Legal Market - Fragmentation to Consolidation to Innovations

Table of Contents

1.    Introduction - Problems and Solutions

2.    What is Market Fragmentation?

A. Understanding market fragmentation

B. Advantages of fragmentation

C. Disadvantages of fragmentation

3.  Legal Service Segmentation

4. Benefits of Consolidation for Legal Service Providers

A. Law firms,
B. Consultants
C. Networks
D. ALSPs

5. Benefits for Service Receivers – Corporations, Legal Departments, Business Clients

6. Other Factors - Information in a Consolidating Market – The Internet

7. Consolidation - $300 billion of Services Under One Umbrella

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1.    Introduction – Problems and Solutions

Over the last several decades there has been an expansion of firms, growth of networks, development of ALSPs, and the consulting professions. Thia accelerated 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. Market inefficiencies increase costs to business clients.

·         Hundreds of thousands of law firms and related businesses offer similar services. Existing “directories” cannot identify exact individuals with knowledge clients require

·         Firms and businesses are duplicating new innovations. Innovative products/services are unable to reach the global market, increasing costs.

·         Unparalleled financial opportunities are lost to innovators and investors. Clients, even with pronounced segmentation, cannot locate the exact services they require or in which they may have an interest.

Solutions

·         Create concentrated communication channels facilitating collaboration related to the financial and operational interests of each market segment.

·         Identify knowledgeable individuals who have personal access to information business clients require for matters and legal management.

2.    What is Market Fragmentation? 

It is one in which many businesses or organizations compete. There is no single or small group of organizations dominating the industry. The industry’s competitive structure means that no single organization or business is in an overly strong or influential position in the industry. This is the case with the legal profession, which consists of hundreds of thousands of law firms, corporate legal departments and associated businesses. None has a market share greater than .3%.

A consolidated profession is the opposite: a small group of companies or organizations dominating the profession. The remainder of the business market remains fragmented.

The first problem of a fragmented profession is inefficiencies. Virtually all products and services are sold to customers and clients are “retail” … one by one. This is the most expensive way.  This includes not only legal services of lawyers themselves but virtually all associated products and services. Retail sales is the natural extension of the fragmented market.

The second problem is that fragmented professions make ideal targets for firms looking to enter and potentially dominate and disrupt the market.  Markets can be readily assimilated. The nature of fragmented professions means that they often provide fewer barriers to the disruptors. This makes fragmented businesses or professions highly appealing for strategic disruptors. They create opportunities.

Warren Buffett said: “In business, I look for economic castles protected by unbreachable ‘moats.’”[3] An investor will be looking for a profession with a highly defensible market position. “The issue is that the many competing businesses and firms have spent their time and resources on fighting each other rather than maintaining a moat to protect themselves from disruption.” This allows the new consolidating competitors to build bridges across the moat. The fighting continues while the castle is being breached. The new competitor can sell wholesale to a larger market and at a greater profit.

As Michael Porter states in Competitive Strategy: Techniques for Analyzing Industries and Competitors: “Overcoming fragmentation can be a very significant strategic opportunity. The payoff to consolidating a fragmented industry can be high because the costs of entry into it are by definition low, and there tend to be small and relatively weak competitors who offer little threat of retaliation.”

The cost to the fragmented market providers can be very high because the fragmented system is suddenly replaced. Adaption to the new market require tremendous efforts.

A.   Understanding Market Fragmentation 

Fragmented markets consist of small, medium, and even relatively large organizations that compete with one another. No single organization or group of organizations dominates the entire global market.

In a fragmented market establishing and maintaining a brand is key. A brand reputation must reverberate throughout the marketplace. It must distinguish the firm or company from its competitors. This can be difficult in one state or country, and is multiplied in a global market.

On the other hand, in law, implementing a fragmented industry strategy means firms do not need to concern themselves about fighting for market share against major firms who may be in another distinct segment. They can develop their practices in a number of segments at a relatively low cost at a relatively high rate of return. This ensures that they are taking advantage of the fragmented profession as it relates to new opportunities.

Examples of a fragmented market include clothing retailers, businesses selling furniture, agriculture, and landscaping, book publishing, bulk building supplies, and others.  In a fragmented market, product and service segmentation can be intense, responding differently to marketing. These multiple segments are also indicative of a fragmented market.

This is not to say that in a fragmented market, product and service segmentation can be intense, responding differently to marketing. These multiple segments are also indicative of a fragmented market.

