PwC's legal arm integrates into wider accountancy firm to form multi-disciplinary practice
PwC Legal strengthens ties with PwC in MDP switch
September 30, 2016 at 09:20 AM
3 minute read
PwC Legal is fully integrating into PwC's UK business to create a multi-disciplinary practice (MDP).
Regulatory restrictions have meant that PwC Legal has been limited in the extent to which it can operate in tandem with the wider accounting firm. However, the MDP conversion means the two businesses can now operate as one firm, and PwC Legal will in effect cease to exist as a standalone entity.
PwC Legal senior partner Shirley Brookes commented: "For our clients, it means better integration; but saying that, we are pretty integrated anyway. What it does mean is that our people can be embedded across the business wherever they need to be and we will be able to function better as a whole. This will benefit our clients. We are still growing and that growth plan will remain on track."
The move, which will take effect as of tomorrow (1 October), comes after PwC was granted an alternative business structure licence in 2014, a move that enabled the legal services business to have closer ties with the wider accounting firm.
PwC Legal, which has a 350-strong UK team across offices in London, Birmingham, Newcastle, Manchester and Belfast, recently unveiled strong financial results for the last financial year, with revenues rising 24% from £48.5m to £59.9m. The firm cited pensions, employment, immigration and corporate restructuring as particularly strong performers. PwC Legal revenues have now grown by more than 40% during the past two financial years.
PwC head of clients and markets Kevin Burrowes said: "This is the natural next step. PwC Legal has a simple strategy to offer advice that complements services provided by PwC. By fully integrating PwC Legal into the rest of our business we are better placed to meet increasing client demand for more holistic advice.
"The ability to embed legal advice more fully into our advisory services allows us to better help our clients solve their complex challenges and problems, particularly as the UK heads towards the unchartered territory of Brexit."
Solicitors Regulation Authority executive director for policy Crispin Passmore added: "Clients have always had needs that cut across professional boundaries and subject specialism. A multi-disciplinary service allows those clients to get access to all the services they need, organised at their convenience rather that the convenience of professions. We therefore welcome PwC's shift to become a full multi-disciplinary practice. It is one more example of how modern regulation can work to support innovation."
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