Here come the big boys – PwC gains ABS licence

Print This Post

31 January 2014

PwC: further investment in law

PricewaterhouseCoopers (PwC) has become the first of the ‘big four’ accountants to become an alternative business structure (ABS), it announced today.

The licence from the Solicitors Regulation Authority means that it can become an owner of, and investor in, PwC Legal, a separate legal firm within the PwC network of member firms.

PwC Legal, which has more than 200 fee-earners, claims an extensive client base across the FTSE200, banks, funds and other financial institutions, middle-market companies, large private businesses and high net-worth individuals. It is part of a global network that employs over 2,400 lawyers in 80 countries.

Shirley Brookes, senior partner of PwC Legal, said: “This marks an important step for PwC Legal, supports our ambitions to further invest in people and skills, and underpins the focus of both firms on delivering value and quality to clients through strong relationships.”

Error, group does not exist! Check your syntax! (ID: 14)

Margaret Cole, PwC’s general counsel, added: “This development reflects our shared aim to provide high-value services to clients, underpinned by our commitment to quality.”

Crispin Passmore, SRA executive director of policy, described the authorisation of PwC Legal as “another example of the innovative changes taking place in the legal market”.

He said: “Nearly two years on from the first ABS licensed by the SRA, we are seeing further increased diversity in the supply of legal services, and that provides consumers with greater choice.

“Throughout 2014, we expect to see further change as more businesses take advantage of the liberalisation to innovate and grow the legal market, be it through increased exports of corporate legal services, improving access and affordability for small business, or helping individual consumers solve the problems of day-to-day life.”


Tags: ,

One Response to “Here come the big boys – PwC gains ABS licence”

  1. This will shake up things, not just for firms that have PwC on their client rosters. The other 3 will surely follow soon.

  2. Tom McGinn on February 3rd, 2014 at 4:21 am

Leave a comment

* Denotes required field

All comments will be moderated before posting. Please see our Terms and Conditions

Legal Futures Blog

The LSB’s proposals for legislative reform: let’s be clear

Caroline Wallace LSB

The publication of the Legal Services Board’s vision for legislative reform of legal services regulation on 12 September has generated a healthy level of interest and debate. This can, on the surface, seem a somewhat dry subject. However, it has an impact not just on existing regulated practitioners, but also on providers of legal services more generally, as well as everyone who uses or benefits from an effective legal sector. And, let’s face it, that’s all of us.

October 25th, 2016