Consolidating the Legal and Accounting Professions and Creating a Billion Dollar Opportunity

Steve, you are a lawyer who has spent many years working in the legal profession. You saw the inefficiencies and fragmentation that existed in the market and had come up with an idea on how to transform the legal profession through consolidation of all the different parts. Let me help write a strategic plan to consolidate the profession and create a billion-dollar website. 

Global Legal Leaders consolidates 20% of the global B2B legal profession. Users are provided access to 10,000 individually vetted firms with 600,000+ attorneys in 160 countries whose annual revenue is $300 billion. Business users, law and accounting firms and corporate counsel can define precisely the services they require from colleagues. Firms, networks, consultants and ALSPs delineate exactly the services they can provide. All users and firms control their own profiles at no cost. This model eliminates most. operating costs and accurate information is assured. The website can be translated into 109 languages. It now provides access to ChatGPT.

ChatGPT has now been added to GlobalLegalLeaders.com. It bring virtually an unlimited amount of information to users in law and accounting. This is reflected in the peom it wrote about the website itself.

 Startup Alley Competition - Application 

Now in its seventh year, Startup Alley has helped catapult the success of a long list of legal technology startups and has become the signature opening-night event of TECHSHOW, which will be in Chicago March 1-4 2023. Out of all the entries received, 15 startups will be selected to participate in a live pitch competition that will be the opening event of TECHSHOW. In addition, the 15 finalists will be highlighted as exhibitors in a special Startup Alley section of the conference exhibit hall. 

What is market fragmentation? It is one in which many businesses or organizations compete. There is no single or small group of organizations dominating the industry. The industry’s competitive structure means that no single organization or business is in an overly strong or influential position in the industry. This is the case with the legal profession, which consists of hundreds of thousands of law firms, corporate legal departments and associated businesses. None has a  market share greater than .3%.

Multidisciplinary services are here to stay, The Big 4 professional services firms are able to offer legal services in more than 150 counties from their offices. They also have formed networks. Combined they have more than 12,000 attorneys practicing law. What alternatives does independent legal services firms have? Are the only alternatives to: (1) join a MDP accounting firm, (2) become an MDP or (3) confine themselves to litigation where the Big 4 cannot practice?

This chapter discusses how service providers of all sizes will be able to globally offer the full range of services through Multidisciplinary Organizations (MDOs). In a MDO professional services providers maintain their independence but geometrically expand their referral base and gain access to the full range of services to offer clients.

The world’s largest independent service providers such as law, consulting and independent accounting firms can create an MDO organization larger than the combined Big 4. It can equal and exceed quality standards.  Its foundation can be technology of a company such as Amazon, Microsoft, LexisNexis, Thomson Reuters, Kluwer or others.

The market for legal services is undergoing a transformation. The Big 4 have re-emerged as direct competitors to the largest firms as well as all firms outside of the United States where there is no limitation on law practice. In the legal profession ALSPs have been created and networks have expanded. The very largest firms may gradually be at a strategic disadvantage relative to new competition. This is the result of profound market penetration, brand recognition, and the significant financial resources of the Big 4.