Page 13 - Global Legal and Accounting Markets 1985 - 2022
P. 13
Global Law and Accounting Practices and Markets
Both professions can do the same thing. Law firms are
branching into this level of cooperation by bringing in
ALSPs.51 The Big Four are doing the same thing with
law.52
Social Media
Social media will continue to grow in importance.
While law firms at the top level will not be engaged
because of social member, it does mirro how a firm or
company is perceived. The size and existing brand
recognition has created an inherent level of market
awareness surrounding the Big Four. This is reflected by the number of unique users going to the Big Four
websites (more than 10 times the competing law firms and the LPO providers).
It is unlikely that any one firm can ever reach this number of unique users.53 This means that marketing
revenue must be spent to differentiate one firm from another. Given the number of law firms in the same
space only further increases the costs.
IV. Law Firm Networks and the Big Four
In a global market, it is all about numbers and professional media coverage.
A comparison of the number of countries covered by the Big Four and Biglaw shows why the competition
among local firms reflects the tectonic shift in the referral pattern.
51 id
52 id
53 Similarweb.com Collected May 28, 2018
11
Both professions can do the same thing. Law firms are
branching into this level of cooperation by bringing in
ALSPs.51 The Big Four are doing the same thing with
law.52
Social Media
Social media will continue to grow in importance.
While law firms at the top level will not be engaged
because of social member, it does mirro how a firm or
company is perceived. The size and existing brand
recognition has created an inherent level of market
awareness surrounding the Big Four. This is reflected by the number of unique users going to the Big Four
websites (more than 10 times the competing law firms and the LPO providers).
It is unlikely that any one firm can ever reach this number of unique users.53 This means that marketing
revenue must be spent to differentiate one firm from another. Given the number of law firms in the same
space only further increases the costs.
IV. Law Firm Networks and the Big Four
In a global market, it is all about numbers and professional media coverage.
A comparison of the number of countries covered by the Big Four and Biglaw shows why the competition
among local firms reflects the tectonic shift in the referral pattern.
51 id
52 id
53 Similarweb.com Collected May 28, 2018
11
