It’s no secret that law firms face a unique myriad of sales, marketing, and business development challenges. With lawyers who are quick to remind others that sales is not a part of their job, reaching sales objectives is hard to come by. Couple that with the fact that the demand for legal services has remained flat over the years, and you have a recipe for a market that results in mergers and acquisitions for growth instead of sales and business development strategies.
This needs to change.
However, change can’t be reached without deeper client insights that allow for stronger client relationships and facilitate business growth. Because client insights are crucial in determining business development targets and forming go-to-market strategies, the need for more intelligent insights and how to receive them will take center stage at the Legal Marketing Association’s Annual Conference this year. So, how did this trend continue to evolve and how can you address it? We give you a primer on the topic below.
Client Insights are Shallow and Siloed
After years of consolidation in the legal market, law firms are getting bigger and bigger. Adopting the strategy that growth can be obtained by acquiring other firms and their relationships, you can see how today’s large firms have a wide range of clients. To avoid disrupting those client relationships, however, the contacts tend to be owned by the original legal team even though the firm has absorbed them. This creates silos of relationships that make it more difficult for others lawyers within the firm to find and capitalize on those connections.
This leaves many firms wondering how they can bring client insights together and deliver them to the right people. And because it’s top of mind for many legal marketers, LMA’s sessions are drilling into how to make insights more accurate, accessible, and valuable.
At this point, you might be thinking that this is where your CRM system could help. However, with less than 31% of lawyers actively using CRM, you need a more sophisticated tool that can not only breakdown silos but also deliver more valuable information. Without addressing this challenge, your law firm will have a difficult time leveraging your existing client relationships to gain new business or grow existing client revenue.
How to Gain Deeper Relationship Intelligence
To help bridge those data gaps and provide actionable insights to legal teams, new technologies are emerging. This is why many sessions at LMA are covering subjects like machine learning and competitive intelligence for law firms. But three legal technology trends we’re already seeing gain ground in the legal industry are relationship automation, intelligence, and mapping solutions for delivering greater insights into client relationships.
Introhive is one of those solutions that happens to offer all three.
While automating your CRM data is one of Introhive’s core features, Introhive provides additional value in their relationship intelligence automation (RIA). With Introhive working behind the scenes at your law firm, lawyers can get a clear view into who knows who at your law firm, removing those silos created from acquisitions.
And through RIA, lawyers can automatically see actionable client insights within a pre-meeting briefing to ensure that they go into their client meetings armed with useful information. Introhive’s relationship mapping feature also allows attorneys to see a complete picture of target accounts, including detailed contact records for each key stakeholder. Combined, these tools help law firms win new clients, protect existing accounts, and grow revenue among existing clients.
Top LMA Sessions on Data, Relationships, and Business Development
Several speakers are already lined up to host sessions at LMA tackling business development within law firms and how intelligence can help drive better results. Here are a few that we’re looking forward to attending come April 9, offering helpful tools, best practices, workflows, and more.
How Law Firm Sales Professionals Are Game Changers in a Flat Market
Hosted by a panel of legal marketers and lawyers, we’re excited for this session as it tackles a sensitive subject in law firms: sales. Sales culture is something that lawyers have historically avoided, but needs to be embraced for law firms to find success in today’s stagnant legal market.
When: Wednesday, April 11, 11:30 am – 12:30 pm
Who: Mary E. Hicks, Stephanie Hinrichs, Neel Lilani, Peter R. Barr
How Industry and Practice BDs Can Work Together for Better Client Development
Ackert Advisory’s latest study on legal business development trends found that investing in business development coaching and education for their lawyers was the No. 1 revenue generator among law firms. Working with legal business development experts to guide your team is a proven way for firms to help their lawyers grow their relationships and revenue. In this session, three legal business development managers will share their best practices and tips for working closely with industry leaders and practice groups to strengthen client relationships.
When: Wednesday, April 11, 1:30 pm– 2:15 pm
Who: Samara Abrams, Kelly Malloy, Lindsay Griesmeyer
Automation — Bringing CRM, Content, and Sales Together
As a CRM data and relationship intelligence automation platform, this session naturally piqued our interest. Automation has a lot of value in the legal space as it saves lawyers and business development teams valuable time from having to do mundane tasks like data entry. This session, however, will also address how automation can be used throughout the buyer journey, moving clients from awareness to consideration, and down into conversion.
When: Wednesday, April 11, 2:30 pm – 3:30 pm
Who: W. Allen Fuqua, Jennifer Larivee, Matt Parfitt
Connect With Introhive at LMA
We want to help law firms gain deeper client insights without having to do all of the digging. If you want to see how Introhive can automatically identify, analyze, and deliver actionable relationship insights, connect with us at the 2018 LMA Annual Conference by visiting us at booth 409.