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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Quick takeaways
- KPMG's entry into the U.S. legal market symbolizes a significant shift, highlighting the urgent need for traditional law firms to embrace technology and innovation.
- The legal industry faces a transformative challenge as smaller firms may need to outsource innovation strategies to compete effectively with larger, tech-driven entities like KPMG.
Deep dives
The Big Four's Entry into Legal Services
The entrance of KPMG into the U.S. legal market marks a significant shift, as they bring a wealth of resources, including a $40 billion valuation and 4,000 lawyers. This is notable because KPMG's size dwarfs that of traditional law firms, with their revenue being nearly six times larger than the biggest law firm, Kirkland and Ellis. Their strategy focuses on leveraging cutting-edge AI and technology solutions to enhance the delivery of legal services, an area where traditional law firms have been slow to innovate. This move underscores a broader trend where the legal industry must adapt to technological advancements or risk being overshadowed by these new entrants with a tech-driven approach to legal services.
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