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Law firms slow to respond to diversification threat of Big Four accountants


By Neasa MacErlean

24 December 2015 at 09:03 BST


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.

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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.

Exceptions to the rule

Lawyers Weekly, however, says that some law firms are, in fact, diversifying - and it points to MinterEllison as one such innovator and Herbert Smith Freehills as another. Source: Lawyers Weekly

 
   
 
 
 

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