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

1.  Market fragmentation in the legal markets creates inefficiencies.
2. Hundreds of thousands of law firms and related businesses offer similar services.
3.  Firms and businesses are duplicating new innovations.
4.  Clients, even with pronounced segmentation, cannot locate the exact services they require.

 Results

1. Market inefficiencies increase costs to clients.
2. Innovative products/services are unable to reach the global market, increasing costs.
3. Service and product differentiation are almost impossible.
4. 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.