Accounting firm Ernst & Young may be poised to split into two companies following a Labor Day meeting by the company’s leaders.

Ernst & Young employs some 312,000 people worldwide and counts some of the biggest companies in the world as its clients. According to The Wall Street Journal, the firm’s global executive committee met on Labor Day to finalize plans to split the company.

Under the terms, the company’s traditional auditing business would separate from the consulting business that advises deals, tech, and more and competes with IBM and Accenture PLC. The firm’s global network, worth some $45 billion in revenue, would be split 60:40 between the consulting and auditing businesses. According to documents the Journal reviewed, the auditing firm would retain the Ernst & Young brand.

Some experts believe a move by the accounting firm could lead to its competitors following suit, although some have already denied any such plans. Despite the denials, a breakup makes sense for companies that have two such businesses under one roof, as it would allow consulting businesses to operate without conflict-of-interest clauses stemming from being under the same roof as an auditing and accounting firm.

If the global executive committee approves the plan this week, it will then go to the company’s 13,000 partners for a vote.