INTERNATIONAL FORUM FOR THE PROMOTION OF LEGAL SERVICES HOW GLOBAL LAW FIRMS USE MODERN BD TOOLS SUCH AS TECHNOLOGY AND BUSINESS INTELLIGENCE December.

INTERNATIONAL FORUM FOR THE PROMOTION OF LEGAL SERVICESHOW GLOBAL LAW FIRMS USE MODERN BD TOOLS SUCH AS TECHNOLOGY AND BUSINESS INTELLIGENCE

December 2014

HOW GLOBAL FIRMS USE MODERN BD TOOLS

1. Global firms using technology

2. Relationship management systems – challenges

3. Content marketing and marketing automation

4. Where’s the ROI? Using BI to support BD

5. Holistic approach

6. What does the future hold?

SURVEY BY THOMSON REUTERS ELITE

• Overall, how extensively have you adopted technology solutions to the support their BD and marketing function?

GLOBAL LAW FIRMS USING TECHNOLOGY

• Which of the following areas do you feel technology can make the greatest contribution to drive marketing and BD for your firm?

GLOBAL LAW FIRMS USING TECHNOLOGY

• Top benefits of adopting a BD platform

1. Facilitation/implementation of cross-selling initiatives

2. Identifying/building strong relationships

3. Easier/improved/more customised client communication

4. Providing metrics and data to support BD

5. Spotting untapped relationships

RELATIONSHIP MANAGEMENT SYSTEMS – CHALLENGES

• CRM Systems – ever had to redeploy? 49% have had to redeploy or are considering doing so:

RELATIONSHIP MANAGEMENT SYSTEMS – CHALLENGES

• Which of the following challenges has proven to be most significant in CRM implementation?

RELATIONSHIP MANAGEMENT SYSTEMS – CHALLENGES

• Leading causes of fee earners/partners failure to adopt the technology:

RELATIONSHIP MANAGEMENT SYSTEMS – CHALLENGES

• The remedies:• “Any IT system needs to be an integral part of systems [that]

attorneys already use…”– IT Director of top 100 UK firm

• Prioritise ease of functionality

• “People only use software if there’s something in it for them…”– IT Director of top 100 UK firm

• Offer incentives for logging to consolidate grounding of data

• “The most important thing is to keep the attorney population happy…”– CMO of global firm

• Build consensus over tangible benefits

IMPORTANCE OF CONTENT MARKETING

• Typical business-to-business buyer’s decision 57% complete before they make direct contact with the supplier for the first time

• White papers

• Blog posts

• Email marketing

• The purchase path has changed

• No longer funnel of awareness consideration purchase

• The modern buying journey: by consensus

• Create consensus before pitch

WHERE’S THE ROI? USING BI TO SUPPORT BD

• Challenge your systems and suppliers

• “Show me the metrics…”

• Know your priorities

• Cross-sell conversions/incentives

• Buying doesn’t need to be a ‘leap of faith’

HOLISTIC APPROACH

• Integrated priorities for BD on a micro and macro scale

• Face-to-face introductions– Client visits

– Hosting seminars

– Speak at conferences

• International macro-marketing– External content marketing

– Webinar coverage

– Networking groups

WHAT DOES THE FUTURE HOLD?

WHAT DOES THE FUTURE HOLD?

• Intelligent pricing and cost budgeting

• Cost conscious in-house: efficiency, alternative billing structures, fee caps and transparency

• Using technology and pricing software for pitches

• Big data/CRM systems in the Cloud

• Content marketing integral part of the buying journey

“Technology is just such a big part of our lives these days, you either adapt…or get left behind”

Business Development Manager atleading Australian firm

Resources

• Evolve to Win: the Growing Role of Technology in Law Firm Business Development– White Paper by Thomson Reuters Elite

• Soft copy: http://www.elite.com/documents/evolve-win-growing-role-technology-law-firm-business-development.pdf

• Accompanying webinar found at: http://www.legalmarketing.org/webinars

• Raconteur: Legal Efficiency– raconteur.net/legal-efficiency

16OCTOBER 2008 • UNDERSTANDING OUR BRAND