NewLaw v. BigLaw - David Beats Goliath and Joins Him Too

NEWLAW v. BIGLAW

David Beats Goliath and Joins Him Too

John RiderCognition LLP

Why NewLaw?

technology

better service delivery

work-life balance

cost predictability

wasteful overheadcommoditization

broken partnership model

flexible pricing

disaggregationspecialization

Clients

budget certainty

contextual advice

expertise/experience

business knowledge

Disconnected Stakeholders

Lawyers

billable targets

caveats

students/juniors

law firm ranks

Evolution of Corporate Counsel

Historical

Today

Yesterday

Outside Counsel

Outside Counsel Outside

Counsel

In-House Counsel

In-House Counsel

In-House Counsel

LPOLPO

Huge, Bet Company

Increasing Legal Options

CLO- Project Manager

Legal Services Landscape

In-House

Governance & risk management

Compliance programs

Litigation management

IP / IT

Transactions

Contracts

Manage service providers

Outside Counsel

Specialized & bespoke services (litigation, complex

transactions, tax, bankruptcy, multinational intricacies)

LPO Provider

sLitigation support

Contract management support

Compliance process support

Paying the Right Price

LEVEL OF COMMUNICATION/INTERACTION B/T CLIENT & FIRM

GREATERCLIENT

RISK

GREATERFIRMRISK

Increasing Pressure for Lawyers

competition

politics of partnership

time demands

workload

business development

quotas

Client pricing pressure

Reliance on deal work

Disloyal partnership

Size of Canadian market

Global competition

New models

Strains on BigLaw

Imbedded lawyers

Best-of-breed credentials

Low overhead

Flexible/customizable basis

Integrated with client team

Cognition Innovation

Choose workload

Flexible environment

No billable quotas

Non-partnership track

Different culture

Cognition Lawyers

Experienced Counsel

Average experience among Cognition lawyers:

They also had a combined total of:

in-house experience before joining Cognition

XXXYears

This means that Cognition’s Lawyers currently have a total of:

in-house experience

XXXYears

Cognition’s Lawyers spent a total of:

working in law firms before moving on to in-house

positions

XXXYears

Kind of Lawyers we Attract

Kind of Lawyers we Attract

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.”

Consulting service

Contract management

McCarthy Tétrault partnership

Technology rollout

Expansion

Cognition’s Future

John RiderCognition LLP

[email protected] x104