Big 4 vs. Big LawAlso at Going Concern:
Yesterday we learned that PwC would be launching a law firm in the U.S., but that might just the beginning. A recent report from ALM Intelligence states that “Within 10 years, the Big Four could easily become the largest players in the legal industry.” That same report found that nearly two-thirds of law firm leaders were “concerned” or “very concerned” about “alternative legal service providers and accounting firms” and 69 percent of these leaders consider accounting firms to be “a major threat.”
Some law firms couldn’t care less. I doubt anyone at Wachtell is concerned about the Big 4 stealing any of their business. Certain law firms are in another stratosphere when it comes to reputation and brand. Also, I don’t see the Big 4 poaching litigators anytime soon.
No, the Big 4 will focus on their strengths — ubiquity, deep pockets, and willingness to do anything. All of the Big 4 already have attorneys in more countries than any of the global law firms; they have far more resources; and they provide just about any service, short of media buying and human trafficking, although we wouldn’t totally rule out the latter.
Since we’ve been talking about this trend for awhile, now the question becomes: “What’s next?” The answer might obviously be: “World domination,” but it’s not a foregone conclusion....MORE
Accounting News Roundup: PwC Launching a Law Firm in U.S. | 09.21.17
The New Revenue Recognition Standard Needs a Sexy Nickname, Okay, Sure