In an era of increasing financial complexity and regulatory scrutiny, the integration of law and accounting is more crucial than ever.
Recognizing this trend, KPMG LLP has taken a significant step by
KPMG Law US plans to deliver a focused set of technology-enabled legal services powered by artificial intelligence and KPMG Digital Gateway, building upon the firm’s established Legal Business Services practice. The new law firm will collaborate with the KPMG global network of law firms already operating in more than 80 jurisdictions. Together, KPMG Law US and KPMG will provide legal managed services, legal operations consulting and advanced legal technology innovation, to help clients gain efficiencies and empower their legal teams to concentrate on strategic priorities.
Legal education in accounting and accounting education in law
As the demand for professionals with dual expertise in law and accounting grows, law and business schools are adapting their curricula to better equip future attorneys with financial acumen. Institutions such as the University of Denver Sturm College of Law and Daniels College of Business are incorporating specialized courses like Accounting for Lawyers, designed to provide law students with foundational accounting knowledge. These courses bridge the gap between legal theory and financial practice, ensuring attorneys and accountants can effectively interpret and analyze financial statements, tax structures, client settlement negotiations and regulatory requirements.
Beyond classroom instruction, innovative programs are fostering collaboration between future CPAs and attorneys. One such initiative is the integrated tax preparation program, where accounting and law students jointly operate Volunteer Income Tax Assistance sites. These VITA programs not only offer tax filing assistance to underserved communities but also incorporate tax clinic advice, allowing future professionals to gain hands-on experience in navigating tax law and financial reporting.
Cross-disciplinary collaboration in financial reporting
One area where the blending of legal and accounting expertise is particularly essential is contingency reporting in financial statements. Contingency reporting involves assessing and disclosing potential liabilities and uncertain events that may impact a company’s financial standing. Effective disclosure in this area requires coordination among managers, attorneys and auditors to ensure compliance with accounting standards and regulatory requirements.
Attorneys play a vital role in advising management on legal obligations and potential risks, while auditors ensure these liabilities are accurately reflected in financial statements. Misalignment or miscommunication between these professionals can lead to misstatements, regulatory penalties and legal disputes. As financial reporting and regulatory environments grow more complex, the need for seamless collaboration between accountants and attorneys will only intensify.
The future of law and accounting integration
The evolving global marketplace demands professionals who can navigate both legal and financial landscapes with proficiency. As businesses face increased regulatory pressures, cross-border transactions and intricate tax structures, the convergence of law and accounting will become even more significant. Future professionals will need to possess interdisciplinary expertise to address challenges that do not fit neatly into a single domain.
KPMG’s initiative to establish KPMG Law US reflects this broader trend. Similarly, the integration of legal education with accounting principles in law schools represents an important step toward preparing future attorneys for the realities of modern business. By fostering collaboration between legal and financial professionals, institutions and firms can ensure more accurate reporting, better compliance and, ultimately, stronger financial and legal stewardship.
As we move forward, the synergy between law and accounting will continue to shape the way businesses operate, reinforcing the need for interdisciplinary education, strategic collaboration and innovative professional solutions.
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