Accounting

Law.com |

In $100M Tax Shelter Fraud Verdict, No Need for Court to Take Pity on Plaintiffs

Charles Toutant | December 14, 2018

And when Kentucky's court of last resort reinstated a $100 million verdict against Chicago-based Grant Thornton, the nation's sixth-largest accounting firm, it was more as a deterrent against future misconduct than out of sympathy for the plaintiffs.
Litigation Daily |

In Upholding $100M Tax Shelter Fraud Verdict, KY High Court Sends a Message

Charles Toutant | December 14, 2018

And when Kentucky's court of last resort reinstated a $100 million verdict against Chicago-based Grant Thornton, the nation's sixth-largest accounting firm, it was more as a deterrent against future misconduct than out of sympathy for the plaintiffs.
Daily Report Online |Commentary

A New Deal: The Business Income Tax Deduction Under the TCJA

J. Scot Kirkpatrick and J. Thompson Turner | November 30, 2018

A short-and-sweet explanation of the not-so-short-and-sweet new law: Any taxpayer that owns an interest in a pass-through entity may qualify for up to a 20 percent income tax deduction on the income of that business.
The American Lawyer |News

Big Law's Trojan Horse: Are the Big Four Preparing an Invasion?

Dan Packel | November 29, 2018

Law firms partner with the Big Four to serve their clients, but the accountants pose an existential threat. What will happen if—or when—they turn competitive?
International |News

Big Four's Deloitte to Launch 25-Lawyer Hong Kong Law Firm

John Kang | November 29, 2018

Big Four rivals PwC and EY expanded their legal offerings in the city earlier this year, while KPMG is preparing to launch its own Hong Kong law practice next month.
International |News

Big Four's Deloitte Launches Law Practice in Singapore

John Kang | November 19, 2018

Tax specialist Lian Chuan Yeoh's Sabara Law has joined Deloitte's global legal network as the accounting giants continue their global expansion of law offerings.
The Legal Intelligencer |Commentary

New IRS Guidance to Tax Provision Means Big Breaks to Real Estate, Business Investors

Pauline Markey | November 12, 2018

The 2017 Tax Cuts and Jobs Act added a new tax provision to the Internal Revenue Code, Section 1400Z-2, which aims to provide big capital gains tax breaks to real estate and business investors who make investments in certain economically underdeveloped areas.
Daily Business Review |Commentary

Opportunity Zone Rules Provide Rare Tax Benefits for Investors

Steven Hadjilogiou and Michael J. Bruno | November 07, 2018

The 2017 U.S. Tax Reform introduced the Opportunity Zone provisions as an incentive for taxpayer investment in low-income neighborhoods and combined the benefits of both tax deferral and tax elimination.
The Recorder |News

Los Angeles Tax Partner's Move to Mayer Brown Signals Big Four's Limitations

Dan Packel | November 05, 2018

Michael Lebowitz moved from White & Case to PwC in 2016 because of the accounting giant's vast resources. But the firm's auditing business was an obstacle to servicing some of his clients.
The American Lawyer |News

Tax Partner's Move to Mayer Brown Signals Big Four's Limitations

Dan Packel | November 05, 2018

Michael Lebowitz moved from White & Case to PwC in 2016 because of the accounting giant's vast resources. But the firm's auditing business was an obstacle to servicing some of his clients.
The Legal Intelligencer |Commentary

Less Is More for SEC Disclosure Effectiveness Changes

Peter A. Jaslow and Stephen Stark | November 05, 2018

On Oct. 4, the Securities and Exchange Commission (the SEC) published final rules adopting amendments to certain disclosure requirements that have become redundant, overlapping or outdated in light of other SEC disclosure requirements.
Daily Business Review |News

Swiss Banker Gets 10 Years for Venezuela Graft Case

Associated Press | October 29, 2018

Matthias Krull is cooperating with prosecutors, and the judge in Monday's hearing said his sentence could be reduced.
New York Law Journal |Analysis

Balancing Minority Equityholder Rights and Acquirer's Ability to Consolidate Under U.S. GAAP Financial Accounting Rules

Lloyd L. Rothenberg and Megan Stombock | October 26, 2018

In this article we will first explain the financial statement consolidation rules generally in connection with Minority Interest Acquisitions and propose potential solutions to balance minority equityholders rights and protections and an acquirer's ability to consolidate under the financial statement consolidation rules.
Daily Business Review |News

Florida's University Performance Funding Set for Changes

Lloyd Dunkelberger | October 17, 2018

The new model would allow any state universities that improve their performances on a series of measures to receive full shares of the state performance funds.
Daily Business Review |News

