Can the Bigger Four Reconcile Audit and Services?

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The acquisition announcement and effective doubling of Deloitte’s UK legal services group came as a bit of a surprise after the UK’s Financial Reporting Council forced the Big Four to separate their audit and service groups by 2024. This combined with Arizona’s August shift to allow nonlawyer ownership in law firms makes me wonder where the practice of law is headed in the long run. Over the decades I have seen many negatives in the traditional lawyer-owned, partner led law firm model. However, I have also recognized the non-monetary benefits of having practicing lawyers at the top of a firm. Too many times I have been the bearer of uncomfortable news from investigations or discovery audits. I would rather present findings to partners who understand their ethical obligations and value their personal reputations than an industry exec board more concerned with short term stock impact or shareholder anger.

Written by Greg Buckles

Independent consultant focused on eDiscovery and IG solutions.

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