Five lawyers from around the world are moving to Washington, D.C. to provide legal services for a newly formed PricewaterhouseCooper branded law firm.
The firm, called ILC Legal, marks PwC’s latest expansion into the market for legal services after taking over a large group of tax lawyers from General Electric in April.
Jeffrey Lowe, a Washington, D.C. legal recruiter with Major, Lindsey & Africa, said the move is the latest indication that the Big Four are now competing more directly with law firms.
“What I would be most concerned about is that they have much deeper business skills and much broader platforms [than law firms],” said Lowe. “If you look at the numbers, these accounting firms, while they only have 2,200 in their legal teams, they have 50,000 employees or more. The scale literally dwarfs that of the typical law firm.”
Anecdotally, he said he’s seen an uptick of Big Four firms attempting to poach tax lawyers.
“They can make a very persuasive case, because their compensation is very high and they can also offer true pension plans that you rarely see at law firms anymore,” said Lowe. “The downside is that they typically have lower retirement ages at the Big Four.”