Professional Firms and Services
A sector in evolution
After years of structural challenges in the aftermath of the global financial crisis, the legal services sector continues to adapt to an increasing rate of change.
Revenue growth in Australia, which has slowed with the decline of the resources boom, remains sluggish as lower business confidence deters companies from pursuing transactional work. Competition has also increased with an influx of:
- International firms entering the market
- Australian firms merging with global and regional firms
- Clients moving legal services in-house
Further, digital disruption – in the form of virtual operations from both regional and off-shore hubs – is enabling the commoditisation of legal services and their delivery as web-based offerings. Firms are under pressure to transition to bundled offerings. Increasingly, standard legal tasks will be charged at predetermined fees – not billable hours.
Traditional law firms must evolve
In this dynamic environment, law firms must keep up with the challenges of fee and margin pressure, the war for talent, regulatory change and the increasing burden of compliance.
To survive and grow, firms must find new areas of differentiation, whether through specialisation, association with a global brand, new resourcing models or innovative ways of delivering legal services.
How EY can help you
At EY, we can help hone and differentiate legal services. We work collaboratively with a wide range of top tier global and local law firms in two distinct capacities.
- Creating high performing firms The insights and quality services we deliver - including audit and assurance, tax and regulatory compliance, risk and internal audit, IT advisory, cybersecurity and strategy - can help firms to manage costs and risks, become more agile and innovative, and dramatically improve productivity.
- Transformation and growth EY works with law firms to help them meet their objectives. We collaborate with our clients to transform legal services delivery – including developing and supporting digital services – helping them develop more competitive business and pricing models.
Our dedicated teams understand the sector, consisting of former law firm partners providing access to global professionals. In this way, we can share learnings and experiences, manage risk and change the game by being first to market with innovative offerings.
The result is a flexible, agile service tailored to strategic needs, across any geography or industry, including:
- Automotive & Transportation
- Consumer Products
- Financial Services (Wealth & Asset Management, Banking & Capital Markets, Insurance)
- Government & Public Sector
- Life Sciences (includes Biotechnology, Medical Technology and Pharmaceutical)
- Media and Entertainment
- Mining & Metals
- Oil & Gas
- Power & Utilities
- Private Equity
- Real Estate, Hospitality & Construction
National Professional Services Leader
Tel: +61 3 9288 8182
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