The movement of the Big Four accounting firms into the legal space continues strongly and none moreso than EY who are planning rapid expansion of their legal division.
Bloomberg Big Law report that EY’s John Knox, Singapore-based and who became EY’s new global legal managed services leader in July, is working to grow the legal division fast.
“Our plan is to double, triple, quadruple the size of our business pretty quickly,” Knox said. That starts with doubling legal managed services revenues over the next 12 months, he said.
Knox’s plan is the latest sign that the Big Four—including Deloitte, KPMG, and PwC—and other alternative legal service providers are making a play for a larger piece of a market traditionally dominated by law firms.
The moves are of particular interest in the US market where some states are now looking at changing the law firm ownership rules, which will intensify the move into the legal space by the Big Four and others, including alternative legal providers.
Deloitte last month unveiled a new U.S. Legal Business Services practice, which will work with in-house legal offices to streamline functions that track client contracts, invoices, eDiscovery, and other functions.
Knox said EY’s legal managed services unit is focusing on many of the same services, including by offering a range of contract lifecycle management tools. The U.S. remains a key area of growth for EY as a result of its being the largest legal market in the world by a significant margin.
As a proportion of EY’s general business the legal services business is relatively tiny. That leaves a lot of room for growth.
Last September, EY announced record combined global revenues of $36.4 billion for the financial year that ended in June of 2019. It has continued to expand with new alliances in China and elsewhere.
Read More on LawFuel
- Law Firm Bonus News: The Cravaths Bonuses Arrive At A Time of COVID ‘Thank You’ BonusesThe gold standard for law firm bonuses is generally whatever Cravaths decides to do and now, once again, they’ve delivered in a COVID-ravaged legal sector even though a number of Big Law firms […]
- The Power-Lifting, In-House Lawyer Who Dismisses a Harvey Specter Comparison & Rises To CEOIt was not difficult for in-house lawyer Patrick Gamble to shrug off a comparison made by a magazine article that the up-and-coming young legal operator was something of a Harvey Spector (pictured below) […]
- The Splendour & Sustainability of Chapman Tripp – Who Said The Law Office Was Dead?Chapman Tripp’s new digs in the Commercial Bay development spare little expense, as befits one of the country’s leading law firms who have made 2020 a year to remember (pandemic excepted). The firm, […]
- Russell McVeagh Works with EQC On New Natural Disaster ApproachRussell McVeagh has been working alongside the Earthquake Commission (EQC) on a project that will see EQC work in partnership with private insurers to improve customer experience and support New Zealanders through natural disasters in […]
- The Stealthy Tactic To Choose The Right SEO Keywords That is Guaranteed To Boost Your Law Firm SEO In The Next 30 Days. . and yet hardly anyone is doing it How do you choose the right keywords for SEO as a law firm marketer? Okay, we’ve got your attention on this, but what should […]
- ‘Fake News’, Says Jones Day Over US Election Voter Fraud Challenge . . But The News RemainsThe chaotic US election has been enveloped in the ‘voter fraud’ controversy, which has also largely enveloped Big Law firm Jones Day and their involvement in lawsuits for the GOP. The firm has […]
- Boies Schiller Continues to Make the News . . Some Not So GoodHigh flying and aggressive US-based law firm Boies Schiller continues to make the news, the latest interest being around the law firm’s apparent failure to make the raises to associates which was apparently […]
- Top Social Media Attorneys Join Coinbase And Growing Legal TeamCryptocurrency firm Coinbase continues to expand its legal team with two latest recruits, including one from Google and another from Dyson, to join former Facebook lawyer Paul Grewal One of our key priorities […]