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NYC Business Climate
Industry Overviews
PROFESSIONAL SERVICES
Professional Services
 
Professional Services Workforce
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Inside Professional Services:
Overview
Why NYC?
Who’s Here
Success Stories
Recent Press
Additional Resources
Contact Information
OVERVIEW


The Partnership felt that One World Financial Center best met our [relocation] needs. It is not just an extraordinary building to look at, but it has all of the features we need as a growing law firm: access to state-of-the-art technology, the ability to customize a work environment tailored to the needs of a 21st century law firm, and easy accessibility for our clients.
 
Robert O. Link, Jr., Chairman, Cadwalader, Wickersham & Taft LLP
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Every day, deals are closed, products are launched and fortunes are made in New York City. The professional services workforce here supports these activities with over 302,000 employees, totaling almost 10% of the City’s private sector employment and 4.2% of professional services employment nationwide (Source: NYS Bureau of Labor Statistics, February 2006, Professional, Scientific and Technical Services).

NYCEDC maintains relationships with major New York City-based professional services firms to support their expansion and prosperity. We work closely with leading industry players, across firms and associations, as a business advocate helping navigate the legislative, regulatory and competitive changes shaping the industry.
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WHY NYC?
New York City is home to a substantial network of top law, consulting, accounting and staffing firms and the world's greatest concentration of advertising talent.
LAW
The New York City Bar Association is one of the oldest and largest bar associations nationwide. The City boasts two vital legal clusters: Midtown Manhattan and Downtown Manhattan.
  • Over 5,500 law firms are located in NYC, with over 80,000 employees in the legal field.
CONSULTING
With the Association of Management Consulting Firms headquartered there, the City offers a robust consulting cluster in the Midtown Manhattan Central Business District.
  • Over 3,500 consulting firms are located in NYC, with almost 25,000 employees in the field.
ACCOUNTING
At the center of the worldwide accounting and tax industry, the Midtown Manhattan and Downtown Manhattan Central Business Districts include extensive clusters of accounting and tax firms.
  • Approximately 2,500 accounting and tax firms operate, with 40,000 employees.
STAFFING
With the largest local labor pool nationwide, New York City is a thriving location for global staffing firms. Offices of major firms, including both general and industry-specific placement agencies, are located throughout the five boroughs.
  • The staffing services industry employs almost 60,000 people, not including the staffing assignments that it provides. There are over 1,300 staffing firms in the City.
ADVERTISING

"Madison Avenue" is synonymous with the advertising sector. And given the City's preeminence in television and publishing, it's no wonder nine of the top ten US agency brands have their headquarters in New York City. Physical proximity of talent and customers have helped make New York City the place to be for the Advertising industry, employing close to 50,000 professionals.

Of course, there are plenty of locations off-Madison that are still great sites for advertising firms.  Take a look at our map of the largest spaces leased to the advertising sector in the City (use link just below).  Companies have found great alternatives to "Madison Avenue," while still having access to all of the benefits of being in New York City.

Map of NYC Advertising Company Locations (495 KB)
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WHO’S HERE
LAW

Eight of the nation’s ten most prominent law firms have headquarters in the City, and 48 of the 50 most prominent firms have an NYC office. Several major international firms, including Allen & Overy and Linklaters, have chosen to locate their sole U.S. office in New York City.

Top 10 Most Prestigious Law Firms

Rank

Law Firm

Largest Office / Headquarters

1

Wachtell, Lipton, Rosen & Katz

New York, NY

2

Cravath, Swaine & Moore

New York, NY

3

Sullivan & Cromwell

New York, NY

4

Skadden, Arps, Slate, Meagher & Flom

New York, NY

5

Davis, Polk & Wardwell

New York, NY

6

Simpson, Thacher & Bartlett

New York, NY

7

Latham & Watkins

Los Angeles, CA

8

Cleary, Gottlieb, Steen & Hamilton

New York, NY

9

Weil, Gotschal & Manges

New York, NY

10

Covington & Burling

Washington, DC

(Source: The Vault, 2006)
CONSULTING

McKinsey and Company, a prominent global management consulting firm, has its worldwide headquarters in New York City.

In addition, 23 of the 25 most prominent consulting firms have a presence in the City.
  • McKinsey & Company
  • Boston Consulting Group
  • Bain & Company
  • Booz Allen Hamilton
  • Monitor Group
  • Mercer Management Consulting
  • Mercer Oliver Wyman
  • Mercer Human Resources Consulting
  • Marakon Associates
  • Roland Berger Strategy Consultants
  • IBM Business Consulting Services
  • A.T. Kearney
  • Deloitte Consulting LLP
  • Hewitt Associates
  • Gartner, Inc.
  • Katzenbach Partners LLC
  • Towers Perrin
  • Accenture
  • CRA International
  • Stern Stewart & Company
  • NERA Economic Consulting
  • ZS Associates
  • Watson Wyatt Worldwide
(Source: Top 50 Consulting Firms – 2006, Vault Inc.)

