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Big Four’s foray into legal services gets thumbs up from Lord Chancellor

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The Lord Chancellor has backed the Big Four’s foray into legal services, telling an audience of business bigwigs that the collective move benefits consumers, drives innovation and helps maintains the UK’s reputation within the global legal market.

Speaking at the launch of TheCityUK legal report in London yesterday evening, David Gauke cited Deloitte’s newly-acquired alternative business structure (ABS) licence and how PwC‘s UK legal arm had reached a headcount of 320 and generated revenues of £60 million. Noting that this put PwC just outside the UK’s top 50 law firms in its own right, Gauke said:

“The entrance and growth of alternative business structures has provided additional choice for consumers, driven competition and fostered innovation, and in part played a crucial role in maintaining the attractiveness of our judication.”

David Gauke speaking at the event held at Herbert Smith Freehills’ London office — 📷 Twitter (@TheCityUK)

The Lord Chancellor’s comments come just a week after KPMG revealed an ambitious growth strategy which could see it become one of the largest law firms in the world. The accountancy giant — which was granted ABS status in 2014, is aiming to double its lawyer headcount to over 3,000 within the next few years.

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In a further example of the Big Four’s assault on legal services, accountancy giant EY purchased legal innovation outfit Riverview earlier this year in a bid to underline its position “as a leading disruptor of legal services”. Meanwhile, Deloitte confirmed this week it was to launch a new law firm in Hong Kong. The 25-lawyer-practice will open in January.

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13 Comments

Anon

Big Four need to stay in their lane, like lawyers do.

Anonymous

The people who manage auditing so well?

Anonymous

More sweat shops for the ex-poly students to go work for.

Anonymous

I’ve seen ex-poly students at Kirkland from Northumbria and Brunel so shut it.

Anonymous

CRIKEY MATE WE’VE GOT A BITER ALREADY!

Anonymous

Haha, like adding the names of the polys added anything to the sentence 🤣

Anonymous

Clifford Chance is in trouble

Anonymous

What? Why? Were all those NDAs non-binding after all!???

Anonymous

The pool wasn’t cleaned yesterday and now it is nothing but floaters

Anonymous

The quality of their lawyers is approximately 500% worse than even an accountant having a stab at law.

Anonymous

Yeah because they employ people on the basis of the loon HR quotas to enable our out of touch PR / BD teams to send some messages to our clients who don’t care about our fantastic recruitment initiatives in the slightest.

Same thing happening at Freshfields and baker mckenzie from what I hear.

Anonymous

Hahahahaha like.. how jealous are you? Little green person.

Pepe

What’s wrong with being green? Stop being colourist.

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