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Or is it the other way round? #BigLaw vs #BigAccounting

October 26th, 2012 |

My latest post in BRW starts "Big accounting firms have a lot to teach big law firms".

The post continues "...from 2004-2008 annual revenue of the law Big 6 grew 22 per cent; the Big 4 grew 59 per cent. Whereas from 2008 to 2012, the Big 6 shrank by 2 per cent while the Big 4 continued to grow, albeit at 16 per cent." The analysis in BRW provides reasons for these striking differences.

But there's more to growth in running a successful professional services firm. The post points to why. "For the past 10 years the Beaton Benchmarks studies have consistently shown that law firms, including the Big 6, outperform accounting firms, including the Big 4. Clients of law firms rate the performance they experience and the value they receive substantially higher than do the clients of accounting firms.

This fact says it’s time for best of class, not just best of breed benchmarking. There are more insights to be garnered by comparing one profession with another from the clients' perspective, rather than by simple financial metrics alone. And when benchmarking performance adds value, it’s clients who will benefit.

Beaton's Annual Business and Professions Study field work preparation for 2013 is in full swing. Our reports will be rich with insights. Contact Mel Chee to find out how Beaton Benchmarks will benefit your firm.

By George Beatonis a director of Beaton Capital and Beaton Research + Consulting. You can find George on Google+ at +George Beaton.

Posted in beatonbenchmarks, Professional Services, Strategy | Comments Off on Or is it the other way round? #BigLaw vs #BigAccounting

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