- press coverage | tgo consulting
legal executive institute September 2020 Together with , Jaap Bosman writes for the Legal Executive Institute (Thomson Reuters) an Nancey Watson article on understanding the business is crucial for Legal. Read the article here dutch financial press - de jurist September 2020 Jaap Bosman is a columnist for Dutch legal publication (Het Finanieele Dagblad). This article examines the pitfalls of working from home. de Jurist Read the article (in Dutch). here law360 September 2020 Jaap Bosman comments on partner compensation systems in a Law360 article (LexisNexis), by Aebra Coe - . Read the article Will Pure Lockstep Partner Pay Survive the Decade here aba webinar June 2020 Jaap Bosman contributed to the 2020 Virtual Annual Meeting organized by the International Law Section of the ABA. More information on the Annual Meeting can be found here iba webinar May 2020 Jaap Bosman presented the kick-off webinar in the first ever Virtual Entrepreneurship Conference organized by IBA, with over 400 lawyers actively attending. A recording can be found More information here here law360 April 2020 An article in Law360 (LexisNexis), by Aebra Coe, looks into Corona crisis measures of law firms. The article refers to our blog and some of our analysis is quoted in the article. Find the article here zhihe - intelligeast March 2020 Shanghai based Zhihe, the leading educational network and service provider in the Chinese market, published an article written by Jaap Bosman: link to the article (in Chinese here ) gazette du palais March 2020 Gazette du Palais, a leading legal market publication in France, published an interview with Jaap Bosman on Legal Technology and the Creation-Production Divide Concept. Read it (pdf) or (in French here here ) acc docket March 2020 Jaap Bosman co-authored the Feature Article of the ACC Docket Magazine March 2020 issue, introducing a 3-step method for prioritizing legal matters in-house. You can read the article here podcast Finland February 2020 Jaap Bosman joined Casper Herler in a on the future of the legal profession. They explore trends for the legal industry in the new decade. What is cognitive diversity? When is specialism bad? And many more. podcast bloomberg law + bloomberg tax February 2020 Jaap Bosman’s widely discussed article for Bloomberg: ' Fundamental Changes Coming to the Legal Industry This Decade', published by Bloomberg Law and by Bloomberg Tax. zhihe - Shanghai January 2020 Shanghai based Zhihe, the leading educational network and service provider in the Chinese market, published a of Jaap Bosman's original article translated version " " 5 Trends that will define the New Decade for Law Firms acc legal operations - virtual roundtable January 2020 Jaap Bosman & Vincent Cordo were invited by the ACC to a on their book focusing on concrete tools to get more value out external lawyers. webinar/ virtual roundtable , Data & Dialogue, a relationship redefined law360 October 2019 An in Law360, by Aebra Coe, examines the latest expansion of Dentons in the US, and quotes Jaap Bosman. Law360 is a LexisNexis company known for covering events in the legal market within 48 hours. article acc australian corporate lawyer magazine October 2019 The Australian Corporate Lawyer magazine, by ACC Australia, featured an from the book in their spring issue 2019. excerpt Data & Dialogue - a relationship redefined innovation forum Shanghai August 2019 Zhihe the largest legal community platform in China, and TGO Consulting lectured during the three day Law Firm Innovation Forum in Shanghai, joined by legal tech entrepreneurs and managing partners of law firms from all parts of China. , law360 July 2019 An in Law360, by Aebra Coe, examines the decision by Kirkland & Ellis to set up a plaintiffs' side trial group. Jaap Bosman is quoted, providing the context of litigation finance and its potential significant returns. article acc breakfast meeting June 2019 At an ACC Europe breakfast meeting, hosted by EMEA headquarters of Uber, Jaap Bosman and Vincent Cordo gave a briefing on data analysis in legal services from their book , Data & Dialogue, a relationship redefined article aba Journal May 2019 ABAJournal.com published our column Jaap Bosman, is a regular contributor to the ABA Journal, the flagship magazine of the American Bar Association. The 6 most important qualities for an equity partner. bloomberg law April 2019 Jaap Bosman is a contributor to Bloomberg Law. In this he writes about data analysis in the legal service sector and the insights provided by his new book Data & Dialogue, co-authored by Insight article . Vincent Cordo article aba journal April 2019 ABAJournal.com published an article by Jaap Bosman, a regular contributor to the ABA Journal, the flagship magazine of the American Bar Association. , The Legal Industry Will Need a New Breed of