Page 5 - Global Legal and Accounting Markets 1985 - 2022
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Global Law and Accounting Practices and Markets
Potential Projected Market Consolidation, 2018 to 20219
II. Professional Services Markets in the 1980s and 1990s
Law and accounting can be approached from several different perspectives (some examples being ethical,
legal, and business, among others). This paper primarily concerns law and accounting as businesses. From
this perspective, these services12 relate to the scope and depth of the professional expertise and experience
of their attorneys and accountants. They also both concern the organizations providing support structures in
the provision of services. A shift or change in law or accounting practices, such as entering the geographical
areas and practice markets of the other profession, will ripple or even create a tsunami capable of traveling
across the world. New market penetration by one profession increases pressure on the others to maintain
the status quo. It is a zero-sum game.
Most would prefer to defend the status quo. There are others who seek to exploit them to create new
opportunities. Today, both are simultaneously happening in the legal and accounting professions. Who will
win?
How did we get here?
(A) Biglaw, Vereins, and the Big Four
The legal market reconfiguration began in the 1980s with globalization.13 The largest U.S. and U.K. firms were
quickly expanding outside of their markets with branch offices. Their considerable revenues and size
accelerated their capacity to expand.
Law firm networks, composed of local firms, were rapidly being established and growing to address these
competitive changes.14 In those years, Biglaw was seen as a threat to the local firms. Today, they remain as
9 Chart adapted from: Steven Martin, 3 Charts Which Illustrate the Future of the Legal Industry, FRESH MINDS (April 13, 2017),
http://www.freshminds.net/2017/04/3-charts-illustrate-future-legal-industry/.
12 Accounting, WIKIPEDIA, https://en.wikipedia.org/wiki/Accounting.
13 Stephen McGarry, Multidisciplinary Practices, Lawyers, Accountants and Consultants, ALM (2002).
14 Stephen McGarry, The Handbook – Law Firm Networks, AILFN (2018) (see chapter 1).
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Potential Projected Market Consolidation, 2018 to 20219
II. Professional Services Markets in the 1980s and 1990s
Law and accounting can be approached from several different perspectives (some examples being ethical,
legal, and business, among others). This paper primarily concerns law and accounting as businesses. From
this perspective, these services12 relate to the scope and depth of the professional expertise and experience
of their attorneys and accountants. They also both concern the organizations providing support structures in
the provision of services. A shift or change in law or accounting practices, such as entering the geographical
areas and practice markets of the other profession, will ripple or even create a tsunami capable of traveling
across the world. New market penetration by one profession increases pressure on the others to maintain
the status quo. It is a zero-sum game.
Most would prefer to defend the status quo. There are others who seek to exploit them to create new
opportunities. Today, both are simultaneously happening in the legal and accounting professions. Who will
win?
How did we get here?
(A) Biglaw, Vereins, and the Big Four
The legal market reconfiguration began in the 1980s with globalization.13 The largest U.S. and U.K. firms were
quickly expanding outside of their markets with branch offices. Their considerable revenues and size
accelerated their capacity to expand.
Law firm networks, composed of local firms, were rapidly being established and growing to address these
competitive changes.14 In those years, Biglaw was seen as a threat to the local firms. Today, they remain as
9 Chart adapted from: Steven Martin, 3 Charts Which Illustrate the Future of the Legal Industry, FRESH MINDS (April 13, 2017),
http://www.freshminds.net/2017/04/3-charts-illustrate-future-legal-industry/.
12 Accounting, WIKIPEDIA, https://en.wikipedia.org/wiki/Accounting.
13 Stephen McGarry, Multidisciplinary Practices, Lawyers, Accountants and Consultants, ALM (2002).
14 Stephen McGarry, The Handbook – Law Firm Networks, AILFN (2018) (see chapter 1).
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