THOMAS GROUP INC
SC 13G/A, 1997-02-14
MANAGEMENT CONSULTING SERVICES
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<PAGE>
 
                                                 ------------------------------
                                                 OMB APPROVAL                  
                                                 ------------------------------
                                                 OMBA Number:    3235-0145     
                                                 Expires:      October 31, 1994
                                                 Estimated average burden      
                                                 hours per response . . . 14.90
                                                 ------------------------------

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                            (Amendment No.  2    )*
                                          -------

                              Thomas Group, Inc.
- --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   088440210
                      ----------------------------------
                                 (CUSIP Number)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
 
                               Page 1 of 8 pages
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 2 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Wanger Asset Management, L.P. 36-3820584

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None          
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            449,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            449,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        449,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        7.65%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IA

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 3 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Wanger Asset Management, Ltd.

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None          
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            449,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            449,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        449,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        7.65%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        CO

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!          
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 4 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Ralph Wanger 

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        U.S.A.

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None          
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            449,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            449,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        449,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        7.65%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
Item 1(a)      Name of Issuer:

                    Thomas Group, Inc.

Item 1(b)      Address of Issuer's Principal Executive Offices:

                    5215 N. O'Connor Boulevard
                    Suite 2500
                    Irving, Texas  75039

Item 2(a)      Name of Person Filing:

                    Wanger Asset Management, L.P. ("WAM");
                    Wanger Asset Management Ltd., the general partner of WAM
                    ("WAM LTD.");
                    Ralph Wanger ("Wanger")

Item 2(b)      Address of Principal Business Office:

                    WAM, WAM LTD. and Wanger are all located at:
                    227 West Monroe Street, Suite 3000
                    Chicago, Illinois 60606

Item 2(c)      Citizenship:

                    WAM is a Delaware limited partnership.
                    WAM LTD. is a Delaware corporation.
                    Wanger is a U.S. citizen.

Item 2(d)      Title of Class of Securities:

                    Common Stock

Item 2(e)      CUSIP Number:

                    088440210

Item 3         Type of Person:

                    (e)  WAM is an Investment Adviser registered under section
                    203 of the Investment Advisers Act of 1940; WAM LTD. is the
                    General Partner of the Investment Adviser; Wanger is the
                    principal stockholder of the General Partner.

                               Page 5 of 8 pages
<PAGE>
 
Item 4         Ownership (at December 31, 1996):

                    (a)   Amount owned "beneficially" within the meaning of rule
                          13d-3:

                          449,000 shares

                    (b)   Percent of class:

                          7.65% (based on 5,870,000 shares outstanding)

                    (c)   Number of shares as to which such person has:

                              (i)  sole power to vote or to direct the vote:
                                   none
                             (ii)  shared power to vote or to direct the
                                   vote: 449,000
                            (iii)  sole power to dispose or to direct the
                                   disposition of: none
                             (iv)  shared power to dispose or to direct
                                   disposition of: 449,000

                         WAM serves as investment adviser to Acorn Investment
                         Trust, Series Designated Acorn Fund (the "Trust").
                         Various of WAM's limited partners and employees are
                         also officers and trustees of the Trust, but WAM does
                         not consider the Trust to be controlled by such
                         persons. Although the Trust is not controlled by WAM,
                         pursuant to rule 13d-3(a) the 374,000 shares
                         beneficially owned by the Trust, with respect to which
                         the Trust has delegated to WAM shared voting power and
                         shared dispositive power, are considered to be shares
                         beneficially owned by WAM by reason of such delegated
                         powers. In addition to the shares beneficially owned by
                         the Trust, other clients of WAM may own shares which
                         are not included in the aggregate number of shares
                         reported herein because WAM does not have or share
                         voting or investment power over those shares.

Item 5         Ownership of Five Percent or Less of a Class:

                    Not Applicable

Item 6         Ownership of More than Five Percent on Behalf of Another Person:

                    The shares reported herein have been acquired on behalf of
                    discretionary clients of WAM.  Persons other than WAM are
                    entitled to receive all dividends from, and proceeds from
                    the sale of, those shares.

