In this episode of the Accounting Influencer podcast, Rob Brown discusses KPMG's groundbreaking move to become the first major accounting firm in the US to own a law firm, following new laws in Arizona that allow non-lawyers to own law firms. This shift is driven by client demand for integrated services, advancements in technology, and the lucrative nature of legal services. Brown emphasizes the implications for accounting professionals, including the need for multidisciplinary skills, tech literacy, and ethical considerations. He encourages listeners to stay informed, expand their expertise, and build their influence to remain relevant in a rapidly changing landscape.

Takeaways

• KPMG is pioneering a significant shift in the accounting profession by owning a law firm.
• The relaxation of laws in Arizona is a game changer for legal services.
• Client demand for integrated solutions is a major driver of this change.
• Technology and process expertise are essential for modern accounting firms.
• Legal services are lucrative, presenting a growth opportunity for accounting firms.
• Multidisciplinary teams are becoming the norm in professional services.
• Tech skills are crucial for accountants to stay competitive.
• Ethical scrutiny will increase with the blending of accounting and legal services.
• Staying informed about industry trends is vital for accounting professionals.
• Building influence and expanding expertise will help accountants navigate future changes.

You can check out the video version of this with visuals and graphics here on YouTube:

https://youtu.be/vdufliwlx2o

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