Revealed: The Big Four Giant Behind Most Top Law Firms' Accounts
One accounting giant audits over 40% of the top 50 law firm LLP accounts, more than twice as many as its closest competitor.
August 19, 2019 at 04:46 AM
2 minute read
The City of London
More than 40% of the U.K. top 50 law firms are audited by Big Four accounting firm Deloitte, analysis of company accounts by Legal Week has found.
The accounting giant, which audits for top law firms such as Freshfields Bruckhaus Deringer, DLA Piper and Ashurst, services 21 of the top 50 LLP accounts of law firms in the U.K.
The combined total puts Deloitte well ahead of Big Four rival PwC, which audits for nine firms.
Despite Deloitte polling at the top, the total number of top 50 law firms roles it holds has dropped by four since 2012/13.
Deloitte stepped down as Linklaters auditor last year, due to a conflict of interest relating to the lawsuit brought by former Arsenal shareholder Lady Nina Bracewell-Smith over the sale of her stake in the Premier League club in 2011.
Fellow Big Four firms KPMG and Grant Thornton audit for four firms apiece, while EY does not act as auditor for any of the top 50 firms.
Accounting firm BDO acted for seven firms, including Bryan Cave Leighton Paisner, Fieldfisher and Shoosmiths.
The auditor also confirmed that since the publication of last year's LLP accounts, it now represents two further law firms, Eversheds and HFW. Scott Knight, head of audit at BDO, said: "The legal sector is a key market for us and we're really pleased with the growth in our client base.
"The Big Four's focus on providing legal services and the conflicts this presents for their audit practices offers us the opportunity to grow even further."
Slaughter and May was not included in the table as it does not reveal its accounts.
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