                               Page 6 of 8 pages
<PAGE>
 
Item 7         Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on by the Parent Holding
               Company:

                    Not Applicable

Item 8         Identification and Classification of Members of the Group:

                    Not Applicable

Item 9         Notice of Dissolution of Group:

                    Not Applicable

Item 10        Certification:

                    By signing below I certify that, to the best of my knowledge
               and belief, the securities referred to above were acquired in the
               ordinary course of business and were not acquired for the purpose
               of and do not have the effect of changing or influencing the
               control of the issuer of such securities and were not acquired in
               connection with or as a participant in any transaction having
               such purpose or effect.

                               Page 7 of 8 pages
<PAGE>
 
                                   Signature
                                   ---------

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date:  February 14, 1997

               The undersigned corporation, on the date above written, agrees
               and consents to the joint filing on its behalf of this Schedule
               13G in connection with its beneficial ownership of the security
               reported herein.

                                       WANGER ASSET MANAGEMENT, LTD.
                                         for itself and as general partner of
                                         WANGER ASSET MANAGEMENT, L.P.

                                       By:  /s/ Bruce H. Lauer
                                           -------------------------------------
                                                Bruce H. Lauer
                                                Vice President


               The undersigned individual, on the date above written, agrees and
               consents to the joint filing on his behalf of this Schedule 13G
               in connection with his beneficial ownership of the security
               reported herein.

                                       RALPH WANGER



                                       /s/ Ralph Wanger
                                       -----------------

                               Page 8 of 8 pages

<PAGE>


                                                    --------------------------- 
                                                           OMB APPROVAL
                                                    ---------------------------
                                                    OMBA Number:      3235-0145
                                                    Expires:   October 31, 1994
                                                    Estimated average burden
                                                    hours per response... 14.90
                                                    ----------------------------


                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                          (Amendment No.      1    )*
                                         ----------

                              Thomas Group, Inc. 
- --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   088440210
                        ------------------------------
                                (CUSIP Number)


Check the following box if a fee is being paid with this statement [_]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                               Page 1 of 8 pages
<PAGE>
 

- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 2 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Wanger Asset Management, L.P. 36-3820584

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            455,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            455,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        455,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        7.26%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IA

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 3 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Wanger Asset Management, Ltd.

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            455,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            455,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        455,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        7.26%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        CO

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!


<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 4 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Ralph Wanger 

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        U.S.A.

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            455,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            455,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        455,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        7.26%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!


<PAGE>
 
 
Item 1(a)           Name of Issuer:

                         Thomas Group, Inc.     

Item 1(b)           Address of Issuer's Principal Executive Offices:

                         5215 N. O'Connor Boulevard
                         Suite 2500           
                         Irving, Texas 75039

Item 2(a)           Name of Person Filing:

                         Wanger Asset Management, L.P. ("WAM");
                         Wanger Asset Management Ltd., the general partner of
                         WAM ("WAM LTD.");
                         Ralph Wanger ("Wanger")

Item 2(b)           Address of Principal Business Office:

                         WAM, WAM LTD. and Wanger are all located at:
                         227 West Monroe Street, Suite 3000
                         Chicago, Illinois 60606

Item 2(c)           Citizenship:

                         WAM is a Delaware limited partnership.
                         WAM LTD. is a Delaware corporation.
                         Wanger is a U.S. citizen.

Item 2(d)           Title of Class of Securities:

                         Common Stock

Item 2(e)           CUSIP Number:

                         088440210

Item 3              Type of Person:

                         (e) WAM is an Investment Adviser registered under
                         section 203 of the Investment Advisers Act of 1940; WAM
                         LTD. is the General Partner of the Investment Adviser;
                         Wanger is the principal stockholder of the General
                         Partner.

                               Page 5 of 8 pages

<PAGE>
 
Item 4         Ownership (at December 31, 1995):
                                            --

                    (a)  Amount owned "beneficially" within the meaning of rule 
                         13d-3:

                         455,000 shares

                    (b)  Percent of class:

                         7.26% (based on 6,265,000 shares outstanding)

                    (c)  Number of shares as to which such person has:

                              (i)    sole power to vote or to direct the vote:
                                     none
                             (ii)    shared power to vote or to direct the vote:
                                     455,000
                            (iii)    sole power to dispose or to direct the 
                                     disposition of: none
                             (iv)    shared power to dispose or to direct 
                                     disposition of: 455,000


