It is noteworthy that the Task Force was co-chaired by an accountant. Comments of SEC Commissioner Norman S. Johnson, as quoted by Gary T. Johnson, supra n.1. Some have argued that there is no difference between MDPs and corporations hiring in-house counsel. Nothing could be further from the truth. Lawyers employed by an MDP must deal with all of the issues associated with imputation, confidentiality and independence of professional judgment.
Corporations hire in-house counsel to represent only the corporation.
The Big Five, of necessity, would have to ignore our ethical mandate on conflicts of interest because they are so big, and because they perform services for such a vast array of individuals, companies, and organizations. See Fox, supra n.3. Utah State Bar Multidisciplinary Task Force Report, Attachment A at 9.