A market becomes fragmented for many reasons. Some are: 1.The needs of clients; 2. Generally a low level of innovation in products and services; 3. No economies of scale; 4. Strong competition in the market; and 5. Customization of the product is high within the segments.[8]

B.   Advantages of a Fragmented market

Fragmentation works well in specific businesses. A fragmented market can help businesses reach the right consumers and clients. Based on demographics, behaviors, and interests of the consumer, a fragmented market makes it easier for businesses to target their products to specific consumers and clients.

Since there is no dominant player in a fragmented market, it implies that clients have not given their loyalty to any business and that few standards exist in that market. This also implies that new entrants in the market have latitude for investigation and innovation of new products and services.

Fragmented markets may lead to a smaller client base, which makes it easier for businesses to pinpoint the interest of their clients more effectively. Marketing expenses of businesses may be reduced in a fragmented market. In many cases, the marketing is focused on local or regional clients. The advertising expenses are less than nationwide or global coverage.

A fragmented market favors firms with a smaller footprint. For example, with entry of the Big 4 into the legal profession, the largest law firms will incur incremental expenses to compete while the Big 4’s are scalable being spread across more markets. Thus, it is cost-effective for firms trying to enter a fragmented market not to start new practices. A fragmented market also gives firms an opportunity to target clients that other firms in the legal profession may have missed.

C.   Disadvantages of a Fragmented market

One firm’s advantage is another’s disadvantage. Like any other market, a fragmented market has its own set of challenges. As markets fragment, businesses need to be aware of the multiple platforms that can be used to reach their target clients and then use these to market themselves. As such, it becomes important for firms to track every change in the marketplace since their competitor are doing the same.

In a fragmented market, firms also need to ensure that their marketing strategies are consistent and adapted to the qualities of a different marketing methods. In a fragmented market, the need for continuous repetition of branding messages is a common issue.

3.    Legal Services Market Segmentation

Segmenting follows both fragmentation and consolidation. At its most fundamental level, it is the separation of a group of clients with different needs into subgroups with similar needs and preferences. By doing this, a firm can better tailor and target its services to meet each segment’s needs.

Characteristics of segmentation are:  

·                Firms rarely create a segment — more often they uncover one. 

·                Segmentation and demographics are very different things. Demographics such as age, sex, religion, etc. are not segments. Segments are the interests of individuals or businesses cutting across demographics. 

·                Segmentation decisions are made based on information. 

Regardless of the approach, a useful segmentation strategy would include these six characteristics: 1) Identify each segment and measure their characteristics, like demographics or usage behavior; 2) Must be large enough to be potentially profitable; 3) Should be able to reach its segments via communication and distribution channels; 4) Should be stable enough for a long enough period of time to be marketed strategically; 5) A segment should have similar needs that are clearly different from the needs of others in other segments; and 6) Actionable to be able to provide products or services to each of these segments.

4. Legal Service Providers - Consolidation Advantages (Section Input: ChatGPT )

What are the benefits and advantages for each of the services providers in the legal profession?

A. Law firms
B. Consultants
C. Networks
D. ALSPs

A. Law Firms

If the largest law firms were to consolidate with other service providers like consultants, networks, and Alternative Legal Service Providers (ALSPs), they could experience  significant benefits:

·         Expanded Service Offerings: By consolidating with these entities, large law firms can broaden their range of services beyond traditional legal counsel. This expansion would enable them to offer a more comprehensive suite of services, including specialized consulting, technology-driven solutions, and routine legal process outsourcing. Such diversification would make these firms more attractive to clients seeking a one-stop-shop for all their legal needs.

·         Access to New Markets and Clients: Collaboration with ALSPs and global networks would open up new markets and client segments for large law firms. These entities often have established relationships in different market segments or regions, providing an entry point for law firms looking to expand their client base.

·         Enhanced Technological Capabilities: ALSPs, in particular, are known for their advanced use of technology in legal services. Large law firms could benefit from this technological edge, incorporating sophisticated tools like AI for legal research, e-discovery, and data analytics into their practice. This would not only improve service efficiency but also position the firm as a technologically advanced player in the legal market.

·         Operational Efficiency: Consolidation with ALSPs and consultants can lead to significant improvements in operational efficiency. ALSPs can take over more routine, high-volume tasks, freeing up attorneys in large firms to focus on complex, high-value legal work. Consultants can provide insights into optimizing business processes and management strategies, leading to cost savings and better resource allocation.