                         WAM serves as investment adviser to Acorn Investment
                         Trust, Series Designated Acorn Fund (the "Trust").
                         Various of WAM's limited partners and employees are
                         also officers and trustees of the Trust, but WAM does
                         not consider the Trust to be controlled by such
                         persons. Although the Trust is not controlled by WAM,
                         pursuant to rule 13d-3(a) the 356,000 shares
                         beneficially owned by the Trust, with respect to which
                         the Trust has delegated to WAM shared voting power and
                         shared dispositive power, are considered to be shares
                         beneficially owned by WAM by reason of such delegated
                         powers. In addition to the shares beneficially owned by
                         the Trust, other clients of WAM may own shares which
                         are not included in the aggregate number of shares
                         reported herein because WAM does not have or share
                         voting or investment power over those shares.

Item 5         Ownership of Five Percent or Less of a Class:

                    Not applicable

Item 6         Ownership of More than Five Percent on Behalf of Another Person:

                    The shares reported herein have been acquired on behalf of
                    discretionary clients of WAM. Persons other than WAM are
                    entitled to receive all dividends from, and proceeds from
                    the sale of, those shares.

                               Page 6 of 8 pages

<PAGE>
 
Item 7         Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on by the Parent Holding
               Company:

                    Not Applicable

Item 8         Identification and Classification of Members of the Group:

                    Not Applicable

Item 9         Notice of Dissolution of Group:

                    Not Applicable


Item 10        Certification:

                    By signing below I certify that, to the best of my knowledge
               and belief, the securities referred to above were acquired in the
               ordinary course of business and were not acquired for the purpose
               of and do not have the effect of changing or influencing the
               control of the issuer of such securities and were not acquired in
               connection with or as a participant in any transaction having
               such purpose or effect.

                               Page 7 of 8 pages


<PAGE>
 
                                   Signature
                                   ---------

     After reasonable inquiry and to the best of my knowledge and belief, I 
certify that the information set forth in this statement is true, complete and 
correct.

Date: February 9, 1996

                    The undersigned corporation, on the date above written, 
                    agrees and consents to the joint filing on its behalf of 
                    this Schedule 13G in connection with its beneficial 
                    ownership of the security reported herein.


                                   WANGER ASSET MANAGEMENT, LTD.
                                        for itself and as general partner of
                                        WANGER ASSET MANAGEMENT, L.P.



                                   By: /s/ Robert M. Slotky
                                      --------------------------------------  
                                           Robert M. Slotky
                                           Chief Financial Officer



                    The undersigned individual, on the date above written, 
                    agrees and consents to the joint filing on his behalf of 
                    this Schedule 13G in connection with his beneficial 
                    ownership of the security reported herein.
                    

                                   RALPH WANGER



                                   /s/ Ralph Wanger
                                   ------------------------------------

                               Page 8 of 8 pages





<PAGE>
 
                                                  ----------------------------
                                                            OMB APPROVAL
                                                  ----------------------------
                                                  OMBA Number:       3235-0145
                                                  Expires:    October 31, 1994
                                                  Estimated average burden
                                                  hours per response ... 14.90
                                                  ----------------------------
 
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                            (Amendment No.________)*

                              Thomas Group, Inc.
- --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   088440210
                   -----------------------------------------
                                (CUSIP Number)

Check the following box if a fee is being paid with this statement [X]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's 
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 
1934 ("Act") or otherwise subject to the liabilities of that section of the Act 
but shall be subject to all other provisions of the Act (however, see the 
Notes).

                               Page 1 of 8 pages
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 2 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Wanger Asset Management, L.P. 36-3820584

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            341,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            341,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        341,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        5.66%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IA

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!


<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 3 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Wanger Asset Management, Ltd.

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            341,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            341,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        341,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        5.66%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        CO

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!



<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 4 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          
        Ralph Wanger 

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
        U.S.A.

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF              None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                            341,000
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            341,000

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        341,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
        Not Applicable
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
        5.66%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!



<PAGE>
 
Item 1(a)           Name of Issuer:

                         Thomas Group, Inc.

