The firm’s growth was driven by M&A as well as organic growth. Grant Thornton US acquired accounting and advisory firm CCR.

The firms audit fees were up 5.4%, tax increased by 12.5% and advisory by 14.5%.

"The firm’s focus on dynamic organisations — largely mid-sized firms raising capital and looking to grow into new markets — has allowed us to create momentum with a client set that increasingly demands not only the highest quality service, but services tailored to the specific needs of their business," said Stephen Chipman, chief executive officer of Grant Thornton US.

"Our business model, in particular our industry program, allowed us to not only weather an uncertain economic environment but to thrive."