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
- Who Are The Power Law Firms Getting A Cut In The Bill & Melinda Gates Divorce?. . And Who Are The Two Sole Practice Attorneys Who Are Facing Off Again In Their Second Multi-Billionaire Divorce Proceeding The law firms sharing in the multi-billionaire split between Bill and Melinda […] More
- 7 Key Questions To Ask ANY Law Firm SEO Agency BEFORE You Hire ThemHiring a law firm SEO agency requires some smart ‘interview’ techniques – here are some key questions to ask More
- Litigation PR: an important tool in the litigation toolboxLitigation PR is increasingly popular overseas . . and catching on in New Zealand, lead by a two-woman power team Litigation PR is an interesting concept. In many countries using PR to support […] More
- Two New Partners at Edwin Coe5 May 2021 – Powered by LawFuel Edwin Coe is delighted to announce that Claire Lehr (Intellectual Property) and James Walton (Banking & Finance) have joined the firm as Partners. Claire LehrClaire is a […] More
- The Big Law Death Row Success Story of Crosley GreenThe story of how Crowell & Moring Helped free Crosley Green 32 years’ prison . . including 19 years on death row Crowell & Moring released their announcement of the freeing of Crosley Green […] More
- Law Firm HFW Expands Greater China Transactional Practice With Shanghai In-House HiresGlobal, sector-focused law firm HFW has continued to expand its fast-growing Greater China transactional practice with the hire of senior partner Brinton Scott and of counsel Danielle Peng in Shanghai. Brinton joins HFW […] More
- Sullivan & Cromwell Lead Lawyers Feature in Bloomberg’s ‘Leading Questions’ on Law Firm StrategiesThe Vice chairs talk about strategies for law firms to retain clients and more Vice chairs Bob Giuffra and Scott Miller were featured in the latest edition of Bloomberg‘s “Leading Questions,” discussing their work, […] More
- The Disillusionment of Human Rights Barrister Geoffrey Robertson QC . . But The Battles ContinueGeoffrey Roberton QC is one of the world’s most famous barristers – certainly Australia’s most famous – but the flamboyant 74 year old has tired of the challenges facing international law and its […] More