·         Competitive Advantage: In a highly competitive legal market, firms that offer a wider array of services, global reach, and innovative solutions are more likely to stand out. Consolidation would place large law firms at a competitive advantage, enabling them to meet diverse client demands more effectively than firms offering only traditional legal services.

·         Risk Diversification: Diversifying services and client base through consolidation can also help large law firms mitigate risks. Economic and market fluctuations often impact different sectors and services differently. A diversified portfolio of services and clients can provide a buffer against market downturns in any one area.

·         Enhanced Brand Value and Reputation: Being part of a larger, more diverse network can enhance a law firm's brand value. It signals to clients and the industry at large that the firm is forward-thinking, versatile, and capable of handling a broad spectrum of legal issues.

·         Streamlined Client Acquisition and Retention: Through consolidation, law firms can leverage the client networks and marketing channels of their partners, potentially leading to easier client acquisition and retention. The ability to offer more comprehensive solutions can also lead to stronger and longer-lasting client relationships.

·         Access to Specialized Expertise: Collaboration with consultants and specialized networks allows law firms to tap into niche expertise that they may not possess in-house. This could be particularly valuable in emerging legal areas or in dealing with complex, cross-jurisdictional legal issues.

·         Innovative Service Models: Collaborating with ALSPs and consultants, who often employ different business and service models, can inspire law firms to innovate their own practices. This could include adopting new billing models, client service approaches, or operational strategies.

In summary, consolidation with other legal service providers can significantly enhance the capabilities, market position, and operational efficiency of large law firms, allowing them to better serve their clients and compete in a rapidly evolving legal marketplace.

B. Networks (Section Input: ChatGPT)

If the largest legal networks were to consolidate with other service providers such as the largest law firms, consultants, and Alternative Legal Service Providers (ALSPs), they could reap a range of strategic benefits:

·         Enhanced Global Footprint: Consolidation with large law firms and ALSPs, which may already have a significant global presence, would extend the geographic reach of the legal networks. This would enable them to offer more comprehensive global services to clients, particularly beneficial for multinational corporations with complex, cross-border legal needs.

·         Diverse Legal and Business Expertise: Incorporating the specialized knowledge of large law firms and consultants would broaden the expertise available within the network. This could include niche legal specializations, industry-specific knowledge, and business consulting expertise, offering a more holistic service package to clients.

·         Operational and Technological Efficiency: ALSPs are known for their operational efficiency and technological innovations in legal processes. By integrating these capabilities, legal networks can enhance their own operational models, adopting more efficient and cost-effective ways of delivering legal services.

·         Strengthened Market Position and Branding: Collaborating with well-established law firms and consultants could elevate the brand reputation of the legal network. It signals a commitment to providing top-tier legal services and access to a wealth of resources and expertise, which can be a strong differentiating factor in a competitive market.

·         Expanded Client Base and Cross-Selling Opportunities: Each entity brings its own client base, which, when consolidated, results in a larger, more diverse clientele. This expansion creates opportunities for cross-selling services, where clients of one entity can be introduced to the services of another, thereby increasing revenue opportunities.

·         Innovative Service Delivery Models: The combination of traditional law firm services, consultancy expertise, and the innovative approaches of ALSPs can lead to the development of new, client-centric service delivery models. This could include subscription-based legal services, integrated legal and business consulting offerings, or more flexible and scalable legal solutions.

·         Increased Competitive Edge: By offering a more comprehensive suite of services and having a broader base of expertise, the network can better compete with other major global law firms and legal service providers. This comprehensive approach can be particularly appealing to clients looking for a one-stop legal service provider.

·         Risk Management and Compliance Strength: Large law firms and consultants often have robust risk management and compliance frameworks. Integrating these frameworks into the network can enhance its ability to manage risks and adhere to compliance standards across jurisdictions.

·         Resource Optimization and Cost Savings: Consolidation can lead to the optimization of resources, such as shared administrative services, joint marketing efforts, and combined technology platforms. This can result in significant cost savings and efficiency gains.

·         Professional Development and Knowledge Sharing: The combined network would have a larger pool of professionals, which facilitates greater knowledge sharing and professional development opportunities. Lawyers and other professionals within the network can benefit from exposure to a broader range of practices, technologies, and business strategies.

