How Law Firms Can Counter the Growing Big Four Threat
A new report by ALM Intelligence describes what law firms can do to effectively compete with the legal services offerings coming from the Big Four accounting firms.
September 26, 2017 at 05:06 PM
4 minute read
As PricewaterhouseCoopers prepares to formally launch a U.S. legal services business, a new study has warned that law firms need to become more efficient and develop alternative services in areas such as technology and process management in order to counter the growing threat posed by the Big Four accounting firms.
The report, by ALM Intelligence, said that law firms should “prepare for a significant increase in competition”—particularly if the Big Four start targeting more higher-value work. And they will need to look at changing their staffing models to help reduce costs, the report said.
Law firms should also consider forming managed legal services partnerships with the Big Four, the report added. U.K. Magic Circle firm Allen & Overy last year teamed up with Deloitte to launch a technology product that helps banks deal with complex new derivatives regulations.
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