In a statement issued this week, accounting firm, KPMG revealed that it is abandoning its KLegal network as a result of the increased pressure on accounting firms in the wake of the Sarbanes-Oxley Act.
"KPMG International said that it will stop providing full-scope legal services, and that its associated legal network - KLegal - is to be discontinued," the firm announced.
The decision to cut KLegal's member firms (which employ some 3,000 lawyers in 60 countries) loose came following a meeting in late October, and, according to KPMG, comes partly as a result of the provision in Sarbanes-Oxley which prohibits the provision by accounting firms of non-audit services to audit clients.
Speaking to the Legal Week news service, KLegal's UK head, Nick Holt explained that:
"This is the best solution to the unworkable regulatory environment that we have found ourselves in as a result of Sarbanes-Oxley. The relationship with KPMG remains very strong. It was just the nature of it that had to change."
KLegal member firms are now reported to be discussing the formation of a separate international federation of law firms.
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