Page 37 - Lawyers and Accountants - The Future of the Professions
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Lawyers and Accountants 2019 -
As a result of cloud capabilities, the same software and apps are available worldwide at a reduced
cost because the distribution is greater. A cost and availability comparison chart would look similar
to this:114
The fragmentation in law placed smaller firms at the very bottom of the access to technology. One
of the reasons the Big Four were able to consolidate was because of common technology across the
network. To move up the consolidation curve have to have come common technology. This has
already effectively occurred because of the companies creating and supply technology provide it to
everyone.
Given the transformational impact that IT could have on both legal and accounting, a set of strategic
imperatives emerge at three levels for technology management:
Strategic: establishing a close alignment with the business, developing a highly strategic
approach to management of IT and building a radar/sensory function to spot and evaluate
potentially disruptive developments coming over the horizon.
Value-Additive: keeping a strong focus on innovation, value creation, communication,
collaboration, and greater employee mobility.
Operational: evolving an appropriate IT staff profile to support a more strategic role; helping
deliver cost and efficiency gains across the practice; learning to master data and knowledge;
strategic management of external partners; and ensuring a flexible technology
infrastructure.
(D) Opportunities for Networks with Biglaw and “Other” Law and Accounting Associations**
One of the largest market segments is the “other” categories. Some are accounting and law firms that are
not members of a network or association. These firms are not likely to use the largest firms for periodic
selection of international counsel. It includes Biglaw which requires attorneys and accountants in other
countries for their transactions or litigation.
Biglaw
114 Steven Martin, 3 Charts Which Illustrate the Future of the Legal Industry, FRESH MINDS (April 13, 2017), http://www.freshminds.net/2017/04/3-
charts-illustrate-future-legal-industry/.
34
As a result of cloud capabilities, the same software and apps are available worldwide at a reduced
cost because the distribution is greater. A cost and availability comparison chart would look similar
to this:114
The fragmentation in law placed smaller firms at the very bottom of the access to technology. One
of the reasons the Big Four were able to consolidate was because of common technology across the
network. To move up the consolidation curve have to have come common technology. This has
already effectively occurred because of the companies creating and supply technology provide it to
everyone.
Given the transformational impact that IT could have on both legal and accounting, a set of strategic
imperatives emerge at three levels for technology management:
Strategic: establishing a close alignment with the business, developing a highly strategic
approach to management of IT and building a radar/sensory function to spot and evaluate
potentially disruptive developments coming over the horizon.
Value-Additive: keeping a strong focus on innovation, value creation, communication,
collaboration, and greater employee mobility.
Operational: evolving an appropriate IT staff profile to support a more strategic role; helping
deliver cost and efficiency gains across the practice; learning to master data and knowledge;
strategic management of external partners; and ensuring a flexible technology
infrastructure.
(D) Opportunities for Networks with Biglaw and “Other” Law and Accounting Associations**
One of the largest market segments is the “other” categories. Some are accounting and law firms that are
not members of a network or association. These firms are not likely to use the largest firms for periodic
selection of international counsel. It includes Biglaw which requires attorneys and accountants in other
countries for their transactions or litigation.
Biglaw
114 Steven Martin, 3 Charts Which Illustrate the Future of the Legal Industry, FRESH MINDS (April 13, 2017), http://www.freshminds.net/2017/04/3-
charts-illustrate-future-legal-industry/.
34
