IBA Annual Conference Rome 2018
7 Oct - 12 Oct 2018
Session Room G, Level -1
Session information
Return of the one-stop shop: accountants and lawyers
Thursday 11 October (0930 - 1045)
Committee(s)
Alternative and New Law Business Structures Committee
(Lead)
Professional Ethics Committee
Description
This session will explore multidisciplinary practices and the overlap of consulting firm’s services with law services. By way of background, The Economist magazine reported that the Big Four accounting networks - Deloitte, EY, KPMG and PwC - had a combined annual revenue of $120b a few years ago, which was larger than the $89b produced by the combined 100 largest law firms. In 2018, PwC launched its own law firm in Washington, DC, the only US jurisdiction to allow this. Accountants are permitted to own and control law firms in some jurisdictions, such as Australia, the United Kingdom and Mexico, and in other jurisdictions, they may be permitted to be affiliated with or be part of a law firm that controls the practice, collaborate and otherwise share costs. The catchword is ‘multidisciplinary practice’. This panel will have representatives from multidisciplinary firms and will debate what this means for law firms and consumers, particularly large businesses that can and do have their own internal and sophisticated counsel. The panel will explore overlapping services and regulation, particularly in the artificial intelligence (AI) and business consulting areas, such as speciality practices including tax and customs and other government regulatory compliance. It will also discuss questions such as: Does the combination of legal and accounting and other consulting have to happen under the umbrella of the Big Four? Other than litigation in the law courts, is there a distinct difference between the work law firms and accounting firms can undertake or are we all in the same competitive bowl?
Session / Workshop Chair(s)
Dalton Albrecht | EY Law, Toronto, Ontario, Canada; Chair, Alternative and New Law Business Structures Committee |
Hanim Hamzah |
Speakers
Oya Kavame | Kavame Law Firm, Istanbul, Turkey; Programme Co-Officer, Alternative and New Law Business Structures Committee |
Sönke Lund | ÉCIJA, Barcelona, Spain; Membership Officer, Agriculture and Food Section |
Ida Marotta | Merck, Rome, Italy |