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1 2016 Architecture & Engineering Market Outlook Survey The results are in... 1

2 Grassi & Co. and Zetlin & De Chiara LLP are pleased to announce the release of our 2016 Architecture & Engineering (A&E) Industry Market Outlook Survey Results Report. The goal of the survey, which was conducted in March 2016, was to collect information regarding current market dynamics and to examine certain benchmarks to help predict and anticipate the projected market outlook for the A&E Industry in the regional New York area. The responses collected from the survey identified valuable metrics, new and emerging trends and industry insights that will help A&E firms navigate through 2016 and beyond. Read on to learn more about the trends and results of the survey. If you have any questions regarding the survey or the content of this report, please feel free to contact us. Sincerely, Robert J. Brewer, CPA, CCIFP Partner, Architecture & Engineering Practice Leader Grassi & Co. (516) Michael J. Vardaro, LEED AP Managing Partner Zetlin & De Chiara LLP (212) SURVEY SPONSORS Grassi & Co. and Zetlin & De Chiara would like to express special thanks to the A&E Market Outlook Survey sponsors. American Institute of Architects of New York State, Inc. 50 State Street, 5th Floor, Albany, NY American Council of Engineering Companies of New York 8 West 38th Street, New York, NY Disclaimer: The results of this survey are reported for informational purposes. The findings and conclusions may be generalized for your informational purposes only. Please consult an accountant or attorney when making business decisions that may affect the operations of your firm.

3 Table of Contents About The Survey 1 Results Snapshot 2 ARCHITECT FIRMS General Firm Overview 4 Financial 6 Operations 9 Bidding and Backlog 11 Human Resources 12 Legal and Risk 17 The Future 20 ENGINEERING FIRMS General Firm Overview 24 Financial 26 Operations 29 Bidding and Backlog 31 Human Resources 32 Legal and Risk 37 The Future 41 Trends We See 46 Leaders in Serving the A&E Industry 47

4 About The Survey Architecture & Engineering (A&E) firms are constantly looking for market intelligence tools and resources to assist in developing their business objectives and strategies. For the fourth consecutive year, Grassi & Co. and Zetlin & De Chiara LLP surveyed A&E executives from firms within the New York regional area to identify and examine current practices and trends that are impacting the industry. The results of the A&E Industry Survey provides: Important industry benchmarks that are driving revenue growth and profitability Insight into critical trends shaping the industry to improve business strategy decision-making A 360-degree view of current and future market conditions The survey included 40 questions, which focused on the categories below: 1. General Firm Overview 2. Financial 3. Operations 4. Bidding and Backlog 5. Human Resources 6. Legal and Risk 7. The Future Of the firms that are represented in the survey, 59% are Engineering firms (including A&E firms with 7 engineering) and 41% Architecture firms (including A&E firms with 7 architecture). PARTICIPATING FIRMS BY INDUSTRY SEGMENT Engineering (Including A&E Firms with 7 Engineering) 59% Architecture (Including A&E Firms with 7 Architecture) 41% 1

5 Results Snapshot 64% of the Architecture executives surveyed reported that their revenues are expected to be higher in 2016 than in % reported they expect their revenues to decrease in 2016 from % of the Engineering executives surveyed reported that their revenues are expected to be higher in 2016 than in reported they expect their revenues to decrease in 2016 from of the Engineering executives surveyed expect the most potential growth within the commercial, residential, and retail market sectors. The residential market was selected by 58% of the Architecture executives surveyed as having the most potential for growth in % of all Architecture firms and 43% of all Engineering firms reported having a staff turnover rate of 6-1 in All Architecture and Engineering respondents expect to increase their headcount in 2016, specifically at the professional levels. 89% of all participating Architecture firms reported that their firms plan to expand business offerings over the next 12 months. 57% of all participating Engineering firms plan on expanding their geographical footprint over the next 12 months. 38% plan on both expanding business offerings and plan on engaging in merger and acquisition activities in % of Architecture of executives and 48% of Engineering executives surveyed stated that the most important transition issue facing their organization is identifying future leaders. 57% the Architecture respondents indicated that their top business goals for 2016 are increasing profitability and hiring key staff. The top business goals for 2016, according to all Engineering respondents, are profitability followed by ownership transition and productivity. 2