Lawyers trends tendances April 2019 The Belgian business magazine Trends Tendances featured an interview with Jaap Bosman regarding the newly published book co-authored by Vincent Cordo. , Data & Dialogue ( ) Article in French article aba journal Januay 2019 Jaap Bosman, TGO Consulting, is a regular contributor to the flagship magazine of the American Bar Association. ABAJournal.com published his article Monetizing your investment in legal tech law360 Januay 2019 by Aebra Coe, Law360, examines the decline in the total number of jobs in the legal sector in Q4, 2018, quoting Jaap Bosman among other. Legal Sector Jobs Slump keynote legal forum shanghai December 2018 Jaap Bosman delivered the closing keynote at the 智合论坛 / Intelligeast Forum 2018, Shanghai, the biggest seminar on the future of the legal profession in China to date. Other speakers include Richard Susskind and Ashish Nanda. article aba journal October 2018 Jaap Bosman, TGO Consulting, is a regular contributor to the ABA Journal. ABAJournal.com published his article : Are lawyers being trapped in their practice niches? inblf global annual meeting October 2018 The International Network of Boutique Law Firms (“INBLF”), a global organization of highly regarded boutique law firms, held their annual global meeting in Rome, where Jaap Bosman gave a keynote. harvard meeting October 2018 TGO Consulting met with directors of Harvard post-graduate law programmes to exchange views and experience. aija congress August 2018 Jaap Bosman held a keynote at the AIJA congress in Brussels on the topic of being an international lawyer. AIJA is a global association devoted to lawyers and in-house counsel aged 45. tgo client event August 2018 TGO Consulting held its client event in Bayreuth (Germany). We attended the performance of . Richard Wagner's Walküre aba journal June 2018 ABAJournal.com published our article It's not the associate salaries, it's the human skills that challenge law firms legal network emea meeting June 2018 Jaap Bosman contributed to the EMEA gathering of Multilaw in Malta, with a keynote on the changing relationship between clients and law firms brought on by, amongst other, data analysis. law firm leadership roundtable May 2018 Jointly with ABN AMRO Bank and ZumpolleVanderStoel legal headhunters, TGO Consulting hosted a roundtable with Managing Partners and GCs on the challenges of putting non-lawyers in client facing roles in law firms. aba journal April 2018 Jaap Bosman is a regular contributor to the ABA Journal of the American Bar Association. ABAJournal.com published his article . Start monetizing those unused (discountable) billable hours lexisnexis France March 2018 Revue Pratique de la Prospective et de l'Innovation, is a French lawyer magazine published by LexisNexis in partnership with the National Bar Association of France. Jaap Bosman contributed with an on Prediction & Prevention in legal disputes. article shanghai law association January 2018 The China Law Publishing House published of the first Shanghai Law Association Law School lecture, held by Jaap Bosman. Kang Jianjun, vice President of Shanghai Law Association, presided at the opening lecture ceremony. a summary all China lawyers association December 2017 Jaap Bosman and Lisa Hakanson from TGO Consulting visited the All China Lawyers Association in Beijing, China. Shenzen bar association December 2017 Jaap Bosman gave a lecture on the topic of ‘Building a great law firm’ at the Shenzen Bar Association, in Shenzen, China. law firm marketing summit London November 2017 Jaap Bosman held a keynote on positioning and brand building at the 2nd annual Law Firm Marketing Summit London, organised by The Global Legal Post and Global City Media. business radio November 2017 Jaap Bosman was interviewed on the Dutch business radio on the topic of law firm profitability in the legal market. The hour-long broadcast can be accessed as a (in Dutch). pod-cast Polish bar association October 2017 Jaap Bosman gave a lecture on the topic of ‘Building a profitable law firm in a digital age’ at the Polish Bar Association (KIRP), in Warsaw, Polen. global legal post October 2017 The Global Legal Post published comments by Jaap Bosman on the effects of commoditisation in the legal market and the factors changing the way corporate clients value and purchase legal services. law press China October 2017 Law Press China, dedicates their October newsletter to female partners of Chinese law firms. The newsletter concludes with a book review and recommendation of the book Death of a Law Firm. acc docket October 2017 The ACC Docket is the journal of the Association of Corporate Counsel (ACC), publishes an by Jaap Bosman on what it might look like for the in-house counsel of the future. article ccbe e-book October 2017 The Council of Bars and Law Societies of Europe (CCBE) has published an eBook