KPMG has been granted approval to practice law in the state of Arizona, marking a significant milestone in the legal and accounting industries. This authorization comes from the Arizona Supreme Court and allows KPMG to operate an alternative business structure, a unique arrangement under which the company can integrate legal services with its existing suite of accounting, tax, and consulting offerings.
The newly established KPMG Law US will function as an independent law firm but remain a wholly-owned subsidiary of KPMG. One of the key service offerings of the new legal arm will be the integration of legal contracts and tech systems in the wake of corporate mergers. This is part of KPMG’s broader strategy to bolster its legal services and adapt to the evolving demands of the corporate world.
Arizona’s decision represents a deviation from the traditional separation of legal and accounting services, an approach historically upheld by most U.S. jurisdictions. The state, known for its progressive stance on legal regulations, has been at the forefront of exploring how the industry can adapt to modern business needs. The move could potentially set a precedent for other states to reconsider similar barriers, especially as the demand for multidisciplinary services continues to rise.
For further details on KPMG’s entry into the legal market and its implications, you can read more from Bloomberg Law.