Until recently, law firms have not struggled to compete and be profitable-but economic challenges are today's reality. Even so, some firms continue to trend ahead of the curve with positive growth, new hires, retained clients and profitability.
How do they do it? A best practice for law firms is to cultivate existing business by understanding the lifetime value that clients contribute to law firm ROI.
Firms seeking to be competitive in the future take the following actions:
This white paper examines this approach to business development, and introduces a new automated business intelligence solution that provides information to strategically target clients across the breadth and depth of a law firm's portfolio. LexisNexis® Client Analysis quickly identifies strategic segments of opportunity to effectively prioritize marketing and business development plans. With easy access to financial analytics, client relationship management (CRM) data and competitive intelligence, teams can segment clients that are most likely to deliver the greatest opportunity for expanded business relationships.