containing a collection of essays written by the expert speakers from their annual conference. Jaap Bosman contributed on the future of law and access to justice. an article international association of prosecutors September 2017 The (IAP) is the worldwide organization of prosecutors. Jaap Bosman was a speaker at the , held in Beijing, China, addressing all Prosecutors General in a closed session. International Association of Prosecutors 22nd Annual Conference and General Meeting of the IAP shanghai bar association September 2017 Jaap Bosman was invited by the Shanghai Bar Association, a lawyer's association with near 20.000 members in China, to hold a to its members on the topic of business of law. lecture tianjin bar association September 2017 Jaap Bosman was invited by the Tianjin Bar Association, Peoples Republic of China, to hold a lecture to its members on the topic of business of law. tianjin lawyer magazine September 2017 Tianjin Lawyer, the magazine for all members of the Tianjin Lawyers Association, published a review of Death of a Law Firm in their September issue. law360 August 2017 Law Firms Can Harmonize Client Service, by Aebra Coe, Law360, charts what clients are looking for in terms of service experience, quoting Jaap Bosman among other. Law360 is a LexisNexis news company. 5 Ways law360 June 2017 Law360 is a LexisNexis company and news source for legal professionals, business leaders, and government officials. Jaap Bosman is quoted in an article by Sam Reisman regarding the malware attack on DLA Piper. global legal post June 2017 The Global Legal Post published an article on commoditization of legal services based on an article written by Jaap for the ABAJournal.com. aba journal June 2017 Jaap Bosman is a regular contributor to the ABA Journal, magazine of the American Bar Association. It published his article , part of their Legal Rebels. Do you suffer from commoditization blindness? death of a law firm June 2017 The publishing arm of the American Bar Association, ABA Book Publishing, published our book , now for sale via their online store. Death of a Law Firm german bar association May 2017 At the conference of the German Bar Association, Jaap Bosman joined a panel including Mark A. Cohen (Legal Mosaic), John Fernandez (Nextlaw Labs/Dentons), Jane Townsend (Allen & Overy), debating innovation in law. iba global entrepreneurship conference May 2017 Jaap Bosman contributed to the in Paris. IBA Global Entrepreneurship Conference, aba journal March 2017 Jaap Bosman is a regular contributor to the ABA Journal, magazine of the American Bar Association. It published his article , as part of their Legal Rebels series. What lawyers can learn from a dollar-store model harbour view March 2017 The of Harbour View, a publication by Harbour Litigation Funding, celebrates their 10th anniversary. Jaap Bosman contributed with an article on the business of law. Spring 2017 edition revue pratique March 2017 Revue Pratique de la Prospective et de l'Innovation, is a magazine for lawyers by LexisNexis and the National Bar Association of France. Jaap Bosman contributed with an article on the business of law. (In ) English affiches parisiennes March 2017 Affiches Parisiennes, the Parisian biweekly legal journal, devoted the cover article of their 7 March issue to the JINOV conference in Paris, including the keynote speech by Jaap Bosman. op. recht. mechelen. February 2017 Jaap Bosman will contributed as a key note speaker in a conference on Management of Justice, concluded by the Belgian Minister of Justice and organized by the city of Mechelen, Belgium. programme jinov paris February 2017 JINOV, Les Journées de l’innovation du Droit et du Chiffre, presented its second edition of the days of innovation in law and numbers in Paris. Jaap Bosman contributed as a keynote speaker at this . event survey January 2017 TGO Consulting and Advocatie (Sdu) together conducted a survey amongst lawyers regarding their preferences on savings and investments. For a summary of the results in English, click . here la lettre des juristes d'affaires December 2016 One of the leading publication for the legal market in France, La Lettre des Juristes d'Affaires (LJA), published an article on TGO Consulting partner mobility report. legal tribune online December 2016 Legal Tribune Online, a law magazine published by Wolters Kluwer Deutschland GmbH, wrote an article on TGO Consulting partner mobility . report european conference on legal access November 2016 The Association for Development of Legal Informatization, Juriconnexion and Le Droit Ouvert, together organised the (JEIJ), where Jaap Bosman contributed. 4th European conference on legal access
- home | tgo consulting
