The recent lift of all bans on commissions and contingency fees has been profitable for Dallas, TX-based 1st Global, a financial services company with more than 1,000 affiliate firms, including 180 large accounting firms.
1st Global has enjoyed success in the last several years in recruiting firms to join as affiliates to provide clients financial services of various kinds.
Until the ban was lifted in Louisiana, firms operating in the state were prohibited from entering into financial services transactions in which fees and commissions were part of the agreement.
Already, six firms from the state have joined 1st Global, representing $15.7 million in accounting revenue. The firms include Bergeron & Lanaux; Broussard, Poche, Lewis, & Breaux; Clark and Company; Darnall, Sikes, & Frederick; Inzerella Feldman & Co; and The Gautreau Group.