Page 10 - 1 Disruption and Opportunties - Law and Accounting rd
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Professional Services Disruption
as Biglaw. In combination with the largest local firms, they are many times larger than foreign offices; this is
because of the proliferation of technology. There attorneys can provide exactly the same services as the
largest firms in the economic centers. Their advantage is they are local.
This resulted from three factors: First, there is now universal legal education via which students from all
countries can achieve LLMs abroad. Secondly, organizations like the International Bar Association (IBA) and
the American Bar Association (ABA) have contributed to educating the global profession. Lastly, and perhaps
most importantly, they are involved as local counsel on most matters with Biglaw.
How can one subjectively evaluate a legal network and their members? There are three ways:
1. Size is an indirect measure of the reflection
of member firms and their number. In this
regard, the largest networks’ footprints are
equal to any of the Big Four. Statistically, the
number of ranked members of any country’s
law networks is far larger in terms of the
number Biglaw or the Big Four. However, this
fact is not common knowledge, because
network members are in smaller countries
and receive very little media attention. This is
contrasted by the Big Four, which are also in
small jurisdictions but are recognized by their
presence in the largest countries. When a Big
Four member opens a legal office in the
smallest country, it is big news.
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.
33 See Chambers and Partners, the Legal 500, and IFLR 1000.
7
as Biglaw. In combination with the largest local firms, they are many times larger than foreign offices; this is
because of the proliferation of technology. There attorneys can provide exactly the same services as the
largest firms in the economic centers. Their advantage is they are local.
This resulted from three factors: First, there is now universal legal education via which students from all
countries can achieve LLMs abroad. Secondly, organizations like the International Bar Association (IBA) and
the American Bar Association (ABA) have contributed to educating the global profession. Lastly, and perhaps
most importantly, they are involved as local counsel on most matters with Biglaw.
How can one subjectively evaluate a legal network and their members? There are three ways:
1. Size is an indirect measure of the reflection
of member firms and their number. In this
regard, the largest networks’ footprints are
equal to any of the Big Four. Statistically, the
number of ranked members of any country’s
law networks is far larger in terms of the
number Biglaw or the Big Four. However, this
fact is not common knowledge, because
network members are in smaller countries
and receive very little media attention. This is
contrasted by the Big Four, which are also in
small jurisdictions but are recognized by their
presence in the largest countries. When a Big
Four member opens a legal office in the
smallest country, it is big news.
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.
33 See Chambers and Partners, the Legal 500, and IFLR 1000.
7