what we do TGO Consulting are award winning business consultants focusing on the legal sector. We have a strong client base spanning most of Asia, Europe and the Americas. Our approach is fact based and result driven. We help our clients to maintain or improve their profitability. We work on the basis of a Financial Business Analysis© for which we have developed our own unique standardized model. This FBA© will highlight low hanging fruit and provide a benchmark against the market. Having decades of experience in the legal industry, we know the dynamics of partner groups inside out. During the process this will help overcome resistance and create buy-in. "everything must change for things to remain the same" - Guiseppe Tomasi di Lampedusa - articles of interest about us If it comes to serving a global client base and experience in working in different jurisdictions across the world, TGO Consulting is second to none. While understanding your home market and culture, we bring a wealth of experience in best market practice around the world. We know the legal industry inside out, past, present and future. We know your competitors and we know your clients. we strongly focus on enhancing our clients’ profitability the power of truly offering global best practice our new book Right now the world is facing unprecedented challenges. The business of law no exception. A New Dawn helps lawyers navigate the crisis. Practical and easy to read, just what you need today. a new concept There is no linear relation between time and value. We created the Creation-Production-Divide Concept©, a revolutionary new way to explain where the value is. This concept will fundamentally change the business of law. we strongly believe being a lawyer is about human skills a human-centric approach Being lawyers ourselves and having gained almost two decades of experience in private practice and in-house, we understand the dynamics of the partner group like few others. Although we always focus on our clients’ financial performance, we are strongly aware that the business of law is a human business before anything else. Understanding peoples’ drivers and behaviours is key to achieving lasting results. power curve Succession remains a sensitive and complex topic. The TGO power curve© analysis immediately shows succession and leadership vulnerabilities in the firm. This is just one of our data-based models in use. in the press 1/1 Interview on legal technology in La Gazette du Palais Article on the future of the legal profession 未来十年，律师事务所的五大趋势 Feature article in ACC Docket on how to prioritize for inhouse lawyers
- Speaking Engagements | TGO Consulting
BJM Jaap Bosman.png TGO Jaap Bosman Colour.jpg Jaap Bosman TGO Consulting Prague May2016.JPG 1/3 Conferences and Speaking Engagements is an experienced speaker at conferences and regularly facilitates discussions and workshops during partner retreats. Jaap Bosman His speaking topics include the economics of legal services, global strategy and business planning, pricing, the dynamics of a partner group and the impact of digital technology on the legal sector. He gives compelling and engaging keynotes at numerous conferences each year. Check Availability
- Process re-engineering | TGO Consulting
Process deconstruction & re-engineering TGO Consulting helps law firms with proper analysis and fundamental process deconstruction and re-engineering. Business process re-engineering (BPR) is a business management strategy, originally pioneered in the early 1990s, focusing on the analysis and design of workflows and business processes within an organization. BPR aims to help organizations fundamentally rethink how they do their work in order to dramatically improve customer service, cut operational costs. In the future the discussion will no longer be about the hourly rate, but about time spend. Clients will initiate a drive to dramatically improve the efficiency of the workflow and of how the work is done and at what level of seniority. This new reality will require a fundamentally new way of working for law firms. A new way of working that goes far beyond the implementation of 'project management'. It will require a complete overhaul of the traditional way of working and a completely new set of incentives and accounting tools. Today all but a few law firms experience pressure on price. Increasingly clients have demanded discounted rates or have negotiated Alternative Fee Arrangements. Ever since the financial crisis clients have put efforts to lowering their annual total legal spend. Up till very recently with limited success. Recently a new trend emerged with clients focusing on increasing the efficiency of the cooperation with external legal advisors. Data analytics are employed to create benchmark numbers and identify any inefficiency in the way matters are handled. Focusing equally on inefficiencies on the law firm side as well as on inefficiencies on the client side. Contact us and find out how TGO Consulting could help you.
