1. ESTABLISHING & OPERATING A DISPERSED LAW FIRM Joe
Milstone Co-Founder
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. 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 to the cost of
traditional firms One Model for Dispersed Legal Services
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. Where your fees go with BigLaw
6. Components of a Billable Hour LAWYERS 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. 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. 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
10. Cognition Overview Average experience among Cognition
lawyers: They also have: in-house experience before joining
Cognition Cognitions lawyers have a total of: post-call experience
Cognitions Lawyers spend: working in law firms before moving on to
in- house positions
17. Media Attention The principles behind Cognitioninclude
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 [Cognitions] 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 Canadas 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. Media Attention
19. Joe Milstone Cognition LLP [email protected]
416-348-0313 Thanks and Questions
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