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.
