KPMG have announced that they are to double their lawyer headcount to over 3000 lawyers, making it one of the largest law firms in the world.
The Big Four have made a rapid expansion into the Legal Services market. They offer not only their brand strength, but in some cases, an unbeatable client base and ability to offer multidisciplinary services.
They truly emphasise the benefits of offering a one-stop shop.
Deloitte, EY, PwC and KPMG have all already invested a great deal into their legal services and now collectively have 8,500 lawyers globally. PwC currently has the largest legal department with 2,500 lawyers and is the world’s sixth largest legal services provider. KPMG’s expansion however is set to overtake this.
KPMG gained ABS status in 2014. Since the structure’s introduction in 2011, (brought in by the Legal Services Act 2007), the legal services market has undergone some serious changes. It has truly levelled the playing field, with the Big Four providing legal services in tax, finance, M&A (for lower value deals) and labour.
It is not the only firm making changes. EY recently acquired Riverview Law, a UK-based alternative legal services provider. EY now boasts over 2,200 lawyers working across 81 countries.
Cornelius Grossmann, EY Global Law Leader:
“Legal managed services is one of the fastest growing segments of the legal market. This acquisition underlines the position of EY as a leading disruptor of legal services.”
Karl Chapman, CEO of Riverview Law:
“The legal profession is going through a period of significant global upheaval.
Changes in regulation, technology and most importantly customer expectation create an opportunity for a more flexible and customer-centric approach to the provision of legal services.”