Following up on my previous post, Wall Street Journal: The Big Four Are Coming After Big Law: KPMG Moves Step Closer To Approval For U.S. Law Firm (‘KPMG Law’): Wall Street Journal, KPMG to Launch U.S. Law Firm Following Court Approval:
KPMG has begun to set up a law firm in the U.S. after a court decision made it the first Big Four accounting firm eligible to practice law in the country.
The Arizona Supreme Court on Thursday granted the accounting giant final approval to obtain a license to create its own firm, KPMG Law. The move allows KPMG to greatly expand its legal offerings, for example, into services such as drafting and updating contracts and reconciling legal materials in merger-and-acquisition deals. At present, KPMG and other accounting firms offer limited legal services, such as advising clients on operations and technology for their legal teams.
KPMG has previously said its Arizona-licensed lawyers would be able to do certain legal work for clients across the country once it received the court’s approval. Thursday’s clearance is expected to give the firm a leg up on its Big Four rivals through an expanded revenue stream as well as create new competition for law firms. …
KPMG already practices law in roughly 80 countries, including the U.K. and Australia. Those businesses have grown in part through acquisitions of small and midsize law firms. The U.S. represents the biggest law market in the world. …
Under the court order, however, the firm won’t be allowed to provide U.S. legal services to audit clients anywhere in the world to prevent conflicts of interest. The requirement is aimed at addressing perceived and actual conflicts of interest between clients and their counsel and aligns with existing auditor-independence rules, a court spokesman said.
Press Release, KPMG LLP Launches KPMG Law US, The First Big Four Law Firm Serving The US Market
- American Lawyer, KPMG Launches U.S. Law Firm After Landing Arizona Approval
- Bloomberg Law, KPMG Wins Approval to Launch First US Law Firm for Big Four
- Bloomberg Law, KPMG Must Pivot Around Audit Clients in Creating US Law Practice
- Law360, KPMG Secures Arizona Approval To Operate Law Firm
- Reuters, KPMG Approved to Launch US Law Firm in First for Big Four
Editor’s Note: If you would like to receive a daily email with links to tax posts on TaxProf Blog, email me here.
