KPMG is nearing approval to open a law firm in Arizona, potentially changing the US legal landscape for Big Four firms.
An Arizona committee has already given a thumbs up for KPMG’s application, and now it’s up to the state Supreme Court to make the final call on January 28. If they get the green light, KPMG will set up KPMG Law US as a new type of legal business structure.
Arizona started this new program in 2021, allowing non-lawyers to own law firms, which is a big shift from the old rules. These rules were meant to keep things fair and avoid conflicts of interest, but they’ve held back firms like KPMG from entering the US legal scene.
Christian Athanasoulas from KPMG mentioned that while they can give business advice to legal clients, they can’t actually interpret laws. But with the demand for alternative legal services growing, he feels it’s the perfect time to launch KPMG Law US.
They plan to focus on large-scale tasks like contract work and mergers, rather than competing directly with traditional law firms on complex cases. KPMG believes they can offer better efficiency and standardized results, thanks to their global resources.
This isn’t just a local venture; they could expand their services across the country, depending on state laws. KPMG is already a significant player in the global legal market, and their tax and legal division has been growing fast.
The approval of KPMG Law US could prompt other Big Four firms to follow suit, potentially shaking up the US legal market. Arizona’s Supreme Court aims to improve access to legal services, and over 100 firms have already been approved under this new program.
While there are concerns about non-lawyer ownership affecting quality, KPMG assures that they’ll maintain high ethical standards. Experts believe that while the Big Four will make an impact, traditional law firms shouldn’t panic just yet. This is just the beginning of a new chapter in the legal landscape.