6 Architecture Executives Speak Out... 3

7 ARCHITECTURE FIRMS - General Firm Overview Of the Architect firms that responded to the survey, 3 were smaller firms with an overall headcount of 0-20, 4 were mid sized firms of in overall headcount, and 3 were larger firms with a headcount of over RESPONDING FIRM HEADCOUNT > 250 Of the Architecture executives surveyed, 37% held the title of Partner / Principal and 16% held the title of President, Managing Partner / Principal or Director (marketing, legal) equally. RESPONDENTS RESPONDENTS Chief Financial Officer Controller President 16% Partner / Principal 37% Director (Marketing, Legal) 16% Managing Partner / Principal 16% General Counsel 4

8 ARCHITECTURE FIRMS - General Firm Overview Strategy. Out of all respondents questioned, 89% reported that their firms plan to expand business offerings over the next 12 months and 67% stated that they plan on expanding their geographical footprint. 56% of survey respondents reported that their firms did not implement a new strategy in the past 12 months and another 56% plan on staying the course and not implementing any new strategies in the next 12 months. BUSINESS STRATEGIES IMPLEMENTED Past 12 months Next 12 months 89% 44% 44% 67% 56% 56% 22% 22% 11% 11% 11% 11% Merger and / or acquisition Outside capital infusion Sale / Divestiture Sale to ESOP Expansion of business offerings Expansion of Transfer of geographical ownership to reach management Public - Private Partnerships (P3s) No new strategies / Stay the course Geographical Focus. 27% of all respondents reported that 10 of the work their firms perform is based in the U.S. and 47% reported that 1-2 of their firm s work is performed internationally. 47% indicated that 76-99% of their work is performed in the U.S. % BREAKDOWN OF WORK PERFORMED In the U.S. Internationally 47% 2 13% 47% 27% 7% 7% 7% % 10 5

9 ARCHITECTURE FIRMS - Financial Net Revenue. 36% of all participating firms reported net revenue of >$25M for both 2014 and reported revenues consistent year over year in the $15 - $25M range. 43% NET REVENUE % 36% 36% 7% < $2M $2 - $7.5M $7.5 - $15M $15 - $25M > $25M Organic Growth. 43% of all represented firms reported an organic revenue growth percentage of 0 - for reported negative growth while reported growth of 6-1 with another reporting growth of >1 in ORGANIC REVENUE GROWTH < > 1 43% 43% 43% 36% 21% 21% 21% 7% 7% 7% Overall Public - US Private - US Public - International Private - International 6

10 ARCHITECTURE FIRMS - Financial Organic Growth by Market Sector. Executives surveyed stated their firms all experienced positive organic revenue growth of 0 - in all market sectors. ORGANIC REVENUE GROWTH BY INDUSTRY / MARKET SEGMENT < > 1 31% 46% 54% 46% 46% 38% 38% 38% 38% 31% 31% 31% 23% 23% 23% 1 1 8% 8% 8% Healthcare Education Commercial Residential Retail Municipal Hospitality Financing and Credit. Regarding total exposure (as a % of total credit available) 83% of all executives surveyed stated that their firms total exposure was between % TOTAL EXPOSURE (as a % of total credit available) 17%

11 ARCHITECTURE FIRMS - Financial Personal Guarantees. When asked about personal guarantee requirements, 69% of executives surveyed indicated that their firms are required to give personal guarantees, which was consistent across all sized firms in the industry. PERSONAL GUARANTEES No 31% Yes 69% Technology Budget. A majority of all executives surveyed, reported that 0-2 of their technology budget goes to the following investments: Training (93%) Business technology and infrastructure (79%) Project information management (PIM) (71%) Hardware (57%) Additional software (5) Design technology (43%) 8

12 ARCHITECTURE FIRMS - Operations Design Build. When asked what percentage of their projects are design build, 53% of all firms indicated that 1-1 of their projects were, while 47% indicated that none of their projects were design build. PERCENTAGE OF DESIGN BUILD > % 47% Next Generation. 66% of the firms surveyed have identified their next generation of leaders / management. NEXT GENERATION IDENTIFICATION N/A 7% No 27% Yes 66% 9

