Big Five firm Ernst & Young is ready to become the first Big Five accounting firm to open a law office in New York. This is the second such alliance for Ernst & Young, which has been operating an independent affiliate in Washington DC, McKee Nelson Ernst & Young LLP, for over a year.
The firm, which will operate under the name McKee Nelson, is expected to open in the fall, and will feature a corporate and finance practice that will compete with other Wall Street firms.
The firm will not be a full multidisciplinary practice (MDP), and although The New York City Bar has supported rules to permit side-by-side firms, the MDP structure is still not allowed in this country.
So what does this mean to the future of legal and accounting cross-over services? Bobby R. Creech, Jr., CPA, partner in Webster Rogers & Company LLP, and 2000 President of the South Carolina Association of CPAs offers his perspective on this timely issue.