THOMAS GROUP INC
SC 13G/A, 1998-02-05
MANAGEMENT CONSULTING SERVICES
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<PAGE>
 

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

                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                            (Amendment No.  3    )*
                                          -------

                              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 7 pages
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 2 OF 7 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    
                            0
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            0

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        0

- ------------------------------------------------------------------------------
      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    
        0.00%

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

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

                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 088440210                   13G                PAGE 3 OF 7 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    
                            0
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING               None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                            0

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
        0

- ------------------------------------------------------------------------------
      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    
        0.00%

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

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

                     *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.")

Item 2(b)      Address of Principal Business Office:

                   WAM and WAM LTD. are 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.

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.

                               Page 4 of 7 pages


<PAGE>
 
Item 4         Ownership (at December 31, 1997):

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

                          0 shares

                    (b)   Percent of class:

                          0.00% 

                    (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: 0
                            (iii)  sole power to dispose or to direct the
                                   disposition of: none
                             (iv)  shared power to dispose or to direct
                                   disposition of: 0

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

                    If this statement is being filed to report the fact that as
                    of the date hereof the reporting person has ceased to be the
                    beneficial owner of more than five percent of the class of
                    equity securities, check the following (X).

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 5 of 7 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 6 of 7 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 5, 1998

               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


                               Page 7 of 7 pages


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