- our services | tgo consulting
Law firm leadership Business-process analysis and re-engineering Partner performance and compensation Financial analysis & data analysis Succession planning Digital transformation Market positioning & strategic practice development what we do TGO Consulting is an award-winning business consultancy targeted at the Elite law firms in any jurisdiction. We have strong client base spanning most of Asia, Europe and the Americas. TGO Consulting is one of the few, if not the only, strategy consultant in the Legal Industry that is truly capable of bringing 'Global Best Practice' to its clients. Our clients are able to maintain their tier-1 position because they have never become complacent. They always remain extremely ambitious to be even better. Law firms that need help most are the hardest to help. Most mid-tier firms are mid-tier for a reason. We cannot change that. It all starts with ambition. That is why we focus on the Elite. For our clients it is not just about being in the first-tier; it is about being number one. Our clients want to be the winners. Our clients remain hungry to forever increase their share of the most challenging and interesting cases for the world's leading companies. "you need the skill and you need the will, but the will must be stronger than the skill" - Muhammad Ali - We know the business side of law like few others. Even more important perhaps is our unparalleled experience with the dynamics of a partner group. We don't sell 'fear', we create 'opportunity'. TGO Consulting has the unique ability to find creative and innovative strategic solutions. We are aware that any strategy in the end is as good as it's execution. We employ a fact-based approach. We typically start with a Financial Business Analysis© for which we have developed our own unique standardized model. This FBA© will typically highlight low hanging fruit and will immediately lead to a higher profitability for the firm. Typically, this is in the range of 5 to 10%, although we have seen profit increases that were higher. The FBA© will also provide a benchmark against other leading law firms in the same and comparable jurisdictions. Benchmarking against best market practice provides our clients with indicators against which we can later measure progress. The Financial Business Analysis©, in combination with a market analysis and an analysis of the strengths and weaknesses of the present partner group will create a solid foundation for defining the strategic objectives for the firm. Together with our client we define a clear, relevant and realistic strategy that will lead to more profitability and a stronger position in the market. We do not waste time on things that do not contribute to our clients' bottom line. Few legal industry strategy consultants have so much in-depth experience in working with partner groups as TGO Consulting. We know the dynamics of partner groups inside out. During the strategy process we will help overcome resistance and to create buy-in from the partners. Read More
- Law Firm Leadership | TGO Consulting
Leadership development and transition TGO Consulting assists managing partners and law firm leadership in carrying out their tasks and develop techniques to be more effective in their leadership role. We not only know the business of law like few others, above all we understand the inner workings of the partnership. This understanding is key to getting things done and effectively moving the firm forward. We offer individual coaching and operate discrete and behind the scenes. Coaching sessions at regular intervals provide an effective learning curve and a continuous feedback loop. Qualities that make an excellent partner become a hindrance when managing the firm. Once a partner is elected into a management role, he or she enters a whole new ball game. Managing the business and managing your fellow partners requires an entire new set of skills. The offers effective in-house training in essential business development skills. TGO Centre for Entrepreneurship on how we could provide training to your firm's leadership. Ask for more information
- Request form report 2 | tgo-consulting
Ordering the report If you are interested in a hard copy of the report, please fill in your details below and we will send it to you. Send
- Lateral hires & Mergers | TGO Consulting
Lateral hires & law firm mergers Law firm can either grow organically or through lateral hires or merger. We at TGO Consulting help our clients in defining the best strategy making the right decisions. We know the opportunities and pitfalls associated with lateral hires [ ] and we know the gains an losses that comes with mergers. We help our clients with post hire/merger integration, immediately creating extra value for the firm. read our blog post We provide a service doing due-diligence on the book of business of the new partner(s). This service is extremely discrete and has proven to reduce the risk of a disappointing revenue later on. TGO Consulting will help you assess more accurately what clients and how much business the new team/partner will bring. The legal market has become a global market. Clients have ventured all over the world and often they want their trusted law firm to follow. For decades law firms have been following their clients when they started doing business abroad. Some of these international offices have been profitable, but unfortunately the majority has not. Partners and lawyers on expat allowances turn out to be costly, while the opportunities to generate local business are limited. TGO Consulting assists law firms in remaining entrepreneurial, while avoiding the financial pitfalls at the same time. There is a clear tendency towards consolidation in today's legal market. Substantial investments will be needed to keep up with technological evolution. These investments and the investment needed to attract talented lateral hires are in many cases beyond the scope of an individual law firm. In these situations a merger could make sense. TGO Consulting guides law firms through the perilous process of finding the right match, doing the due diligence, the process of decision making and the subsequent integration after the merger. ask more info
