PwC has become the first of the Big Four to become an alternative business structure (ABS), following approval by the Solicitors Regulation Authority (SRA), which means it can become the owner of PwC Legal, a separate legal firm within the PwC network of member firms.

Shirley Brookes, senior partner of PwC Legal, said: 'This marks an important step for PwC Legal, supports our ambitions to further invest in people and skills, and underpins the focus of both firms on delivering value and quality to clients through strong relationships.'

PwC Legal, which has more than 200 fee-earners, has a client base across the FTSE 200, banks, funds and other financial institutions, mid market companies, large private businesses and high net worth individuals. It is part of a global network employing over 2,400 lawyers in 80 countries.

Crispin Passmore, SRA executive director of policy, said: 'The authorisation of PwC Legal as an ABS is another example of the innovative changes taking place in the legal market.

'Throughout 2014, we expect to see further change as more businesses take advantage of the liberalisation to innovate and grow the legal market.