Member firms of the KLegal International network are discussing the formation of a new legal grouping that will be completely independent of KPMG, and which will work with KPMG member firms, where ever appropriate, on a non-exclusive basis. The announcement reflects changed market conditions, including the US
Sarbanes-Oxley Act, which restrict the provision of legal services, said the press statement.
KLegal brand will be discontinued. But, KPMG member firms will continue to employ lawyers in parts of their practices, particularly in support of forensic and tax services. KPMG International chairman Mike Rake said that KPMGs strategy going forward is that its member firms will be multi-disciplinary and provide assurance, tax and advisory services, with global consistency.
He added that they have been proud of the strength of KLegals capability but the new environment requires a different approach to legal services. The new approach will help KPMG member firms meet marketplace needs and be focused. It will also allow the full-scope legal practices within KLegal to operate without restriction.