Intelligence Driven Client Development
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Transcript of Intelligence Driven Client Development
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Intelligence-Driven Client Development
• Law firm’s house vast amounts of client and market information that can help legal marketers drive better marketing and business development decisions. During this session, we’ll look how firms can make sense of this immense amount of information and turn it into actionable intelligence. Explore innovative ways of bringing together and leveraging information from business and competitive intelligence programs, relationship management applications, and other valuable information sources to enable strategic decision-making.
Overview Slide
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Intelligence-Driven Client DevelopmentPatrick FullerManaging Account Director, Competitive Intelligence
Vinnie ScarinciManaging Account Director, ERM & CRM
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What a long strange trip it’s been……..
Source: Reuters.com
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Peer Monitor Economic Index (PMI)
2011 Q2 PMI Score: 62 An increase of 5 points over Q4 2010, second consecutive quarterly gain
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q230
35
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PMI Q2 2011 Analysis
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The New “Normal” For Law Firms
Never-before seen Market Complexity
Increased Market Competition
Increasing Competition
From The Client
Growing influence of
LPO
Pushback on rates & lower
realization
Barriers to charging back
costs
More requests for alternative
fees
Attorney & Staff
reductions
Cross-border activities requiring enhanced collaboration tools
The increasing war for talent
The ACC Value Challenge
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How Can Technology Help?
Source: Gartner
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But Just Don’t Take Gartner’s Word for it…….
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Actionable Intelligence to Make a Difference
Source: Reuters.com
ContactNetAnalytics
MonitorOpportunity
Finder
OneViewFoundation
MonitorCase
Outcomes
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Never-b
efore seen
Market C
om
plexity
Increased
Market
Co
mp
etition
Increasin
g
Co
mp
etition
Fro
m T
he
Clien
t
Gro
win
g
influ
ence o
f
LP
O
Pu
shb
ack on
rates & lo
wer
realization
Barriers to
charg
ing
back
costs
Mo
re requ
ests
for altern
ative
fees
Atto
rney &
Staff
redu
ction
s
Cro
ss-bo
rder activities req
uirin
g
enh
anced
collab
oratio
n to
ols
Th
e increasin
g
war fo
r talent
Th
e AC
C V
alue
Ch
alleng
e
How Do We Gain an Advantage?
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In Search Of Lost Time: The View of a French Essayist
Do you see opportunities the competition doesn’t see?
The real act of discovery consists not in finding new lands but in seeing with new eyes.
- Marcel Proust
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A Formula Business Growth:
Differentiation
Need (Known & Unknown)
Demand
+
X
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Applying Growth in 2012
New Markets Mergers
Clients Laterals
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GROWTH SCENARIO: NEW MARKETS
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• Scenario: Our partners, along with an outside consultant, have decided part of our strategic growth plan will include expansion into at least one new domestic market.
• Goal: Identify potential markets based upon activity of current clients, cost of doing business, potential for business development, demand trends, litigation market complexity, competitive landscape, our existing relationships, and overall business climate
Growth Scenario: New Markets
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Growth Scenario: New Markets
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Growth Scenario: New Markets
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Growth Scenario: New Markets
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Growth Scenario: New Markets
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Growth Scenario: New Markets
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Growth Scenario: New Markets
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Growth Scenario: New Markets
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GROWTH SCENARIO: CLIENTS
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• Scenario: The firm desires to expand its footprint with a strategic client. The attorneys wish to come to the table with a compelling story to around the services that they are delivering to the client.
• Goal: Create differentiation around competitive efficiency & effectiveness
Growth Scenario: Clients
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Growth Scenario: Clients
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Growth Scenario: Clients
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Growth Scenario: Clients
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GROWTH SCENARIO: MERGER
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Relationship George vs. Independent George: Worlds Collide
A George divided against itself cannot stand!
The essence of creativity is figuring out how to use what you already know in order to go beyond what you already think.
- Dr. Jerome Bruner (Psychologist)
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Scenario: The firm(s) desires to merge with another firm based on specific strategic goals. The attorneys wish understand the impact on clients and prospects they have been working on for years.
Goal: Reach beyond existing demand to create and capture new demand
Growth Scenario: Merger
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Growth Scenario: Merger
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Growth Scenario: Merger (Benchmarking View)
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33
Growth Scenario: Merger
A Single Firm View
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Growth Scenario: Merger
A Single Firm View
A Single Firm View
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Growth Scenario: Merger
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Growth Scenario: Merger
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GROWTH SCENARIO: LATERALS
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Growth Scenario: Laterals
Scenario: The firm(s) desires to merge with another firm based on specific strategic goals. The attorneys wish understand the impact on clients and prospects they have been working on for years.
Goal: Solidify growth in a geography, industry, service or client area
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Growth Scenario: Laterals
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Growth Scenario: Laterals
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Growth Scenario: Laterals
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Growth Scenario: Laterals
Creating Successful
On-boarding
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Creating a Competitive Edge: Laterals
Create an “internal map” to their contacts and firms’ existing relationships.
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“Are you learning as fast as the world is changing?”
– Gary Hamel, Author: Competing For The Future
Questions?
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THANK YOU! Patrick FullerManaging Account Director, Competitive Intelligence
Vinnie ScarinciManaging Account Director, ERM & CRM