Price Bailey has become the first accountancy firm to be granted an alternative business structure (ABS) licence.
The 280-staff, eight-office firm, which operates in London, Guernsey and East Anglia, was given the green light to offer a range of legal services by the Solicitors Regulation Authority on 29 March, which became effective on April 1.
The firm, ranked 29th in the latest Accountancy Top 60 league table, amassed fee income of £19.3m in 2012 - up £2.9m on the previous year. Each of its 22 partners pulled in an average of £877,000.
The new legal entity, Price Bailey Legal Services LLP, is now licensed to undertake a number of reserved legal activities ranging from probate services, rights of audience, conduct of litigation, reserved instrument activities and the administration of oaths.
Price Bailey managing director Peter Gillman told Legal Futures it would not 'tread on the toes' of its clients.
Gillman explained that the ABS was forged after recruiting solicitor Victoria Pratley from Pellys to head up its payroll solutions team - a department whose remit frequently edged into areas of employment law.
The successful creation of Price Bailey Legal Services LLP now allowed the company to champion that service in the market, he said.
Gillman added: 'Once the legislation came in, it has been something of a discussion topic between lawyers and accountants as to whether there is a movement in the market to bring the two professions together. The logic of an allegiance is clear to see.'
Gillman said he was 'very conscious' not to alienate mutual business opportunities, stressing that 'over time there will be a natural push towards the synergies between the two professions and we will looking at whether it is better to keep a separate legal identity or create a one-stop shop for accountancy and legal services.'
Gillman was unavailable for comment.
Jonathan Russell, partner, UK200Group member firm ReesRussell, said: 'In the fullness of time, more multidisciplinary practices will develop and in reality there are many which have effected this type of service delivery - the one stop shop for businesses - by creating mutual working relationships across professions.
'Particularly with small and medium-sized businesses, where time is a very precious commodity, having a single point of access through a single trusted contact is appealing.'
The Legal Services Act 2007 opened the provision of reserved legal services to competition and enables practitioners, other than lawyers, to become authorised to provide reserved legal services. New multi-disciplinary business structures between accountants and lawyers can also now be set up to provide these services.
But it has caused friction between the accountancy and legal professions.
In February, the ongoing disagreement between the ICAEW and the Law Society looked set to erupt over the accountancy body's plans to become an alternative business structure (ABS) regulator.
It followed an announcement by the Law Society that it would challenge the ICAEW's bid - submitted to the Legal Services Board (LSB) in December 2012 - to become a regulator of probate services and ABS.