Tying up the work
In-house counsel may not necessarily want to instruct accountancy-tied law firms, but their companies' finance directors might. However, Mary Mullally argues that in-house counsel must ultimately be won over
As general counsel for a global conglomerate you have a strict panel of law firms. One day you happen to discover that the finance director has brought in a law firm linked to an accountancy practice to advise on a deal. Not only were you unaware of the transaction, the fees for the work have come out of your budget. Is your nose put out of joint?Although this may not ring any bells yet read on – the signs are that it soon will. The steady march of the accountants is upon us.Column inches have been dedicated to the Big Five’s global battle with the regulators and professional bodies.It has been a bumpy ride, but law firms tied to accountancy practices are beginning to make inroads into the UK market.Last November, the Law Society voted in favour of multi-disciplinary partnerships (MDPs) in principle. It is studying the issues in more depth.Four of the Big Five have tied law firms in the UK .
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