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The profession is instituting a series of reforms designed to prevent future legal shocks. In January 92% of A.I.C.P.A. members voted to organize in forms other than partnerships, which saddle individual partners with maximum liability risk; most want to switch to general corporations. The plan needs approval from all 50 states. The group's members also voted overwhelmingly to maintain a long-standing policy that bars members from volunteering confidential client information to government agencies, making it even more unlikely that accountants will squeal on clients unless subpoenaed.
To some extent, the increased litigation has served to make accountants more vigilant. But the reforms so far have failed to slow the avalanche of lawsuits. More litigation is bound to increase the cost of doing business for accountants, which in turn will mean higher costs for the companies they serve and for customers down the line. And if that drives the best professionals away from the areas where they are needed most, it would be a heavy price to pay for America's obsession with lawsuits as the way to solve all problems.