CRC Advisors is a conservative public affairs and consulting firm based in Northern Virginia, chaired by Leonard Leo and run by CEO Greg Mueller. Since Leo reconstituted it in 2020, the firm has served as the operational hub of his network of conservative nonprofits, channeling tens of millions of dollars a year into judicial advocacy, anti-ESG campaigns, and cultural projects. Nearly 80 percent of its 2023 revenue came from organizations tied to Leo, an arrangement that has drawn an investigation by the D.C. Attorney General and IRS complaints from watchdog groups.1Citizens for Responsibility and Ethics in Washington. Leonard Leo’s Firm Continues to Rake in Millions From His Own Dark Money Network
Who Runs the Firm
Three people define CRC Advisors. Leonard Leo, the chairman, is widely regarded as the most influential figure in the conservative legal movement. He advised the George W. Bush and Trump administrations on judicial nominations, compiled Trump’s Supreme Court shortlist in 2016, and played a central role in confirming Justices Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett.2NAPA Legal Institute. Leonard Leo Leo took the chairmanship of CRC Advisors in January 2020 when he stepped away from daily operations at the Federalist Society, where he remains co-chairman of the board.3Axios. Leonard Leo CRC Advisors Federalist Society
Greg Mueller, the CEO, has been with the firm since its early years. He served as communications director for Pat Buchanan’s 1992 and 1996 presidential campaigns and as a senior aide to Steve Forbes’s 2000 campaign.4InfluenceWatch. CRC Advisors
Jonathan Bunch, the president, joined CRC Advisors from the Federalist Society, where he served as vice president and director of external relations.5The Federalist Society. Jonathan Bunch Federal disclosure forms showed Bunch received $1.54 million from the Rule of Law Trust, a nonprofit where Leo serves as principal officer.6Politico. Leonard Leo Federalist Society
When Leo announced the reconstituted firm in 2020, he described it as a “replica on the right” of Arabella Advisors, a consulting firm that manages a large network of left-leaning nonprofits. The stated mission was to “funnel big money and expertise across the conservative movement,” incubate policy projects, and connect philanthropic funding to conservative causes.3Axios. Leonard Leo CRC Advisors Federalist Society
Where the Money Comes From
CRC Advisors brought in more than $33 million in revenue in 2023, with nearly 80 percent flowing from organizations tied to Leo.1Citizens for Responsibility and Ethics in Washington. Leonard Leo’s Firm Continues to Rake in Millions From His Own Dark Money Network According to Citizens for Responsibility and Ethics in Washington, CRC Advisors and its predecessor have received more than $116 million from Leo-affiliated organizations since 2016. Payments from the 85 Fund, the Concord Fund, and the Federalist Society rose from $31 million between 2012 and 2019 to $102 million from 2020 through 2023.7Politico. Leo’s Consultancy Raked in Millions From Affiliated Nonprofits
The 85 Fund is by far the largest single source. It has paid more than $88 million to CRC Advisors and its predecessor since 2012, with roughly $80 million of that flowing after Leo took over the firm. In 2023 alone, the 85 Fund accounted for roughly $24.9 million of CRC Advisors’ revenue. The Concord Fund, formerly the Judicial Crisis Network, paid over $6 million during its 2022–2023 fiscal year, making CRC Advisors its largest independent contractor.8Politico. Nonprofit Leonard Leo
The Marble Freedom Trust
Much of the money moving through Leo’s network originates with one donor. In 2021, Chicago industrialist Barre Seid transferred his 100 percent ownership of the electronics manufacturer Tripp Lite to the Marble Freedom Trust, a 501(c)(4) organization Leo had launched that year. Tripp Lite was then sold to Eaton Corporation for $1.65 billion, a structure that allowed Seid to avoid an estimated $400 million in capital gains taxes.9ProPublica. Dark Money Leonard Leo Barre Seid The trust has since distributed tens of millions to other Leo-affiliated groups, including $55.5 million to the Concord Fund between May 2022 and April 2023.8Politico. Nonprofit Leonard Leo
Allegations of a Precondition
A 2022 New York Times investigation reported that some conservative operatives believe hiring CRC Advisors functions as a precondition for receiving funding from Leo’s network and access to its donor base.10New York Times. Leonard Leo Network A CRC Advisors spokesperson said the firm employs over 100 professionals, uses a “rigorous compliance system” to ensure services are charged at fair market value, and maintains that its nonprofit clients have independent boards.7Politico. Leo’s Consultancy Raked in Millions From Affiliated Nonprofits
Before CRC Advisors became the primary vehicle for Leo’s consulting revenue, a firm called BH Group served a similar function. Leo formed BH Group in 2016; its only known clients were groups tied to him, and it had no website, no permanent offices, and no identifiable employees beyond Leo himself. The firm was effectively shuttered in 2020 after receiving nearly $13.5 million from Leo-linked nonprofits, at which point the funding shifted to CRC Advisors.11Citizens for Responsibility and Ethics in Washington. Leonard Leo Tied Nonprofits Businesses $88 Million
What CRC Advisors Actually Does
Judicial Advocacy
Judicial nominations are the firm’s original core business. Leo created Trump’s initial Supreme Court shortlist in 2016 and assisted in pre-vetting 231 lower court picks, according to Senate testimony by Lisa Graves of the Center for Media and Democracy.12U.S. Senate Judiciary Committee. Lisa Graves Written Testimony, March 2021 Subcommittee Hearing One of the firm’s earliest projects after Leo’s arrival was a $10 million issue-advocacy campaign focused on judicial appointments ahead of the 2020 election.13Bloomberg Law. Leonard Leo to Keep Judicial Advocacy Focus in New Venture
