September 23, 2018

Law Firms Need Not Worry About the Likes of EY Law, Says EY Law Guy

This is amazing. The head of EY Law Global Leader Cornelius Grossman is saying — with a straight face, presumably — that firms like his won't pose a threat to law firms.

Saying that accounting firms providing legal services doesn't threaten law firms is like saying Uber doesn't threaten taxis, but okay! 

"The threat of accounting firms to the legal market is overstated. There's so much work out there that we all compete for – I don't think any firm in particular should feel threatened by that."

DON'T WORRY, THERE'S PLENTY TO GO AROUND, GUYS! We'll never run into any problems until….

"We want to be known for compliance jobs that span over tens of jurisdictions and for large international reorganisations," he explains. "In any transaction you need advisory and tax people as well as lawyers. If they come from different firms you have frictions. If they come from the same firm they generate synergies."

Don't worry, you'll just use EY Law when you a simpler solution with some continuity. If that's not of interest to you, you'll be fine with whoever.  

The part that's really delusional is the idea that actively poaching lawyers from law firms isn't a threat in and of itself. As if the people that provide the services are incidental. 

While Grossman may not be out to poach the elite law firms' clients, he is certainly angling to steal some of their brightest lawyers.
 
Freshfields' former global people partner, Richard Norbruis, has headed EY's global transaction law practice since September, a hire that came on the back of Berwin Leighton Paisner finance chief Matthew Kellett and Addleshaw Goddard corporate head Philip Goodstone joining.
 
And there are more lateral hires to come in the UK, according to Grossman, most probably in the banking and finance sector

Other than stealing the work that you can't provide and poaching the people who provide that work, we're not a threat at all.

I can't stop laughing.

[LegalWeek]

Earlier: Big 4 Gunning for Big Law

Related articles

Face It People, Nothing Much Can Be Done About the Revolving Door

Revolving_Door2.jpgThere’s constant conspiracy theories bellyaching about certain companies getting their former big shots into public service and regulatory positions (we’re talking about you, Maxine Waters).
Well now there’s speculation about former Big 4 partners working at the IASB.
We get it, those who used to work at the big firms shouldn’t be writing the rules. So who the hell is going to do it? Shall we have the likes of Friehling & Horowitz appointed as the standard setters?
The large firms have the biggest pool to choose out of, so natch they’re going to have some of the better candidates to delve into this wonky rule-writing stuff. We’re probably lucky that there are people out there that actually want to serve on these boards, lots of Big 4 partners can barely turn on their computers.

FINS: Big 4 on the Resumé Is a Must-Have

Thumbnail image for Thumbnail image for hire me2.jpgWe have had some lively discussions regarding how important having a Big 4 firm on your resumé is.
According to FINS, it’s a must-have:

PricewaterhouseCoopers, Ernst & Young, Deloitte or KPMG. Resumes that boast experience at a Big Four firm are a step ahead of the pack.
These names signal that candidates are well-trained and meet stringent hiring standards, says Lisa Garcia, a marketing manager at Adecco’s Ajilon Professional Staffing, a recruiting firm based in Melville, N.Y. Other large firms such as Grant Thornton and BDO Seidman will also catch a recruiter’s eye.

“[S]tringent hiring standards” could be called in question in some instances but for the most part, we agree that having a big name on your resumé is definitely something that a lot of employers notice.
Our thread on Life After Big 4 life is a good place to get some further discussion.
Contrary to popular belief, your career is not dead in the water if you don’t have experience at a Big 4 firm. FINS lists some other must-haves including:
IFRS – It’s coming people (albeit slowly). If you’ve got experience with it, make it known.
SEC – Regardless of the Commission’s track record, there will always be filings.
Experience with specific industry software – Caseware, SAP, PeopleSoft, Deltek, and Black Baud
Numbers – listing specific accomplishments that result in cost savings or creating revenue streams
Customer service skills – Yes, you socially awkward types will be at a disadvantage.
So a good presence of all these things will look good on your resume but we wouldn’t get too hung up on any one aspect. If there’s anything else you’ve noticed that get the recruiters giving you that extra look, please share in the comments.
Now get out there and impress the pants off somebody. January will be here before you know it. Good hunting.
Six Must-Haves for CPA Resumes [FINS]