Deloitte has become the latest accountancy firm to enter the legal services market after it announced it has applied for an alternative business structure (ABS) and is launching two new offerings - managed services, such as automated document review and contract management, and consulting services.
The firm said the consulting services will focus on improving operations of in-house legal departments and helping to exploit technology. In addition, Deloitte will extend its existing legal services in employment law, tax litigation and immigration.
The firm intends to launch the new services early this year and will be working with clients to develop and test approaches that address both opportunities and challenges in the legal market, including automation of processes and risk management.
As part of this, Deloitte will apply for an ABS licence and will be investing in new staff and advanced technology to meet demand.
Matt Ellis, managing partner for tax and legal at Deloitte, said: “We don’t want to replicate a traditional law firm. We’re planning to use our technology and advisory skills to transform legal services and help address many of the challenges lawyers, whether in practice or in-house, are facing in today’s increasingly complex legal environment.
“By automating repetitive processes and completing routine tasks in a fraction of the time, lawyers will be able to spend more time on specialist areas.”
Recognising that these challenges are not unique to the UK market, Deloitte Global is also launching a complementary global Legal Management Consulting (LMC) business in ten countries. Comprising a team of over 100 professionals it will support the legal community world-wide.
Piet Hein Meeter, global managing director of Deloitte Legal, said: “Deloitte Global’s LMC offering will use our consultancy and technology skills alongside our legal expertise to address the challenges that face in-house legal teams. Our 2016 survey of in-house legal departments has shown that 62 percent of legal counsel, general counsel, CEOs and CFOs, are looking to significantly review and transform the way in which their legal function operates - which is exactly what we’re looking to address with LMC.
“We are also delighted with our innovative approach to legal services in the UK, which is a significant differentiator for us, but is fully aligned with our global LMC approach.”
Deloitte’s strategy echoes that of fellow ‘Big 4’ advisory firms PwC, KPMG and EY who have all established legal services in recent years.
|RATE THIS ARTICLE|
THIS WEEK'S TOP STORIES
PAM (Private Asset Managers) and its sister website PAMonline combine to provide "...the best guide available to the leading firms in private client fund management" (FINANCIAL TIMES). PAM compares managers on a level playing field by key data such as fees and charges, minimum investment thresholds and so on.