Less than a year after it acquired Riverview Law, EY has maintained its acquisitive form by agreeing to buy the managed legal services business of Thomson Reuters.
The acquisition of the business, named Pangea3, will see EY bolster its corporate legal department by more than 1,000 legal professionals across eight service delivery lines. Pangea3 aims to mitigate legal risk, reduce cost and provide efficiency to legal teams. Continue reading “EY makes further inroads into the legal sector after acquiring Thomson Reuters’ LPO arm”
Thomas Alan asks if Deloitte can find a new angle on legal services
The often cited but seldom-seen legal arrival of the Big Four has long passed into a professional joke, though renewed investment from the major accountancy groups in the last three years has given the debate fresh urgency. But, truly, something must have changed in the wind, as even that traditional hold-out, Deloitte, has signalled its intention to build a significant law presence. Continue reading “New Law meets Big Four – Has Deloitte got the conviction to match its free-thinking legal pitch?”
KPMG has added its name to the list of Big Four accountants ramping up their legal service offering in recent months, with a mammoth team hire from French law firm Fidal and the launch of a new legal consulting service.
News emerged today (8 February) that 145 lawyers have left Fidal to join the accountant’s newly created French legal arm, KPMG Avocats. The tax-focused team includes 26 partners, and KPMG Avocats plans to eventually grow its headcount to more than 400. Continue reading “KPMG ups the ante with 145-lawyer hire in France and new consultancy service”
Deloitte has made a clear statement of intent in legal services by announcing today (14 January) that it has lured Allen & Overy (A&O) banking partner Michael Castle across to lead its UK legal arm, as the Big Four outfit looks for greater traction in the legal sector.
Based in Deloitte’s London office, Castle will now lead a technology-orientated legal offering for Deloitte, having spent more than two decades at A&O. Becoming an partner in 2007, Castle was not a standout name in a finance department replete with leading individuals but did gain profile in recent years after unsuccessfully running for the managing partner role at A&O, before eventually being beaten by current leader Andrew Ballheimer. Continue reading “Accountants keep coming as Deloitte hires A&O banking partner as UK legal head”
Building on the Big Four’s sustained attempts to disrupt the legal services market, PwC has extended its presence in the US through a partnership with immigration specialist Fragomen.
The agreement, announced today (24 September), will see the two entities jointly market their respective immigration services in the US. The alliance gives PwC access to Fragomen’s considerable stateside firepower, with the firm boasting 16 offices across the country. Continue reading “PwC ups the ante in legal services with new Fragomen US alliance”
Mere months after New Law pioneer Lawyers On Demand (LOD) secured private equity backers to position itself as a global player, fellow alternative legal services business darling, Riverview Law, has been acquired by Big Four accountancy firm EY.
The financial details of the deal, announced today (7 August), were not disclosed, but Riverview’s turnover is believed to have risen to more than £10m since it launched in 2012, meaning the acquisition is expected to carry a hefty price tag. Continue reading “Into the mainstream: another big New Law exit sees EY acquire Riverview Law”
The Big Four accountancy firms have set a precedent for their legal counterparts by disclosing updated gender pay gap figures that include equity partners.
The result is a substantial increase in the pay gap between men and women, adding pressure on law firms to follow suit and reveal the disparity in remuneration at the top. Continue reading “Upping the ante: City Law feels pressure on transparency as Big Four includes partners in gender pay stats”
Often trumpeted as a potential disruptor to the UK legal market, the last of the Big Four accountancy firms, Deloitte, is primed to enter the fray as an alternative business structure (ABS).
The global professional services giant confirmed yesterday (10 January) that it would be using technology such as automated document review and contract management to underpin the new legal offering. In addition, Deloitte will be launching a consulting service to help in-house legal teams get the best out of technology. Continue reading “‘Not another mid-market law firm’: Deloitte to make much-anticipated foray into UK legal market”
PwC will continue to spearhead the push by the Big Four accountancy firms into the global legal services market with the launch of a law firm in Washington DC.
ILC Legal will open in the US capital later this month to service US multinationals in their business dealings overseas. Continue reading “The rise of the accountants continues as PwC launches in DC”
At the debate I recently attended on future of law-type stuff everything was proceeding to plan. Once the panel finished on artificial intelligence (AI), the law firm model and partners being useless, conversation turned to the Big Four. You know the gist: HERE THEY COME – GLOBAL – SLICK – WAY-AHEAD-OF-LAW-FIRMS.
Continue reading “Comment: The Big Four – they’d have done it by now if they cared”