PwC’s Legal Expansion: ILC Legal
With approximately 2,500 lawyers, PwC possesses the largest legal team of all of the Big 4 accounting firms; their recent decision to launch new law firm ILC Legal, would appear to be the next logical step in the expansion of the organisation. However, PwC have advised that ILC Legal will remain a separate legal entity with a chief focus on issues such as Immigration and Financial Services, which are more pertinent to US multinational organisations engaging in International business.
Richard Edmundson, Partner and Head of PwC Legal’s International Business Reorganisations practice, is set to relocate from PwC’s London office to assist in establishing ILC Legal at its Washington D.C. headquarters. The hope is that by founding an office in this location, ILC Legal will appeal to potential clients due to client proximity. With plans to expand by the end of October 2017, this imminent competition within the legal sector may come as unwelcome news to other specialist Immigration and Financial Services US Law firms who must now compete with one of the world’s largest legal services providers.
With 85 offices located across the world, PwC already have the foundations in place to become a global leader in their latest venture. Marci Krause, PwC Partner, is expected to join Edmundson in D.C. later this month. Krause will work alongside a team of around five other lawyers, however, it is anticipated that once PwC’s ILC Legal operation is up and running, they will be expanding their US team further, providing career opportunities for Immigration and Financial Services specialists. Krause advises that this major expansion for PwC will help facilitate greater “flexibility, teaming and knowledge sharing”.
Additionally, Krause is confident that due to the strength of the PwC brand and its large client base, expanding PwC’s services to include an array of multidisciplinary services by establishing ILC Legal will be a defining moment in the development of PwC Legal. What does this mean for other Law Firms? As PwC prepares for this significant new venture, the growth of ILC Legal puts added pressure on other US Law firms to maintain and acquire new business whilst competing with this large industry leader.
In a recent survey by ALM Intelligence, 66% of law firm leaders admitted to feeling concerned over the rise of alternative legal services providers and were apprehensive about the broadening of services that accounting firms now provide. Perhaps then, the success of ILC Legal will shape the way for the other Big 4 Accountancy firms, encouraging the likes of Deloitte and KPMG to expand also, thereby changing the future of the legal services sector as we know it.
Written by Gabriella Vianello - Executive Assistant at Alchemy Recruitment Ltd