As banking clients fall, will law firms look to their old friends the accountants to help them through?
As insolvency lawyers’ hopes that they would ever see a major revival in demand for their services began to fade, there was a palpable sense within law firms that the big accountancy firms had lost some of their status as clients. The big four of KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers (PwC) remained important clients in their own right and good sources of referrals but, as the boom stretched on, accountants fell down lawyers’ pecking order – while banks rose upwards.
