Page 20 - Lawyers and Accountants - The Future of the Professions
P. 20
Lawyers and Accountants 2019 -
This illustrated in the
Hungarian legal market. Local
firms compete against the
must larger and the much
better recognized Big Four
and law firm vereins. This is
for clients and legal talent.
The competitor provide
significant pressure.t
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.
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/.
17
This illustrated in the
Hungarian legal market. Local
firms compete against the
must larger and the much
better recognized Big Four
and law firm vereins. This is
for clients and legal talent.
The competitor provide
significant pressure.t
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.
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/.
17
