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.
Earlier: Big 4 Gunning for Big Law