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How Intelligence Accelerates New Client Acquisitions for Law Firms

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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 …

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

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  • 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 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 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 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab 2
  • 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 3 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 4. What is Intelligence? Three basic intelligence disciplines – Business, Competitive and Market 4 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 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 5 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 6. Business Intelligence Marketing - CRM, Expereince, Media Accounting - Knowledge Rates, Hours Management Billed, AFAs Business Intelligence Admin: - Legal Project E-discovery, Management DMS, Records 6 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 7. Sample Billing Data 7 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 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 8 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 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 9 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 10. Competitive Intelligence 10 Powered byThe Intelligence Collaborativehttp://IntelCollab.com #IntelCollab
  • 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) Powered byThe Intelligence Collaborative 11http://IntelCollab.com #IntelCollab
  • 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! Powered byThe Intelligence Collaborative 12http://IntelCollab.com #IntelCollab