KPMG is set to become the first Big Four accounting firm to practice law in the U.S. They’re doing this in Arizona, which lifted restrictions on non-lawyers owning law firms back in 2021.
KPMG already practices law in 80+ countries and pulled in $8.7 billion globally from tax and legal services last year (their fastest-growing division). Now they’re eyeing the world’s largest legal market – the U.S.
They’re planning to focus on contract work and M&A deals, leveraging AI tools for tasks that would typically be outsourced to traditional law firms.
Critics argue that nonlawyer ownership of law firms could lead to conflicts of interest and compromise ethical obligations to clients.
Will other Big Four firms follow suit? It’s not if, but when.
