Big law firms continue to prosper, but as clients push for convergence will the big four accounting firms be the ones corporations look to in the future to satisfy all of their needs?
According to research from ALM Intelligence presented last week at LegalWeek in New York, as Deloitte, PWC, KPMG and EY expand their legal offerings, they pose the biggest threat to the future success of law firms and alternative service providers.
“The big four are aiming to completely re-think the way professional services are delivered by combining their consulting, their accounting and legal services into a single multidisciplinary offering — they’re re-thinking the way professional services are bought, sold and delivered,” said Nicholas Bruch, analyst with ALM Intelligence. “They clearly feel they are expanding into the legal industry with the wind at their back and to some degree I understand why they feel that way. The legal arms of the big four are significantly larger than most people appreciate.”