Competitive Intelligence
Techniques from the Masters: An
In Depth Exploration of Tools and
Best Practices
Debra Baker, Leg...
What you will come away with today
■ Practical solutions and proven approaches, with real
case studies
▪ Open a new office...
Introductions
■
■
■
■
■

Title/role
Number of people in business development at your firm
Firm name
Firm size
Number of pr...
Common Data Sources
Capital IQ
West Monitor Suite
Venture Financing
Case Study: Industry/Geography
Business Challenge
■ You are an AmLaw 200 firm with 250 attorneys across six,
primarily west coast offices.
■ Your managin...
The Approach
The Process

Steps Taken

Situational Analysis

Meet with internal stakeholders to clarify goals
Identify kno...
Data Collection
Criteria

Data Source

Existing Clients

Internal + web research, 10Ks, Hoovers,

Industry Base

Chamber, ...
Opportunity Map – Gap Analysis
You
Industry Base

Minneapolis

Financial Services
Investment Banks
Big 4
Venture-Capital
T...
Service
Profile

Opportunity Map – Competitive Matrix

Competitive
Landscape

Market Profile
Presentation of findings -- IRAC
■
■
■
■

Issue – Situational Analysis
Rule – Presentation of Data (You – the Market)
Anal...
Case Study: Client Acquisition
Business Challenge
■ You are an AmLaw 200 firm with 450 lawyers with 5 offices in
CA, 2 in NY, and 1 in DC.
■ A litigation...
The Process
■ Point Did
What We
Meet with partner to discuss
approach

Action Items
■
■

Develop a litigation profile of t...
The Process cont’d
What We Did

Action Items

Develop a company dossier

■
■
■

What are the business challenges facing th...
The Tools
■ Point Did
What We

Tools

Litigation Profile

■
■
■

Monitor Suite
Law 360 articles
Annual report/SEC filings ...
The Results
Area

Findings

Litigation

■
■
■
■
■
■

Transactional

■
■

1300 matters over a 5 year period
The top five fi...
The Results cont’d
Area

Findings

Company dossier

■
■
■
■

Relationships

■

The company is heavily investing in early s...
Issues With Data Sources
■ Monitor Suite – not all courts in the country are online, so the totals
in Monitor are slightly...
Case Study: Partner Hiring
Business Challenge
■ Tried various methods to increase market share from a
client, nothing is working. They are wedded to ...
Main Goal: To increase market share from
key and profitable clients
Steps Taken:
Initial Research

■

Seek input from the ...
Competitive intelligence and technology
tools
Activity

Next Step

Accounting reports

■
■

Revenue trends, working attorn...
Issues
■ Relationship partner who is willing to approach the client about the
issue or hesitant to start the recruiting pr...
Case Study: Client Retention &
Service
Business Challenge
■ One client acquired another large client.
■ Multiple and independent client relationships.
■ The acqu...
Main Goal: To retain and grow the
business
Activity

Next Step

Competitive intelligence – Client Briefing
Report

■

Disc...
Competitive intelligence & technology
tools
■

Insight: It takes a lot of sleuthing and conversations with attorneys to ge...
Issues
■ The acquiring company operated under multiple entities.
■ Client names in the accounting system did not match nam...
Wrap Up
Provide your business card for
additional information:
■ Competitive intelligence articles
■ List of competitive intellige...
Contact information
Debra Baker

Robin Gerard

Principal

Business Development Director – Litigation

Legal Vertical Strat...
LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices
LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices
LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices
LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices
LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices
LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices
LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices
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LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices

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We’ve asked four law firm competitive intelligence professionals to show how they solve competitive problems using the tools they use in their daily work! See different tools as real professionals use them. Hear clear explanations about what works and what doesn’t and how these experts fill in the gaps.

The workshop will address a number of competitive intelligence problems including researching business targets, preparing for a client interview, understanding the competitive landscape in a city, and building relationship maps. We will even source a problem from the workshop participants.

The panel will share the techniques they use and package and present information in ways used by attorneys and management.

