Page 19 - 1 Disruption and Opportunties - Law and Accounting rd
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Professional Services Disruption
The Big Four can also be
considered invaders even though
they offices in most countries and
are local in every sense.63 Their
legal practices are an invasion not
different from the firms entering
the Houston market.
However, it is here that
opportunities are created. It means
that local law firms no longer will
refer to accounting firms but require
reliable substitutes. It means also that Biglaw will refer to local law firms and local accounting offices. The
potential exists because law firm network members have the same competitive footprint as accounting
networks and associations. Cooperation and collaboration are only logical.
Section Summary: The future of law firm networks is secure for a few more years. However, in the longer
term, there will be an erosion of their membership. The members themselves will face new competition with
the Big Four’s legal division and also from vereins. They will also be invited to become members of a verein.
They are already in competition for the best lawyers. Vereins and the Big Four have greater resources and
name recognition which will attract professionals.
The principal competitive advantage is that networks are large and have global coverage which can be
combined with accounting networks and associations. How these are used will determine their future.
63 The Big Four’s Expansion in the Legal Services Market, ALM INTELLIGENCE (Sept. 2017), https://www.alm.com/intelligence/solutions-we-
provide/business-of-law-solutions/analyst-reports/elephants-in-the-room-the-big-4s-expansion-in-the-legal-services-market/.
16
The Big Four can also be
considered invaders even though
they offices in most countries and
are local in every sense.63 Their
legal practices are an invasion not
different from the firms entering
the Houston market.
However, it is here that
opportunities are created. It means
that local law firms no longer will
refer to accounting firms but require
reliable substitutes. It means also that Biglaw will refer to local law firms and local accounting offices. The
potential exists because law firm network members have the same competitive footprint as accounting
networks and associations. Cooperation and collaboration are only logical.
Section Summary: The future of law firm networks is secure for a few more years. However, in the longer
term, there will be an erosion of their membership. The members themselves will face new competition with
the Big Four’s legal division and also from vereins. They will also be invited to become members of a verein.
They are already in competition for the best lawyers. Vereins and the Big Four have greater resources and
name recognition which will attract professionals.
The principal competitive advantage is that networks are large and have global coverage which can be
combined with accounting networks and associations. How these are used will determine their future.
63 The Big Four’s Expansion in the Legal Services Market, ALM INTELLIGENCE (Sept. 2017), https://www.alm.com/intelligence/solutions-we-
provide/business-of-law-solutions/analyst-reports/elephants-in-the-room-the-big-4s-expansion-in-the-legal-services-market/.
16
