Networks of independent firms that offer services to companies in an organized manner

Professional services network

Professional services network

Professional services networks are <a href="/en/Business_networking" title="Business networking" class="wl">business networks</a> of independent firms who come together to cost-effectively provide <a href="/en/Professional_services" title="Professional services" class="wl">professional services</a> to clients through an organized framework.<a href="#cite_note-1" style="counter-reset: mw-Ref 1;">[1]</a> They are notably found in <a href="/en/Legal_services" title="Legal services" class="mw-redirect wl">law</a> and <a href="/en/Accounting" title="Accounting" class="wl">accounting</a>. They may also be found in <a href="/en/Investment_banking" title="Investment banking" class="wl">investment banking</a>, <a href="/en/Insurance_industry" title="Insurance industry" class="mw-redirect wl">insurance</a>, <a href="/en/Real_estate_industry" title="Real estate industry" class="mw-redirect wl">real estate</a> and architectural services.<a href="#cite_note-2" style="counter-reset: mw-Ref 2;">[2]</a> 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 <a href="/en/2010" title="2010" class="wl">2010</a>, members of these networks employ more than one million professionals and staff and have cumulative annual revenues that exceed $200 billion.<a href="#cite_note-3" style="counter-reset: mw-Ref 3;">[3]</a>

<div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none" about="#mwt1">Networks of independent firms that offer services to companies in an organized manner</div>
<figure class="mw-halign-right wiki-thumb"><a href="/en/File:Professional_services_networks_growth.PNG" class="mw-file-description image media-thumb" data-hash="File:Professional_services_networks_growth.PNG"><img loading="lazy" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/12/Professional_services_networks_growth.PNG/400px-Professional_services_networks_growth.PNG" decoding="async" data-file-width="729" data-file-height="403" data-file-type="bitmap" height="221" width="400" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/12/Professional_services_networks_growth.PNG/600px-Professional_services_networks_growth.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/1/12/Professional_services_networks_growth.PNG 2x" alt="Professional_services_networks_growth.PNG"></a><figcaption> Growth professional services networks based upon review of directories of law and accounting networks and associations</figcaption></figure>
<figure class="mw-halign-right wiki-thumb"><a href="/en/File:Professional_services_networks_largest.PNG" class="mw-file-description image media-thumb" data-hash="File:Professional_services_networks_largest.PNG"><img loading="lazy" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Professional_services_networks_largest.PNG/400px-Professional_services_networks_largest.PNG" decoding="async" data-file-width="651" data-file-height="335" data-file-type="bitmap" height="206" width="400" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Professional_services_networks_largest.PNG/600px-Professional_services_networks_largest.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/3/3d/Professional_services_networks_largest.PNG 2x" alt="Professional_services_networks_largest.PNG"></a><figcaption> Table of largest professional services networks based upon the number of partners from survey conducted in 2011 of 200 legal and accounting networks from sources above. The table does not reflect the level of development of the network. Accounting networks are far more developed.</figcaption></figure>

The <a href="/en/Accounting_networks_and_associations" title="Accounting networks and associations" class="mw-redirect wl">accounting networks</a> developed first to meet the <a href="/en/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission" class="wl">US Securities and Exchange Commission</a>'s requirement for public company audits. They include the well-known accounting networks like <a href="/en/PwC" title="PwC" class="wl">PwC</a>, <a href="/en/Deloitte" title="Deloitte" class="wl">Deloitte</a>, <a href="/en/Ernst_&_Young" title="Ernst &amp; Young" class="wl">Ernst &amp; Young</a> and <a href="/en/KPMG" title="KPMG" class="wl">KPMG</a> (also known as the <a href="/en/Big_Four_(audit_firms)" title="Big Four (audit firms)" class="mw-redirect wl">Big 4 Audit Firms</a>) as well as more than 30 other accounting networks and associations.<a href="#cite_note-4" style="counter-reset: mw-Ref 4;">[4]</a> They are highly structured entities.

The <a href="/en/Law_firm_network" title="Law firm network" class="wl">law firm network</a> developed in the late 1980s. They include <a href="/en/Law_firm_network" title="Law firm network" class="wl">legal</a> and <a href="/en/Multidisciplinary_professional_services_networks" title="Multidisciplinary professional services networks" class="wl">law firm based multidisciplinary networks</a> like <a href="/en/Lex_Mundi" title="Lex Mundi" class="wl">Lex Mundi</a>, <a href="/en/Alliott_Group" title="Alliott Group" class="wl">Alliott Group</a>, <a href="/en/World_Services_Group" title="World Services Group" class="wl">World Services Group</a>, TerraLex, <a href="/en/Meritas_(law)" title="Meritas (law)" class="wl">Meritas</a>, IR Global and the State Capital Group.

There are more than 175 known networks in law,<a href="#cite_note-5" style="counter-reset: mw-Ref 5;">[5]</a> 40 in accounting, and 20 specialty networks.<a href="#cite_note-6" style="counter-reset: mw-Ref 6;">[6]</a> Individual networks have revenues exceeding $20 billion.<a href="#cite_note-7" style="counter-reset: mw-Ref 7;">[7]</a>

Professional services networks are business networks of independent firms who come together to cost-effectively provide professional services to clients through an organized framework. 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 &amp; Young and KPMG 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. 