Legal Eagles Nest at Ernst & Young
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.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.