After KPMG gained approval to become the first Big Four accounting firm to practice law in the United States, Bruce Green, director of the Louis Stein Center for Law and Ethics at Fordham Law, pointed out to Bloomberg Law that the initiative faces several new questions—including its unauthorized practice of law in other states.
KPMG Law US can practice law in the state on the condition that it refrains from performing legal services for any of KPMG’s audit clients, the court said in the Thursday order. The restrictions have broader application beyond US securities law that prohibit accounting firms from performing legal services for its US clients.
The initiative faces several questions, including to what extent, or how, KPMG Law will provide services in other states. Law firms tracking new competition will be watching to see what types of legal matters clients hire KPMG to handle.
“One question is are they engaged in the unauthorized practice of law in other states in which they are giving advice because that’s where the clients are located,” said legal ethics professor Bruce Green, who teaches at Fordham Law School.
Read “KPMG Wins Approval to Launch First US Law Firm for Big Four (1)” in Bloomberg Law.