STAFFING

Eleven of the world’s top twenty largest staffing companies by revenue have at least one office in New York City (Source: Hoovers.com). Adecco, the world’s largest staffing agency, has more than ten offices in the City.

Prominent Staffing companies in New York City include:
  • Adecco
  • Manpower Inc.
  • Randstad Holding NV
  • Kelly Services Inc.
  • Volt Information Sciences Inc.
  • Spherion Corporation
  • Labor Ready Inc.
  • Corporate Services Group Plc
  • Michael Page International Plc
  • COMFORCE Corporation
  • Robert Walters Plc
ACCOUNTING

Three of the “Big Four” accounting firms are headquartered in New York City. The fourth, KPMG, has its U.S. headquarters in NYC. The City is also home to many smaller firms.

"Big Four" Accounting Firms

Firm

Headquarters

PriceWaterhouseCoopers

New York, NY

Deloitte Touche Tohmatsu

New York, NY

Ernst & Young

New York, NY

KPMG

Amstelveen, The Netherlands 
(U.S. headquarters in NYC)

ADVERTISING

Nine of the ten largest advertising agency brands have their headquarters in New York City, representing over $8 billion in worldwide revenue:

Holding Company 

US Agency Brand 

Worldwide Revenues*  US Headquarters 
Omnicom
 
  BBDO Worldwide    $1.33 billion   New York City
  DDB Worldwide $1.02 billion   New York City
WPP Group
 
 
 
  J. Walter Thompson $1.32 billion   New York City
  Ogilvy & Mather $753 million   New York City
  Grey Worldwide $603 million   New York City
  Y & R Advertising $497 million   New York City
Interpublic
 
  McCann Erickson $1.44 billion   New York City
  Foote, Cone & Belding $499 million   New York City
Publicis   Leo Burnett Worldwide $826 million   Chicago
Havas   Euro RSCG Worldwide $528 million   New York City
  *Source: Ad Age Magazine, 2005 Revenue Ranking for Top Holding Companies

Advertising Week Coming: September 24 - 28, 2007
The City is host to the annual Advertising Week, celebrating the advertising and media industries and their importance to the City's economy.  Conceived by the American Association of Advertising Agencies' (AAAA) "Value of Advertising" committee, Advertising Week organizing committee brings together over 30 of the largest professional advertising associations with some 50,000 visitors to over 200 hundred events.  Advertising Week is scheduled for September 24 - 28, 2007, so be sure to register.

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SUCCESS STORIES
MANDARIN ORIENTAL HOTEL
Before the Mandarin Oriental Hotel opened in the Time Warner Center, it sought the help of NYC Business Solutions in identifying a pool of qualified local candidates for open positions at the hotel.
Read more >
WEIGHT WATCHERS INTERNATIONAL, INC.
Weight Watchers was near capacity at its 40,000-square-foot headquarters offices on Woodbury, Long Island. The Company reviewed its real estate portfolio and chose to relocate its headquarters to NYC.
Read more >
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RECENT PRESS
NYC Industrial Development Agency to Help Five Special Needs Organizations Expand in New York City
NYC Industrial Development Agency to Help Five Special Needs Organizations Expand in New York City
NYC Economic Development Corporation Selects Developer for Historic Battery Maritime Building
NYC Economic Development Corporation Selects Developer for Historic Battery Maritime Building
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ADDITIONAL RESOURCES
PROFESSIONAL SERVICES ORGANIZATIONS
New York City Bar Association
Association of Management Consulting Firms
American Institute of Certified Public Accountants
Association of Chartered Accountants in the United States
International Federation of Accountants
Crain’s New York Business
INCENTIVES
NYCEDC offers information about a variety of New York City business incentives designed to help businesses thrive. Visit our Financing & Incentives section.
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CONTACT INFORMATION
For more information on how NYCEDC can help your business in NYC, please fill out the contact us form.

 
RELATED LINKS

Incentive Finder
Use this simple tool to discover which NYC incentives may be applicable to your business.

The Five Boroughs
Get highlights about what NYCEDC is doing in each borough.

 
PUBLICATIONS

NYCVISION
View this newsletter outlining NYC economic development initiatives.

Economic Snapshot
Read our newsletter highlighting NYC employment, consumer spending, real estate and more.

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