Page 96 - The Handbook - Legal and Accounting Networks 81
P. 96
Law and Accounting Networks and Associations
Exhibit 10 – Setting Standards through Operations400
For example, the highest standards
for process development will be
when a member builds internally.
This is because the member has full
control over the processes.
Networks, on the other hand, expand
members’ capabilities because they
are able to draw in resources of other
members.
Key: The degree to which a circle is filled reflects a given approach’s ability to meet the Acquiring businesses is the least
selected criteria. effective method for establishing
high standards because the
purchased company is only being
absorbed.
The reasons for joining a multidisciplinary network are different than joining a single profession network. The
common interests between the accounting and legal professions are somewhat obvious. They each have
common management issues such as compensation, employment, and retention. There are overlapping
marketing and client relationship issues. The same support technology is being used by law and accounting
firms. In a network, the lawyers can learn from the accountants and vice versa. They can assist the members
in achieving the highest standards.
There are other common denominators. In accounting the practice areas are accounting, audit, and tax.
Accounting firms, however, have expanded the scope of the practice areas to focus on expertise, which is by
industry. Law firms are now looking at industries to expand their practice areas.401 For example, an industry
team within a law firm may include litigators, corporate, environmental, and real estate professionals involved
in automotive. The network can create an automotive team that now includes each of the legal and accounting
practices. Marketing can be undertaken within an industry.
Professional services depend upon information. A multidisciplinary network can increase the availability of
information. The different professions have many clients for which a database can be developed to share
information. For example, a company may be setting up a facility in a new country. If a law or accounting firm
had access to a list of clients of each of the other members, this could be useful in making contacts with the
company.
Branding of networks is difficult because there are more than 200 of them. There are fewer multidisciplinary
networks, so establishing a brand is easier. The other impediment to any external branding is financial
400 Freidheim, supra note 14.
401 See WALDER WYSS, www.walderwyss.com/en/practice-areas/.
84
Exhibit 10 – Setting Standards through Operations400
For example, the highest standards
for process development will be
when a member builds internally.
This is because the member has full
control over the processes.
Networks, on the other hand, expand
members’ capabilities because they
are able to draw in resources of other
members.
Key: The degree to which a circle is filled reflects a given approach’s ability to meet the Acquiring businesses is the least
selected criteria. effective method for establishing
high standards because the
purchased company is only being
absorbed.
The reasons for joining a multidisciplinary network are different than joining a single profession network. The
common interests between the accounting and legal professions are somewhat obvious. They each have
common management issues such as compensation, employment, and retention. There are overlapping
marketing and client relationship issues. The same support technology is being used by law and accounting
firms. In a network, the lawyers can learn from the accountants and vice versa. They can assist the members
in achieving the highest standards.
There are other common denominators. In accounting the practice areas are accounting, audit, and tax.
Accounting firms, however, have expanded the scope of the practice areas to focus on expertise, which is by
industry. Law firms are now looking at industries to expand their practice areas.401 For example, an industry
team within a law firm may include litigators, corporate, environmental, and real estate professionals involved
in automotive. The network can create an automotive team that now includes each of the legal and accounting
practices. Marketing can be undertaken within an industry.
Professional services depend upon information. A multidisciplinary network can increase the availability of
information. The different professions have many clients for which a database can be developed to share
information. For example, a company may be setting up a facility in a new country. If a law or accounting firm
had access to a list of clients of each of the other members, this could be useful in making contacts with the
company.
Branding of networks is difficult because there are more than 200 of them. There are fewer multidisciplinary
networks, so establishing a brand is easier. The other impediment to any external branding is financial
400 Freidheim, supra note 14.
401 See WALDER WYSS, www.walderwyss.com/en/practice-areas/.
84
