The revenue of the leading Estonian consulting firm increased by 18% and it has a team of more than 220 people
Revenue 14.3 million euros, annual growth 18%.
The team has grown to 220+ people.
We audit 44% of companies placed among TOP 50 by revenue by Äripäev.
Soaring growth of PwC Legal: now 3rd among the Äripäev list of TOP law firms.
According to Tiit Raimla, Managing Partner of PwC Estonia, our strong performance was achieved due to robust business growth of our customers and the strength of our team. “The key factor for increased revenue is our core team. For every service line, we have a diverse senior team whose experience is unmatched on the Estonian market, and who are capable of in-depth analysis of the client’s problem, engaging experts from other service lines, where necessary. Our audit team alone has 33 certified auditors, which is more than the combined number of the rest of the Big 4 audit firms. There are similar examples for other service lines. This allows us to do in-depth work on customer solutions and also provide enhanced mentoring, so that we are able to regularly train new generations of experts,” explained Mr Raimla.
The growth is also due to the fact that over the past years PwC has been systematically developing all four of its service lines – audit, management consulting/transactions, tax consulting and law firm. As a result, the so-called traditional audit firms have become providers of professional services that are much more diversified. The cost of services has gone up due to an increase in salaries.
According to Mr Raimla, PwC’s growth has primarily been driven by the business growth of our customers. “Estonian companies are no longer merely Estonian companies – they are global entities operating on a global market. As the needs of the customers have changed, so have the so-called Big 4 companies where alongside with the audit service, tax consulting, transaction and management consulting and provision of legal services have strongly grown. All these services are often provided together because there are more and more customers looking for a one-stop-shop solution. An Estonian company is an intelligent consumer of services – the expectation to receive all services from one provider is steadily growing. Over the last five years, we have been very consciously developing all four service lines in consideration of this expectation.”
As the last year was a good one both in terms of economy and for our customers, our business consultants were also very busy. “It makes us proud that in case of transactions, PwC played a key role in advising all five top transactions in Estonia. A lot of work was done on cross-border projects. If we have a client who, for example, wants to reorganise its Baltic businesses in order to facilitate their administration, we can put together a team of financial people, tax people and lawyers, which allows for efficient planning and execution of the project both time-wise and from the perspective of risk assessment,” explained Mr Raimla.
He admits, however, that the last financial year was marked by soaring salaries and the continuous pressure to pay more and this impact was also felt in PwC. “More than ever, we have had to engage our entire team in recruiting new people, coaching staff and in broad terms, working with our own people. Fortunately, PwC has considerably contributed to building up a so-called sense of a family which most of us share. Last year we also made a significant contribution to automation, both through implementing new programmes and transferring the so-called routine data processing work to the service centres in PwC’s Central and Eastern European region. We wish to motivate our people by giving them diverse work to be performed in close collaboration with the client, while also providing them an exciting professional challenge.”
Raimla stated that changes in the nature of the business would offer people more opportunities for re-specialising in a different service line or working abroad. The latter is undoubtedly one of the advantages of a global organisation: over the last few years PwC’s people have temporarily performed tasks in more than 15 countries. “Flexible career opportunities help attract talent. In order to provide a top-level service to our customers, we need to nurture our people. So this year, we will have even more initiatives to support work-life balance so as not to lose oneself under a heavy workload!”
Mr Raimla says that the current year is also off to a busy start – the market shows no signs of a slowdown and strong performance is therefore also expected this year for all service lines. “As the market leader we wish to set an example both with our high-quality customer work and taking care of our people. Therefore, the plans for this year include continued work automation, looking for new ways to increase efficiency, making more use of service centres. The nature of an advisor’s work calls for self-sacrifices at times, and we want our people to know how much we value their contribution and try to innovatively reorganise the less motivating parts of their work. We listen to the ideas proposed by our staff and lay a special emphasis on supporting their development.”
*The last financial year of PwC Estonia (AS PricewaterhouseCoopers Eesti) was 1 July 2018 - 30 June 2019.
A similar comment by Mr Tiit Raimla was published in the Äripäev list of TOP Consulting Companies on 26 November 2019.
Country Managing Partner, Audit Partner, PwC Estonia
Tel: +372 6141 800
Marketing and Communication Leader, PwC Estonia
Tel: +372 5303 0446