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EY confirms it may shrink legal team in Oceania
Job cuts may be on the horizon at Ernst & Young as the big four firm considers a restructure of its law business in the region.
Grace Robbie
Ernst & Young (EY) has confirmed plans to explore the potential restructuring of its Oceania law business.
As part of this undertaking, EY signalled that the proposed restructuring “may necessitate a reduction” in its legal team within the Oceania region.
As first reported by The Australian Financial Review, the major consulting and advisory firm has begun seeking feedback from this team, which currently consists of 25 staff and six partners, regarding the proposed restructuring.
In a statement provided to Lawyers Weekly, David Larocca, EY’s Oceania chief executive and regional managing partner, said: “This week, we communicated that EY is proposing to restructure our Oceania Law business.”
“This potential strategic shift may necessitate a reduction in our current Oceania Law team size.
“We understand the impact potential redundancies would have on affected individuals, and we will now be commencing processes in accordance with local laws to ensure that any changes are undertaken appropriately and in a legally compliant manner.”
EY, he concluded, “remains committed” to delivering high-quality law services to clients.
This follows last year’s news that fellow big four firm KPMG was shutting down its 30-person commercial law practice and integrated its remaining legal services into other divisions in July of last year. Additionally, PwC has also reduced its legal practice.
Amid such change and disruption, Lawyers Weekly last year explored whether traditional top-tier law firms will continue to dominate the Australian market, compelling big four firms to “reassess their legal strategies” or face a gradual decline.
