A month ago we reported on the expansion of EY into the legal field through its acquisition of the U.K.’s Riverview Law. Now we learn that PwC U.K. has joined forces with immigration law specialists Fragomen of New York City – giving PwC “a major foothold in the U.S. market,” according to a report in The American Lawyer. Fragomen has offices in 16 major U.S. cities and 25 offices outside the U.S., while PwC offers immigration services in 170 countries.
Describing the alliance as “one of the most significant examples to date of the Big Four joining forces with a law firm,” The American Lawyer article points out that in addition to positioning the two companies to maximize their appeal to companies around the world, “the relationship will also enable shared clients to draw on PwC’s complementary services in tax, Social Security and global mobility consulting.”
In recent years, each of the Big Four accounting firms has taken significant steps to strengthen its ability to offer legal as well as accounting services, particularly in the U.S. and the U.K. One report from The American Lawyer shows that independent firms should be more concerned about this encroachment than Big Law needs to be, warning that “The Big Four are slowly moving beyond tax-related legal activities, eyeing a range of practices that could include employment, immigration, international arbitration, cybersecurity and data privacy, and even private equity.”
What steps is your firm taking to address the potential erosion of services that law firms traditionally offer? I welcome your thoughts on this or any other matter related to the law, either in the comments below or directly via email.