George Beaton is the most credible and well respected commentator and industry expert on the professional services industry in Australia and the legal sector in particular.
His attached blog outlines 10 key challenges facing "BigLaw" managing partners. Whilst there are many disruptive forces to the traditional model (from changing client purchasing dynamics to new entrants, globalisation and attractiveness to millennials amongst others), #3 is beginning to get more airplay around the board room tables of the major law firms.
The Big Four are now a serious threat...
The Big Four are back in law. And in a big way too. And this time round they are getting it right, as they did in management consulting 15 to 20 years ago. These behemoths have the platforms, the brands, the client bases, and the appetite to take a large share of traditional firms’ work. The Big Four are diversified professional services firms, no longer accountants. This paradigm makes most facets of law fair game for their voracious growth and competitive rivalry. For most ‘business law’ firms the Big Four are a big threat. For those that position in those (few) parts of the market where the Big Four won’t readily attract the talent or will be conflicted, there is good news.