Item 1(b)           Address of Issuer's Principal Executive Offices:

                         5215 N. O'Connor Boulevard
                         Suite 2500           
                         Irving, Texas 75039

Item 2(a)           Name of Person Filing:

                         Wanger Asset Management, L.P. ("WAM");
                         Wanger Asset Management Ltd., the general partner of
                         WAM ("WAM LTD.");
                         Ralph Wanger ("Wanger")

Item 2(b)           Address of Principal Business Office:

                         WAM, WAM LTD. and Wanger are all located at:
                         227 West Monroe Street, Suite 3000
                         Chicago, Illinois 60606

Item 2(c)           Citizenship:

                         WAM is a Delaware limited partnership.
                         WAM LTD. is a Delaware corporation.
                         Wanger is a U.S. citizen.

Item 2(d)           Title of Class of Securities:

                         Common Stock

Item 2(e)           CUSIP Number:

                         088440210

Item 3              Type of Person:

                         (e) WAM is an Investment Adviser registered under
                         section 203 of the Investment Advisers Act of 1940; WAM
                         LTD. is the General Partner of the Investment Adviser;
                         Wanger is the principal stockholder of the General
                         Partner.

                               Page 5 of 8 pages
<PAGE>
 
Item 4         Ownership (at December 31, 1994):
                                            --

                    (a)  Amount owned "beneficially" within the meaning of rule 
                         13d-3:

                         341,000 shares

                    (b)  Percent of class:

                         5.66%

                    (c)  Number of shares as to which such person has:

                              (i)    sole power to vote or to direct the vote:
                                     none
                             (ii)    shared power to vote or to direct the vote:
                                     341,000
                            (iii)    sole power to dispose or to direct the 
                                     disposition of: none
                             (iv)    shared power to dispose or to direct 
                                     disposition of: 341,000


                         WAM serves as investment adviser to Acorn Investment
                         Trust, Series Designated Acorn Fund (the "Trust").
                         Various of WAM's limited partners and employees are
                         also officers and trustees of the Trust, but WAM does
                         not consider the Trust to be controlled by such
                         persons. Although the Trust is not controlled by WAM,
                         pursuant to rule 13d-3(a) the 290,000 shares
                         beneficially owned by the Trust, with respect to which
                         the Trust has delegated to WAM shared voting power and
                         shared dispositive power, are considered to be shares
                         beneficially owned by WAM by reason of such delegated
                         powers. In addition to the shares beneficially owned by
                         the Trust, other clients of WAM may own shares which
                         are not included in the aggregate number of shares
                         reported herein because WAM does not have or share
                         voting or investment power over those shares.

Item 5         Ownership of Five Percent or Less of a Class:

                    Not Applicable

Item 6         Ownership of More than Five Percent on Behalf of Another Person:

                    The shares reported herein have been acquired on behalf of
                    discretionary clients of WAM. Persons other than WAM are
                    entitled to receive all dividends from, and proceeds from
                    the sale of, those shares.

                               Page 6 of 8 pages

<PAGE>
 
Item 7         Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on by the Parent Holding
               Company:

                    Not Applicable

Item 8         Identification and Classification of Members of the Group:

                    Not Applicable

Item 9         Notice of Dissolution of Group:

                    Not Applicable


Item 10        Certification

                    By signing below I certify that, to the best of my knowledge
               and belief, the securities referred to above were acquired in the
               ordinary course of business and were not acquired for the purpose
               of and do not have the effect of changing or influencing the
               control of the issuer of such securities and were not acquired in
               connection with or as a participant in any transaction having
               such purpose or effect.

                               Page 7 of 8 pages


<PAGE>
 
                                   Signature
                                   ---------

     After reasonable inquiry and to the best of my knowledge and belief, I 
certify that the information set forth in this statement is true, complete and 
correct.

Date: February 8, 1995

                    The undersigned corporation, on the date above written, 
                    agrees and consents to the joint filing on its behalf of 
                    this Schedule 13G in connection with its beneficial 
                    ownership of the security reported herein.

                                   WANGER ASSET MANAGEMENT, LTD.
                                        for itself and as general partner of
                                        WANGER ASSET MANAGEMENT, L.P.

                                   By: /s/ Robert M. Slotky
                                      --------------------------------------  
                                           Robert M. Slotky
                                           Chief Financial Officer

                    The undersigned individual, on the date above written, 
                    agrees and consents to the joint filing on his behalf of 
                    this Schedule 13G in connection with his beneficial 
                    ownership of the security reported herein.
                    
                                   RALPH WANGER

                                   /s/ Ralph Wanger
                                   ------------------------------------

                               Page 8 of 8 pages





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