Big four accountancy firm Ernst & Young (E&Y) has finalised its agreement with its law arm, Tite & Lewis, in a deal that will see the law firm split off as an independent five-partner operation with all its debts extinguished.

E&Y’s UK managing partner of operations Robin Heath told Legal Week that the pair had severed their day-to-day financial ties last week (12 May), leaving the law firm self financing.