PwC to launch law firm
Big Four firm PwC is launching an independent law firm in the U.S., according to published reports.
The unit, which will be called ILC Legal, will be a separate entity from the firm, and will not offer advice on U.S. law, according to Law.com, but will work with U.S. clients on international legal issues, such as international corporate structuring, M&A, immigration, and tax controversy.
The move comes at a time when the Big Four firms are moving more and more into the legal services market, with a recent report finding that 69 percent of law firm leaders view the accountants as a major threat. (See “Big Four increasingly competing with law firms.”)
ILC Legal will be started by five PwC lawyers from outside the U.S., Bloomberg Law reported, including partners Richard Edmundson, from the U.K., and Carmen Millian Cruz, from Spain. All five are expected to relocate to Washington, D.C., where the unit will be based.
With over 2,500 lawyers in its international network, PwC is already technically the sixth-largest legal services provider in the world, Law.com noted.