The effects of the credit crunch are starting to take their toll on accountancy firms, with many set to shelve expansion plans over the next 12 months, a new study has revealed.
According to Accountancy Magazine, a survey carried out by Thomson Reuters found that 57 per cent of the top UK accountancy firms plan to keep staff levels the same or reduce them next year.
The survey also found that attracting "high-quality candidates" was a priority for 91 per cent of firms during the next 12 months.
Speaking to the magazine, Andy Eddleston, the commercial manager of Reuters' cvmail recruitment group, explained: "The effect of the credit crunch on top accountancy firms has been felt in a slowdown in corporate finance work and may feed through into consultancy work ."
PricewaterhouseCoopers LLP last week admitted 58 new partners and said a further 22 are expected to be recruited by the end of the year.
Accountancy Firms Curbing Expansion Plans Due To Economy Slowdown
Tue, 08 Jul 2008
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