Presenters

Debra Baker, Principal, Legal Vertical Strategies

Ramona Whitley, Director of Client Services, Allen Matkins

Melissa Ertek, Director of Client Service Programs, Pillsbury Winthrop Shaw Pittman LLP

Robin Gerard, Business Development Director – Litigation, Manatt Phelps & Phillips LLP

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LMAtech2013: Competitive Intelligence techniques from the masters: an in-depth exploration of tools and practices

  1. 1. Competitive Intelligence Techniques from the Masters: An In Depth Exploration of Tools and Best Practices Debra Baker, Legal Vertical Strategies Melissa Ertek, Pillsbury Robin Gerard, Manatt Phelps & Phillips Ramona Whitley, Allen Matkins
  2. 2. What you will come away with today ■ Practical solutions and proven approaches, with real case studies ▪ Open a new office ▪ New client acquisition ▪ Partner hiring ▪ Expand and serve an existing client ■ Templates and best practices ■ Most used CI tools and technology
  3. 3. Introductions ■ ■ ■ ■ ■ Title/role Number of people in business development at your firm Firm name Firm size Number of professionals in business development at your firm ■ Number of dedicated research/business intelligence professionals within the BD/Mktg Department ■ CI tools you want to know more about  What are you most interested in learning about today?
  4. 4. Common Data Sources
  5. 5. Capital IQ
  6. 6. West Monitor Suite
  7. 7. Venture Financing
  8. 8. Case Study: Industry/Geography
  9. 9. Business Challenge ■ You are an AmLaw 200 firm with 250 attorneys across six, primarily west coast offices. ■ Your managing partner has just shared with you that one of the firm’s institutional litigation clients is moving its headquarters from San Francisco to Minneapolis and the client will likely look to retain new counsel that has a local presence and will be offering more competitive rates. ■ Due to the significance of the client to the firm’s overall client portfolio, the firm is evaluating the business case for opening a mid-west office.
  10. 10. The Approach The Process Steps Taken Situational Analysis Meet with internal stakeholders to clarify goals Identify known assumptions – pros and cons Collect any data that’s been developed to date Understand what next steps and deliverable expectations are Data Collection Opportunity Mapping Service/Practice line opportunities ■ Client expansion / new market opportunities ■ Competitive landscape ■ Map firm and market data to identify opportunities and risks. Presentation of Findings Deliver analysis and recommendations rather than data
  11. 11. Data Collection Criteria Data Source Existing Clients Internal + web research, 10Ks, Hoovers, Industry Base Chamber, EDC, Hoovers, Books of Lists Litigation Landscape Advantage; Westlaw; Law Prospector M&A Activity MergerLine, Deal Pipeline Investment Activity VentureSource Competitive Landscape AmLaw, Books of Lists, Martindale
  12. 12. Opportunity Map – Gap Analysis You Industry Base Minneapolis Financial Services Investment Banks Big 4 Venture-Capital Tech Life Sciences Manufacturing is the primary industry, specifically electronics, milling, machinery, medical products, food processing, and graphic arts. Current Clients 7 of largest are based in Minneapolis. HQ of the 9th Federal Reserve District Bank. Local banks, S&L, VC, and insurance companies play a major role in region. 5 of top 100 have operations Company Stage 70% Mature (Public/Board Driven) 30% Emerging Company 16 Fortune 500 company HQ 30 Fortune 1000 Several of the world's largest private companies. Litigation Practices Patent Financial Services Litigation Antitrust Policyholder side insurance Product Liability (25%) Commercial litigation (20%) Healthcare Product Liability (20%) Insurance (10%) Patent (5%) Corporate M&A – Seller Side Governance Financing – VC Flat – Buy Side AmLaw 200 – Regional Large firm presence – majority are T3 (mirror that of your firm) Competitive Landscape VC Activity – software/biotech focused
  13. 13. Service Profile Opportunity Map – Competitive Matrix Competitive Landscape Market Profile
  14. 14. Presentation of findings -- IRAC ■ ■ ■ ■ Issue – Situational Analysis Rule – Presentation of Data (You – the Market) Analysis – SWOT – Gap Analysis Conclusion – Drive the conversation forward
  15. 15. Case Study: Client Acquisition
  16. 16. Business Challenge ■ You are an AmLaw 200 firm with 450 lawyers with 5 offices in CA, 2 in NY, and 1 in DC. ■ A litigation partner has a close relationship with the newly-appointed assistant GC of litigation at a publicly traded software company. ■ The firm has not previously done any work for the company, but based on your partner’s work for this person at his/her former company, the partner has been invited to make a targeted presentation to be added to the company’s approved panel of law firms. ■ Your job is to advise the partner on which areas of expertise to present and to prepare him/her for the meeting.
