PwC is aiming for a spot in the world's top 20 firms within the next five years.
The accountancy giant is set to compete with law firms for companies in need of flexible resourcing solutions with its latest New Law offering.
Big Four accountancy giant PwC is set to enter the alternative legal services market with a new flexible lawyering service as part of its New Law offering. The company has launched 'Flexible Legal Resources' to provide corporates with lawyers as and when the workload demands more resource, taking on companies such as Axiom, Vario and Lawyers on Demand. Whilst initially focusing on financial, the service will expand to cover other legal sectors. It is the latest move from the company which is gaining traction with its legal services provision. Earlier this year it recruited Andrew Giverin and Jason McQuillen, co-founders of pioneering boutique Radiant Law, to develop its ‘New Law’ business.
An ALM report recently found that 69 per cent of law firm leaders reported the legal arms of the Big Four as a major threat. Currently they average 2,200 lawyers in 72 countries, putting them on par with law firms like Jones Day, CMS, and Clifford Chance. PwC earned $500 million in 2016 from legal services, making it equivilant to the 77th largest law firm in the world. Deloitte, the second largest, earned $250 million and all four reported double digit year-on-year revenue growth.