Page 183 - 2019 - Leaders in Legal Business (k)
P. 183
4. Established Trusted Relationships — The Big 4 know how to deal with big
enterprises. They understand the complexities and (well, let’s call it what it is)
the politics of working with a matrixed organization with unclear decision-making
authority and undefined processes. Beyond just understanding corporate culture,
the Big 4 already have deep relationships with most large US and global companies.
They likely have very useful contacts within the organization that may prove quite
helpful when trying to accomplish a controversial goal or execute on an unpopular
plan. Often these “outsiders” have contacts within the client organization at higher
levels than those they are engaging with in the client company on any one particular
project. Sometimes those connections help get projects over the finish line.
5. Proven Results — The demonstrated success in tax law services has set a
foundation for expansion into legal services that is grounded in experience on very
complicated legal principles. Surely, if the Big 4 can become experts in tax law,
they can deliver just about any other legal service!
6. Scale — The Big 4 have presence in almost every country where there is
business conducted by multi-nationals. They can reach a scale that few other
providers can compare with. They seem to have connections to experts on every
topic of interest to their corporate clients, whether internally within their own
employee base, or within an intricate and powerful network of related entities and
affiliates.
7. Quality and Reputation — There is an undeniable trust that comes with the Big
4, which is why so many large corporations choose to use them for broad ranges of
services. That umbrella of trust seems to cover all the work they do, even in areas
that are new to these providers. There is history of high quality, and there are widely
accepted expectations of continued quality work from the Big 4. There is little
doubt or uncertainty in their ability to deliver on their promises.
8. Technology — The Big 4 know how to invest in technology. They have sizeable
R&D departments and are comfortable setting aside resources for the benefit of
their future. They have been around a long time and continue to evolve by keeping
up with technology advances. They are certainly interested in legal tech, and with
their ability to scale and investment resources, will have an easy time catching up
to anything that is leading the market, and likely become the industry leader
themselves. Those are baskets that many clients would be comfortable placing their
eggs in!
9. Predicable Pricing — These are not low-cost service providers, but neither are
law firms. One thing the Big 4 has, however, is predictability on pricing. Long gone
are their days of pricing by the hour (at least in the Big 4’s world), and instead fixed
fees based on the project scope are the norm. More importantly, the Big 4 are
accustomed to helping clients define the scope of work during the process and will
adjust their pricing accordingly.
168
enterprises. They understand the complexities and (well, let’s call it what it is)
the politics of working with a matrixed organization with unclear decision-making
authority and undefined processes. Beyond just understanding corporate culture,
the Big 4 already have deep relationships with most large US and global companies.
They likely have very useful contacts within the organization that may prove quite
helpful when trying to accomplish a controversial goal or execute on an unpopular
plan. Often these “outsiders” have contacts within the client organization at higher
levels than those they are engaging with in the client company on any one particular
project. Sometimes those connections help get projects over the finish line.
5. Proven Results — The demonstrated success in tax law services has set a
foundation for expansion into legal services that is grounded in experience on very
complicated legal principles. Surely, if the Big 4 can become experts in tax law,
they can deliver just about any other legal service!
6. Scale — The Big 4 have presence in almost every country where there is
business conducted by multi-nationals. They can reach a scale that few other
providers can compare with. They seem to have connections to experts on every
topic of interest to their corporate clients, whether internally within their own
employee base, or within an intricate and powerful network of related entities and
affiliates.
7. Quality and Reputation — There is an undeniable trust that comes with the Big
4, which is why so many large corporations choose to use them for broad ranges of
services. That umbrella of trust seems to cover all the work they do, even in areas
that are new to these providers. There is history of high quality, and there are widely
accepted expectations of continued quality work from the Big 4. There is little
doubt or uncertainty in their ability to deliver on their promises.
8. Technology — The Big 4 know how to invest in technology. They have sizeable
R&D departments and are comfortable setting aside resources for the benefit of
their future. They have been around a long time and continue to evolve by keeping
up with technology advances. They are certainly interested in legal tech, and with
their ability to scale and investment resources, will have an easy time catching up
to anything that is leading the market, and likely become the industry leader
themselves. Those are baskets that many clients would be comfortable placing their
eggs in!
9. Predicable Pricing — These are not low-cost service providers, but neither are
law firms. One thing the Big 4 has, however, is predictability on pricing. Long gone
are their days of pricing by the hour (at least in the Big 4’s world), and instead fixed
fees based on the project scope are the norm. More importantly, the Big 4 are
accustomed to helping clients define the scope of work during the process and will
adjust their pricing accordingly.
168