In summary, consolidation between the largest legal networks and other major legal service providers can significantly bolster their capabilities, offering a more diverse range of services, improving operational efficiency, and enhancing their competitive position in the global legal market.

C. Consultants (Section Input: ChatGPT)

If law firm management and other consultants were to consolidate with other service providers like the largest law firms, legal networks, and Alternative Legal Service Providers (ALSPs), they could benefit in key ways:

·         Broader Client Access and Cross-Selling Opportunities: Consolidation with large law firms and legal networks would give consultants access to a wider array of potential clients. They could cross-sell their consulting services to these firms' existing client bases, especially in areas like organizational efficiency, technology adoption, and strategic planning.

·         Enhanced Industry Insights and Knowledge Sharing: Working closely with law firms and ALSPs would provide consultants with deeper insights into the practical challenges and emerging trends in the legal industry. This would enhance the relevance and applicability of their consulting services.

·         Expanded Service Offerings: By partnering with law firms and ALSPs, consultants could expand their service offerings beyond traditional consulting. They could collaborate on offering integrated solutions that combine legal expertise, management consulting, and technology-driven legal services.

·         Increased Collaborative Opportunities for Innovation: Consultants could work with law firms and ALSPs on innovative projects, such as developing new legal service delivery models or incorporating cutting-edge technologies like AI and blockchain into legal practice.

·         Strengthened Market Position and Branding: Affiliation with well-respected law firms and legal networks can elevate the branding and market position of consulting firms. It signifies a level of prestige and expertise that can attract more clients and higher-profile projects.

·         Operational Efficiencies and Cost Savings: Collaborating with ALSPs, in particular, could lead to operational efficiencies for consultants. ALSPs’ expertise in process optimization and technology could be leveraged to streamline consultants' own operations and reduce costs.

·         Access to a Global Platform: Large law firms and global legal networks operate across multiple jurisdictions. For consultants, being part of such a network means having a global platform to offer their services, which is especially advantageous for those looking to expand their international presence.

·         Diversified Revenue Streams: Consolidation allows consultants to diversify their revenue streams. Working with a variety of legal service providers opens up new avenues for income, making their business model more resilient to market fluctuations.

·         Enhanced Value Proposition for Clients: By collaborating with law firms and ALSPs, consultants can offer a more comprehensive value proposition to clients. This can include not just advisory services, but also practical implementation of their recommendations through legal and technological solutions.

·         Competitive Edge in a Crowded Market: In the competitive field of legal consulting, being part of a larger, multi-faceted group can provide a significant competitive edge. It allows consultants to offer a unique blend of expertise that stands out in a crowded market.

In conclusion, consolidation with other legal service providers can significantly enhance the capabilities, market reach, and operational efficiency of law firm management and other consultants, allowing them to provide more comprehensive and innovative services to their clients.

D.   Alternative Legal Services Providers (ALSPs) (Section Input: ChatGPT)

If Alternative Legal Service Providers (ALSPs) were to consolidate with other service providers such as the largest law firms, consultants, and legal networks, they could gain a number  of  advantages:

·         Access to a Broader Client Base: By partnering with large law firms and legal networks, ALSPs can access a more diverse and extensive client base. This expanded reach would allow ALSPs to offer their specialized services to a wider range of clients, including those that may previously have been inaccessible due to the traditional focus of their partners.

·         Enhanced Service Offerings through Collaboration: Working with law firms and consultants, ALSPs can enhance their service offerings. Law firms bring deep legal expertise and client relationships, while consultants offer strategic and management insights. This collaboration can lead to the development of comprehensive, integrated legal solutions that combine legal expertise, strategic advisory, and efficient process management.

 Credibility and Market Presence: Association with established law firms and networks can significantly boost the credibility and market presence of ALSPs. Being part of a larger, recognized group can enhance trust among potential clients and position ALSPs as more formidable players in the legal industry.

·         Opportunities for Innovation and Technology Transfer: Collaboration with law firms and consultants, who may have different areas of expertise and approaches to legal services, presents opportunities for innovation. ALSPs can benefit from technology transfer and shared innovation initiatives, leading to the development of new tools and methods for legal service delivery.

·         Expanded Geographic Reach: Joining forces with global law networks and large law firms can provide ALSPs with an expanded geographic footprint, making it easier to serve clients in multiple jurisdictions and to offer more comprehensive cross-border services.

·         Diversification of Revenue Streams: By working with a variety of other legal service providers, ALSPs can diversify their revenue streams. This can reduce their reliance on specific markets or service areas, making their business model more resilient to market changes and client demand fluctuations.

