There is much that binds the sister professional services industries of accountancy and law. Both are fundamentally knowledge-based, client-centric and steeped in tradition. Ownership is concentrated in the hands of a small number of senior, practicing individuals. The engrained business model is based on billable hours.
Both law and accountancy have also been subjected to an unprecedented barrage of new technology over the past decade, as the advent of everything from cloud to big data and automated analytics to AI, has created the opportunity – the necessity – for organisations to reposition themselves as indispensable strategic partners.
But here the similarities end. As an industry, the accountancy sector embraced the deluge of digital advancement from the outset, in full recognition of the role that it would play in revolutionising the demands on their business. It has taken the legal industry far longer to wake up to the critical implications of inertia.
With quotations from BDO, EY, KPMG, Grant Thornton, Moore Stephens, as well as Hogan Lovells, Tikit, Litera Microsystems, Enable Business Solutions, DocsCorp, HighQ and more, to view the full report please complete the form using the link below.