Russell Shapiro is a member of the firm’s Corporate Group, an area in which he has practiced for his entire career, focusing in particular on mergers and acquisitions. Russell’s industry insight and his clients’ diverse business objectives have shown him that every transaction demands its own solutions. As a result, he is committed to listening to his clients, understanding their business, and designing transactions to meet their specific strategic goals. Russell’s more than three decades of successful practice in this area have allowed him to serve as an expert witness in merger disputes.

Russell’s insight on tax and finance issues is deepened considerably by his status as a certified public accountant, giving him a nuanced understanding of his clients’ needs and the ability to craft the most effective tax and finance strategies. Russell’s background has led him to develop especially deep experience representing accounting firms, where he regularly assists with partnership agreements, mergers and acquisitions, and the enforcement of restrictive covenants. He performs similar work for other professional services firms, including law firms, consulting firms and investment banks.

Russell also advises professional services firms and investors on Management Services Organization (MSO) structures, including the formation and operation of MSOs, affiliated operating or professional entities, and related governance and services arrangements. His MSO experience frequently arises in connection with platform transactions, succession planning, private equity investments, and complex firm combinations in regulated and professional services environments.

In the last several years, Russell has worked on a number of nationally recognized accounting firm mergers, including PKF O’Connor Davies & private equity firms Investcorp and PSP Investments, Marks Paneth and CBIZ; Berdon and Citrin Cooperman; Lurie and EisnerAmper; Baker Tilly and Henry+Horne; and Aprio and Aronson, and many others. Russell has compiled a list of resources for accounting firms here.

Russell also serves as outside general counsel to a variety of privately held companies that average between $20 million and $500 million in sales.

Russell served more than a decade as the head of LP’s Corporate & Securities practice. Russell was also the Chair of the firm’s Transactional Practice Area.

Prosperity Partners (“Prosperity”) is a Chicago-headquartered public accounting firm offering best-in-class tax, accounting, and personal finance services to dynamic businesses, high net-worth individuals, and family offices. With offices throughout the United States, we are growing a people-focused public accounting firm with a strong culture, talented professionals and great clients.

Avani Desai is a Chief Executive Officer at Schellman, the largest niche cybersecurity assessment firm in the world that focuses on technology assessments. Avani is an accomplished executive with domestic and international experience in information security, operations, P&L, oversight, and marketing involving both start-up and growth organizations.  She has been featured in Forbes, CIO.com, and the Wall Street Journal, and is a sought-after speaker as a voice on a variety of emerging topics, including security, privacy, information security, future technology trends, and the expansion of young women involved in technology.

Also passionate about strategic philanthropy, Avani sits on the board of Arnold Palmer Medical Center, Philanos, Audit Committee chairwoman at the Central Florida Foundation, and is the co-chair of 100 Women Strong, a female-only venture capitalist based giving circle that focuses on solving community-based problems specific to women and children by using data analytics and big data. Avani is also an avid runner, always looking to sign up for the next Disney marathon.

With all that being said, Avani still considers her greatest accomplishment to be personal rather than professional—she is the proud mother to her 13-year-old son, Sahil, 10-year-old daughter, Sareena, and 3-year-old son, Hastin.

Walter Weil is based in North America and leads both TowerBrook’s Financial Services sector team and Business Services sector team in North America. Walter is a member of TowerBrook’s Equity Partners Committee and Investment Committee.

Prior to joining TowerBrook, Walter was a strategic consultant to The Blackstone Group within the Tactical Opportunities Fund and the GSO Special Situations Fund. Previously, he was an Executive Director at Morgan Stanley and began his career at Lehman Brothers. He is a member of the Board at Americares.org.

Walter holds a B.S. from the University of Colorado, Leeds School of Business, where he currently serves on the Board.

As private equity interest in accounting firms accelerates, the path from initial outreach to a successful deal is proving more nuanced than many expect. From sourcing and valuation to partner alignment, governance, and post-deal integration, acquiring an accounting firm requires a deep understanding of both the business model and the people behind it.

In this interactive session, industry advisors Allan Koltin, Bob Lewis, and Phil Whitman—who field calls from PE firms every day—share what you need to know before pursuing a transaction. Each will offer a brief, focused perspective on what drives successful deals, common missteps, and how to effectively evaluate and engage with target firms.

The session will then open into a town hall-style discussion, giving PE firms the opportunity to ask candid questions and pressure-test their approach in real time. Whether you’re actively deploying capital or exploring the space, this is a chance to get unfiltered guidance from advisors who understand both sides of the table.

Moderated by Accounting Today.

Note: Space is limited to encourage open, high-value discussion.

The first wave of private equity transformed the accounting profession. The second wave will go further.

As accounting firms and investors move beyond their initial transactions, the conversation is shifting from deal-making to value creation, integration, recapitalization, and long-term growth. While the level of interest in CPA firms remains strong, the market is becoming more competitive as growth expectations increase and firms face greater pressure to differentiate themselves.

What separates tomorrow’s winners from everyone else? How will ownership structures evolve? What happens when firms pursue a second transaction, a continuation vehicle, a recapitalization, or even a buyback?

In this opening conversation, industry leaders will examine how the private equity landscape is changing, what lessons have been learned from the first wave of deals, and what firm leaders, investors, and stakeholders should expect as the profession enters its next chapter.

The first wave of private equity in accounting was defined by platform investments and first-time transactions. The next wave will be defined by what happens after the deal.

As the pioneering private equity investments in accounting mature, firms and investors are beginning to navigate continuation vehicles, secondary transactions, recapitalizations, evolving ownership structures, and even buybacks. Research shows that nearly two in ten PE-backed firms expect their investors to sell equity within the next two years, signaling that the profession is entering a new phase of the private equity lifecycle.

This session brings together firm leaders, investors, and advisors to explore how PE firms exit investments, what those transitions mean for partners and leadership teams, and how firms are preparing for their next chapter.

Attendees will gain insight into the realities of second transactions, lessons learned from early PE partnerships, and how firms are thinking about ownership, governance, and growth as private equity in accounting continues to evolve.

Private equity has already reshaped the accounting profession—but what happens next? In this interactive town hall, industry leaders will explore how capital, consolidation, technology, and talent pressures are transforming firm ownership and operations. Will private equity become the dominant ownership model? Can independent firms continue to compete and thrive? And what will the next generation of accounting firms look like five to ten years from now? Join this forward-looking discussion on the forces shaping the future of the profession and what firm leaders should be doing today to prepare for tomorrow.