·         Improved Efficiency and Scale: Collaboration with larger firms and networks can help ALSPs achieve greater efficiency and scale. They can leverage the resources, client networks, and infrastructure of their partners to optimize their operations and expand their capacity to handle larger or more complex projects.

·         Strategic Client Relationships: Through consolidation, ALSPs can develop more strategic relationships with clients. They can move beyond transactional interactions to become integral parts of their clients' legal and business strategies, offering solutions that are closely aligned with clients' overall objectives.

·         Better Market Intelligence and Trends Adaptation: Being part of a larger consortium allows ALSPs to gain better insights into market trends and client needs. This can help them adapt their services and strategies more effectively to meet the evolving demands of the legal market.

·         Enhanced Talent Acquisition and Development: ALSPs can benefit from the talent and expertise available within larger law firms and consulting networks. This could include opportunities for training, professional development, and the attraction of top talent drawn to the diverse opportunities and resources available within a consolidated entity.

In summary, consolidation with other key legal service providers can significantly enhance the market position, service capabilities, and operational efficiency of ALSPs, enabling them to provide more comprehensive, innovative, and efficient legal solutions to a wider range of clients.

5. Receivers of Legal Services - corporations – corporate legal departments (Section Input: ChatGPT)

How would clients, in particular corporate clients and their legal department benefit if the most important law firms, law networks, consultants and ALSP cooperate to enhance efficiencies in the services they provide?

If the most prominent law firms, law networks, consultants, and Alternative Legal Service Providers (ALSPs) collaborate to enhance efficiencies in the services they provide, corporate clients and their legal departments stand to gain significantly in a number of ways:

Integrated Service Offerings: A cooperative approach among these entities would result in a more integrated range of services. Corporate clients would benefit from having access to a comprehensive suite of legal services, from high-end legal advice to routine legal processes, all under a coordinated system. This integration would streamline the legal service procurement process, making it more efficient and less time-consuming for corporate legal departments.

Cost-Effectiveness and Predictable Pricing: Collaboration could lead to more cost-effective legal solutions. By combining resources and expertise, these entities could optimize processes and reduce overhead costs, leading to more competitive pricing for clients. Additionally, a cooperative approach might encourage the adoption of alternative pricing models, like fixed fees or subscriptions, offering greater predictability in legal spending.

Quality and Innovation: This collaboration would bring together the specialized expertise of top law firms and consultants with the process efficiency and technological innovation of ALSPs. The resultant synergy could lead to higher-quality legal services, as firms leverage the best practices and technological advancements from each sector. This could include more effective use of AI in legal research, data analysis, and contract management.

Global Reach with Local Expertise: Corporate clients often face legal issues that span multiple jurisdictions. A collaboration among global law networks, prominent law firms, and consultants can provide a blend of global reach and local expertise. This ensures that clients receive legally sound advice that is also culturally and contextually relevant.

Customized Solutions for Complex Needs: With the combined expertise and resources of these entities, corporate clients could expect more tailored solutions to complex legal problems. The diverse expertise available through such collaboration would allow for more nuanced and sophisticated approaches to legal issues that are often encountered by large corporations.

Risk Management and Compliance: Enhanced cooperation could lead to better risk management and compliance solutions. Law firms and consultants, with their deep understanding of legal risks, combined with the operational efficiency of ALSPs, can offer more comprehensive compliance and risk assessment tools, helping corporate legal departments navigate an increasingly complex regulatory environment.

Enhanced Efficiency in Legal Operations: Collaboration could streamline legal operations within corporate legal departments. For example, routine legal tasks could be outsourced to ALSPs, allowing in-house counsel to focus on strategic aspects. Consultants could provide insights into optimizing the legal department’s structure and processes, leading to increased overall efficiency.

Access to Cutting-Edge Technology: Law firms and networks might not always have the latest in legal technology, an area where ALSPs often excel. By collaborating, corporate clients would have access to state-of-the-art technology for legal operations, from advanced e-discovery tools to sophisticated contract management systems.

Faster Resolution of Legal Matters: The combined expertise and resources can lead to quicker resolution of legal issues. Efficient process management, facilitated by ALSPs, and expert legal advice from top law firms and consultants could significantly reduce the time spent on legal matters.

