Stephen J. McGarry, BA, MA, JD, LLM Founder, Lex Mundi, WSG, AILFN & HG.org Admitted: TX LA MN
How? A Billion Dollar Opportunity
Over the last several decades there has been an expansion of firms, growth of networks, development of ALSPs, and the consulting professions. The expansion only increased the extraordinary market fragmentation in the legal profession. No firm or law business has a market share greater than .3%.
Problems
- Market fragmentation in the legal markets creates inefficiencies.
- Hundreds of thousands of law
firms and related businesses offer similar services.
- Firms and businesses are duplicating new innovations.
- Clients, even with pronounced segmentation, cannot
locate the exact services they require.
Results
- Market inefficiencies increase costs to clients.
- Innovative products/services
are unable to reach the global market, increasing costs.
- Service and product
differentiation are almost impossible.
- Unparalleled financial
opportunities are lost to innovators and investors.
How? Solution: Consolidate the Global Market and Integrate the 4 practice functions (law firms, networks, ALSPs, and consultants) and the media.
This Consolidation makes 20% of the global B2B legal and accounting market easily accessible. This is $300 billion.
Create the world's largest financially legal website and a global organization
Divide the global legal market into the four 4 principal service
categories. Each category
has its own "Titans" organizations and members. Members of each category have their own leadership with
direct access to information. The leaders are the principal decision-makers and
assurers of quality.
1. 200 Largest Independent Law Firms in 18 states and 30 countries
2. 75 Legal and Accounting Networks - Networks have 9.000 vetted member firms at the cost of $3 billion.
3. 25 ALSPs
4. 200 Consultants
The 500 "Titans" have 600,000
professionals in 12,000 offices in 160 countries with $300 billion annual
revenues.
Stage 1 Create GlobalLegalLeaders.com to incorporate the 500 "Titans" (Done)
1. Create a website to identify the Titans’
exact professional expertise anywhere on earth in minutes.
2. Structure the website to functionally integrate the
four Titan categories for clients.
3. Identify the leaders in the four
Titan categories with who have the interest and resources to implement a market
consolidation
4. Personalize the website for each
Titans and each website user, similar to LinkedIn and Facebook.
5. Create management tools for firms,
networks, and consultants to maintain their own data and define their financial
and practice interests.
Stage 2 Create
an organization that reflects the role of each of the "Titan" category in the
legal profession. Provide financial and professional incentives to every
Titan to participate. (In Process)
Why Now?
· The largest law firms
dominate in each of the major countries and state economic centers. Further
expansion has been limited by market saturation. COVID 19 created the opportunity to evaluate alternatives.
·
Over the past 25
years, networks have invested of $3 billion to build create professional and
personal relationships. These relationships can be deployed for the benefit of
the firms and their clients.
·
ALSPs have matured
sufficiently to broaden service offerings. In a global market, reaching
corporate counsel and firms for specific transactions and matters continues to
be a challenge.
·
Technology is now
available, such as machine learning and artificial intelligence, to enhance
efficiencies and market alternative services through functional
integration. Business clients and users expect timely online solutions,
which are provided by this new website. These are provided by the site.
·
Millennials,
comfortable using the technology, have entered management ranks. “This is the
way we always have done it” is no longer an acceptable excuse longer the reason
for actions.
·
Company legal
operations and procurement departments require alternative professional service
proposals and comparative pricing. This website provides them in minutes
anywhere in the world.
· The Big Four’s aggressive entry into law practice and ALSP services motivates each Titan category to create more effective and efficient alternatives for their clients.
Global Markets -
$1.1 Trillion Legal and Accounting
The global legal
market is naturally divided among four significant service delivery models.
Global Legal
Leaders – "Titan" Operations
The "Titan" Organization’s Objectives
The objective of the Titans is
to make the exact expertise of consultants accessible to the legal profession.
This is done through:
1. Largest Firms The largest firms have different
interests. They are divided into 3 categories. AM Law 20, Magic Circle, US
regional and Non-US. Each state and Canadian province has their own largest firms. They have a combined market share of 30%.
