The legal market has been changing for some time now. Firms continue to adjust to weak growth in demand and increased competitive threats from non-traditional legal service providers. For new opportunities, many firms find themselves fighting to take business away from the competition. Meanwhile, firms' existing clients are less loyal and more likely to switch to the competition.

To compete more effectively in this market landscape, law firms and the lawyers within them need access to integrated intelligence, including market intelligence and relationship intelligence, that is blended in with the internal financial information. They need this in a CRM system that enables them to gain deeper insights, and to take action on the information to identify profitable opportunities where the firm has a competitive advantage. Lawyers need to be confident that the data, on current clients and prospects, connections, and activities, is accurate, up to date, and complete—otherwise the data is not actionable.

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CRM as Part of the Organization

In the past, the strategy for CRM information has been isolated within the business development organization, and not a strategic priority at the managing partner level. An integrated data set that includes market intelligence, relationship intelligence, and internal financial information requires a firm wide data strategy that aligns with the firm growth strategy. The importance of a high quality and comprehensive CRM system needs to be championed at the senior partner level in collaboration with the senior level marketer in the firm, and aligned with the application integration strategy of the CIO.