Page 107 - Leaders in Legal Business - a
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Leaders in Legal Business
only dream of. To put them in context, the revenue of the three largest Big Four accounting firms, in aggregate,
exceeds the aggregate revenues of the Global 100 law firms.
This analysis assumes a “business as usual” approach. The impact of pricing pressure, new working
methods, and AI (artificial intelligence) on law firms could be massive if law firm clients consistently demand
change (and despite what law firms may think, general counsel have generally been pretty benign buyers). This
could fundamentally transform the market, especially at the mid- and lower tiers of the segmentation. This
inevitably will produce winners and losers, and some may be both at different times (consider the fortunes of
Apple, Blackberry, and Nokia over the last 20 years).
Absent some cataclysmic event, globalization is likely to continue. Firms will need to map their own
course in order to stay relevant to their clients and to carve out a clear position in their chosen market. The market
will be dynamic. The Global 100 firms will have revenues more than $100 billion, possibly moving toward $200
billion. The global top 50 will probably be stronger and more diverse than the next 50. Some will shun the global
approach; others may develop a more regional role, e.g., ASEAN. New entrants will join the rankings. Never has
there been a more interesting yet more demanding time to lead a Global 100 law firm.
100
only dream of. To put them in context, the revenue of the three largest Big Four accounting firms, in aggregate,
exceeds the aggregate revenues of the Global 100 law firms.
This analysis assumes a “business as usual” approach. The impact of pricing pressure, new working
methods, and AI (artificial intelligence) on law firms could be massive if law firm clients consistently demand
change (and despite what law firms may think, general counsel have generally been pretty benign buyers). This
could fundamentally transform the market, especially at the mid- and lower tiers of the segmentation. This
inevitably will produce winners and losers, and some may be both at different times (consider the fortunes of
Apple, Blackberry, and Nokia over the last 20 years).
Absent some cataclysmic event, globalization is likely to continue. Firms will need to map their own
course in order to stay relevant to their clients and to carve out a clear position in their chosen market. The market
will be dynamic. The Global 100 firms will have revenues more than $100 billion, possibly moving toward $200
billion. The global top 50 will probably be stronger and more diverse than the next 50. Some will shun the global
approach; others may develop a more regional role, e.g., ASEAN. New entrants will join the rankings. Never has
there been a more interesting yet more demanding time to lead a Global 100 law firm.
100
