Page 11 - Global Legal and Accounting Markets 1985 - 2022
P. 11
Global Law and Accounting Practices and Markets
2. The largest law firms have substantial brand recognition43 and are known for particular practices as a result
of Chambers and Partners or Legal 500 rankings.
3. The Big Four are not ranked in these directories, examples being Chambers and Partners and the Legal
500. Entry would require a substantial shift in recognition by directories. It would also require the directories
to make evaluations for which they are not prepared and in which they have no financial interest.
4. Biglaw has had decades to develop practices in dozens of areas.44
The Big Four are not recognized in these practices. They have
concentrated on tax, finance, M&A, labor, and immigration.45
5. Unlike accounting, there are hundreds of other practice areas. It
will take substantial time and resources to develop these practices.
6. General counsel started their careers comes in Biglaw and law
firms. It will take years to change this cultural preference.
7. In terms of internal business operations, the legal and financial
services departments are separate and protected functions. This
internal corporate barrier can actually limit the migration of legal
services to accounting.
8. Biglaw can hire at the same levels or higher as the Big Four. This
is reflected by the starting income of new attorneys in major
markets.46
In the longer term, there is a Big
Four threat to Biglaw at the
marketing, administrative, and
operations levels concerning
branding, social media, and
operation efficiencies.
Size
43 Acritas, Global Elite Ranking, http://www.acritas.com/global-elite-law-firm-brand-index-2016
44 See articles Appendix id
45 The Big Four’s Expansion in the Legal Services Market, ALM INTELLIGENCE (Sept. 2017), https://www.alm.com/intelligence/solutions-we-
provide/business-of-law-solutions/analyst-reports/elephants-in-the-room-the-big-4s-expansion-in-the-legal-services-market/.
46id
9
2. The largest law firms have substantial brand recognition43 and are known for particular practices as a result
of Chambers and Partners or Legal 500 rankings.
3. The Big Four are not ranked in these directories, examples being Chambers and Partners and the Legal
500. Entry would require a substantial shift in recognition by directories. It would also require the directories
to make evaluations for which they are not prepared and in which they have no financial interest.
4. Biglaw has had decades to develop practices in dozens of areas.44
The Big Four are not recognized in these practices. They have
concentrated on tax, finance, M&A, labor, and immigration.45
5. Unlike accounting, there are hundreds of other practice areas. It
will take substantial time and resources to develop these practices.
6. General counsel started their careers comes in Biglaw and law
firms. It will take years to change this cultural preference.
7. In terms of internal business operations, the legal and financial
services departments are separate and protected functions. This
internal corporate barrier can actually limit the migration of legal
services to accounting.
8. Biglaw can hire at the same levels or higher as the Big Four. This
is reflected by the starting income of new attorneys in major
markets.46
In the longer term, there is a Big
Four threat to Biglaw at the
marketing, administrative, and
operations levels concerning
branding, social media, and
operation efficiencies.
Size
43 Acritas, Global Elite Ranking, http://www.acritas.com/global-elite-law-firm-brand-index-2016
44 See articles Appendix id
45 The Big Four’s Expansion in the Legal Services Market, ALM INTELLIGENCE (Sept. 2017), https://www.alm.com/intelligence/solutions-we-
provide/business-of-law-solutions/analyst-reports/elephants-in-the-room-the-big-4s-expansion-in-the-legal-services-market/.
46id
9
