
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
- Diversification & ‘Power Alley’ Practices Boost McDermott’s Law Firm Revenues and ProfitsThe firm just missed breaking the $2 billion barrier McDermott Will & Emery has achieved a strong 9 percent growth in revenue for the year 2022. This financial success is attributed to the …
- Who Makes The Cut For the Best Entertainment Law Firms in the Business?Who makes the cut as the best entertainment law firms in the business? The best entertainment law firms operating today
- Understanding the Need for Legally Banning Flavored VapesBen Boman* When the world needed to get rid of tobacco products in the first place, flavored vapes entered the market to upset things a little more. These vapes became an alternative to …
Understanding the Need for Legally Banning Flavored Vapes Read More »
- Unlock the Power of Digital Marketing For Lawyers: 7 Key Strategies to Attract More Clients and Grow Your Practice in 2023Digital marketing for lawyers in 2023 means keeping to Google’s EAT requirements and using social media smartly
- UK Law Job Alert – Which Law Firm Is Best To Work For?The Roll on Friday satisfaction survey shows which are the best law firms in the UK to work for
- Unlock the Full Potential of Your Law Firm Marketing: 7 Automation Tips for Law FirmsBenjamin Boman* – Marketing automation seems to be a popular but not well-defined topic outside the world of marketing professionals. Having previously worked in the legal industry, I can understand the lack of …
Unlock the Full Potential of Your Law Firm Marketing: 7 Automation Tips for Law Firms Read More »
- Three New Partners At Lane NeaveLaw firm Lane Neave has appointed three new partners, two in the firm’s Auckland office and one in Christchurch. Aaron Pickett is in Christchurch with experience working for a wide range of leading …
- Alternative Legal Provider Services Boom As Lines Between Traditional and ALSPs BlurLaw firms and legal departments are increasingly using alternative legal service provders’ services a new survey shows