Marketing & BD
As we have noted in recent blogs, data collection and analysis is essential to the long term success of your business. Whether it be profitability analysis or looking for ways to improve processes, data guides the process. However, data analysis is not something to jump into blindly. While working on drawing meaningful conclusions from your data, you are likely to encounter many challenges. It may be difficult to collect or identify the right data streams. The data itself may be incomplete, inconsistent, or unavailable.
For the past few blogs, we have been highlighting the importance of data in law firms. Not only how it is collected and stored, but why. We have shown the importance of evaluating the quality and accuracy of your sources. We have also looked at how good data can keep budgets on track in a huge variety of ways. Today, we are looking at one of the final pieces in the puzzle for many law firm executives. The relationship between data, pricing and firm-wide profitability.
For the last few blogs, we’ve been discussing the importance of data management. A good data governance policy not only identifies how to collect and store data, but why. Data governance is becoming increasingly important, particularly as the legal profession is becoming increasingly data-driven. Clients are demanding transparency and an end to billing by the hour. To this end, last week we looked at the importance of evaluating your data sources.
Last week’s blog, on the importance of Data Governance, looked at how and why law firms use data. We stressed how essential it is to have a Data Governance plan, not only for safeguarding the data you collect, but also to use it to improve the business of law. For many law firms, this will entail combining and analysing multiple streams of data within their firm to streamline matters, improve client relationships and increase profitability. To this end, this week we will be looking at one of the most ubiquitous data points in a law firm. The phase or task code.
Data Governance has had something of a resurgence in public consciousness in recent years. Horror stories of Amazon and Google using humans (rather than the more impersonal AI) to listen to your conversations to optimise performance have taken over the media. In large part, poor communication about who or what uses your personal information have fuelled these stories. But data governance (and its relative importance) is about more than just how we use data. It is about why we use data.
Cross-selling pervades most industries. From Zara attempting to push the latest homewares on you, to Apple foisting another wearable on the market. However, within the legal industry, cross-selling is relatively unsuccessful. But why? Cross-selling, when successful, is of huge value to a law firm. In previous blogs we looked at research which demonstrated cross-selling by one or two practice groups can increase client revenue as much as eight times. It far outweighs bringing in new clients in terms of pure revenue and cost.
Operational excellence. Attendees of this year’s legal(tech) conference circuit will be no stranger to the term. It has become the new holy grail of both in-house counsel and their law firm counterparts. Put simply, it is the desire to get work done faster, smarter and more efficiently. No wonder, then, that clients are increasingly demanding operational excellence from their external counsel. However promising, and actually delivering operational excellence are two different things. So why should firms care about the latest buzzword?
Law firms pursuing too many new business opportunities is adversely impacting their business development efforts, according to a study released today by LexisNexis InterAction. This lack of focus and poor prospect targeting was among the top obstacles for business development success, along with a lack of follow-up and heavy competition.
And that’s a wrap on Legal Support Network (LSN) networking events. The Anthologist was once again transformed for the last event of 2019.
With over 300 legal professionals arriving to network, the event which is designed to help connect people in the legal service community hit a record-breaking number of attendees.