Another accounting giant has entered the legal market with KPMG confirming that it has its “law licence” under the alternative buisness tructure system form the Solicitors Regulation Authority in Britain.
The KPMG Legal team already has 50 people and is readying itself to make £10m of revenues this year.
“We are in recruitment mode: we have already hired a number of extremely highly regarded lawyers and we continue to attract exceptionally high quality candidates as we add to our team,” said Gary Harley, the KPMG partner responsible for the firm, The Telegraph reports.
The company and its Big Four competitors EY, Deloitte and PwC are diversifying away from their accountancy heartland into areas including technology investment funds, cloud computing and strategic advice.
PwC won an ABS licence at the start of the year, allowing it to directly own PwC Legal, which has more than 200 fee-earning lawyers in the UK. EY has recently hired several legal partners, while Deloitte said last month that it would not follow suit and apply for an ABS licence.