13 ARCHITECTURE FIRMS - Operations Ownership Transition. Those issues ranking most important from executives surveyed were: Identifying future leaders (43%) Firm is not developing a plan (21%) Low internal ownership () Ownership is too narrow (7%) Lack of demand for shares (7%) Affordability for new shareholders (7%) New Projects. When asked about a variety of primary sources used to obtain new work, 10 surveyed stated that new work comes from repeat clients, 93% responded to RFPs, and 87% of new work coming via recommendations by clients. NEW PROJECT SOURCES 10 93% 87% 67% 4 33% 2 7% 10

14 ARCHITECTURE FIRMS - Bidding and Backlog Bidding and Proposals. For 2015, 36% of all executives surveyed reported that the average number of bidders/proposals submitted for public sector projects is >10 while 86% noted that the average number of bidders on private sector projects is >10. AVERAGE ANNUAL BID / PROPOSAL SUBMISSIONS > 10 86% 86% 36% 36% 36% 7% 7% 7% 7% 7% 2014 Public sector projects 2014 Private sector projects 2015 Public sector projects 2015 Private sector projects Backlog. 43% of all participating firms have indicated that they have one year of backlog. Larger firms had the highest percentage (66.7%) of backlog for more than one year. BACKLOG 43% 21% 36% 1 5 months 6 12 months More than 1 year 11

15 ARCHITECTURE FIRMS - Human Resources Implemented Programs. The responding firms have implemented a variety of Human Resources (HR) programs to provide their employees with a quality work environment. The top four programs implemented in the architecture segment are as follows: technical training (93%); management / soft skills training (64%); partner / manager retreats (5); and incentive compensation plans and human resource information systems are tied at. IMPLEMENTED PROGRAMS 93% 21% 64% 5 7% 7% 12

16 ARCHITECTURE FIRMS - Human Resources Goals and Evaluations. 71% of all participating firms reported that they set specific responsibilities and goals for all employees. When asked which detailed performance reports their firms used for Partners and Managers, 64% of all executives indicated that they use Profitability by Partner / Manager reports and 43% indicated they use Profitability by Customer reports. 64% PERFORMANCE REPORTS 43% 43% 5 43% 43% Profitability by Partner / Manager Cash flow by Customer Cash flow by Partner / Manager Business development and marketing activities New business by Partner / Manager Profitability by Customer None Turnover and Hiring. 47% of all participating firms reported having a turnover rate of 6-1. TURNOVER RATES 47% 4 7% 7% > 1 13

17 ARCHITECTURE FIRMS - Human Resources Turnover Contributors. When asked about factors that contributed to employee turnover, the majority of all Architecture firms noted poor performance and quality of work as one of the primary drivers for their turnover rates. TURNOVER CONTRIBUTORS 42% 5 33% 8% 2 2 Economic conditions Retirement Poor performance / quality of work Lack of advancement opportunities Lack of work / elimination of position Other (Please specify) Hiring Level. Although turnover was experienced by all firms in 2015, all participating firms indicated that they will be hiring in The primary role they are looking to fill is at the professional level (68%). Other (Please specify) 11% N/A 2016 HIRING LEVEL 2016 HIRING LEVEL Executive General Administrative 16% Finance Professional 68% 14

18 ARCHITECTURE FIRMS - Human Resources Salary Increases. When asked about increases in salaries, 43% of firms reported that the average salary increase provided in 2015 was between 4-6%. AVERAGE SALARY INCREASE PERCENTAGE > % 1-3% 21% 36% 43% Bonuses. With regards to bonuses provided in 2015, 36% of participating firms indicated that the average bonus, as a percentage of salary, was 1-3%. AVERAGE BONUS (as % of Salary) > % 1-3% 36% 7% 15

