http://www.canadianlawyermag.com/author/jennifer-brown/big-four-accounting-firms-well-positioned-to-move-in-on-big-law-15296/
I think this is an interesting article in what could be coming up in the legal profession. The big four accounting firms are looking to break into the legal market. Because they have much more of an “entrepreneurial mindset,” I think this could be a threat to the status quo of big law. I am interested to see how, if at all, big law responds.
Interesting…but is this allowed under the Model Rules of Professional Conduct? I thought lawyers could not partner with non-lawyers and still offer legal services. I understand from an in-house perspective why that is allowed, but it seems the Big 4 are proposing to offer legal services now in conjunction with their accounting services. It would be one thing for them to continue to grow their in-house counsel services as an internal protection mechanism (as they do already) but I can imagine some issues arising if they try to expand out of that.
From how I understand it, they are allowed to because they are not actually providing legal services in the United States. They can offer them internationally or just “consult” on M&A or tax type matters
This is very exciting! PwC first announced they would open up a legal practice in Washington DC last fall (see article below for more). The traditional big law firm model is in desperate need of innovation, and if there is an opportunity for sophisticated consulting and accounting firms to move into the legal space, then perhaps they can adop models developed by alternative service providers and give big law a run for its money.
Here is an article on PwC’s legal practice in Washington DC: https://www.law.com/americanlawyer/2017/09/21/pwc-to-launch-us-law-firm-as-big-four-expand-legal-offerings/?slreturn=20180324132742