Software
Law
Legal
Table of Contents
1. Legal and Accounting Services Markets
2. GLL Technology Strategy
3. GLL Consolidation Projects
4. Next steps – Website
– "User Accounts" and "Claim Profiles" for Law Firms, Networks, ALSPs, Consultants,
and the Media
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1. Legal and Accounting Services Markets
Global Legal Market
The
market for legal services is undergoing a transformation. The Big 4 have
re-emerged as direct competitors to the largest firms as well as all firms
outside of the United States where there is no limitation on law practice. In
the legal profession ALSPs have been created and networks have expanded.
The very largest firms may gradually be at
a strategic disadvantage relative to new competition. This is the result of profound
market penetration, brand recognition, and the significant financial resources
of the Big 4.
This table vividly illustrates the market position of the Big 4 compared to a number of the very largest law firms by market recognition, number of offices and revenues.
What
is the fundamental underlying driving force of the global legal market?
Fragmentation – No law firm or organization has more
than a .3% market share. The Big 4’s entry into the market can increase
consolidation almost overnight.
Why
is fragmentation an impediment?
In a fragmented market there is a duplication of
efforts on common non-competitive activities. Resources are expended. The
greatest innovations never reach the market.
How will fragmentation be eliminated?
Warren Buffett said: “In business, I look for
economic castles protected by unbreachable ‘moats.’” Until recently the moat
has been deep in legal services. Today the moat is almost dry. The Big 4 entering
the legal profession will easily breach the legal moat.
There is an alternative. It is a cooperative or
collaborative model which reduces fragmentation. For a detailed analysis of
this alternative, please see: The
Multidisciplinary Organization (MDOs): The Competitive Alternative to the Big
Four.
Is
this inevitable?
Yes – Fragmented markets are eliminated by the entry
of competitors who already have significant market share. This is accelerated
by technology that increases efficiencies.
External changes also affect fragmentation. Legal
operations and purchasing departments also require multiple proposals. This
will increasingly include the Big 4.
What
is the fundamental benefit of consolidation and collaboration?
Clients receive precise services
they require and service providers offer service at a lower price but at a
higher profit margin as a result of reducing duplication of efforts.
2. GLL Technology Strategy
What new technology does GLL create?
GLL will deploy existing technology but makes it accessible
to a greater number of firms covering 20% of the global market for legal and
accounting services. The difference is the scale of deployment not necessarily
the technology. The technology is available to users and firms, consultants,
networks, and ALSPs on the website.
How is technology to be used?
Clients are looking for providers. Service providers are
looking for clients. Each is a different side of the service equation. GLL
accounts for these objectives by letting each define for themselves their
providers and the services being offered.
Metrics
The efficiencies can be measured from the perspective of
both the clients and the providers. This is not possible when the only
information is from one side of a transaction or the other. Consolidation makes
the metrics available online.
Does GLL create new services?
It creates more efficient use of existing services. As new
services are created by individual firms and organizations, they can be
introduced.
3. GLL Consolidation
Projects
What are the GLL consolidation projects?
Why these?
There are a number of potential projects related to all legal and accounting services providers that benefit clients. These cooperative/collaborative projects that benefit the entire legal and accounting professions as “open sources” similar to those in technology.
A. Quality – Value - Metrics (QVM). Metrics can quantify,
analyze and report on performance and demonstrate business value. The legal
profession has not established uniform global standards for measuring and
establishing reciprocal quality metrics for both outside and in-house legal
services. The committee can establish global legal standards for firms and
in-house departments.
B. Artificial Intelligence (AI) and Mechanical Learning
(ML).
The uses AI and ML learning are rapidly advancing to improve legal
practice. This includes due diligence,
prediction, analytics, automation, research and accounting. The committee would
study, establish, promote and act as a resource using AL and ML to improve the
efficiency in global practice and administration.
C. Requests for proposals (RFPs) are an important
element in the selection of service providers. The RFP process can be expensive
and time consuming. It can be made more efficient. It can also incorporate
other services related to a particular matter. Resources can be made available
through integration with AI and ML.
D. Social interaction is an important aspect of the
professions. Social media is an important part of today’s networking resources.
This includes both written materials as well as interpersonal networking.
Subject matter resource distribution can expand through websites and blogs.
Online networking with Zoom can expand interpersonal connections beyond
in-person meetings.
E. Law and Accounting Services Law is no longer controlled by law firms. ALSPs, networks, and consultants have become important providers and support for related legal services. A committee could study how these services can be expanded and integrated with traditional legal services.
4. Next steps – Website – User
Accounts and Claim Profiles
The GLL website “belongs” to
the listed organizations and the users. They control the information about
themselves and their interests. This includes requests for proposals by users
and sent to firms, ALSPs and consultants. The two types of accounts – Users and
Service Providers - make this possible.
What
are User Accounts?
User
accounts allow free participation by
anyone in the world interested in legal and accounting services.
They
include the capacity to do a request for proposals (RFP). Articles of interest
by country and practice areas will be automatically provided into the accounts.
As referrals are made, artificial intelligence (AI) will refine the content.
User Accounts
What
are “Service Provider” accounts for the largest law firms, networks, ALSPs, and
media.
Accuracy of information is key. Each service provider can “claim” their information on the GLL website. This assures that the information is always as accurate as possible.
All that is required is to user the listed email to verify the contact.
As new features are created by the committees, they can be provided to the listed organizations or individuals.
Largest Law Firm
Legal Consultants
Networks
ALSPs
Media
