Using (competitive) intelligence to build your legal business

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Using (competitive) intelligence to build your legal business

  1. 1. Using (competitive) intelligence to build your legal business Adam L. Stock Director of Marketing & Business Development Allen Matkins Leck Gamble Mallory & Natsis LLP
  2. 2. Background and perspective <ul><li>Adam Stock </li></ul><ul><ul><li>15 years in high technology – executive and entrepreneur </li></ul></ul><ul><ul><li>4 years in Legal Services </li></ul></ul><ul><ul><ul><li>Allen Matkins and Dorsey & Whitney </li></ul></ul></ul><ul><ul><ul><li>Established sales functions, key client team programs, pursuit systems </li></ul></ul></ul><ul><li>Allen Matkins Marketing & Business Development Team </li></ul><ul><ul><li>Marketing Managers – no dedicated CI person (yet) </li></ul></ul><ul><ul><li>Everyone in department is trained to do CI </li></ul></ul><ul><ul><li> Everyone brings intelligence into the dialogue </li></ul></ul>
  3. 3. What do we mean by “intelligence”? <ul><li>External (and internal) information sources to make better business decisions </li></ul>
  4. 4. Why isn’t the use of intelligence obvious in the law firm context? <ul><li>Concept of “business development” support is new to law firms </li></ul><ul><ul><li>Roles </li></ul></ul><ul><ul><li>Processes </li></ul></ul><ul><ul><li>Resources </li></ul></ul><ul><li>Intelligence products are relatively new </li></ul>
  5. 5. Agenda <ul><li>Intelligence sources </li></ul><ul><li>Context for intelligence </li></ul><ul><li>Execution and effectiveness – the secret sauce! </li></ul>
  6. 6. Intelligence sources <ul><li>Relationships whom do we know? </li></ul><ul><ul><li>Internal: CRM system, Accounting system </li></ul></ul><ul><ul><li>External: BranchIt, Contact Networks, Visible Path Generate, Orion’s Belt  </li></ul></ul><ul><li>Client/prospect-specific what does the customer need? </li></ul><ul><ul><li>External: Hoover’s, Firm360, 10Ks, analysts, Google </li></ul></ul><ul><ul><li>Event-driven: CourtLink alerts, Google alerts, Legal filings </li></ul></ul>
  7. 7. Intelligence sources <ul><li>Market/Industry lists who needs services? </li></ul><ul><ul><li>Industries: Hoovers, VentureSource, Bloomberg, Firm360, numerous others… </li></ul></ul><ul><ul><li>Markets: Book of Lists, etc. </li></ul></ul><ul><li>Industry trends what will the customer need in the future? </li></ul><ul><ul><li>Industry-specific: Numerous analyst reports, numerous industry reports. </li></ul></ul><ul><ul><li>Legal: BTI, ACCA Serengeti </li></ul></ul>
  8. 8. What are the contexts for using intelligence? <ul><li>Targeted pursuits </li></ul><ul><ul><li>X just recommended us to company Y. How should we approach them? </li></ul></ul><ul><li>Target identification </li></ul><ul><ul><li>Here’s the registration list for the event we’re attending. Whom should we be speaking to? </li></ul></ul><ul><li>Client teams </li></ul><ul><ul><li>How can we get an in-depth understanding of their needs, their business, our history with them and our relationships with people in their company? </li></ul></ul>
  9. 9. What are the contexts for using intelligence? <ul><li>Opportunistic pursuits </li></ul><ul><ul><li>Company X just got sued in San Francisco and we can help them. Whom do we know at company X? </li></ul></ul><ul><ul><li>Company Y just filed for bankruptcy. Who are their creditors and whom do we know at their creditors? </li></ul></ul><ul><li>Strategic planning </li></ul><ul><ul><li>Where should we focus our practice development and marketing? How should we position ourselves for the future? </li></ul></ul><ul><li>Organizational planning </li></ul><ul><ul><li>What are industry best practices and what data will convince my law firm to do things differently? </li></ul></ul>
  10. 10. Bring intelligence into the dialogue – or cracking walnuts The Walnut I’ve known the client for 20 years and we’re getting the majority of their work…
  11. 11. Firm 360 Litigation report “ But this report shows that we’re getting less and less of their work and our biggest competitor is doing most of their work!” I think we’d better visit the client…
  12. 12. Build a support model that fits with limited attorney business development time Typical day 9AM 6PM Attorney Bus. Dev. Staff Work on a specific pursuit Billable attorney time Other marketing time
  13. 13. Build a pursuit development process that includes Business Development and Competitive Intelligence roles Day 1 Day 7 Identify Target (Atty + BD) Review Research (Atty + BD) Review 1 st Draft of Pitch (Atty + BD) Finalize Pitch Materials (Atty + BD) Do research (BD + CI) Develop pitch materials (BD) Refine pitch (BD) Typical pursuit development process
  14. 14. Build a clear client team role that includes Competitive Intelligence <ul><ul><li>Attend team meetings </li></ul></ul><ul><ul><li>Contribute ideas for improving client relationship </li></ul></ul><ul><ul><li>Suggest/evaluate potential solutions that might be introduced to client </li></ul></ul><ul><ul><li>Follow-through on commitments made to the team </li></ul></ul><ul><li>BD Manager assigned to team </li></ul><ul><ul><li>Help schedule calendar of team meetings </li></ul></ul><ul><ul><li>Research, analyze, suggest potential solutions </li></ul></ul><ul><ul><li>Send team reminder emails of meeting dates </li></ul></ul><ul><ul><li>Send individual reminder emails for each team member’s action items assigned that month </li></ul></ul><ul><ul><li>Attend meetings, conduct requested follow-up </li></ul></ul><ul><ul><li>Update progress report monthly </li></ul></ul><ul><ul><li>Post/update information on intranet site </li></ul></ul><ul><ul><li>Debrief/prepare practice group delegates invited to team meetings </li></ul></ul><ul><li>Comp. Intel. liaison assigned to team </li></ul><ul><ul><li>Research and analysis </li></ul></ul><ul><ul><li>Establish/maintain client library page </li></ul></ul><ul><ul><li>Establish/monitor Courtlink emails </li></ul></ul>Lawyer’s Responsibility Support Team’s Responsibility
  15. 15. Make intelligence available on your intranet 24/7
  16. 16. Link intelligence with client information so everyone comes to expect it
  17. 17. How do you know if it is working? <ul><li>Track information requests </li></ul><ul><li>Track pursuit successes </li></ul><ul><li>Collect anecdotes </li></ul>
  18. 18. What does “success” look like? <ul><li>We developed a pitch to a prospective client that depended heavily on intelligence and client interviews. </li></ul><ul><li>Email from the client: &quot;K______ and I have interviewed patent litigators from Boston, D.C., Chicago, Atlanta, Houston, Austin, Los Angeles, Denver, the Bay Area, Portland, and Seattle. I can honestly say that your team was hands down the most impressive – by a mile. Thank you all for being prepared, answering our questions articulately and thoughtfully, and for taking the time to meet with us.“ </li></ul><ul><ul><li>Chief IP Counsel, Fortune 500 company </li></ul></ul>

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