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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 to less than 10 percent when clients have relationships with five or more of a firm’s partners,” according to Toni Minick.

Ms. Minick, along with the LexisNexis® InterAction® team, released a pretty useful update to the IQ module of law firm CRM software todaypassive data management.  Passive data management is a new enhancement to the InterAction CRM software that will help law firms keep client contact information up-to-date automatically.

The new enhancement has been added to the “IQ” module in InterAction, which enables law firms to understand who in a law firm knows who in a client organization and provides a relationship score, or what LexisNexis call an “IQ” score.

The score is useful for gaining visibility into a firm’s clients who are at risk of leaving for example, or that present an additional revenue opportunity as the ABA Journal articulated in this example:

…the firm brought in about $84,200 in unanticipated business with LexisNexis InterAction because one of its attorneys left a note every day in the CRM software, according to Snehit Cherian, InterAction’s director of product development.

While the lawyer’s observation that one of Osborne’s venture capital clients was considering investing in a company was unrelated to Osborne’s business with the client, “another lawyer at Osborne happened to have deep knowledge of the company the venture capital firm was evaluating and saw the notes in InterAction,” Cherian says.

The result: Osborne netted an out-of-the-blue consulting fee of 50,000 pounds from its venture capital client, simply by putting its in-the-know attorney together with the client and providing the background it needed, Cherian says.

The addition of passive data management to the IQ module means the software will automate a bit of the process by “automatically capture email signature blocks for contact information.” In addition, the module is integrated with the CRM system and “updates to contact information in the system are also automated.”

Resources for Additional Information:

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.