Professional services networks are business networks of independent firms who come together to provide professional services to clients through an organized framework.[1] They are notably found in law and accounting. Any profession that operates in one location, but has clients in multiple locations, may provide potential members for a professional network. This entry focuses on accounting, legal, multidisciplinary and specialty practice networks. According to statistics from 2010, members of these networks employ more than one million professionals and staff and have cumulative annual revenues that exceed $200 billion.[2]
The accounting networks developed first to meet the US Securities and Exchange Commission's requirement for public company audits. They include the well-known accounting networks like PwC, Deloitte, Ernst & Young and KPMG (also known as the Big 4 Audit Firms) as well as more than 30 other accounting networks and associations.[3] They are highly structured entities.
The law firm network developed in the late 1980s. They include legal and law firm based multidisciplinary networks like Lex Mundi, Alliott Group, World Services Group, TerraLex, Meritas, IR Global and the State Capital Group.
There are more than 175 known networks in law,[4] 40 in accounting, and 20 specialty networks.[5] Individual networks have revenues exceeding $20 billion.[6]
- ^ Networks and Organizations, N. Nohria and R.G. Eccles, Harvard Business School Press (1993)
- ^ Accounting Networks – The Big Chill Accountancy Age, 27 May 2010, 11. Loxton, Liz, Accountancy Magazine, June 2011,
- ^ Accountancy Age – 35 Accounting Networks and Associations June 11, 2011
- ^ Chambers and Partners
- ^ " 60 Largest Legal and Accounting Networks
- ^ Accounting Age Archived 2 October 2013 at the Wayback Machine
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