I have written before about the Big 4 accounting firms and the threat that these firms may pose for U.S. lawyers and law firms.
The response has typically been a bit like that of the first two pigs in the old 3 Little Pigs nursery rhyme who arrogantly believed their houses of straw and twigs would protect them from the Big Bad Wolf. Going into last week’s Legalweek in New York, several legal pundits (and lawyers) made it a point to tell me Big 4 encroachment on U.S. legal can’t happen. That Sarbanes-Oxley won’t allow it. That the Big 4 don’t make enough profits to do it. That they can’t do what U.S. law firms and lawyers do. That the Big 4 isn’t at all interested in the U.S. market. That they certainly have no business or strategic plans pointed in our direction. I was starting to conclude they were right.