find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Accountants eye complex legal services

Accountants eye complex legal services

The trend towards accountancy firms offering legal services could grow to encompass more traditional law firm practices such as M&A and corporate advisory.

Marc Totaro, national manager, professional services at Commonwealth Bank, said the push into legal services was clearly evident in the recently released CommBank Accounting Market Pulse.

“The talk at the moment is, the big accounting firms in particular are looking to move into legal services in a bigger way,” Mr Totaro said.

“They’re really looking to move into the M&A, corporate advisory type work in a more aggressive manner.

“I think they see the opportunity to provide a broader service to existing client bases. There is also potential there for them to take market share from traditional law firms.”

Geraldine Magarey, leader of policy and thought leadership at Chartered Accountants Australia and New Zealand, said accounting firms are moving into legal services to meet the demands of their clients.

“It just shows the evolution of the accounting profession,” Ms Magarey said.

“I really just see it as the profession continuing to evolve. Those initial things it was built on are still very important, but with the global nature of clients and also as a lot of the technical areas mould together, people look for an overall service.”

According to Ms Magarey, the trend lately has been for accounting firms to move into “fairly niche” areas of law that complement their existing offering, but in future she expects most firms to widen their range of services within the legal space.

“Firms are starting to ramp up and some of the firms that haven’t been involved are now getting involved,” she said. “But I still think at the moment it's going to be in those service lines that are at the margin, not into the traditional areas of the law firm.”

Ms Magarey added that accounting firms will continue to monitor client expectations to see which legal services are in demand and to re-evaluate their own offering accordingly.

“It will be interesting to see where they go,” she said.

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Accountants eye complex legal services
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Quentin Bryce
Oct 18 2017
DV has worsened in a generation: Quentin Bryce
Former governor-general of Australia Dame Quentin Bryce AD CVO has spoken of her deep distress about...
Lawyers
Oct 18 2017
Academics entertain the idea of law without lawyers
Researchers from Queensland will explore some of the most disruptive trends tipped to transform the ...
Please, Continue (Hamlet), Melbourne Festival
Oct 16 2017
Hamlet suffers slings and arrows of top Victorian barristers
Victorian judges and barristers have performed the unique play Please, Continue (Hamlet) at the Melb...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...