That is the headline this morning from the Global Legal Post, a publication that compiles legal news from around the world. The context is the UK, where changes in legal regulations now permit nonlawyers to own and control legal enterprises through alternative business structures, or ABSs.
Victoria Basham writes:
KPMG, one of the Big Four accountancy firms to offer legal services through an alternative business structure, has reported a huge rise in income from the division and pledged further investment.
Net sales in its fledgling legal services division climbed 53 per cent in the year to 30 September. The firm’s newly-published annual report comments: ‘Despite [this growth] being from a relatively low base, it’s clear that clients really like our idea of wrapping multi-disciplinary legal advice around our other propositions.
Continue to invest
The report added that the firm would continue to invest heavily in new hires to grow the business in both existing and new areas, including corporate crime and regulation.
The story reports that three of the Big Four now offer legal services under an ABS license. Basham credits the The Law Society Gazette as her source.
Related posts:
- PwC expands into the legal market, LWB, Dec. 3, 2015 (discussing Australian market)
- In India, Big 4 and Elite Law Firms in Direct Competition for Highly Lucrative Advisory Work, LWB, Sept 16, 2015.