- bosman | TGO Consulting
jaap bosman Jaap Bosman is an award-winning strategy consultant and an investor. After having spent 15 years in legal practice, he founded TGO Consulting a highly successful consulting boutique that works with the elite law firms and premier legal departments throughout the world. His achievements have been recognized in 2013 by the Financial Times with the first ever Innovative Lawyers Award for International Strategy. Jaap Bosman graduated from Law School with honours. Jaap also holds a degree from one of the world’s most prestigious design schools. This unique combination of legal knowledge and experience and applied creativity gives him the ability to come up with truly innovative solutions. He was the first non-US person to receive the Thomson Reuters and Hubbard One Excellence in Legal Marketing Award. His weekly ‘Your Friday Insight’ articles have built up a loyal global readership over the years. Jaap regularly contributes articles to Bloomberg, the ABA Journal, the ACC Docket and various other leading publications around the world. Jaap is a seasoned consultant and widely considered one of the worlds’ smartest thought leaders on the business of law. Read More speaking engagements Jaap Bosman is an experienced speaker at conferences and regularly facilitates discussions and workshops during partner retreats. His speaking topics include the economics of legal services, global strategy and business planning, pricing, the dynamics of a partner group and the impact of digital technology on the legal sector. Check availability
- a new dawn | tgo-consulting
MANIFESTO We believe that now, in a time of crisis, teamwork is more important than ever. Law firm partners need to closely cooperate instead of internally compete, in a quest to find the best possible answers to the unique challenges companies (clients) are facing. Only if we combine all intelligence, knowledge, creativity and expertise available in the firm, we can find the innovative solutions needed. Swarm Intelligence outperforms any individual. We believe that the value of a lawyer is not primarily in the knowledge of the law, but in the knowledge of best market practice (risk distribution), strategic insight, empathy, moral standard, creativity and personality. The value of a good lawyer is primarily in the human skills. To the client, these human qualities are far more valuable than the production of legal documents as a consequence thereof. There is no linear relationship between time spent and value. We believe that, for the years to come, companies will only be prepared to spend money on legal services that directly help them protect their bottom-line. There will be tremendous price pressure on legal services that are considered being just part of the costs. Understanding your clients’ business model is more important now than ever. This book - A New Dawn - is a Quick Read Edition. The book will become a more elaborate, printed book (Regular Edition) in the months to come. Right now you do not need a lengthy and theoretical book. You need to-the-point, easy to implement, practical advice. You also need it today and not in a year's time. A New Dawn, has been made available for free until the end of May and is now available through Amazon only. order at your local Amazon site
- Data Analytics & Prediction | TGO Consulting
Data analytics and predictive analytics TGO Consulting helps both law firms and in-house legal departments alike with the analysis of matters across departments in order to gain the insights that are needed to enter into viable alternative fee arrangements and to optimize efficiency. Legal Project Management and Legal Operations will hugely benefit from the new insights and will become far more effective. We believe that the use of data analytics to improve efficiency will prove to be key in the development of the legal profession. Today’s world is largely driven by data. Data analysis can provide businesses with valuable insights that help enhance profitability, performance, business development and client satisfaction. TGO Consulting has developed tools and methods to look beyond the data typically provided by the finance and accounting department of a law firm. We are able to analyze data from a business perspective which we can benchmark against our own dataset which is build on many law firms and different markets. This analysis will help identify opportunities and vulnerabilities and has proven to be tremendously useful as management tool. We at TGO Consulting believe Prediction & Prevention will be the next step as it comes to the use of data in law. Today we already use data analysis to help predict the outcome of a litigation. Currently we are working in cooperation with some of the leading universities on the development of algorithms that will help predict when and why certain legal issues might arise. Over time these technologies will help to substantially lower legal spend and the strain on the courts by preventing certain legal disputes from happening. To find out how TGO Consulting can help your organization gain insights from data contact us.
