Following an LMA Conference session titled, Relevant, Essential and Cool … Surprising Ways to Describe CRM at Today’s Progressive Firms, LXBN’s Colin O’Keefe caught up with Darryl Cross, vice president of Client Profitability and Performance Development LexisNexis for a short video interview.
The interview lasts a little more than two minutes, is embedded nearby and quick summary of the discussion is provided below.
1. Referral networks tend to be small. Each lawyer at a firm has 15 contacts that are really important: 5 clients, 5 prospects and 5 sources of referrals – be those alumni clients or law school acquaintances.
2. CRM is all about those 15 people. Instead of thinking about law firm CRM as a mere collection of names and email addresses, CRM is about those 15 important people – multiplied by how many lawyers employed in a firm.
3. Putting a face on law firm CRM. Beyond the attorneys passing information about legal matters back and forth – CRM programs should aim to include information from the firm’s partners: accountants, banks and other businesses the firm engages. The key is to have a name and familiar face from the magic 15.
4. Not just who but why. CRM isn’t just about tracking that referrals occurred, but also understanding why they occurred. For example, does a firm tend to get bigger deals from one bank it works with versus another – or is there a certain type of conflict work that is passed over from a specific firm? The secret to law firm business development means understanding why those referrals are coming and analyze that in the context of long term relationship management.
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