The objective is to promote collaboration on
non-competitive projects among the firms for their benefit and that of the
legal profession.
2. Networks There are 50 legal networks and 25
accounting networks. Together they have 8,500 firms. The relationships built
over the decades cost in excess of $3 billion dollars. The Titans capitalizes
on the relationships for the benefit of the networks, members and clients
3. ALSPs ALSPs are both innovators and
suppliers of ancillary services. Their rise in the legal profession represents
the evolution of legal services. The objective of the Titans is to make
ALSP’s expertise and services more accessible.
4. Consultants Consultants tie the profession
together by bringing innovation to the attention of firms and corporate
clients. They facilitate implementation.
Comparative Characteristics of Billion Dollar Websites
The GlobalLegalLeaders.com
Website - Features
1. Titans’ Endorsements Each of the
Titans in a category has an interest in promoting their comparative
endorsements to their staff and their clients. For firms this is done with
Chambers, Legal 500, Best Lawyers, etc. The website permits users to
endorse each Titan.
2. Social Media Promotion This
will be done by posts, documents, polls, and videos. The LinkedIn following of
Global Legal Leaders is at 19,000 followers.
3. Requests for Proposals Responders to RFPs
must have a user account. When there is a response by a non-contact, an account
is automatically created expanding the number of users.
4. Personalization The entire site is
personalized around the specific interests of firms, networks, consultants, and
respective users. For example, the minimum amount for referrals can be
designated as: All, $10k, $50k, $100k, $500k or $1m by each law firm.
5. Individual URLs Every firm, network member,
consultant, and ALSP has a distinctive URL to maximize Google indexing. There
are 11,000 organizations and individuals on the website.
Website's Products and Functions to
Facilitate Consolidation
· User’s Personal Page and Referral Dashboards: Each user has a personal page, similar to like LinkedIn. Transactions and response information are recorded on users’ dashboards. Both create a continuing relationship with the website like LinkedIn.
·
Law
Firm Dashboards (Referral Receivers): Request for Proposal information and responses are
recorded on firm dashboards to create a continuing relationship with the
website.
·
Organic
User Growth: When a Request
for Proposal (RFP) is replied to by a non-contact, the replier is automatically
given an account. This will accelerate expansion.
·
Artificial
Intelligence and Mechanical Learning Integration: Integrate information using AI as
related to matters by user and type of legal or accounting matter to market
services.
·
Network
Firm Data Maintenance: Firms
and networks are self-maintained with access code reducing costs to a minimum.
·
Transactional
Data Collection: Collect
data on each matter, location, and c client types, etc. and more for sale to
firms, in-house counsel, and other interested parties, etc. This will be
necessary since the competition will have similar information.
·
Comparative
Information: Comparative
information received from Requests for Proposals (RFP) is consolidated to
predict future product and service demand.
· User Endorsement: Each Titan can be endorsed by clients, attorneys, and accountants relative to the other Titans in their category. This is done in real-time.
There is No Competition
How GlogalLegalLeaders.com is Addressing Individual
Global Markets
Summary
1. Footprints of the
largest law firms have grown from 1990 - 2024. The markets in economic centers
are now saturated. New growth was temporarily slowed by CCOVID 19. Growth
will be done predominately by mergers.
2. Law firm
networks are now the largest practice organizations. They continue to develop
but CCOVIDovid-19 temporarily affected their operations. A new online alternative is
required to leverage their $3 billion investment in personal and professional
relationships.
3. The Internet has
penetrated the legal market both vertically and horizontally. Internal
operations are increasingly cloud-based. External relationships are maintained
on the Internet. This is reflected in the use of Zoom and its competitive
products.
4. Effective and efficient legal services require that clients’ exact needs to be identified and individually met. Using machine learning and AI can accomplish this. The profession is only on the edge of this revolution.
5. Data maintenance can be “outsourced” online to the individuals and organizations who have access to the information for real-time change. This eliminates most website overhead costs.
6. Bespoke information
can be provided to each firm, client, consultant, and user at no cost.