Leading Law Firms Diversify

Fri, 18 Sep 2009

London’s leading law firms are seeking to hire non lawyer tax specialists as they aim to diversify their portfolio in a bid to boost revenue. Legal firms including Allen and Overy (A&O), CMS Cameron McKenna and Linklaters and looking to compete with large accountancy companies by providing tax advice . Rather than lawyers or solicitors, the law firms are eager to employ non lawyers with knowledge of transfer pricing – a specialist tax area.

The news was reported in The Lawyer, and follows Freshfields diversification in June. The reputable law firm hired a former Grant Thornton transfer pricing expert in June as it began to offer wider tax advice in a bid to stave off the effects of the economic downturn, despite recent figures indicating law firms were surviving the recession with continued demand for their products in spite of high legal costs .

With demand rising for tax advice on mergers and acquisitions, the move will undoubtedly provide law firms with alternative revenue streams. Transfer pricing will be a large part of this, as firms offer advice on the pricing of assets transferred internally within a company. Given that transferred assets affect tax liabilities for international businesses, specialist advice is required.
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