Page 8 - Legal and Accounting Markets 1985 -2022
P. 8
Global Law and Accounting Practices and Markets
The risk for Biglaw is that their market footprint is smaller than vereins and the Big Four, as illustrated by the
charts below. As financially-interconnected firms, their growth continues to be limited. Additionally, they are
not able to combine resources with accounting networks and associations as a result of their structures.
(B) Law Firm Networks
While this was developing, more than 150 legal networks
were almost silently created in response. The 30 largest
networks have 300,000 attorneys in 4,000 firms. The three
largest networks have more attorneys than the 20 largest
law firms combined.
Up until now, everyone has all but ignored law firm
networks. They are composed of local firms in small
jurisdictions.31 However, in their markets, they may be the
largest firms by size, surpassing both Biglaw and the Big
Four. Despite this, they lack
recognition and are largely ignored in
the legal media.32
Gradually, networks developed
substantial resources. Many have
multimillion-dollar budgets. Their
staffs have grown. As the global
market grew, their local members
firms gained access to the same
resources as Biglaw. In combination
31 Stephen McGarry, The Handbook: Law Firm Networks, AILFN (2018),
32 In The Lawyer over the last 20 years Clifford Chance was referred to10261 times and Lex Mundi 105. Lex Mundi members have 10 times the
number of lawyers, found in 600 offices, who provide an estimated $10 billion of services annually to clients/
6
The risk for Biglaw is that their market footprint is smaller than vereins and the Big Four, as illustrated by the
charts below. As financially-interconnected firms, their growth continues to be limited. Additionally, they are
not able to combine resources with accounting networks and associations as a result of their structures.
(B) Law Firm Networks
While this was developing, more than 150 legal networks
were almost silently created in response. The 30 largest
networks have 300,000 attorneys in 4,000 firms. The three
largest networks have more attorneys than the 20 largest
law firms combined.
Up until now, everyone has all but ignored law firm
networks. They are composed of local firms in small
jurisdictions.31 However, in their markets, they may be the
largest firms by size, surpassing both Biglaw and the Big
Four. Despite this, they lack
recognition and are largely ignored in
the legal media.32
Gradually, networks developed
substantial resources. Many have
multimillion-dollar budgets. Their
staffs have grown. As the global
market grew, their local members
firms gained access to the same
resources as Biglaw. In combination
31 Stephen McGarry, The Handbook: Law Firm Networks, AILFN (2018),
32 In The Lawyer over the last 20 years Clifford Chance was referred to10261 times and Lex Mundi 105. Lex Mundi members have 10 times the
number of lawyers, found in 600 offices, who provide an estimated $10 billion of services annually to clients/
6
