Looking to increase law firm revenues while keeping costs down? Most firms considering this question believe the answer is to acquire new clients, which often turns out to be an expensive, uncertain process for marketing and business development. Despite the challenges of today's economic landscape, some firms continue to trend ahead of the curve with positive growth, new hires, retained clients and profitability.
You may be wonder "how do they do it?" The answer is they look for treasure in their own backyards by understanding the lifetime value that existing clients contribute to law firm ROI. Rather than investing too heavily in chasing new clients, these firms take a balanced approach and create a system for tracking, analyzing, and acting on these opportunities.
Up until now, legal technology has not been able to fill the need for such a system, but all that is about to change. LexisNexis® and Redwood Analytics® have introduced a new automated business intelligence solution that provides information to strategically target clients across the breadth and depth of a law firm's portfolio. It is called LexisNexis® Client Analysis.
In light of this exciting release, this week in Martindale.com Connected will be dedicated to discussing law firm ROI, particularly around client analysis.
Download a free white paper explaining how to better view the competitive landscape, look for patterns among existing clients, and put analytic software to work for you in producing results.
As part of our Effective Business Development for Higher Law Firm ROI theme week, we are offering the following on-demand webinars, which can be viewed by registering below.
Panel Discussion: Law Firm Business Development Answers You Need to Know
Have you heard these partner mandates at your firm?
"We need to make laterals at the firm more successful-sooner."
"We need to cross-sell litigation work to our corporate clients."
"We need to find a way to grow our top clients by 10%--or more."
Most likely you have and now you can hear from the experts on how to address those mandates. Our panel discussion will start with an overview on the foundation for successful business development followed by real answers to the partner mandates and leaving you with key take-aways. This is a webinar that you will need to have paper and pencil ready.
Darryl Cross, Vice President of Performance Development, LexisNexis
The Crossroads of Technology and Technique: New Approaches for Driving Revenue from Your Most Important Clients Your firm's data has a powerful story to tell. When your financials are properly mined, you can identify which clients have the greatest risk of leaving, and which have the most potential to grow. When used in conjunction with market intelligence and client data, it can also uncover your best opportunities for cross-selling. When you get this information into the hands of your partners and give them techniques for pursuing these opportunities, you maximize your client assets, resulting in more revenue and higher profitability.
In this one hour webinar, you will learn how next-generation firms will harness the valuable information that lives inside their data. Jill Nelson will discuss how Redwood Analytic's newest product, Client Analysis, uncovers the "Lifetime Value" of your most important clients, giving you the ability to identify your most important relationships. David Freeman, a renowned expert on business development, will then share best practices for winning back client work, getting more work from existing clients, and pursuing cross-selling opportunities.
For our theme week Effective Business Development for Higher Law Firm ROI, we will be posting discussions, articles, and whitepapers to the Legal Marketing group. Join over 250 other legal professionals to access featured discussions such as:
Looking to see more ROI from existing clients to fuel your business development?
LexisNexis Client Analysis segments your firm's best clients and accelerates cross-selling opportunity with improved business development outcomes. Marketing and business development can more quickly and simply access top-performing clients based on historical performance and segment them into rich profiles featuring life-time value; trends; cross-selling opportunities; teams, partners and practice group performance; and, more to influence client service and strength of relationships.
How it works
You get four views of your business development landscape:
Self-Service Analysis: Specify priority metrics from a simple screen with easier navigation and create lists that include clients, lawyers or practice group. Reports are filtered and sorted with in-depth detail with categories oriented to crosssell percentages, numbers of partners and numbers of new matters. Other filters that may be applied for analysis include a client's business rating, flexible time periods and industry parameters.
Cross-Sell Analysis: Generate highly detailed reports across client and practice group. Available segmented filters allow data to be sliced by cash, bills, hours, client age, industry, practice group, and much more. With this level of detail, targeted prospects are identified for cross-selling opportunity.
Trend Analysis: Span historical data and compare it against firm metrics annually, quarterly or over a rolling 12-month period. A chart view of the data helps depict trends beyond hours, cash metrics, or bills and includes five years of detail including cross-sell percentages, new matters, partners, and more. Segmentation filters allow for a deeper cross section of intelligence.
Profiles: Segment clients based on life-time performance and generate a detailed client profile with analytics to export into LexisNexis® InterAction®. With a deep vertical view, and a broad horizontal snapshot into strength of relationship via InterAction®, more cross-selling opportunities can occur.
LexisNexis atVantage, a business development tool that delivers competitive intelligence, can also be woven in to determine competitors' wallet share of clients' business.