  17. 17. The Process ■ Point Did What We Meet with partner to discuss approach Action Items ■ ■ Develop a litigation profile of the company ■ ■ ■ ■ Develop a transactional profile of the company ■ ■ ■ ■ Discuss any known business issues or challenges the client has that align with our strengths Make some preliminary decisions on which areas to present (subject to competitive intelligence findings) and which lawyers to bring to the meeting How much litigation? Where is most of the litigation venued? How much of it is in markets we can easily service? Which firms are handling it and how embedded are they? Which practice areas are litigated most often? Which ones align with our strengths and which law firms are representing the company in these areas? What are the company’s current/recent biggest matters? Which firms are advising on corporate work? What is the deal volume? What types of deals and how do they fit into the company’s broader strategic goals?
  18. 18. The Process cont’d What We Did Action Items Develop a company dossier ■ ■ ■ What are the business challenges facing the company? What are its strategic goals (long and short term)? What is going on at the company and in the company’s industry? Investigate relationships at the target company ■ Does anyone else at the firm have a relationship with company? If so, who is it with and is it active?
  19. 19. The Tools ■ Point Did What We Tools Litigation Profile ■ ■ ■ Monitor Suite Law 360 articles Annual report/SEC filings (if public company) Transactional Profile ■ ■ ■ ■ Capital IQ Pitchbook SEC filings Law 360 articles Company dossier ■ ■ Company website - particularly the investor relations and R&D pages Seeking Alpha website – earnings call transcripts & transcripts of presentations at industry conferences Manzama – recent company and industry news Industry reports from Deloitte, E&Y, PWC, etc. OpenSecrets.org (lobbying) Relationships ■ ■ ■ ■ ■ Contact Net Your firm’s CRM system
  20. 20. The Results Area Findings Litigation ■ ■ ■ ■ ■ ■ Transactional ■ ■ 1300 matters over a 5 year period The top five firms used for litigation are: Perkins Coie, Fish & Richardson, Sidley, Orrick, Davis Wright; but the company also handles a lot of litigation in house Several of these firms are deeply embedded with the client, serving them across multiple offices and in multiple practice areas The most litigated area is IP – this is not an area where the firm is strong The top venue for litigation is California, where there is substantial commercial, employment, and appellate work – this will be our focus Law360 revealed several recent privacy consumer class actions in CA, an area of strength for a recent CA lateral partner The company is primarily using Simpson Thacher and Weil Gotshal for their transactional work It recently acquired a stake in an Australian, online media company
  21. 21. The Results cont’d Area Findings Company dossier ■ ■ ■ ■ Relationships ■ The company is heavily investing in early stage digital media companies The firm launched a digital media practice earlier this year – this is a differentiator we will present in the meeting The company is actively involved with Google and others in an industry task force charged with crafting an online tracking standard Our research indicated the need for our government relations team, and we identified three law firms who currently doing that work Found out that two partners have a relationship with the GC of the company’s entertainment/new media practice; one partner worked closely with him at Universal and they have kept in touch
  22. 22. Issues With Data Sources ■ Monitor Suite – not all courts in the country are online, so the totals in Monitor are slightly lower ■ Monitor Suite – hard to get exact information on certain practice areas (e.g., there is no “class actions” practice in the tool) ■ White collar – difficult to figure out which firms are doing this work. If any of those matters have gone to litigation, the “Government” practice area in Monitor Suite includes false claims and other white collar practice areas and the firms handling that work ■ Very hard to get a full picture of law firms doing transactional work ■ Your lawyers oftentimes don’t see the big picture and are focused on their own area; they may not even know about other expertise within the firm that is directly relevant to the client; you will need to suggest these areas ■ Bottom line: some extrapolation/interpretation of the results is almost always required
