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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
