KPMG offices in Washington, D.C. Photo: Diego M. Radzinschi/ALMKPMG Wants to Provide Legal Services in the US. Now All Eyes Are on Their Big Four Peers
"If KPMG can't make it successful, then maybe nobody can in the U.S.," said University of Miami law professor Michele DeStefano. "It's a good test for this type of structure."
January 10, 2025 at 06:00 AM
8 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- Big Four accounting firm KPMG seeks an alternative business license in Arizona that would permit a subsidiary to engage in legal work.
- So far, KPMG is the first of the Big Four to seek to become an ABS in the U.S., which would allow nonlawyer law firm ownership.
- Legal industry experts predict that others will likely follow suit.
Recent news that Big Four accounting firm KPMG is seeking an alternative business license in Arizona that would allow it to operate as a law firm has industry experts wondering whether the move might spur the other three Big Four firms and others to also try and get in on the legal business in the U.S.
The potential impact to Big Law is not yet entirely clear, but some industry experts caution that KPMG's application in Arizona may inspire copycat actions or perhaps might even lead to the American Bar Association considering revising Rule 5.4, a longstanding professional rule in the legal industry that generally prohibits nonlawyer ownership of law firms, and one that has been under attack by legal reformers over the years.
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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