The controversy over Arthur Andersen’s handling of Enron Corp.’s books may not only stain the accounting giant’s reputation but also could be a fatal blow to an often talked-about marriage of the accounting industry and legal profession. For several years, an increasing number of lawyers and accountants have advocated multidisciplinary practices, which, in their purest form, allow nonlegal professionals such as accountants to deliver joint services with attorneys and share legal fees.
While proponents still argue that multidisciplinary practices – or MDPs – can be saved, the scandal at Arthur Andersen gives fresh ammunition to an array of critics who believe the idea is an ethical quagmire for lawyers. Their primary concern is that conflicts of interest may arise when accountants and lawyers are linked financially to the same client.
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