19 ARCHITECTURE FIRMS - Human Resources Bonus Factors. Bonuses were mostly noted as being tied to performance, as well as company profits. BONUS DETERMINATION FACTORS N / A 7% Tied to company cash collections Tied to company profits Tied to profitability of jobs 7% 64% Tied to performance 71% Arbitrary Healthcare and Benefits. Executives were also asked about healthcare and other employee benefits they have implemented and a significant number indicated that they have implemented higher deductible plans (57%), followed by wellness programs (43%). 21% of respondents reported that they have not implemented any of the benefits included in the graph. 57% IMPLEMENTED HEALTHCARE / BENEFIT PROGRAMS 7% 36% 21% 43% 7% 21% Higher deductible plans Self - Insurance HSAs Higher employee contributions Wellness programs Medical captives No insurance coverage provided None of the above 16

20 ARCHITECTURE FIRMS - Legal and Risk Contractual Risk. 43% of executives reported that their firm s outside counsel assessed their contractual risk. HOW FIRMS ASSESS CONTRACTURAL RISK CFO / Partner(s) / Owner(s) 21% Other (Please specify) Corporate Counsel / Risk Manager 22% Outside Counsel 43% Liability Insurance Limits. 43% of all firms surveyed, reported their limit to be $0 - $2M. Another 43% reported their limit to be $3M - $9M while %14 reported their limit to be $10M - $20M. 71% of executives are not considering raising their insurance limits. LIABILITY INSURANCE LIMITS 43% 43% LIMITATION INCREASE CONSIDERATION No 71% Yes $0-2M $3M - 9M $10M - 20M > $20M 17

21 ARCHITECTURE FIRMS - Legal and Risk Liability Limitations on Contracts. PERCENTAGE OF DEDUCTIBLES LIABILITY LIMITATION ON CONTRACTS > $500,000 $250,000 - $500,000 $100,001 - $249,999 $0 - $100,000 7% 21% 57% Limitation of Liability. When asked what limitation of liability is typically based on, 10 of those surveyed responded it is based on insurance. No respondents felt it is based on Insurance plus dollar amount or flat dollar amount. BASIS FOR LIMITATION OF LIABILITY 10 33% Fees Insurance Insurance plus dollar amount Flat dollar amount 18

22 ARCHITECTURE FIRMS - Legal and Risk Legal Claims. Respondents were asked to indicate what they believe is the cause of legal claims brought against their firms regardless of their validity. In response to this question, 6 of the firms reported coordination as the most likely cause, followed by 2 of all executives citing communication and expectations as a primary cause. PRIMARY CAUSES OF LEGAL CLAIMS Legal Issues. When asked what legal issues the executives are currently concerned with, half responded that ownership transition was top of mind while 36% responded that IPD Contracts was the primary legal issue. LEGAL ISSUES CAUSING CONCERN 5 21% 36% Ownership transition Licensing issues P3s Design build Contract negotiations IPD Contracts BIM There are no legal issues I want to learn more about Other (Please specify) 19

23 ARCHITECTURE FIRMS - The Future Revenue Growth Expectations. A majority of all executives surveyed (64%) expect their revenues to increase in 2016 over expect their revenue to remain the same year over year REVENUE GROWTH EXPECTATIONS 64% 7% Will increase from 2015 Will remain the same from 2015 Will decrease from 2015 Margin Percentage. When asked about their average gross margin percentage expectations for 2016, 5 indicated that they expect their average gross margin percentage to increase versus 2015, but expect it to remain unchanged from last year AVERAGE GROSS MARGIN % EXPECTATIONS Will decrease from 2015 Will remain the same as % Will increase from

24 ARCHITECTURE FIRMS - The Future Growth by Customer Segment. When asked about customer growth by sector: 43% of firms expect the U.S. private sector to grow between 0 - in % of all respondents expect the U.S. public sector to grow by >1 5 of respondents expect the international public sector to have negative growth in 2016 GROWTH RATE BY CUSTOMER SEGMENT < > 1 43% 43% 21% 21% 7% 7% 5 36% 21% 7% 7% Overall Public U.S. Private U.S. Public International Private International Growth by Market Sector. 58% of all industry executives surveyed expect a residential market sector to grow 0 - in The greatest increase of expected growth (>1) is expected in both municipal and commercial sectors. EXPECTED GROWTH BY MARKET SECTOR < > 1 42% 42% 33% % 33% 33% % 17% 17% 17% 17% 8% 8% 8% Healthcare Education Commercial Residential Retail Municipal Hospitality 21

