The CommBank Accounting Market Pulse has detected an increase in the focus of accountancy firms on the legal market sector. Marc Totaro, Australian national manager of professional services at the bank, said: 'The talk at the moment is that the big accounting firms in particular are looking to move into legal services in a bigger way.' 

Led by client demand

The accountants are looking at M&A and corporate advisory work 'in a more aggressive manner', he said, adding that they see the potential there to win market share from the traditional legal players. His comments matched those of Geraldine Magarey, leader of policy and thought leadership at Chartered Accountants Australia and New Zealand. She said that accountancy firms are moving into the legal sector to meet the demands of clients. Source: Lawyers Weekly