Stronger Relationships and Trust: A collaborative approach can foster stronger relationships between corporate clients and their legal service providers. This trust and understanding can lead to more effective communication, better alignment of legal strategies with business goals, and a deeper engagement with legal matters.

In summary, such a collaboration would be a win-win, enhancing the value, efficiency, and effectiveness of legal services provided to corporate clients, ultimately supporting their business objectives more comprehensively and dynamically.

6. Other Factors - Information in a Consolidating Market – The Internet

The largest law firms, consultants, networks and ALSPs combine useful information with modes of delivery. Today, it is possible to separate delivery of information from legal practices. In other words, market share can be developed without the burden of developing a legal practice through providing information that places potential business clients in direct contact with vetted firms and lawyers. The potential client can then make their own evaluation of the lawyer’s expertise and comparative cost in real time.

An example in retail is Amazon. They have adopted a model of consolidating multiple products and services under one roof by making comparative information available on each product. Its market share is unlimited because it concentrates on information distribution first, and then distribution of others’ products and services. The result is that the “retail” industry has been rocked by this change in the information distribution structure. Stores cannot offer the same broad choices or a cost-effective delivery system for a single product line. Why go to a store when the same toy is available on Amazon for a lesser price and it is delivered the next day to your home for free?

Another similar example is Uber. It has taken a completely fragmented business, personal transportation, and consolidated it. It was followed by Lyft.

In a fragmented market, the only defensive opportunity lies with the potential consolidation of a significant part of the B2B legal profession. This means the consolidation of legal and accounting networks with other companies who have something in common: offering their clients comprehensive quality services and common competition: the Big 4.

7. Consolidation - $300 billion of services under one umbrella

The Internet introduces two new consolidation factors.  (1) Unlimited information is now available on products and services. (2) Existing brands themselves can be consolidated by creation of new delivery modes. This is a different form of consolidation.

The combination of law and accounting networks with other providers such as AI, Blockchain, and other technology can create something larger than the Big 4. An Internet platform creates a more effective organization in that it can simultaneously incorporate (assimilate) other associated by business at no significant costs to provide clients. Each firm or company remains completely independent.

Utilizing the same models underlying Amazon, LinkedIn, and Uber, a consolidation alternative can easily be implemented. All that is necessary is:

1. Carve out legal and accounting firms that are members of networks. The members of 75 networks annually provide $180 billion in services to clients. This is 15% of a $1.1 trillion market, which effectively defrags the markets. They have been jointly organized over the last four years.

2. Utilize the investment of several billion dollars already spent to develop professional and personal relationships among members of law and accounting networks over 30+ years. (Similar to Uber where drivers use their own cars.)

3.  Exclusively provide access to the exact expertise and experience of 600,000 vetted professionals at 10,000 firms virtually everywhere on earth in minutes.

4.   Offer the only real-time use of the system to all professionals in the world for free. This makes all business lawyers and accountants global.

5. Develop a continuing customer relationship as a result of the personal dashboard management system for each user and replying firm. (Similar to LinkedIn.)

6.  Incorporate virtually any service or product related to law and accounting for users, tagging each to the matter for secondary product and sales. (The “one-stop shop” model of Amazon.)

7. Create a global minable meta-database of transactions and litigation matters deployable for product and service creation. The same database can also be deployed for the sale of transaction and litigation analytic products and services.

8. Assemble a built-in customer database of 10,000 legal and accounting firms for products and services. They can be marketed through the 75 networks to their members. This creates an unlimited number of potential clients for these new incremental services.

9.  Create a proactive vendor “market” by placing products and services such as ALSP services in front of users based upon actual matters – a form of AI dynamic personalization. (Similar to Amazon – “People who purchased X also purchased Y.”)

10.  Operate with minimal administrative or financial costs. Maintenance and expansion work can be done by users, firms, and networks. (Similar to LinkedIn.)

11. Develop scalable AI and blockchain applications that can be incorporated and sold to network member firms, user firms, and organizations.

12.   Grow a network’s user base at no cost as other professionals within the firms are brought into the matter or litigation.  The network’s effects are similar to Facebook and LinkedIn. No app needs to be downloaded to participate.

13.  Transform the retail market to wholesale for vendors of law- and accounting-related products and services by sales through the networks to their members, reducing the overall cost of sales.

14. Generate potential horizontal and vertical revenue streams of an estimated $30 - $50 million within the first 18 months. This requires first establishing identifiable brand credibility with the 10,000 firms on the site.