- Partner Performance & Compensation | TGO Consulting
Partner compensation and partner performance measurement The way in which profit is distributed and the Key Performance Indicators for partners, will drive behavior. TGO Consulting will help define effective KPI's for partners and associates that will incentify behavior that will make the firm as a whole more profitable and will help create strong and deep client relationships. TGO Consulting has extensive experience in partner compensation models and we have developed balanced systems of performance monitoring that help stimulate behavior that is in the best interest of both the firm and the individual partner. We also have a wealth of best practices when it comes to partners reaching the ‘retirement’ age and on how to reduce the risks connected to lateral hires. In every partnership here is a natural tension between successful high earning performers and those who are trailing behind. The profit distribution systems are found to amplify or moderate these dynamics. With few exceptions, distributions and compensation systems are paired with some form of measuring of the performance of individual partners. Law firms often do not realize the influence these parameters have on the behavior of partners and on the performance of the firm as a whole. Contact us and find out how we could help your firm to become more profitable and aligned.
- Building strong brands in the legal market
Positioning & branding In times where competition in the market is fierce and, from a client’s perspective, law firms increasingly offer comparable quality of services, the way in which law firms position themselves becomes increasingly important. Smart positioning may help create a valuable competitive edge for your firm resulting in clients willing to pay a higher rate. Positioning is always based on strategy and it helps to differentiate your firm in a relevant manner from other quality law firms. Positioning is a complex process of carefully building a coherent, recognizable and relevant brand image over several years. Positioning is not the same as running an advertising campaign, launching a new website or a rebranding exercise. TGO Consulting has the strategic insights, expertise and market knowledge to help law firms build solid brands with credibility and relevance from clients’ perspective.
- Digital Transformation | TGO Consulting
Digital transformation Artificial intelligence is like teenage sex: “Everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it.” (Dan Ariely) This holds certainly true for the legal world. Today the majority of business law firms claims to use artificial intelligence... TGO Consulting helps its clients to set specific and realistic automation goals and make smart choices focusing on maximum return on time and capital spend, taking into account the learning curve needed for lawyers in order to use the new tools. We are not IT sales people. We help distinguish between what is hype and what will benefit lawyers in the real world. We focus on business opportunities for our clients embracing technology in a new and smart way. Technology seen as a business Q3 2017 we have made an inventory of LegalTech and identified some 1700 tech companies and initiatives offering services for the legal sector. Total investment in the sector mounted to 2.2 billion. Significantly up from the 550 million in 2015. About 60% of all investment has gone into software for e-discovery, IP-management and contract management, software predominantly used by clients. Most legal tech companies are not profitable and are still heavily reliant on Venture Capital. It is hard to predict what percentage of the 1700 tech companies will still be around by 2025. AI will probably not replace lawyers in the foreseeable future and being a great lawyer will increasingly come down to human skills. Lawyers will lose the monopoly on legal knowledge. AI and other IT solutions will augment lawyers and make them more efficient. Lawyers will have to learn how to use the new software tools and the learning curve could well be steep and time consuming. Not every lawyer will be prepared to invest the time and effort required. Certainly something to keep in mind before investing. AI is only as good as the data it receives. And it is able to interpret that data only within the narrow confines of the supplied context. It doesn’t “understand” what it has analyzed, so it is unable to apply its analysis to scenarios in other contexts. And it can’t distinguish causation from correlation. AI is more like an Excel spreadsheet on steroids than a thinker. Contact us to discuss your situation and let us help find our where to invest.
- Succession Planning | TGO Consulting
Succession planning Inevitably at some point partners have to leave the partnership. It takes time to prepare both the successor and the client for a smooth transition of the practice. We at TGO Consulting help our clients identifying talent in an early stage and help prepare to take over a practice. We equally assist the partner who is about to retire in how to gradually transfer the relationship. As it comes to succession law firms tend to focus on client relations that need to be secured for the firm after the partner has left. Equally important however is the aspect of reputation in the market. It takes many years to be recognized as a leading individual in a certain practice area. A firm might well lose its market reputation once a prominent partner leaves. Strategic early stage planning is the only way to avoid this. There is a natural tension between maintaining a strong personal performance and starting to transfer clients to younger partners at the right time. It may take several years to transfer a client but more than often a partner will wait until the last day. At TGO Consulting we offer retirement-related assistance. We know how strongly partners feel about their clients and we also recognize the pressure on performance while acknowledging the interests of the firm. We have successfully helped law firms to mitigate these effects, working with partners and clients in helping to secure the relationship for the future after the partner has left. We also have a wealth of experience on how to keep the experience and network of partners for the firm.