More Oversight Planned After Improper University Spending

Lloyd Dunkelberger | October 17, 2018

The revelation about the UCF spending prompted the Board of Governors to call for all 12 universities to review their funding of building projects over the last decade, while UCF is conducting its own investigation of the improperly used funds.
Legal Week |News

Weil boosts London profits by 40% as LLPs show £1.2m pay for top earner

Hannah Roberts | October 09, 2018

Turnover for the UK arm grows 18% to reach £126.1m
Corporate Counsel |Commentary

Five Ways to Cut Your Anti-Corruption Due Diligence Costs in Half

Ryan McConnell and Stephanie Bustamante | October 08, 2018

The key to an efficient and effective process is simplicity, a risk-based approach, and adequate documentation.
Daily Business Review |Commentary

What Could the Rise of Cryptocurrencies Mean for South Fla. Businesses?

Erick R. Wendelken | October 08, 2018

As a major hub for international business, South Florida is becoming ground zero for the cryptocurrency revolution. In fact, Miami hosted the 2018 North American Bitcoin Conference— the fifth and most attended installment of the conference—and is slated to host the 2019 show.
Legal Week |News

Dechert accounts show UK profits rising 43% as top earner takes £3.8m

Hannah Roberts | October 05, 2018

US firm nears £100m UK turnover mark after 24% hike during 2017
The American Lawyer |News

Big 4 Dominate as Law Firm Alternatives Press Their Brands

Dan Packel | October 04, 2018

PwC landed in the No. 1 spot in a new ranking of alternative legal services providers' brand strength, and its peers were all in the top five.
The American Lawyer |News

Why PwC and Deloitte Are Betting on Immigration Law

Dan Packel | September 24, 2018

Said one law firm managing partner: "I think they're going to go after everything eventually."
The Legal Intelligencer |Commentary

Many Still Unaware of 2017 Changes to Law Involving Corporate Disputes

Gavin Lentz | September 21, 2018

Any lawyer who advises clients on disputes involving corporations, LLCs, or limited partnerships needs to be aware of the significant changes that were enacted in Pennsylvania's Act 170 on Feb. 21, 2017.
Corporate Counsel |Expert Opinion

The Overlooked Story of Accounting Firms and ALSPs

Brian Houk | September 17, 2018

Some things receive more attention than they probably should. The Kardashians' latest antics, Elon Musk's Twitter feed, and whether the thing making us uncomfortable this summer is the heat or the humidity—they are topics we return to again and again, at times out of habit more than anything else. Now, we can add another overly popular subject to the list: the Big Four's encroachment onto the territory of global law firms.
Daily Report Online |News

Embezzlement Trial Over Defunct Atlanta Firm Will Hinge on Intent

Meredith Hobbs | September 13, 2018

Prosecutors say they'll show Nathan Hardwick siphoned funds from now-bankrupt Morris Hardwick Schneider to fuel his "lavish spending," including more than $16 million on charter jets, gambling and women.
Litigation Daily |News

Trump's Tax Returns Get Their Day in the DC Circuit

Mike Scarcella | September 12, 2018

Well, not the returns themselves. Because Trump hasn't released them. But there is a public-records case, set for argument Thursday in the D.C. Circuit, that seeks to force the IRS to disclose the records.
The American Lawyer |Commentary

The Legal Institute for Forward Thinking's Analysis of Today's Biggest Issues

David J. Parnell | August 23, 2018

The organization's mid-year discussion on trends in the legal market, included UnitedLex, the Big Four, differentiation, compensation, the repeal of Jewel v. Boxer and client lock-in.
New York Law Journal |

From 'Nomura' to 'Ambac': Where Does the Law on Sole Remedy Clauses Stand?

David B. Saxe, Danielle C. Lesser and Michael Mix | August 20, 2018

Plaintiffs Ambac Assurance Corp. and others (collectively, Ambac), an insurer, sought to use contractual remedies other than the sole remedies clause in connection with its claim that defendants Countrywide Home Loans, Inc. and others, (collectively, Countrywide) breached various representations and warranties contained in the insurance and indemnity agreements (the I&I agreements) between the parties.
The Recorder |Analysis

With Big Four's Move Into Legal, Silicon Valley Cheers While Some GCs Remain Wary

Phillip Bantz | August 09, 2018

As giant accounting firms make new forays into the legal industry, in-house attorneys are giving more thought to offering the EYs and PwCs of the world their business.
The American Lawyer |News

DLA Piper Sells Share of ALSP to Big Four's Ernst & Young

Hannah Roberts | August 07, 2018

The move marks the latest foray by a Big Four accounting firm into legal services.
International |Analysis

Law Firms Uneasy as the Big Four Make Their Big Push in Asia

John Kang | Anna Zhang | August 03, 2018

The giant accounting firms are rapidly expanding their legal services offerings in key areas of the world's largest continent. Will they wrest valuable work from global law firms?
Law.com |Analysis

For Midsize Firms, the Big Four Threat is Very Real

Lizzy McLellan | August 02, 2018

Midsize firm leaders aren't running scared, but the competition is no joke.
The Mid Market Report |Analysis

The Big Four Threat is Real. Are You Ready?

