Is there an impending change in synergy between the Accountancy and Legal sector?
Following a recent influx in demand for Solicitors into Accountancy Practices, and Qualified Tax specialists from into Law firms nationwide – are we seeing the end of a collaboration and a reintroduction of a Multi-Disciplinary Practice (MDP), or is it simply streamlining processes by bringing Solicitors in-house and vice versa?
There has always been a long-standing relationship between Accountancy and Legal practices throughout the UK, especially when focusing in certain sectors of law including, Private Wealth and Corporate Tax. Not only are there clear relationships between Magic Circle and the Big 4, or Top 200 UK Legal firms and Top 100 UK Ranked Accountants but even out to the regions where a collaboration is clear between local firms.
Having worked in both the Accountancy Practice and the Legal Recruitment Sectors for some time I fully understand that in both sectors there is high demand of qualified professionals nationwide and with both sectors having to adapt to the pressing influence of tech and other external factors it is only natural to become more dynamic and all-inclusive in services offered to clients.
Whilst I appreciate the growth in this area in terms of mergers and MDPs has been happening for some time now, it has tended to be at the more high street level. The MDPs have provided far fewer benefits to their clients compared to the option of having a collaborative force of Accountants and Solicitors working collaboratively within their respective fields, to provide specialist advice.
Even putting the Private Wealth & Corporate Tax services aside, where both the Accountancy and Legal services are significantly linked, we have seen an increase of demand from Accountancy firms to hire Solicitors into other areas, most recently in Employment law.
From this it seems that there is a notable change so it will be interesting to find out if there is a shift in demand, which services will be most sought after, and to what extent.
I would be keen to find to what extent you have observed these changes if any, whether it is in your region, or area of Law – so please feel free to comment whether you see any positives or negatives to the ever changing professional services industry.
Written by Senior Legal Consultant - Henry Hoey.