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Establishing & Operating a Dispersed Law Firm

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Establishing & Operating a Dispersed Law Firm

  1. 1. ESTABLISHING & OPERATING A DISPERSED LAW FIRM Joe Milstone Co-Founder
  2. 2.  Want clients who are playing with real money  Reducing hourly rate is thin edge of wedge  Enablement of alternative models  Reduction of duplication  Capitalize on historical client irritants  Virtual and boutique ≠ Lean and Innovative  Lean and innovative ≠ LPO and commodity work  Quality remains paramount  Need something more than cloud and cost Lessons Learned
  3. 3.  Outside firm that behaves like in-house counsel  Lawyers with best-of-breed credentials  Available on a flexible / customizable basis  Integrated with business team  Rates that are ⅓ to ½ the cost of traditional firms One Model for Dispersed Legal Services
  4. 4. Where This Fits Cognition LLP Reduce dependency on high priced counsel Keep work in-house/integrate with your team Get a business-minded lawyer with relevant experience Reduce cost Flexible alternative to a full-time hire For peaks and valleys in work-flow For part-time work For specific project-based work Access to varied skillset Corporate Law Departments Cognition LLP Law Firms
  5. 5. Where your fees go with BigLaw
  6. 6. Components of a Billable Hour LAWYER’S SALARY SUPPORT STAFF CLASS A OFFICE SPACE MARKETING EXPENSES TRAINING JR. LAWYERS PARTNER DRAWS EXPENSE ACCOUNTS FIRM RETREATS COPY CENTRE OTHER OVERHEAD TYPICALLAWFIRMRATES DISPERSEDLAWFIRM CAPABILITIES
  7. 7.  Employees, contractors and/or partners  Control, Tools, Dependency, Flexibility  Decision drives follow-on structural issues:  IP and confidentiality  Non-competes  Salary, benefit and expense expectations  Payment and taxes Business Considerations – Supply Side
  8. 8.  Flexibility with pricing – AFAs, discounts  Psychology of oversight and centralization  Retainers and billing terms  Commitments and thresholds  Engagement letters and lawyer-client relationship Business Considerations – Sell Side
  9. 9. Cognition Overview 2 2 1 3 5 4 1 4 21 0 5 10 15 20 25 2006 2007 2008 2009 2010 2011 2012 2013 2014 659applicationsreceived Years our Current Lawyers Joined
  10. 10. Cognition Overview Average experience among Cognition lawyers: They also have: in-house experience before joining Cognition Cognition’s lawyers have a total of: post-call experience Cognition’s Lawyers spend: working in law firms before moving on to in- house positions
  11. 11. Cognition Overview 123 146 223 116 121 11 122 12 11 113
  12. 12. Cognition Overview
  13. 13. General Counsel • 11 Associate General Counsel • 3 Senior Counsel • 7 Counsel • 12 Cognition Overview
  14. 14. Cognition Overview 3 38 2
  15. 15. Lawyers Cognition Overview StaffAssociates Executives
  16. 16. Becoming Legal Solutions Architects Technology Automation Managed Services Co-opetition
  17. 17. Media Attention “The principles behind Cognition…include being tech-savvy, efficiency-conscious, low-overhead and partner-free.” “[Cognition] is part of a new breed of small, nimble law firms thriving at a time when traditional corporate firms are seeing their profits squeezed” “The key to reducing fees to a fraction of [Cognition’s] Bay Street brethren? Cut out the marble-adorned offices and hire senior lawyers who can handle projects without assistants and junior associates.” Cognition named one of Canada’s fastest growing businesses for a third year in a row! “Cognition LLP [is] shaking up the market with new ways of providing legal services, such as fixed-fee services.”
  18. 18. Media Attention
  19. 19. Joe Milstone Cognition LLP jmilstone@cognitionllp.com 416-348-0313 Thanks and Questions

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