The move follows the Solicitors Regulation Authority's approval of an alternative business structure licence in 2014 for PwC Legal, which is now completely owned by PwC.
'Natural next step'
Kevin Burrowes, head of clients and markets and executive board member at PwC, said: This is the natural next step. … The ability to embed legal advice more fully into our advisory services allows us to better help our clients solve their complex challenges and problems, particularly as the UK heads towards the unchartered territory of Brexit.’
PwC Legal currently has 16 partners, 26 directors and a 350-strong UK team based across London, Birmingham, Newcastle, Manchester and Belfast providing legal services across nine practices including corporate and banking, dispute resolution, cyber security and immigration.
Earlier this month, it was reported its revenue had jumped from £48.5m to £59.9m this financial year, an increase of 25 per cent. Net income stood at £11m, with £56m of the total revenue UK fee income.
Growth across the board
Shirley Brookes, senior partner at PwC Legal, commented: 'We've invested heavily in our people and skills and all of our practice areas grew this year. The integration into PwC is the logical step given the shared aim of both firms to deliver high-quality, high-value services to clients through strong relationships.'
Last month, Ms Brookes told Legal Business that PwC does not intend to mimic law firms, despite fears that accountancy firms are eating into the traditional legal services market. Instead, it aims to offer a legal service that ‘compliments something that PwC is doing. We are not trying to be a standalone law firm, it has got to be that complimentary offering – that is our differentiator in the market.'