25 ARCHITECTURE FIRMS - The Future Top Goals for The top business goals for 2016, according to all respondents, are profitability and hiring key staff (tied at 57%), followed by growth, mentoring / training, productivity, and controlling costs / overhead which all came in at GOALS 57% 57% % 43% 21% 36% 7% 36% 22

26 Engineering Executives Speak Out... 23

27 ENGINEERING FIRMS - General Firm Overview Of the Engineering firms that responded to the survey, 17% were smaller firms with an overall headcount of 0-50, 3 were mid sized firms with in overall headcount, and 48% were larger firms of over 251. RESPONDING FIRM HEADCOUNT 31% 17% 24% 1 17% > 500 Of the Engineering executives surveyed 21% were Partners / Principals, were Presidents and 1 were VP / SVP, CFO and Director (project development, construction) equally. Vice President / Senior Vice President 1 RESPONDENTS RESPONDENTS Chief Executive Officer 4% Chief Financial Officer 1 President Chief Operating Officer 1 Partner / Principal 21% Controller 7% Managing Partner / Principal 7% Director (Project Development, Construction) General Counsel 1 7% 24

28 ENGINEERING FIRMS - General Firm Overview Strategy. Out of all respondents questioned, 57% stated that they plan on expanding their geographical footprint. 38% of respondents are planning on expanding business offerings over the next 12 months equaling the 38% of respondents who plan on engaging in merger and acquisition activities over the next 12 months. of survey respondents reported that their firms did not implement a new strategy in the past 12 months. BUSINESS STRATEGIES IMPLEMENTED Past 12 Months Next 12 Months 38% % 57% 52% 19% 24% 1 Merger and / or acquisition Outside capital infusion Sale / Divestiture Sale to ESOP Expansion of business offerings Expansion of geographical reach Transfer of ownership to management Public - Private Partnerships (P3s) No new strategies / Stay the course Geographical Focus. 38% of all respondents reported that 10 of the work their firms perform is based in the U.S. and 43% reported that 1-2 of their firm s work is performed internationally. 38% indicated that 76-99% of their work is performed in the U.S. % BREAKDOWN OF WORK PERFORMED In the U.S. Internationally 19% 43% 19% 38% 38% % 10 25

29 ENGINEERING FIRMS - Financial Net Revenue. stated that their net revenue was >$100M year over year while stated that their revenue was <$5M year over year. 33% responded that their revenue was between $10 - $50M for 2015, versus 38% in NET REVENUE % 33% < $5M $5 - $10M $10 - $50M $50 - $100M > $100M Organic Growth. 38% of all represented firms reported an organic revenue growth percentage of 0 - for 2015 in both the U.S. public sector and the international private sector. Overall, of executives stated that their organic revenue growth was >1 in ORGANIC REVENUE GROWTH < > 1 38% 38% 24% 24% % 33% 19% 19% 1 Overall Public - US Private - US Public - International Private - International 26

30 ENGINEERING FIRMS - Financial Organic Growth by Market Segment. The municipal market sector showed the most growth in 2015 with 47% of respondents claiming organic revenue growth of 0 -. On average, 27% of respondents stated a growth of 6-1 across all industry / market segments. ORGANIC REVENUE GROWTH BY INDUSTRY / MARKET SEGMENT < > 1 47% 47% 41% % 24% 12% 18% 18% 12% 3 24% 12% 3 6% 6% 6% Healthcare Education Commercial Residential Retail Municipal Hospitality Financing and Credit. Regarding total exposure (as a % of total credit available) 67% of all executives surveyed stated that their firm s total exposure was between % TOTAL EXPOSURE (as a % of total credit available) 17% 17%

31 ENGINEERING FIRMS - Financial Personal Guarantees. When asked about personal guarantee requirements, 47% of executives surveyed indicated that their firms are required to give personal guarantees, which was consistent across all sized firms in the industry. PERSONAL GUARANTEES No 53% Yes 47% Technology Budget. A majority of all executives surveyed reported that 0-2 of their technology budget goes to the following investments: Training (5) Business technology and infrastructure (3) Project information management (PIM) (6) Additional software (8) Design technology (7) 28

