Deloitte Legal Head Focuses on Integrated Consulting for General Counsel amid Slow Big Four Entry into Legal Services

Deloitte’s Legal Services Arm Aims to Transform General Counsel Consulting

Richard Punt, the new global head of Deloitte’s legal services arm, is on a mission to revolutionize the way general counsel approach consulting services. With nearly 3,000 legal professionals in 75 countries under his leadership, Punt is focused on delivering integrated consulting solutions to help general counsel streamline processes and deliver more value to their businesses.

In a recent interview with Bloomberg Law, Punt expressed optimism about growing Deloitte’s market share in proactive services, which the firm calls “business transformation.” While acknowledging that the Big Four’s entry into legal services has been slower than expected, Punt believes that Deloitte’s size and track record of delivering big changes will set them apart in the market.

Deloitte Legal offers a range of advisory services for corporate law departments, including support on M&A, contracts, regulatory and compliance issues, employment law, and corporate law. Punt highlighted the firm’s success in employment law services, contract management solutions, and implementing generative AI for clients.

Punt’s focus is on helping general counsel implement new work processes and expand their outsourced work business, with a goal of increasing revenue from these lines to 60%. He sees a growing market opportunity for consulting and outsourcing services in the legal industry, with competition coming from the Big Four, law firms, ALSPs, and tech companies.

While the Big Four have made strides in expanding their legal services businesses, Punt believes that law firms are less concerned about competing with them now than in the past. He sees Deloitte’s services as complementary to what elite law firms offer their clients, emphasizing the need for confidence in service providers to drive change in the industry.

As legal departments face tightening budgets and increasing demands, Punt sees a shift towards embracing AI and integrating legal solutions directly into workflows. He pointed to compliance and risk functions in financial services companies as an example of the need for legal departments to adapt or risk becoming obsolete.

Overall, Punt views his competition as the other Big Four accounting firms, Accenture, and portions of large law firms. He sees the most receptivity towards implementing new legal processes in advanced economies like the US, UK, and Western Europe, with strong interest in generative AI tools in the Middle East and Saudi Arabia.

With a focus on building a portfolio of evidence to support continued investment and development, Punt is determined to lead Deloitte’s legal services arm towards a new era of consulting for general counsel worldwide.