Remember when non-CPAs could not become owners of CPA firms? Times are changing ... and it looks as if Big 5 giants like Ernst & Young may be entering the legal arena some time soon.
Getting around the system is the key, according to experts who understand that State Bar ethics rules prohibit non-practicing lawyers from owning or controlling law firms. As a result, E&Y is reportedly in negotiations with lawyers in the Washington, D.C. and Atlanta offices of King & Spalding to create a business that offers a full spectrum of law services.
The new business would be closely tied into E&Y, and may even be housed in the firm's D.C. offices.
Since CPAs already offer tax-related services within law firms, it should come as no surprise that in an attempt to capitalize on core competencies, the accounting profession is seeking to increase market share by following the trail of solid business leads, especially in the red-hot legal profession.