KPMG Enters The US Legal Market
KPMG has broken new ground in the US legal market with the Arizona Supreme Court approving KPMG Law US to practice as an alternative business structure, marking the first time a Big Four accounting firm can legally practice law in the United States.
The approval comes under Arizona’s reformed regulations. Enacted in 2020, these changes allow non-lawyers to have economic interests in law firms. KPMG was quick to seize this opportunity.
The new law firm will leverage KPMG’s established presence in Arizona where the firm already serves over 100 clients in the state with approximately 300 employees.
Tech-Powered Legal Services
KPMG Law US isn’t planning to be just another law firm. They’re focusing on technology-driven legal services in an approach that combines cutting-edge AI and advanced technology with traditional legal expertise.
The firm will operate as an independently managed subsidiary of KPMG LLP. The firm says it will maintain strategic alignment with KPMG’s tax practice while also adhering to legal professional standards.
KPMG’s legal network already spans more than 80 jurisdictions globally. The new US entity will collaborate with this existing global network, providing clients with access to the full, KPMG network.
For operations outside Arizona, KPMG Law US plans to use co-counsel arrangements. They’ll partner with other firms and legal staffing companies in a strategy that follows established practices used by traditional law firms for decades.
High-Volume Legal Work
But don’t expect KPMG Law US to handle your next criminal case. They’re targeting process-driven legal services like volume contract management work, M&A contract work, large-scale remediation processes involving regulatory changes and similar.
The firm’s existing use of technology and its global network and financial clout means it will have all the means necessary to make a major impact on the legal scene.
Big Four firms have long provided legal services internationally. Now they have a foothold in the American legal market.
For corporate clients, the KPMG move offers new options for handling high-volume legal tasks and for law firms, it represents both competition and potential collaboration opportunities.
The Arizona ‘foot-in-the-door’ hold means some big changes could be coming to the US legal scene with other Big Four firms intent on studying how things go. The response will come from both the Big Four, and other biglaw firms already seeking to up their consultancy and business consulting efforts to compete effectively with the new arrivals.
Pretty excited to see KPMG stepping into the legal field with a focus on tech-driven services. It’s about time the legal industry got a digital overhaul. Wonder how this will shape up the future for traditional law practices.
So KPMG is now doing legal work? I’ll believe it’s a game changer when I see it. Tech is cool and all, but it can’t replace human judgment in law.
I get your skepticism, but you can’t deny that integrating tech could cut a lot of redundancy in legal work. Human judgment is key, but it’s about blending it with tech, not replacing it.
this sounds cool but how does it actually work? like do you talk to a robot for legal advice now?
I’m not convinced this tech-heavy approach by KPMG will maintain the personal touch and nuanced understanding a seasoned lawyer provides. The legal profession is more than just processing information.
The integration of AI in legal services by KPMG is a bold move. Curious to see how AI advancements will streamline high-volume legal tasks. It’s the innovation that the sector has been waiting for.
Interesting development with KPMG entering the legal market. It’s a significant shift, highlighting the role of technology in traditional fields. Will be keeping an eye on how this plays out.