n recent years, the level of supervision of public companies, and to some extent private companies, has been on the rise. New regulatory standards and the expansion of mandatory reporting have increased the demand for business reporting – law and accounting firms. These assist leading managers in making better decisions in a globalized world. The trend of growth and domestic economic recovery increased companies' need for these services also from the point of view of mergers and acquisitions, which requires professionals to support the process.
While regulatory demands intensify, the range of services offered by lawyers and accountants to companies increases. Among the main procedures that have been introduced in recent years was the adoption of the IFRS international accountancy standard, which today binds public companies. At the same time, accounting firms are readying for implementation of Sarbanes-Oxley regulations (SOX) for Israeli public companies. The leading firms in the sector have created a new approach in recent years by offering companies other strategic services – such as advice on entering international markets and the like, and risk management.
Law and accounting firms activities are connected to the capital market from another aspect. The market's recovery globally and in Israel, renews the capital market that had been almost completely frozen for raising capital and bonds. After a drought of nearly two years, public companies began to raise funds in the capital market. The need for preparing many prospectuses and support for the public offering process brought prosperity to business service providers.
According to the Dun's 100 ranking, the 21 leading firms employ 1,887 lawyers. The largest firm is Herzog Fox Neeman, which retained top place and has 184 employees. In second and third place were Fisher Bechar Chen Well Orion & Co., and Goldfarb, Levy, Eran, Meiri, Tzafrir & Co., each with 139 lawyers.