While $300 billion trade hands in the US legal industry every year, the market for law firms has never fully recovered from the recession that hit the US in 2008. While observers once thought demand for legal services was unshakable, the reality is corporations have become increasingly focused on value.
Corporate attorneys, the center of the client universe for law firms, have cut legal spending, are scrutinizing budgets more carefully, and increasingly taking work once sourced to law firms, in-house.
The result for law firms has been drastic. In a recent survey of 400 firms “competition” was cited as the #1 barrier to law firm growth. One legal market research firm calls the landscape a “Predator’s Paradise.”
While slower to adopt new technology than other vertical markets, law firms are rapidly warming to concepts of process re-engineering, data, analytics and visualization. The challenge, given the collaborative professional services structure most law firms follow, is conventional business systems and technology are not designed to support the specific and nuanced needs of a law firm.
Introducing LexisNexis Business Edge for Law Firm BD
After nearly 18 months of research and development, and speaking to hundreds of law firms, the LexisNexis® InterAction® team launched the first-ever cloud-based business development (BD) module specifically engineered for large law firms.
As noted in today’s official announcement:
The Business Edge module is specifically designed for large law firms, and empowers the organization to build firm-wide client relationships, uncover new business opportunities, enhance client service and loyalty, gain a competitive advantage, and ultimately provide information to drive profitable growth.
The technology maps to the nuanced, but incredibly important, needs of law firm processes. It enables firms to process and analyze data law firms already have, but have never before been able to harness. The result is law firms are able to prioritize business opportunities, focus large law firms on specific efforts and ultimately win in a highly competitive market.
“LexisNexis keeps improving InterAction and offers firms a great way to develop stronger relationships with clients, prospects and referral sources. One recent improvement helps us track business development pursuits and opportunities in one place and easily report on them to understand what is working, what is not, which practice groups, offices and individuals are winning the opportunities and other important information to fine-tune our business development efforts. I recommend LexisNexis Business Edge because firms can adopt it quickly and make their business development teams more successful.”
Many industry experts say the legal market will never return to pre-recession levels – that the environment in which law firms find themselves is the “new normal.” In the predator’s paradise new developments like Business Edge are proving technology isn’t just a critical application… it’s a competitive advantage.
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Want to see business development in action? Join our session on Wednesday, September 2nd from 1:30 pm to 2:30 pm in Octavius II and Toni Minick, director of product management for the InterAction product will walk attendees through the new Business Edge module.
Read the complete announcement including benefits and features here: LexisNexis Launches “Business Edge” Taking Law Firm Business Development to New Heights in the Cloud.
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