Stephen J. McGarry, BA, MA, JD, LLM Founder, Lex Mundi, WSG, AILFN & HG.org Admitted: TX LA MN
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 .2%.
- 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.
- 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.
Solution: Consolidate the Global Market and Integrate the 4 Functions – How?
Consolidate an easily accessible 20% ($300 billion) global B2B legal and
accounting market by creating a Global Website and a Global Organization.
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. 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
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)
· 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 has created the need to find alternatives.
· Over the past 25 years, networks have invested of $3billion 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.