If you haven't heard already, where have you been? We’re only two weeks into the New Year and accounting giant Deloitte has confirmed that it’s making its way into the UK legal services market with the announcement that it is currently in talks with the Solicitors Regulation Authority (SRA) to secure an application for an ABS licence.
This would make Deloitte the last of the 'Big Four' accounting firms to become an ABS.
The legal sector has become increasingly competitive in the last 10 years following the enactment of the Legal Services Act in 2007. What we can take from this latest development is that the law firms who want to survive and thrive will need to keep innovating and adapting to change. AI, tech, you name it, are all options that need to be explored.
Deloitte is to convert part of its British practice into a law firm in a move that will increase competitive pressures in an already crowded legal services market. The move will mean that all of the accounting industry’s Big Four will be licensed as law firms in England and Wales as they take advantage of ten-year-old legislation that overhauled the rules governing the ownership of legal practices. Senior partners at Deloitte’s London office confirmed yesterday that they were in talks with the Solicitors Regulation Authority over an application for a licence.