Lawyers beware: the accountants are coming after your business
Even the biggest law firms may be anachronistically inefficient. They are run by lawyers, not professional managers, insist on charging by the “billable hour” rather than by results and use little technology more advanced than e-mail.
.. the Big Four accounting networks (Deloitte, EY, KPMG and PwC), whose combined annual revenues of $120 billion exceed the $89 billion generated by the 100 largest law firms combined.
.. the Big Four are “the biggest underestimated threat to the legal profession today”.
.. Unfortunately for them, much of their business is high-volume, repetitive tasks—just the sort of work that the Big Four excel at standardising and automating.