Newport Beach-based accounting firm Squar, Milner, Peterson, Miranda & Williamson LLP is moving into the Valley with the help of one of the partners of a Sherman Oaks-based firm. Bill Wolf, one of the nine equity partners at White, Zuckerman, Warsavsky, Luna, Wolf & Hunt, LLP is breaking off from the firm and merging his practice with Squar, Milner effective March 1. Wolf, who was with White Zuckerman for 14 years, will become the managing partner for Squar Milner’s new Sherman Oaks office. The office will be the company’s fifth location and its first in the San Fernando Valley. The company already has offices in Los Angeles, Newport Beach, San Diego and Cayman Islands. Eleven accountants and administrative staff members who were formerly part of the tax and accounting services division at White Zuckerman that Wolf headed – will be joining Wolf in the transition. Wolf’s White Zuckerman clients are receiving the option of remaining with that company or following Wolf to Squar Milner. Wolf said he had been looking for the right company to merge with for several years. “We were looking to realign ourselves with a larger accounting firm, a traditional accounting firm,” Wolf said, adding that his division within White Zuckerman had more of a focus on general tax and accounting services. “It was also to help our clients. We have middle-market clients and high net worth individuals. It’s to provide more resources for those clients that a larger firm can bring to bear.” He added that going with a larger firm also provides more opportunities for employees. Wolf said that while he was at White Zuckerman, he grew his department from three employees to more than 12. White Zuckerman’s three divisions are family law support; commercial, personal injury and employment litigation; and tax and accounting services. The company, which started in 1987 and specializes in forensic accounting, employed more than 80 professionals and administrative staff before Wolf’s departure. Expanding presence Squar Milner executives decided to bring in Wolf’s team in order to grow the company’s Los Angeles market. About a third of the company’s clients are in Los Angeles County, said Steve Milner, managing partner of Squar Milner. He added that the San Fernando Valley was an attractive location for expansion because there are a lot of technology and entertainment businesses in the area that the firm could provide services for. Wolf was specifically targeted for the merger because of his background. “He’s an experienced tax professional, but he’s also experienced in forensic accounting,” Milner said. “His culture was very similar to ours (and) the economics were very similar to ours.” Milner said the plan is to build on the new office once it is established. “We want to grow,” he said. “We’re looking aggressively for other partners to join us in our Valley location.” Wolf and his team will be staying in the Sherman Oaks office building at the corner of Ventura and Van Nuys boulevards where White Zuckerman is located. The team will continue to occupy half a floor of the two floors White Zuckerman uses. However, Milner said the office will eventually be moved, either to another location in Sherman Oaks or elsewhere in the San Fernando Valley. Squar Milner has been in existence for about 50 years and has more than 200 employees. White Zuckerman’s plan Fred Warsavsky, managing partner for White Zuckerman, said Wolf’s exit does not mean the company will no longer provide accounting and tax services for their customers. One of Wolf’s former division tax partners and a company partner, Keith Benson, is remaining with White Zuckerman to head the department. Benson will be given the opportunity to grow the practice, which Warsavsky expects will happen rapidly. Warsavsky said that while Wolf’s exit will lead to lower revenues for White Zuckerman, the departure will also be balanced out by the fact that the company has “12 less mouths to feed.” He also said a partner leaving a firm always leads to “some ruffled feathers,” but that White Zuckerman and Wolf are still working with each other to create a smooth transition. “We’ve been with Bill for a long time, and we wish him well,” Warsavsky said. “He made a decision and we respect his decision.” White Zuckerman had to deal with a similar situation in 1997 when two partners left the company. “It took us awhile to replace their revenue, but we did it,” Warsavsky said, adding that he expects recovery this time as well.
