Law firms are organisations that provide legal advice on various aspects of business, such as finance, taxation, corporate law, litigation, intellectual property and patents, antitrust, employment, and more.
The Big Four are a group of professional services firms that include Deloitte, KPMG, and PwC. These professional service providers have a strong reputation for client-service and expertise in the field of legal consulting.
They are the Big Four
Legal services are required across many areas of business – including economics, finance, taxation, litigation, corporate affairs, disputes, patents, copyrights, antitrust, property and labor. Law is a big service industry and is essential for all businesses to thrive.
Historically, law firms have monopolised the market for specialised legal services. However, the rise of the Big Four professional services networks that offer integrated in-house services means that they are now challenging these traditional law firms.
This is a huge threat for law firms, especially as the Big Four invest in technology to make their legal offering more efficient. They are able to provide a more cost-effective, end-to-end solution for clients, as they can deliver all aspects of a project from one trusted advisor.
Although the Big Four may not have the resources to take on all of the big City law firms, their presence is still a major threat. Their focus on legal services means that they are able to offer a comprehensive range of services for a low cost, and this is likely to increase over time.
They offer integrated in-house services
The Big Four have been expanding their legal services offering for some time. PwC launched its own law firm in 2014, and EY, Deloitte and KPMG all have their own legal services units.
They’re essentially building fully integrated delivery teams of personal injury statute of limitations, professional services consultants and support staff to work on large-scale legal projects. This model has several benefits, including the ability to manage all of the professionals involved and deliver the best outcome for the client.
Many of these firms also provide an extensive range of business solutions that aren’t just legal-based, such as cybersecurity and data privacy. This approach also allows them to focus on the bigger issues that in-house counsel often struggle with, such as risk management and sustainability.
These firms have been able to make such a move due to the fact that they can leverage their scale, expertise, and business development capabilities. They can provide a one-stop-shop for businesses when it comes to global business solutions, which makes them an attractive option for many organisations.
They are a one-stop-shop for business solutions
The Big Four are one-stop-shops when it comes to business solutions, and this is something that many organisations find attractive. They pump resources into client relationship management, marketing and business development and are able to offer global business services.
The fact that these organisations have built their legal teams with a full understanding of their clients’ businesses means they can offer fully integrated and cross-selling practice services to their clients.
They understand that clients don’t just want lawyers to do their work, they need legal, data analytics and financial experts working together in real time to develop integrated solutions.
This has led many firms to move into a business-focused service model. They recognise that this is the most effective way to engage with clients and deliver impactful solutions for their business challenges.
They are a great place to work
If you’re looking for a great place to work, the Big Four are hard to beat. They offer unrivalled business development and marketing opportunities that make it easier to win work and build your client base.
The big four also have a deep culture and respect for their associates. They genuinely support pro bono and diversity, and their employee relations are exceptional.
They are a great place to be and an excellent place to start your legal career. But you should always take into account your personal preferences when choosing a firm.
For instance, some law firms may seem too small or too toxic to be a healthy environment for you to grow in. In those cases, you should find another firm that will give you the chance to grow and develop in a healthier environment.
Aside from that, the Big Four are a great place to work and can provide you with excellent opportunities for promotion in the future. You may even get to work for a firm that is recognized by major ranking services like Chambers and The Legal 500.
