What if you could alert your Business Development teams or Practice Group Leaders to new clients in their markets or industries? What if you could help your Senior Management identify new trends, thus making the acquisition of new clients easier, faster and more targeted? What if you could do all this while your lawyers continued to practice law?
Well, you can. For several years now, the legal marketing industry has been talking about competitive, business and market intelligence, what it is, how it works and why firms need it. This session will focus on how to use intelligence tools and techniques for sourcing new clients and new work from current clients. Specifically, the session will look at examples of:
- Mining billing data for targeted cross-selling opportunities
- Making the most of current awareness and alerting systems for new client acquisition
- Using competitor client lists to track market opportunities and conflicts
Insurers' journeys to build a mastery in the IoT usage
How Intelligence Accelerates New Client Acquisitions for Law Firms
1. How Intelligence
Accelerates New Client
Acquisitions for Law
Firms
A Complimentary Webinar from Aurora WDC
12:00 Noon Eastern /// Wednesday 21 November 2012
~ featuring ~
Zena Applebaum Michel Bernaiche
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2. Agenda
What is Intelligence?
How Law Firms Can (and Should Be) Using Intelligence
Focus: Client Service, Retention, Acquisition
The Three Disciplines
Examples
Mining billing data for targeted cross selling opportunities
Making the most of current awareness and alerting systems for new client acquisition
Using competitor client lists to track market opportunities and conflicts
Conclusion & Questions
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3. The Law Firm Difference
• Support of the practice of law and
the business of law
• Many practices, many partners
• Each practice and client will have
individual needs – often competing
priorities
• Lots of internal data, firms are just
starting to collaborate on data
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4. What is Intelligence?
Three basic intelligence disciplines – Business, Competitive and Market
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5. How Law Firms are (or should be) Using Intelligence
Business of Law Practice of Law
• AFAs • Changing legislation
• Client consolidations of providers • New regulatory regimes
• RFPs • Continuing Education Requirements
• Client acquisition and/or retention • Increase efficiency of practice
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6. Business Intelligence
Marketing -
CRM,
Expereince,
Media
Accounting -
Knowledge
Rates, Hours
Management
Billed, AFAs
Business
Intelligence
Admin: -
Legal Project
E-discovery,
Management
DMS, Records
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7. Sample Billing Data
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8. Learning from Billing Data
• Cross selling opportunities
• Disregard major fluctuations – major litigations, mergers etc.
• Where to invest Marketing/Business Development dollars (business of law)
• Where to invest Resources dollars (practice of law)
• Sector expertise vs. Sectors experience based on billings
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9. Market Intelligence
• Current awareness monitoring
Opportunity Identification
• Customized Portal w/ or w/o analysts
• Automated & annotated newsletters
• Alerts from Databases
• Filings Monotirs
• Key Developments – Early Warning Indicators
• Retained counsel – financial, M&A, advisory
• Changed market conditions
• Appointment Notices
• Recruiting Efforts
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10. Competitive Intelligence
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11. So How Do We Get New Clients?
Identify Targets
– Who is your Relationship
ideal client? Mapping
(Business Intel) (Comp. Intel)
Identify an Scope and
Opportunity Pitch the work
(Market Intel)
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12. Questions? Comments?
Many of the issues are explored in greater detail through the ARK Group recent
publication on Business Intelligence (http://www.managingpartner.com/bookshop/business-
intelligence-law-firms)
Or the following Webinar:
Next Generation Intelligence Analysis
- What Law Firms Need to Prepare for as the Competitive Arena Gets More Complex
- 05 Dec 2012, 12:00 EST with Dr. Craig Fleisher
- (http://usa.ark-group.com/events-details.aspx?eid=113)
THANK YOU!
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