PWC Legal, PricewaterhouseCoopers' legal services operation announced recently that its Australian branch has sold an insurance practice which was dependent on referrals from its parent company's audit clients to a local rival.
This follows hot on the heels of the decision by PWC Legal's Paris-based operation, Landwell, to stop the provision of legal services to PwC audit clients.
Both moves reflect the climate of increased restrictions and scrutiny which has come about since the implementation of the Sarbanes-Oxley corporate governance Act in the United States.
Speaking to the Legal Week news service with regard to the Australian move, PwC Legal chief executive officer, Bob Wicht explained that:
"The decision for PwC Legal to divest its insurance practice was partly a reaction to the changing regulatory environment and partly a recognition that the practice was always a stand-alone business, given its highly specialist nature."
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