Lizzy McLellan | Ben Seal | August 02, 2018

Midsize firm leaders aren't running scared, but the competition is no joke.
Law.com |News

PwC Boosts Legal Revenues in UK to $92 Million

Hannah Roberts | July 31, 2018

Big Four firm's push into law continues following integration of its legal teams.
The Recorder |News

PwC Defeats Class Motion in Age Bias Case, but Plaintiffs Get Second Shot

Erin Mulvaney | July 26, 2018

U.S. District Judge Jon Tigar gave the plaintiffs another chance to construct a narrower proposed class. He indicated some of the plaintiffs arguments were persuasive.
International |News

Deloitte Joins Big 4 Legal Race in Singapore With Foreign Law Firm Launch

John Kang | July 26, 2018

The move comes as EY and PwC both have announced the launch of new law practices in the city-state in the past two weeks
National Law Journal |Research

Report: Shareholder Lawsuits Being Filed at Record Pace, and They're Getting Bigger

Amanda Bronstad | July 25, 2018

A record pace of shareholder class action filings continued during the first half of 2018—and the cases are getting much bigger, according to a midyear report released today.
The Legal Intelligencer |Commentary

From Piles to Files—How Getting Organized Can Transform Your Business

Dena Lefkowitz | July 25, 2018

Recently, I was on the phone with a fellow coach who asked about my personality type from an assessment taken in the past. I didn't recall, so while still on the call, I quietly walked over to my filing cabinet and pulled out a folder labeled “my assessments.”
Daily Business Review |Commentary

Trade-Based Money Laundering—South Florida Is in the Bull's Eye

Robert J. Becerra | July 24, 2018

Miami is blessed with year-round warm weather, beautiful beaches, cultural and ethnic diversity, and fortunate geography between the Americas and Europe.
International |News

Big Four's EY to Launch New Singapore Law Practice With Dentons Rodyk Team

John Kang | July 24, 2018

Former Dentons Rodyk & Davidson partner Evelyn Ang is set to join as EY follows PwC in forming new Singapore associations with ex-partners of prominent local firms.
The American Lawyer |News

Oregon's Tonkon Torp to Pay $18.5M to Exit Investment Fraud Suit

Scott Flaherty | July 18, 2018

Tonkon Torp, targeted alongside Sidley Austin and prominent auditing firms that did work for Aequitas Management, has reached an $18.5 million deal that would resolve a proposed investor class action and related individual suits. Sidley continues to face claims.
New York Law Journal |Expert Opinion

The Full-Payment Rule Strikes Hard: A Look at a Recent Decision

Jeremy H. Temkin | July 18, 2018

It has long been settled law that a taxpayer challenging a tax deficiency assessed by the Internal Revenue Service in federal district court is required to “pay first and litigate later.”
The American Lawyer |News

Independent Firms, Not Big Law, Should Fear Big Four the Most, Report Says

Dan Packel | July 17, 2018

The founder of an association of international law firm networks offers a predictable solution: joining a network of networks can help firms compete in a landscape of disruption.
International |News

PwC Launches New Local Law Practice in Singapore, Hiring Prominent Partner from a Top Singapore Firm

John Kang | July 13, 2018

Rachel Eng will leave WongPartnership after 23 years and launch a new local firm for the accounting giant. She had been the firm's deputy chair since 2016.
The Mid Market Report |Expert Opinion

8 Tips From GCs for Outside Legal Counsel to Win and Retain Business

Gina Rubel | July 11, 2018

Outside counsel, business development professionals, and legal marketers want to know the secret to increasing client retention and new business acquisition rates.
Litigation Daily |Profile

Litigator of the Week: Record $625M Award against PwC Proves You Don't Need Big Law for Big Wins

Jenna Greene | July 06, 2018

Stephen Sorensen scored the biggest damages award ever against a global public accounting firm, and broke new legal ground along the way.
The American Lawyer |News