Anti-ESG Campaigns
CRC Advisors is a central player in the conservative campaign against environmental, social, and governance investing. Mike Thompson, a senior vice president at the firm and a member of the American Legislative Exchange Council’s private sector advisory board, coordinates “ESG Coalition” calls for members of the State Financial Officers Foundation. The firm places op-eds and manages messaging for state treasurers and other financial officers who serve as public voices for the anti-ESG movement.14Center for Media and Democracy. Anti-Woke and Fossil Fuel Industry Operatives Dominate ALEC’s Energy Task Force
At a December 2024 ALEC workshop, Thompson advised state lawmakers to use executive orders or simple legislation to require pension funds to report on how assets are invested, and framed asset managers such as BlackRock as antitrust violators for pursuing sustainable investment strategies.15Center for Media and Democracy. Top Leonard Leo Lieutenant Leads ALEC Bootcamp Against Woke Capitalism The firm also consults for the Republican Attorneys General Association, Consumers’ Research, Heritage Action for America, and the Foundation for Government Accountability on related matters. The Leo network has reportedly spent over $10 million on anti-ESG efforts.16Center for Media and Democracy. Republican State Financial Officers Group Doubled Its Revenue
Cultural and Entertainment Projects
According to the Wall Street Journal, Leo has directed funding toward film and television projects as part of a broader effort to shift American culture in a conservative direction. One recipient is Wonder Project, a Texas-based studio producing Christian and conservative-leaning content. The studio’s series “House of David,” a retelling of the biblical story, reached the top streaming spot on Amazon in April 2025.17Wall Street Journal. Leonard Leo Trump
Investigations and Complaints
IRS Complaint
In April 2023, the watchdog group Campaign for Accountability filed a formal complaint with the IRS requesting an investigation into seven tax-exempt organizations linked to Leo for alleged private inurement and self-dealing. The organizations named included the 85 Fund, the Concord Fund, the Federalist Society, the Marble Freedom Trust, the Rule of Law Trust, the Wellspring Committee, and the Freedom and Opportunity Fund. CfA alleged these organizations paid Leo more than $73 million between 2016 and 2021 through CRC Advisors and BH Group.18Campaign for Accountability. Watchdog Requests IRS Investigate Leonard Leo Affiliated Nonprofits
D.C. Attorney General Probe
In August 2023, D.C. Attorney General Brian Schwalb opened an investigation into Leo’s network, including the 85 Fund and the Concord Fund, to determine whether the groups violated nonprofit tax laws or skirted rules against private enrichment of insiders. Leo vowed not to cooperate. His attorney, David B. Rivkin Jr., called the underlying complaint “sloppy, deceptive, and legally flawed.”19Angelus News. DC AG Launches Investigation Into Leonard Leo Schwalb was reportedly conducting a parallel inquiry into Arabella Advisors on the left. As of mid-2025, no public enforcement action had resulted.
The Firm’s Response
Through counsel, CRC Advisors has denied that the financial disclosures show self-enrichment and called critical coverage “irredeemably biased.” In recent tax filings, the 85 Fund added a note justifying its compensation arrangement with CRC Advisors, citing Treasury regulations and claiming it had retained a national consulting firm for compensation analysis. It described CRC Advisors as having provided “extraordinary results” through “dozens of best in class professionals.”1Citizens for Responsibility and Ethics in Washington. Leonard Leo’s Firm Continues to Rake in Millions From His Own Dark Money Network
The 2025 Trump-Leo Break
On May 29, 2025, Donald Trump publicly attacked Leo and the Federalist Society in a Truth Social post, calling Leo a “sleazebag” and a “bad person who, in his own way, probably hates America.” The immediate trigger was a ruling the previous day by a three-judge panel of the U.S. Court of International Trade striking down Trump’s tariffs. One judge on that panel, Timothy Reif, had been appointed by Trump during his first term.20Politico. Trump Goes After Leonard Leo and the Federalist Society
Trump accused Leo of bragging about controlling judges “and even Justices of the United States Supreme Court” and blamed the Federalist Society for “bad advice” on judicial nominations. The underlying tension ran deeper: Trump had been disappointed that the three Supreme Court justices he appointed on Leo’s recommendation did not intervene to keep him in office after the 2020 election. Reporting by Politico and the New York Times suggested the attack could make Federalist Society ties toxic for future judicial nominees.21New York Times. Trump Judges Federalist Society
A Firm That Says Little About Itself
Despite tens of millions in annual revenue, CRC Advisors maintains an unusually sparse public presence. As of mid-2025, the firm’s website contained no information about its staff, specific projects, or areas of expertise. CREW reported that a “services” page existed in the site’s code but was empty. The firm declined to specify the nature of services it provides to its nonprofit clients when asked by reporters.1Citizens for Responsibility and Ethics in Washington. Leonard Leo’s Firm Continues to Rake in Millions From His Own Dark Money Network CRC Advisors has registered as a lobbyist of the U.S. government and has Foreign Agents Registration Act filings on record.22LegiStorm. CRC Advisors Inc