A former EY executive has launched WTS UK, a private equity-backed tax firm targeting the Big Four's stronghold in the UK market. Jeff Soar, who previously led EY's global law business, is spearheading the venture with EQT Partners providing substantial funding to build a €500 million network.

Soar has recruited 10 partners ahead of the launch and aims to expand to 100 partners within five years, reaching about 60% of EY's UK tax practice size. The firm plans to use a leaner model with fewer trainees and a higher partner-to-staff ratio than traditional firms. This approach allows WTS to position itself as a true challenger to the Big Four without the regulatory scrutiny they face.

The move reflects growing private equity influence in professional services, following similar investments in Grant Thornton UK and KPMG's former restructuring business. WTS UK intends to leverage AI technology to offer more competitive pricing and streamlined services. Soar argues that tax work's rules-based nature makes it ideal for AI integration, potentially disrupting the traditional partnership model that has dominated the sector.