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Concept
Professional services network
Summary
Professional services networks are business networks of independent firms who come together to provide professional services to clients through an organized framework. 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.
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. 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, 40 in accounting, and 20 specialty networks. Individual networks have revenues exceeding 20 billion.
Every network from accounting networks like PwC and KPMG to law firm networks like Lex Mundi, Multilaw, and multidisciplinary networks like World Services Group (WSG) uses a "network disclaimer". A network disclaimer states that the network members are independent firms that do not practice jointly and are not responsible for the negligence of each other. It further states that generally the network does not practice a profession or otherwise provide services to clients of the network's members. This independence is the foundation of both network operations and governance.
A major factor influencing the need for networks is the globalization of the economy.
Official source
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