Redux: Watching the lawyers on deregulation

White collar defense attorneys, especially the ones that go through the revolving door, stay busy in a deregulatory cycle or re-regulatory/reform period. Just like the Big 4 global audit firms.

I have written more than once that the business model of the largest global audit firms — Deloitte, EY, KPMG, and PwC — captures revenues no matter the business cycle, and no matter the fortunes of any particular corporate client.

The Big 4 are there when there’s a boom in companies preparing to IPO, then afterward as the external auditor, and then when …