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Tag Archives: law firm crm

Four Ways to Win More Client Work

winmoreclientwork

A BTI study suggests law firms are leaving money on the table and unnecessarily. Although GCs say they want to give their existing firms more work, law firms are only getting a meager 23 percent of the pie, David Jacobs, senior client advisor for LexisNexis, reported these findings during a webinar focused on business development (BD). “There’s a disconnect between ... Read More »

The 3 Red Flags of More Law Firm RFPs

The 3 Red Flags of More Law Firm RFPs

The volume of law firm RFPs are at a 15-year high according to market research firm BTI Consulting. “56% of corporate counsel issued RFPs for law firms in 2015, up from 45% in 2014,” wrote Michael B. Rynowecer noting the majority of clients have turned to RFPs for law firm hiring. At face value, this could sound like an indication ... Read More »

LegalTech: 6 Tips for Convincing Attorneys to Embrace CRM

LegalTech 6 Tips for Convincing Attorneys to Embrace CRM-2

A handful of recent surveys calls forth what law firm business development (BD) and marketing professionals already know:  competition is fierce. If there’s an upside to a downturn, it may well rest in an opportunity to secure senior law firm buy-in for IT systems supporting BD and marketing processes, according to Deb Dobson.  The marketing technology manager at Fisher & Phillips ... Read More »

YouTube Friday:  Quantifying the Value of Client Retention

Quantifying the Value of Law Firm Client Retention-2

A new promotional video from the LexisNexis® InterAction® team underscores the significance relationships have on client retention.   More importantly, it expresses the significance client retention has on law firm financial health: “If you don’t know who your clients are then relationships are at risk and strategy is meaningless.” For most observers, the concept isn’t a stretch and we’d venture the ... Read More »

3 Pragmatic Ways to Gain Law Firm Partner Buy-In for CRM

3 Easy Ways to Gain Law Firm Partner Buy-In for CRM

Lots of law firms share contact information in databases, but that’s not necessarily using CRM effectively, according to a marketing technology panel at the 2015 ITLACON tradeshow (#ILTA057). Forget the acronyms and focus instead on a tool that helps law firms focus on key initiatives – like growing a business. That’s the core of the lessons we gleaned from a ... Read More »

5 BizDev Actions to Take with Existing Law Firm Data

5 BizDev Actions to Take with Existing Law Firm Data

Note: The following is a post from contributor Carla Del Bove, who provides support to the business of law software product line within the LexisNexis software division. Law firms seeking to better understand clients, and the strength of client relationships, have an often overlooked source of data: their own. In a LexisNexis webinar on “Revenue Generating Relationships,” Toni Minick, says some of the law ... Read More »

Legal Competition Rises, Relationships Matter More than Ever  

Legal Competition Intensifies Relationships Matter More than Ever

Note: The following is a post from contributor Carla Del Bove, who provides support to the business of law software product line within the LexisNexis software division. Law firms are losing two out of every three new business opportunity they are presented with. This represents a loss of $637 million in potential profits, according to BTI’s 2015 Market Outlook and Client Service Review. Toni ... Read More »

Audit of 50 Law Firms Finds New CRM Best Practices

Audit of 50 Law Firms Finds New CRM Best Practices

Some law firms experience greater success with CRM implementations than others.  A recent audit of 50 law firms, many among the Am Law 100 or 200, provides insight as to how. The audit found a combination of strategy and tactical techniques makes a remarkable difference, according to Matt Thompson.  Writing for LawMarketing.com – 10 Best Practices to Implement CRM Effectively ... Read More »

InterAction Adds Passive Data Management to Law Firm CRM

LexisNexis InterAction IQ Module

Who you know may well be just as important as what you know. For law firms, knowing “who knows whom” can be a defining difference in both client loyalty and revving up the referral engine. “Research shows there’s a correlation between the number of partner relationships a client has with a law firm and that client’s loyalty. Client-flight risk drops ... Read More »

How Law Firms Can Successfully Implement a CRM System

How Law Firms Can Successfully Implement a CRM System

Note: the following is a guest post from Deborah Dobson In today’s competitive legal market, it is more important than ever to build strong relationships in order to create opportunities.  There are more law firms competing for less work, more work being done in-house and procurement entering the game.  While legal tends to lag behind in technology adoption, it is ... Read More »