U.K. Lawyers Fear Accountants Will Take Over Their Market: Report

June 4, 2019, 6:25 PM

Many U.K. lawyers fear they will struggle to compete as big accounting groups aggressively expand into legal services.

A June 4 report by IT services provider Prism Solutions Ltd. said law firms are under enormous cost pressure as more work is automated, driving down the cost of tasks such as document searches.

  • Two-thirds of law firms surveyed are “concerned” about the threat posed by accounting firms and alternative service providers—45% said they consider them a major threat.
  • Prism said when the U.K. allowed a wider array of professional services firms to offer legal services in 2007, it paved the way for accounting firms to take them over.

To contact the reporter on this story: Michael Kapoor in London at correspondents@bloomberglaw.com

To contact the editors responsible for this story: Jeff Harrington at jharrington@bloombergtax.com; Steven Marcy at smarcy@bloombergtax.com

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