Law firms have failed to hit back with equal force to the ‘pretty bold statements’ made by the Big Four accountancy firms this year as they beef up their legal arms, according to a leading analyst.
Noting the lack of a strong response, Marc Totaro, national manager of professional services at the Commonwealth Bank of Australia, said: ‘We’re not seeing the same responses from the top legal firms. They’re not talking around diversifying their core offerings as well, so I think there’s a real challenge there for the legal industry as the larger [accountancy] firms provide an additional source of competition.’ PwC, for instance, has stated its intention to become a top 20 international law firm.
