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They're partnerships because they're usually legally required to be partnerships as a matter of liability concerns. (Most countries now allow professional firms
by gamblor956 6y ago
They're partnerships because they're usually legally required to be partnerships as a matter of liability concerns. (Most countries now allow professional firms to be professional LPs, LLPs, or PCs, limiting the financial liability of partners for the debts of other partners but not those resulting from their own malpractice.)
- mdifrgechd 6y agoThis is how I understood it was well. Big four partnership structure is optimized to comply with the legal requirements for auditors. That is why e.g. accenture (which has no auditing arm) can be publicly traded but the rest cannot.