32 ENGINEERING FIRMS - Operations Design Build. When asked what percentage of their projects are design build, 62% of all firms indicated that 1-1 of their projects were, while 19% indicated that none of their projects were design build. PERCENTAGE OF DESIGN BUILD > % 19% Next Generation. 67% of the firms surveyed have identified their next generation of leaders / management. NEXT GENERATION IDENTIFICATION N/A 9% No 24% Yes 67% 29

33 ENGINEERING FIRMS - Operations Ownership Transition. Those issues ranking most important from executives surveyed were: Identifying future leaders (48%) Firm is not developing a plan (24%) Funding retirement obligations (1) Low internal ownership () Affordability for new shareholders () Lack of demand for shares () New Projects. When asked about a variety of primary sources used to obtain new work, 10 surveyed stated that new work comes from repeat clients, 10 responded to RFPs, and 81% of new work coming via recommendations by clients. NEW PROJECT SOURCES % 81% 52% 43% 1 30

34 ENGINEERING FIRMS - Bidding and Backlog Bidding and Proposals. For 2015, 71% of all executives surveyed reported that the average number of bidders / proposals submitted for public sector projects is >10 while 81% noted that the average number of bidders on private sector projects is >10. AVERAGE ANNUAL BID / PROPOSAL SUBMISSIONS > 10 71% 81% 71% 81% 19% Public sector projects 2014 Private sector projects 2015 Public sector projects 2015 Private sector projects Backlog. 48% of all participating firms have indicated that they have 6-12 months of backlog while 43% had backlog for more than one year. BACKLOG 48% 43% months 6 12 months More than 1 year 31

35 ENGINEERING FIRMS - Human Resources Implemented Programs. The responding engineering firms have implemented a variety of Human Resources (HR) programs to provide their employees with a quality work environment. The top four programs implemented in the engineering segment are as follows: technical training (9); pension plans (76%); management / soft skills training (71%); and incentive compensation plans (67%). IMPLEMENTED PROGRAMS 9 76% 71% 67% 38% 48% 62% 62% 32

36 ENGINEERING FIRMS - Human Resources Goals and Evaluations. 71% of all participating firms reported that they set specific responsibilities and goals for all employees. When asked which detailed performance reports their firms used for Partners and Managers, 71% of all executives indicated that they use Profitability by Partner / Manager reports and 71% indicated they use Business Development and Marketing activities. PERFORMANCE REPORTS 71% 71% 48% 38% Profitability by Partner / Manager Cash flow by Customer Cash flow by Partner / Manager Business development and marketing activities New business by Partner / Manager Profitability by Customer None Turnover and Hiring. 43% of all participating firms reported having a turnover rate of 6-1. TURNOVER RATES 43% 24% > 1 33

37 ENGINEERING FIRMS - Human Resources Turnover Contributors. When asked about factors that contributed to employee turnover, the majority of all Engineering firms noted economic conditions as the main contributor (52%). TURNOVER CONTRIBUTORS 52% 38% 38% 19% Economic conditions Retirement Poor performance / quality of work Lack of advancement opportunities Lack of work / elimination of position Other (Please specify) Hiring Level. Although turnover was experienced by all firms in 2015, all participating firms indicated that they will be hiring in The primary role they are looking to fill is at the professional level (57%) HIRING LEVEL Other (Please specify) N/A Executive 11% Professional 57% General Administrative 21% Finance 11% 34

38 ENGINEERING FIRMS - Human Resources Salary Increases. When asked about increases in salaries, 57% of firms reported that the average salary increase provided in 2015 was between 4-6%. AVERAGE SALARY INCREASE PERCENTAGE > % 1-3% 38% 57% Bonuses. With regards to bonuses provided in 2015, 3 of participating firms indicated that the average bonus, as a percentage of salary, was tied at 1-3% and 4-6%. AVERAGE BONUS (as % of salary) > % 1-3%

