Partnerships with other industries will accelerate EY Law’s internal integration with other advisory business service lines- IT, data analytics, risk management, process and project management, to cite a few. EY Law is positioned to meld these three delivery components at scale. Fusion has thus far been largely ad hoc, lacking scale, integration, and a common goal.
Law, technology, and business have become the three key components of legal delivery. EY already has a deep partnership with Microsoft MSFT, and its ability to expand its tech ties will open the door to new services, products, and opportunities. The list includes Google GOOG, Amazon AMZN, and Apple AAPL. For example, EY Law can soon engage with several leading technology companies it audits. This will open up partnering arrangements that produce new products and services helpful to customers. The spin-off will also allow EY Law to develop relationships with audit clients. Independence from audit restrictions will also reduce the substantial administrative burden on EY and, sometimes, its clients. A substantially expanded market will justify greater investment to scale existing services more quickly and to develop new offerings useful to customers. This expands EY law’s market by about 20%, its share of Global 2000 audits. Separation from the audit business will remove independence restrictions that have prevented it from performing legal work for audit clients. The two-pronged structural transition will unlock several opportunities for EY Law and the advisory business of which it is a part.
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