KPMG: “Uniquely positioned to transform legal services”
Multi-disciplinary practices are becoming a reality in the US after KPMG was granted an alternative business structure (ABS) licence and another accountancy firm announced plans to merge with a law firm.
Both are being facilitated by the state of Arizona, which was the first US state to ditch the ban on non-lawyer ownership of law firms four years ago. It has since licensed 114 ABSs.
After a delay in approval while it provided more information to the Arizona Supreme Court’s ABS committee, KPMG Law US announced yesterday that it had been licensed to become the first law firm in the US owned by a Big Four firm.
This will allow it to practise law across the US and not just Arizona, subject to the rules in different states – the federal system means that each state’s supreme court governs legal practice within their jurisdiction.
“Together, KPMG Law US and KPMG will provide legal managed services, legal operations consulting, and advanced legal technology innovation, to help clients gain efficiencies and empower their legal teams to concentrate on strategic priorities,” KPMG said in a statement.
Rema Serafi, vice chair – tax at KPMG, added: “KPMG is uniquely positioned to transform the delivery of legal services. By combining cutting-edge artificial intelligence and advanced technology solutions with legal services, we are proud to be a first mover with this capability and to offer the most holistic range of tech-enabled services in the marketplace for our clients’ evolving needs.”
Meanwhile, Aprio, the 25th largest accounting firm in the US, has announced plans to combine with Arizona-based Radix Law, which obtained an ABS licence in 2021 so it could take external investment. Aprio obtained an ABS licence last May.
They will operate as Aprio Legal and market themselves as a one-stop shop to clients in Arizona, offering access to tax advisors, accountants, transaction advisors, wealth advisors and lawyers. Radix has 15 lawyers.
“This is an incredible leap forward in the evolution of Radix Law and an exciting time for our business as we join forces with Aprio to establish Aprio Legal,” said Andy Kvesic, chief executive and managing partner of Radix Law.
