time.
With institutions like the Cleveland Clinic and Vanderbilt University setting up major operations there, it’s turning into something truly special.
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