30% growth for KPMG legal services
2018 was a huge year for KPMG legal services, and this looks set to continue across the globe as expansion plans develop
Although KPMG has predominantly existed in the accountancy industry, their global legal branch is proving to another string to their bow as they report record levels of growth in 2018.
This is reportedly a result of a surge in multinational organisations demanding legal services—this looks set to continue.
In 2018, revenues grew by more than 30%, something that KPMG International has attributed to “the unique type of legal services offering that in-house legal teams are now seeking.” KPMG’s member firm legal teams can effectively deliver these services to those requesting them.
KPMG’s legal practice has grown a workforce of more than 2,300 across the globe in the last 12 months, including the addition of more than 20 new partners. This multidisciplinary approach has proven an effective incentive that has driven this recruitment drive; the network has become a “magnet” for talented legal professionals.
“We expect continued growth in 2019 as we eagerly meet the evolving needs of clients across the globe, including high-growth markets like China,” said Jürg Birri, the global head of legal services at KPMG.
In January 2019, a new KPMG affiliated legal practice opened in Hong Kong, with plans for another practice in Shanghai later this year. This is all part of the firm’s “integrated approach to addressing legal challenges,” Birri explained.
The global head of legal services continued: “Increasingly, our clients are being asked to implement business transformation programmes that need an integrated approach that combined business and legal methodologies, not just pure legal advice. We understand this and are able to deliver.”
The report stated: “KPMG Global Legal Services’ momentum as a leader in alternative legal services will be further driven by the launch of its new KPMG Legal Operations and Transformation Services (LOTS). This offering helps in-house counsel transform their function to help meet the modern demands they face, through a proprietary process of assessing current operations. Through LOTS, we advise clients defining a future operating model fit for business goals, identifying technologies, flexible resources, and managed services that can support delivery of legal, regulatory, and compliance services to their business partners.”
KPMG LOTS is one of the main ways in which they can coordinate a collective focus across the network, allowing for efficient integrated and technology-led solutions. They have highlighted their aim to provide “transformative legal consultancy”.
In a rapidly evolving geopolitical landscape, KPMG has revealed that they expect to see the demand for their services in this area increase.
Birri concluded: “Our approach is different. We’re not a traditional law firm, and we’re not copying the approach of a traditional law firm. We focus on offering our clients integrated legal advice and technology-led solutions and methodologies, in combination with a range of alternative legal managed services, where we work collectively with our clients who are looking for local and multi-jurisdictional counsel. This combined approach, our local depth in each market, together with the benefit of the global platform of KPMG, is a clear differentiator, and a great advantage to our clients.”