PwC has proven it’s a massive threat to law firms after boasting a substantial revenue hike.
PricewaterhouseCoopers Legal has posted a 24% revenue increase for the just-ended fiscal year.
According to a report from Legal Business, revenue for 2015 rose to £59.9m from £48.5m with £56m from UK fee income. Earnings stood at £11m.
As the organisation experiences healthy revenue growth, however, it insists that it is not trying to become a standalone law firm.
“Our strategy is dead simple. It is to offer to clients a legal service that compliments something that PwC is doing,” senior partner Shirley Brookes told the publication.
“We are not trying to be a standalone law firm, it has got to be that complimentary offering – that is our differentiator in the market,” she explained.
PwC Legal has 10 practice areas which are corporate and banking, cyber security and data protection; dispute resolution; employment; entity governance & compliance; immigration; international business reorganisations; intellectual property, IT and commercial contracts; pensions; and real estate.
According to Brookes, all of these practice areas grew in the just-ended financial year. The best-performing areas are pensions, employment, immigration and corporate restructuring, she told the publication.
Brookes identified their pension practice that’s completely integrated with their tax and actuarial practices concerning structuring pension schemes as their “standout performer”.
The senior partner also told Legal Business that their employment business experienced great growth in the last year.
“Immigration is one of our flagship offerings and goes from strength to strength. Immigration and our corporate reorganisation are probably our strongest networks in the PwC Legal network because they both play to the strengths of the huge geographical coverage that we've got,” she added.
The publication noted that PwC Legal has experienced steady revenue growth since the 2013-14 fiscal year when revenue stood at £42.2m.
