Big four titan snaps up Thomson Reuters’ Pangea3
Accountancy giant EY has taken a further step onto lawyer turf this week with the acquisition of a managed legal services business from Thomson Reuters.
Ramping up its legal offering, the Big Four player has agreed to purchase Pangea3, a legal process outsourcing business which has more than 1,000 employees across eight sites, for an undisclosed sum.
The deal, which is due to be finalised later this year, follows EY’s purchase of legal innovation outfit Riverview Law. At the time, the accountancy player said the move underlined its position “as a leading disruptor of legal services”.
Commenting on its latest deal, EY’s global vice chair for tax, Kate Barton, said: “The EY Law practices will connect the practice of law with the business of law globally. Legal departments recognise that the future lies in aligning more closely with broader business transformation and we are uniquely positioned to offer a globally consistent, leading approach across the enterprise.”
EY’s foray into legal service kicked off in 2014 after it was granted Alternative Business Structure (ABS) status by the Solicitors Regulation Authority (SRA). It has since gone on to launch a training contract scheme with no minimum educational requirements and build a network of over 2,000 lawyers across the globe.
This will all come as welcome news to the Lord Chancellor. Speaking at the launch of TheCityUK legal report back in November, David Gauke said the Big Four’s foray into legal services benefits consumers, drives innovation and helps maintain the UK’s reputation within the global legal market.