Legal industry insiders have long pondered what would happen if a Big Four accounting firm dove headfirst into the legal world. We’re about to find out because of Deloitte.
The Big Four has dabbled before: Deloitte, PwC, EY and KPMG have all been offering niche services to legal departments, taking minor roles typically served by big firms.
This is a significant step: That’s because Deloitte is launching a broader service, according to Bloomberg Law. The company is expected to contribute to core functions of legal departments, including by streamlining contracts, invoices and eDiscovery.
New laws could help Deloitte grow its legal biz
The Big Four were limited in how they could offer legal services in the past. The ABA essentially forbade them from offering legal advice through a rule that banned, in most situations, lawyers from sharing legal fees with nonlawyers. But those rules are being adjusted in states like California and Arizona and potentially more in the future.
The Verdict
Deloitte and the rest of the Big Four have grown their legal practices at a faster rate overseas, where rules are less strict. The same could happen here, whether they carve out more practices on their own or partner with existing firms.
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