Deloitte Becomes Last of Big Four to Get ABS License For Legal Services

Joseph Evans | June 22, 2018

The accountancy firm has been licensed for rights of audience, conduct of litigation, reserved instrument activities, probate activities and administration of oaths.
Law.com |Analysis

Profit margins fall across UK top 50 as staff costs soar

Georgina Stanley | June 22, 2018

More than half of the UK top 50 have seen their operating profit margin fall since 2013-14
International |News

PwC Legal Continues Asia Expansion; Hong Kong Affiliate Makes Multiple Partner Hires

John Kang | June 19, 2018

Since launching last year, PwC's affiliate firm in Hong Kong, Tiang & Co., has expanded to about 16 lawyers.
New York Law Journal |Analysis

Attorneys vs. Accountants: The Battle Wages On

Jamie Diaferia and Helen Bertelli | June 19, 2018

In this column on Law Firm Management, Jamie Diaferia and Helen Bertelli discuss an Infinite Global study that reveals trends and best practices for content and social media in the law and accounting industries.
International |Video

What Does the Future Hold for the UK Top 50?

Legal Week | June 14, 2018

LLP accounts reveal operating profit margins slipping, staff costs rising and a limited cash safety net at many firms
Legal Week |

'Firms don't have enough net cash to pay their next payroll' – what are the warning signs for the UK top 50?

Legal Week | June 14, 2018

LLP accounts reveal operating profit margins slipping, staff costs rising and a limited cash safety net at many firms
Law.com |Analysis

Which law firms spend the most on their staff?

Georgina Stanley | June 13, 2018

LLP filings provide an insight into staff costs at the UK top 50 - so which firms have the most expensive employees? And who spends the biggest proportion of revenue on their people?
International |News

Former Big Five Legal Services Offshoot Andersen Global Enters Asia Via Indian Tie-Up

John Kang | June 12, 2018

Andersen Global's expansion into Asia comes as the Big Four accounting firms have been growing and expanding their legal services offerings in the region.
The American Lawyer |News

Deloitte Bets on Immigration Law, but Big Four Won't be Content With Niches

Dan Packel | June 11, 2018

What does Deloitte's recently announced tie-up with immigration law firm Berry Appleman mean for the Big Four's advance into legal services?
International |News

PwC's Hong Kong Law Practice Continues to Expand; Hires Longtime Mayer Brown JSM Partner

John Kang | June 06, 2018

M&A specialist Martin Robertson is the latest to join PwC's Hong Kong affiliated law firm Tiang & Co.
The American Lawyer |News

Deloitte Will Acquire Part of US Law Firm in New Legal Venture

Dan Packel | June 06, 2018

The Big Four are continuing their march into the legal services realm. In addition to an alliance with Berry Appleman & Leiden's U.S. operations, Deloitte UK will acquire the firm's eight overseas offices.
International |News

PwC's Legal Arm in Hong Kong Hires New Partner

John Kang | May 30, 2018

Former KWM Shanghai international partner Martyn Huckerby joins PwC affiliate Tiang & Co. as head of competition law.
International |News

Big Four's EY Law Snaps Up 6 Lawyers From Troutman Sanders' Soon-to-Be Closed Asia Offices

John Kang | May 29, 2018

Corporate partners Rossana Chu in Hong Kong and Chengfei Ding in Shanghai join EY Law's LC Lawyers and EY Law Firm, respectively.
Daily Business Review |News

Knight Foundation Gets Second Go at Arguing $1.5M Real Estate Grant Was Misused

Lidia Dinkova | May 24, 2018

The Third District Court of Appeal reversed the lower court and remanded the case to Miami-Dade Circuit Court.
Delaware Business Court Insider |Commentary

Self-Dealing Conduct Supporting Fiduciary-Duty Claims Was Covered by Contractual Duties Imposed in the LLC Agreement

Albert H. Manwaring IV | May 23, 2018

The Delaware Limited Liability Company Act's policy is to give the maximum effect to the principle of freedom of contract in LLC operating agreements.
Texas Lawyer |News

Kirkland Nabs KPMG Tax Lawyer for Houston Office

Brenda Sapino Jeffreys | May 21, 2018

David Wheat joins from KPMG's national tax practice in Washington, D.C. He previously spent 27 years at Thompson & Knight in Dallas.
The Recorder |News

Lawmakers Move to Cut Judicial Commission's Budget Amid Audit Dispute

Cheryl Miller | May 17, 2018

The three-senator budget subcommittee, composed of two Democrats and one Republican, did not discuss the proposed cut before voting unanimously to recommend it to the full Senate Budget Committee.

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