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Top story: KPMG eyes expansion into law in Arizona
Source: KPMG
Breaking Barriers: KPMG aims to become the first Big Four firm to practice law in the U.S., leveraging Arizona’s unique program allowing nonlawyer-owned firms.
Legal Meets AI: KPMG Law plans to offer corporate-focused legal services like contract drafting and M&A support, streamlining processes with AI.
Industry Ripple: Critics warn of ethical concerns and competition shake-ups, while other Big Four firms may follow suit if KPMG succeeds.
As if doing consulting and accounting wasn’t complicated enough…
KPMG is set to become the first Big Four firm to practice law in the U.S., taking advantage of Arizona’s groundbreaking 2021 program allowing nonlawyers to own law firms. With unanimous approval from Arizona’s oversight committee, final state Supreme Court approval is anticipated soon. KPMG Law aims to provide corporate legal services such as contract drafting and M&A support, integrating these offerings with its accounting expertise to streamline client solutions. The firm plans to leverage AI to enhance efficiency, reducing reliance on traditional law firms.
This move marks a significant shift for the legal, consulting, and accounting industries, as KPMG eyes the U.S.—the largest legal market globally—while already practicing law in 80 countries. Its legal services, part of the fastest-growing segment in its $38.4 billion global revenue for fiscal 2024, reflect KPMG’s targeted ambitions to complement its core services rather than compete as a full-service law firm. Observers expect other Big Four firms—PwC, Deloitte, and EY—to follow if KPMG succeeds.
However, critics, including former New York State Bar Association president Richard Lewis, warn of potential conflicts of interest and reduced ethical oversight, arguing KPMG’s entry could disrupt the legal profession. Arizona’s program, initially designed to expand access to underserved legal areas like family law, now licenses 114 nonlawyer-owned firms, with models ranging from litigation to online platforms.
While KPMG’s move could reshape the legal market, experts caution that establishing a foothold in the U.S. will require navigating complex state regulations and significant investment.
Read more here.
Gossip roundup
Source: Deloitte
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