There is an interesting article in this week's Economist on the threat to law firms by accountants. The Economist sits behind a paywall but the article is helpfully republished by business insider here. The notion that accountants have rekindled their interest in the legal services market is not a new one. The trend is clear and presents a real threat to many law firms. The article is a clear exposition of that threat and it well worth reading. I am also pleased that the exellent Michael Roch from Kerma and Partners gets a name check.
However, it is a little frustrating that the Economist of all publications thinks there is a legal jurisdiction called "Britain" and that it has introduced multi disciplinary partnerships which "let attorneys share profits, without restriction, with members of other professions." Hmmm, Alternative Business Structures are quite a bit more than that in England and Wales. Meanwhile, at the moment, in Scotland it's a wee bit less.
But law firms that are sub-scale and inefficient risk ruin. The Walmarts and Amazons of professional services are at their gates, and the legal industry's halting pace of creative destruction is set to accelerate as a result.