KPMG gains ABS licence as accountancy sector continues legal push
KPMG has been awarded an alternative business structure (ABS) licence by the Solicitors' Regulation Authority (SRA), as the big four accounting firms continue their push for expansion in the legal market.
October 01, 2014 at 05:37 AM
3 minute read
KPMG has been awarded an alternative business structure (ABS) licence by the Solicitors' Regulation Authority (SRA) in a major landmark for the accounting firms as it continues its push into the legal market.
The move follows in the footsteps of fellow 'big four' firm PricewaterhouseCoopers (PwC), which secured ABS licences for both its legal arm, PwC Legal, and its Middle East operations.
The award means KPMG will become the first of the big four to operate as a multi-disciplinary ABS.
KPMG UK chairman Simon Collins said: "We are taking a focused approach: our key market differentiator is that we will only offer legal services which are fully integrated with other areas where we already provide advice.
"To be clear, we have absolutely no plans to develop any kind of standalone legal practice. The new regulatory regime, designed to open up the provision of professional services across the sector, allows us to extend our legal services provision where we have a proven and successful track record."
SRA executive director Richard Collins added: "The vehicle KPMG has created to deliver a range of professional services in a one-stop shop is exactly the kind of entity envisaged when the Legal Services Act was introduced.
"We believe ABSs of this type will benefit consumers by providing greater competition in the provision of legal services, greater opportunities to access holistic services, and potential reductions in cost by services being made available in one place."
KPMG has employed non-practising solicitors working in its tax and pensions practice for the past decade, mainly advising on tax litigation matters. Their practice has in recent years expanded to cover corporate, commercial, immigration and employment issues.
The partners leading KPMG's legal services are: Amanda Brown; who leads the tax litigation practice; David White, who heads the corporate and commercial team; Punam Birly, who leads the employment and immigration group, and former DLA Piper corporate partner Nick Roome, who joined in May and heads up KPMG's legal operations in the North.
The legal team comprises more than 50 lawyers and immigration specialists, including four partners. KPMG head of indirect tax Gary Harley, who is responsible for rolling out the legal services business under the ABS, said that the team is expected to generate nearly £10m in revenue this year.
Related:
- KPMG targets corporate lawyer hires as accountant mulls ABS move
- PwC, EY lead the charge as accountants look to muscle in on law firm territory
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