Laura Mair has been promoted by EY to managing partner for tax and law in the UK and Ireland. She will lead a team of more than 2,000 professionals, providing advice to clients across the two countries.
Research from Ibis World predicts that tax advisory revenue is likely to decline in the five years to the end of 2024 – down 3.5% to £4.5 billion over that period. Before the Covid-19 outbreak, generally favorable operating conditions, falling unemployment rates and an increase in the number of businesses increased the number of potential customers for tax consulting services. However, the adverse economic conditions that have occurred since then have changed this, causing demand to become increasingly thin.
Looking ahead, however, the market may be about to turn a corner. With the general election in 2024 likely to bring a change in government, businesses will be looking for expertise to help address possible changes in tax law and compliance . For the Big Four, which collectively account for 82% of the UK tax advice market’s revenue, that could represent a huge opportunity.
Indeed, regardless of the wider market, tax was EY’s fastest growing business area in the last financial year, with UK revenue growth of 20%. The appointment of Laura Mair as EY’s new UK and Ireland tax and law managing partner aims to capitalize on this momentum and position the firm to help clients, whatever they face in New Year.
Taking over the role from Jeff Soar, who has been appointed as EY’s global head of law – whose UK law and tax practice has seen double-digit revenue growth in two years. Mair will now head a team of more than 2,500 tax and legal professionals who provide advice and services to a wide range of clients, including domestic and multinational companies, public sector organisations, business family and personal business.
Hywel Ball, chair of EY UK, commented: “Laura is known for inspiring people internally and providing exceptional service to clients. With more than two decades of leadership and client experience, Laura is the ideal person to continue the team’s strong growth trajectory. I would also like to take this opportunity to thank Jeff Soar for his excellent leadership over the past three years and congratulate him on his new role as EY global head of law.”
Mair has been with EY since joining as a tax graduate in 2000 and becoming a partner in 2015. She has subsequently held a number of senior positions at EY. Most recently, she was market head for the law and tax practice of EY UK and Ireland, where she was responsible for the group’s client services and business development strategy.
Speaking about her new challenge, Mair added: “I am incredibly proud to be leading an activity I first joined as a graduate more than 20 years ago. This is a pivotal time for the tax and legal sector, as many UK businesses face a rapidly changing regulatory landscape and the growing role of technology in compliance and reporting. fox. I look forward to working with our team to support customers as they continue to explore what modern legal and tax departments should look like.”