Top 10 Most Important Professional Services Networks
PROFESSIONAL SERVICES NETWORKS are business networks of independent firms who come together to cost-effectively 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 be potential members of 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 $20 billion.
Professional Services Networks News, Reviews & Resources
- BDO - founded in 1963. The fifth largest accountancy network in the world, a worldwide professional services network of public accountancy firms, serving national and international clients. BDO is an international network of public accounting, tax and advisory firms which perform professional services under the name of BDO. For the year ended 30 September 2022 BDO (Including BDO's exclusive Alliances) announced a total combined fee income of more than US$ 12.8 billion, representing a year on year growth of 12.1% . BDO public accounting, tax and advisory firms provide professional services in 164 countries, with 111,307 people working out of 1,803 offices worldwide.
- DELOITTE | DELOITTE TOUCHE TOHMATSU - founded in 1845. The largest private professional services organization in the world, delivering audit, tax, consulting, enterprise risk and financial advisory services through its member firms in more than 150 countries. "or over 175 years, we have worked with leaders around the world—from the Global 500 to private businesses - to help them build better futures. To support their people. To succeed. All while caring for our communities. With a workforce made up of the industry’s greatest minds, we continue to shape the future by delivering real, measurable results. We go beyond talk—we act." Its global headquarters is located in Paramount Plaza, Midtown Manhattan, New York City, NY, U.S.A.
- ERNST & YOUNG | EY - founded in 1849/1989. "Quality In Everything We Do." The third largest professional services firms in the world and one of the "Big Four" accountancy firms, along with Deloitte, KPMG and PricewaterhouseCoopers (PwC). EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 312,250 employees in over 700 offices in more than 150 countries around the world. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. Headquartered in London, U.K.
- KPMG - founded in 1987. "cutting through complexity." The fourth largest professional services firms in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young (EY) and PwC. "KPMG firms operate in 143 countries and territories, and in FY22, collectively employed more than 265,000 partners and people, serving the needs of business, governments, public-sector agencies, not-for-profits and through KPMG firms' audit and assurance practices, the capital markets. KPMG is committed to quality and service excellence in all that we do, bringing our best to clients and earning the public's trust through our actions and behaviors both professionally and personally." Its global headquarters is located in Amstelveen, Netherlands.
- Lex Mundi - founded in 1989. "Law Firms Worldwide." Professional services network. It is the largest law firm networks. As of 2011 it had 160 member firms which have 21,100 attorneys. The network provides information to its members about developments in local and global law.
- Meritas - founded in 1990. Professional services network consisting of a global alliance of business law firms. In 2008, the association's membership included 170 law firms in 60 countries, employing 6500 lawyers.
- PRICE WATERHOUSE COOPER | PWC - founded in 1849. The world's second-largest professional services firm (after Deloitte) and one of the "Big Four" accountancy firms. "With offices in 152 countries and almost 328,000 people, we are among the leading professional services networks in the world. We help organisations and individuals create the value they are looking for, by delivering quality in Assurance, Tax and Advisory services."
- State Capital Group | SCG - founded in 1989. "12,000+ Attorneys. A Worldwide Network of Leading Law Firms." SCG Legal, a worldwide network of 122 independent law firms, was founded in 1989 and includes firms - 80% of which are Chambers ranked with Chambers-ranked attorneys in the balance - that house legal, regulatory and, in many countries, public policy practices. Members serve clients in major commercial centers and capitals in more than 62 countries, every U.S. state capital city and the District of Columbia. Firms in the network are unified by a culture of premier legal practices and industry leadership; an elevated dedication to client service and responsiveness; a commitment to diversity and inclusion; and a devotion to transparent, innovative and fair billing practices.
- TerraLex - since 1993. "Global Expertise. Local Connections. Seamless Service." Our Mission is to help member firms serve their clients' legal needs and business interests through a worldwide network of quality law firms that meets high professional standards. As a voluntary association of independent law firms, each TerraLex member retains the right to work with any law firm or client. Member firms operate as separate enterprises, responsible for their own staff and work products.
- World Services Group | WSG - founded in 2002. The most prominent network of elite independent legal firms with access to cross industry expertise that enables global solutions powered by seamless collaboration and innovation for valuable client needs. Multidisciplinary professional services network of independent law, accounting and investment banking firms. It ranks as one of the largest among the more than 200 professional services networks in the world. WSG members are independent law, accounting and investment banking firms.