The decision will cost dozens of jobs and marks the end of the big four consultancies’ ambitious attempt, launched at the peak of their influence, to take on established major law firms in traditional commercial practice areas.
According to the latest edition of The Australian Financial Review Law Partnership Survey, 24 partners were members of the firm’s legal division. Despite big ambitions – PwC declared it wanted to be a top 20 law firm by the end of 2023 – consultancies’ legal offerings have failed to achieve their goals, and drawn scrutiny overThe legal divisions’ failure to launch has made them a target for cost-cutting, as firms retreat to core offerings in a depressed consulting market.
The tax lawyers will be redeployed in the firm’s larger tax division, and KPMG says it will look to grow its offering in the still-profitable practice area.