39 ENGINEERING FIRMS - Human Resources Bonus Factors. Bonuses were mostly noted as being tied to performance, as well as company profits (86% each). BONUS DETERMINATION FACTORS N / A Tied to company cash collections Tied to company profits Tied to profitability of jobs 24% 43% 86% Tied to performance 86% Arbitrary Healthcare and Benefits. Executives were also asked about healthcare and other employee benefits they have implemented and a significant number indicated that they have implemented higher deductible plans (84%), followed by HSAs (68%). of respondents reported that they have not implemented any of the benefits included in the graph. 84% IMPLEMENTED HUMAN RESOURCE PROGRAMS 68% 58% 53% 21% Higher deductible plans Self - Insurance HSAs Higher employee contributions Wellness programs Medical captives No insurance coverage provided None of the above 36

40 ENGINEERING FIRMS - Legal and Risk Contractual Risk. 38% of the executives reported that their firm s corporate counsel / risk manager assessed their contractual risk. Other (Please specify) HOW FIRMS ASSESS CONTRACTURAL RISK CFO / Partner(s) / Owner(s) 33% Corporate Counsel / Risk Manager 38% Outside Counsel Liability Insurance Limits. 43% of firms surveyed reported their limit to be $3M - $9M while %38 reported their limit to be $10M - $20M. 9 of executives are not considering raising their insurance limits. LIABILITY INSURANCE LIMITS LIMITATION INCREASE CONSIDERATION 43% 38% Yes 1 No 9 $0-2M $3M - 9M $10M - 20M > $20M 37

41 ENGINEERING FIRMS - Legal and Risk Percentage of Deductibles. 6 of respondents reported that their percentage of deductibles were between $0 - $100,000. PERCENTAGE OF DEDUCTIBLES > $500,000 1 $250,000 - $500,000 $100,001 - $249,999 2 $0 - $100,000 6 Limitation of Liability. Of the executives surveyed, 5 stated that 1-2 of their contracts have a Limitation of Liability provision. LIABILITY LIMITATION ON CONTRACTS

42 ENGINEERING FIRMS - Legal and Risk Basis for Limitation. Of all respondents, 6 base their limitation of liability on fees while 3 base it on insurance. BASIS FOR LIMITATION OF LIABILITY 6 3 Fees Insurance Insurance plus dollar amount Flat dollar amount Legal Claims. Respondents were asked to indicate what they believe is the cause of legal claims brought against their firms regardless of their validity. In response to this question, 77% of firms reported communication as the most likely cause, followed by 69% of all executives citing expectations as a primary cause. PRIMARY CAUSES OF LEGAL CLAIMS 77% 69% 31% 31% 39

43 ENGINEERING FIRMS - Legal and Risk Legal Issues. When asked what legal issues the executives are currently concerned with, 53% responded that ownership transition was top of mind while 42% responded that P3s were the primary legal issues currently causing concern. 53% LEGAL ISSUES CAUSING CONCERN 21% 42% 32% 32% 26% 21% Ownership transition Licensing issues P3s Design build Contract negotiations IPD Contracts BIM There are no legal issues I want to learn more about Other (Please specify) 40

44 ENGINEERING FIRMS - The Future Revenue Growth Expectations. A majority of all executives surveyed (81%) expect their revenues to increase in 2016 over expect their revenue to remain the same year over year. expect a decrease from REVENUE GROWTH EXPECTATIONS 81% Will increase from 2015 Will remain the same from 2015 Will decrease from 2015 Margin Percentage. When asked about their average gross margin percentage expectations for 2016, 62% indicated that they expect their average gross margin percentage to increase versus 2015, but 33% expect it to remain unchanged from last year. believe it will decrease AVERAGE GROSS MARGIN % EXPECTATIONS Will decrease from 2015 Will remain the same as 2015 Will increase from % 62% 41

45 ENGINEERING FIRMS - The Future Growth by Customer Segment. 48% of all respondents stated that growth rate for both public and private U.S. sectors will be 0 -. More than half of the executives stated that they will achieve negative growth in the international public sector and 43% stated negative growth in the private international sector. GROWTH RATE BY CUSTOMER SEGMENT < > 1 48% 48% 48% 24% 24% 19% 52% 43% 24% 1 Overall Public U.S. Private U.S. Public International Private International Growth by Market Sector. 4 of executives surveyed expect 0 - growth within the commercial, residential, and retail market sectors. 5 expect negative growth in both the hospitality and healthcare sectors. EXPECTED GROWTH BY MARKET SECTOR < > Healthcare Education Commercial Residential Retail Municipal Hospitality 42