  23. 23. Case Study: Partner Hiring
  24. 24. Business Challenge ■ Tried various methods to increase market share from a client, nothing is working. They are wedded to the lawyers they use in other firms.
  25. 25. Main Goal: To increase market share from key and profitable clients Steps Taken: Initial Research ■ Seek input from the relationship partner, analyze collections and profitability Competitive intelligence ■ Gain a better understanding of the outside counsel the client uses and the market share they have. Analysis ■ Review bios and identify specific attorneys that fit the overall hiring needs and strategies of the firm ■ Identify any firm attorneys that know the lateral Meeting with Relationship Partner and Director of Partner Hiring and Integration ■ prospect Alignment and plan of action Reaching out to the lateral prospect ■ ■ Through the client or directly Articulating the benefits of the integrated team within one firm
  26. 26. Competitive intelligence and technology tools Activity Next Step Accounting reports ■ ■ Revenue trends, working attorneys, matter reports. Compared entities owned to our client base. WestMonitor ■ Identify attorneys and law firms with market share CapIQ ■ Deal information ContactNet ■ Client and attorney relationships ■ Research news by attorney and client name, Manzama related client news mentioning law firm or lawyer LinkedIn ■ names, etc. In-house counsel information Internal meetings with attorneys ■ Cultural and business fit
  27. 27. Issues ■ Relationship partner who is willing to approach the client about the issue or hesitant to start the recruiting process with the attorney in the other firm ■ Data related issue: Incomplete information regarding corporate counsel v. litigators (harder to ID corporate/deal lawyers clients use) Sometimes the best way to get this information is your client. There may be a story behind the name that will not show in any report. e.g. We are not happy with the work xyz attorney is doing. We have been trying to switch counsel for some time.
  28. 28. Case Study: Client Retention & Service
  29. 29. Business Challenge ■ One client acquired another large client. ■ Multiple and independent client relationships. ■ The acquiring company is a large private equity company.
  30. 30. Main Goal: To retain and grow the business Activity Next Step Competitive intelligence – Client Briefing Report ■ Discovered Allen Matkins clients in which the client invests ■ Four attorneys had strong independent relationships ID Decision Makers at private equity company ■ Discovered in-house counsel who vets the hiring of legal counsel and reviews bills. Client Review and Growth meeting ■ Several relationship attorneys were ready to set up independent meetings. One had proposed meetings times with his client contact. Coordinated initial meeting and developed an on-going service plan ■ A coordinated approach that better serves the private equity company’s needs. All attorneys ended up being involved in the client meeting. ID Relationship partners ■
  31. 31. Competitive intelligence & technology tools ■ Insight: It takes a lot of sleuthing and conversations with attorneys to get a wellrounded view of large clients. Activity Interaction & ContactNet Learning ■ Client and attorney relationships ■ Recent client news, client investments, legal opportunities CapIQ ■ Entities owned and invested in by the private equity company LinkedIn, Law 360, AtVantage litigation profiles. ■ In-house counsel, legal needs, firm opportunities Internal interviews with attorneys ■ In-house counsel, legal needs, firm opportunities Accounting reports ■ ■ Revenue trends, working attorneys, matter reports. Compared entities owned to our client base. Manzama
  32. 32. Issues ■ The acquiring company operated under multiple entities. ■ Client names in the accounting system did not match names pulled from the data reports. ■ Relationship partners who were eager to secure the relationship, but had not identified all of the firm’s key relationships.
  33. 33. Wrap Up
  34. 34. Provide your business card for additional information: ■ Competitive intelligence articles ■ List of competitive intelligence sources – paid and free ■ Client briefing templates
  35. 35. Contact information Debra Baker Robin Gerard Principal Business Development Director – Litigation Legal Vertical Strategies Manatt Phelps & Phillips LLP dbaker@lvstrategies.com rgerard@manatt.com (619) 501-7909 (714) 338-2750 Melissa Ertek Ramona Whitley Director of Client Service Programs Director of Client Services Pillsbury Winthrop Shaw Pittman LLP Allen Matkins melissa.ertek@pillsburylaw.com rwhitley@allenmatkins.com (213) 488-7171 (619) 235-1561
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