A new study has warned that law firms should prepare for a “significant increase in competition” as the Big Four accounting firms continue their push into legal services.
The report, “Elephants in the Room Part I: The Big Four’s Expansion in the Legal Services Market,” by ALM Intelligence, says that the Big Four’s formidable brand strength, client base and ability to offer multidisciplinary services has helped them take market share from traditional law firms. (The American Lawyer analyzed the Big Four’s legal services ambitions in a 2014 feature story.)
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