Anyone wonder, from the clients perspective, who actually offers more value Legal or Tax (Consulting not compliance)?

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You are comparing two non comparable things. It’s like saying - what offers more value, a house or a tent? They serve different purposes and they both exist for a reason. One isn’t replaceable by the other.

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EY1 - I was trying to shake PWC’s cage.

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Consulting. Compliance is a cost center to a client and a loss leader to the firms

Are you asking whether clients value legal advice or tax advice more? Or whether clients value tax advice from a law firm more/less than tax advice from B4 tax consultants?

Tax advice from legal vs big 4

Depends on the advice. Most law firms don’t do tax planning. They will help put the structure in place, but I more often see them help implement planning that B4 comes up with. However, law firms probably are seen as more skilled in controversy and have an edge on B4 because they can take controversy to court. I would also assume a law firm memo / opinion might carry more weight with a client than a B4 memo / opinion. But B4 has the edge re: provision work and bringing a greater breadth of specialized resources to the table in fed, state, international, direct and indirect, credits/incentives, tax accounting, etc.

B4. They will usually get to an answer while legal is still racking up fees. Unless is a oos consulting project. Then they both just rack up fees. I prefer to reach conclusions in house then have the b4 partner validate.

To PWC1 - your cleverly disguised snark at the compliance function in order to make yourself feel important, does not account for the fact that it is annuity work. Compliance puts food on the table. I also assume you never took a haircut on consulting fees after your client pushed back?

EY2 - find a firm that does only compliance and find a firm that does mostly consulting. Compare what the partners and employees make. It’s not a slight or a snark. It’s just reality. Doesn’t mean compliance isn’t worthwhile. Just means clients don’t place as much value on it bc it simply documents the results of planning and consulting on returns.

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