46 ENGINEERING FIRMS - The Future Top Goals for The top business goals for 2016, according to all respondents, are profitability (9) and growth (67%); followed by a three way tie, at 43%, between ownership transition, productivity, and hiring key staff GOALS 9 67% 33% 33% 43% 43% 43% 38% 43

47 An Optimistic Outlook. 44

48 45

49 Trends We See The survey showed that 72% of architectural firms had minimal organic growth in (From down to negative growth.) These firms are looking to change this trend going forward. Almost 64% of the firms surveyed are expecting increased revenue for Most firms have changed their strategy from prior years and are now focused on expanding business offerings and their geographical footprint. As the workforce ages, both architecture and engineering firms appear to be focused on the next generation. Approximately 66% and 67% of firms respectively have already identified their next generation of leaders. 64% of architecture firms have identified management and soft- skill training as key initiatives. Firms need to continue to focus on transitioning their businesses and formulating a succession plan. Engineering firms appear to be focusing their growth through a mixture of strategies, which is similar to the prior year. New geographic areas are the main focus of growth; however, merger and acquisition opportunities and new business offerings are expected to complement geographical growth. Engineering firms feel that these strategies will result in meeting their goal of profitability. 46

50 Leaders in Serving the A&E Industry About Grassi & Co. Grassi & Co. is one of the top 100 largest accounting firms in the U.S. and has considerable expertise, providing exceptional service to Architecture and Engineering ( A&E ) firms. Our clients are served by a team of experts who work with architecture and engineering organizations across the region and have industry-deep experience, which they leverage to ensure that the services we perform are being completed efficiently and accurately. Commitment to the Architecture and Engineering Industry With a strong growth record over the past decade, Grassi & Co. offers its architecture and engineering clients a multidisciplinary range of services, including: Audit and Attest Tax Compliance and Consulting Construction Cost Audit and Consulting CFO Advisory and Accounting Management Business Advisory Forensic, Litigation Support and Valuations Technology Consulting The single most important factor of our firm s success has been our dedication to knowing the industries we serve. Now, more than ever, A&E entities are closely scrutinized and held accountable. Our team works closely with our clients within the A&E Industry to increase their overall efficiency, while minimizing their challenges and enhancing their overall success. Serving the A&E Industry for over 30 years, Grassi & Co. s A&E Practice is built around a team of experts who study the industry, building an unmatched knowledge base. By providing counsel to a cross-section of the industry, we are well equipped to bring best practices to our clients. We regularly interview industry leaders, sureties, bankers, attorneys and advisors to expand our base of knowledge and to develop innovative ideas and services. 47

51 Leaders in Serving the A&E Industry 2016 A&E Market Outlook Survey. Results About Zetlin & De Chiara LLP Zetlin & De Chiara LLP is a leading national construction law firm committed to providing sophisticated and innovative legal and business advisory services related to real estate, design, and construction for a wide spectrum of industries. We provide comprehensive counsel throughout the planning, design and construction process, from drafting and negotiating contracts to outlining risk management strategies. We have extensive experience representing clients in litigation and alternative dispute resolution, and also advise on business formation, licensing and corporate issues. Our Clients Our firm represents leading commercial and residential developers and property owners, architects, engineers and other design professionals, construction managers and contractors, insurance carriers and financial institutions. Our Attorneys Our attorneys include individuals with in-house construction counsel experience, degrees in the design professions, and LEED accreditation. Our Services Zetlin & De Chiara is committed to enhancing the landscape of our communities by partnering with our clients and helping to bring projects to life. Our firm has been on the forefront of new approaches, solutions and models for advancing the construction process for clients. Our services include: Contract Negotiation & Preparation Litigation & Alternative Dispute Resolution Risk Management Corporate Law Employment Law International Projects Professional Licensing Intellectual Property & Emerging Technology We advise clients on the benefits and challenges of new technologies and alternative construction delivery methods: Design Build Public-Private Partnerships (P3s) Project Labor Agreements (PLAs) Building Information Modeling (BIM) Integrated Project Delivery (IPD) 48

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