Page 9 - Global Legal and Accounting Markets 1985 - 2022
P. 9
Global Law and Accounting Practices and Markets
2. Network firms are
local and of the highest
quality, but they are
not perceived as such.
This difference is
dramatically illustrated
by the number of
directories published
annually, in which
more than 95 percent
of these firms are the
highest ranked. These
are the same firms that
are members of
networks but are not
recognized as
members in rankings.33
3. Despite high rankings in practice areas, the common perception is that the global firms have more
experience and are of higher quality. This perception is created by the legal media, whose offices are
in New York and London.
The combination of these factors reduce the perceived importance of law firm network members in their
countries. They should be measured by the scope of their practices and the quality of their services.
(C) Accounting Networks and Associations
The market forces creating disruption in the legal profession34 are simultaneously creating opportunities in
the accounting profession. When the Big Four expands to legal services, it shifts the referral pattern from the
Big Four to other accounting firms which are not competitors of law firms.
The history of accounting networks and associations was different from legal networks. While they were
created for similar reasons as law firm
networks, i.e. to provide an alternative,
the difference was that their
consolidation began much earlier. As a
result they used the same network
model, unlike Biglaw which used the firm
model.
The competition is and always has been
head-on, since a continuous
consolidation has taken place over
33 See Chambers and Partners, the Legal 500, and IFLR 1000.
34 John Gould & Michael Stacey, Are Accountants Disrupting the Legal Services Market? ECONOMIA (Jan. 14, 2016),
http://economia.icaew.com/opinion/january-2016/are-accountants-disrupting-the-legal-services-market.
7
2. Network firms are
local and of the highest
quality, but they are
not perceived as such.
This difference is
dramatically illustrated
by the number of
directories published
annually, in which
more than 95 percent
of these firms are the
highest ranked. These
are the same firms that
are members of
networks but are not
recognized as
members in rankings.33
3. Despite high rankings in practice areas, the common perception is that the global firms have more
experience and are of higher quality. This perception is created by the legal media, whose offices are
in New York and London.
The combination of these factors reduce the perceived importance of law firm network members in their
countries. They should be measured by the scope of their practices and the quality of their services.
(C) Accounting Networks and Associations
The market forces creating disruption in the legal profession34 are simultaneously creating opportunities in
the accounting profession. When the Big Four expands to legal services, it shifts the referral pattern from the
Big Four to other accounting firms which are not competitors of law firms.
The history of accounting networks and associations was different from legal networks. While they were
created for similar reasons as law firm
networks, i.e. to provide an alternative,
the difference was that their
consolidation began much earlier. As a
result they used the same network
model, unlike Biglaw which used the firm
model.
The competition is and always has been
head-on, since a continuous
consolidation has taken place over
33 See Chambers and Partners, the Legal 500, and IFLR 1000.
34 John Gould & Michael Stacey, Are Accountants Disrupting the Legal Services Market? ECONOMIA (Jan. 14, 2016),
http://economia.icaew.com/opinion/january-2016/are-accountants-disrupting-the-legal-services-market.
7
