ILTA Voices #0075: (JIT) What Does This All Mean? Uncovering KPMG's Approval
Mar 7, 2025
Debbie Foster, CEO of Affinity Consulting, dives into KPMG's groundbreaking move as the first Big Four firm to own a law firm in the U.S. She discusses the implications of this shift for the legal industry, especially in relation to technological advancements like AI. The conversation highlights the urgent need for law firms to innovate and how entrenched practices may hinder progress. Debbie also shares insights on how smaller firms can leverage outsourcing to compete, while urging a cultural shift within larger firms to embrace change.
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Big Four's Advantage
- The Big Four accounting firms' potential entry into the U.S. legal market is significant due to their size and resources.
- This is especially true now with the rise of AI and other technological advancements impacting legal practices.
KPMG's Size and Resources
- KPMG, the smallest of the Big Four, is still six times larger than the world's largest law firm by revenue.
- KPMG also possesses a global footprint, digital transformation experts, and a tech-first mindset, positioning them well for market entry.
Tech-Enabled Services
- Law firms should focus on developing tech-enabled services to compete with the Big Four.
- This shift is necessary because human-enabled services are more expensive and less efficient.