Page 10 - Lawyers and Accountants - The Future of the Professions
P. 10
Lawyers and Accountants 2019 -
(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 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
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/
7
(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 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
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/
7
