Any parent who has had to name a baby will know what they are going through. The four big accountancy firms preparing to merge and create two global businesses have almost made up their minds. One will stick with tradition, but the other is about to upset the grandparents.

Price Waterhouse and Coopers & Lybrand are close to announcing that their pride and joy - weighing in at 8,500 partners and global fee income of $13 billion (about £9 billion) - will, at least initially, embody the Victorian values and reputation of the founding fathers of the profession.

The exact wording is still being discussed, but Price Waterhouse Coopers is said to be a strong favourite. Samuel L. Waterhouse, who founded his firm in 1849, would be just as proud as William Cooper, who founded his in 1854.

But KPMG and Ernst & Young, advised by image sculptor Sir Tim Bell, have their hearts set on an Internet icon which will, they hope, be recognised around the world for its striking shape or colour.

If the modernisers have their way, the world's biggest accountancy firm, with 11,700 partners and fee income of more than $18 billion, will be the first to move on from its roots in the industrial revolution.

"We have a great heritage but our history is a place of reverence, not a place of residence," said Mr Colin Sharman, UK senior partner of KPMG and chairman-designate of the merged firm.

A working example of what the firms have in mind is understood to be KEY - from a symbol that reflects security and problem solving as well as including the first letter of the parents' names.

Price Waterhouse and Coopers, advised by Siegel & Gale, the corporate communications company, will preserve dynastic values - at least in the short term. "There is no reason to get rid of the traditions of the past just because you want to embrace the future," said one executive.