Competitive Intelligence in the Modern Law FirmBalancing opportunity and risk by leveraging intelligence that informs strategic decision-making expanding the competitive horizon beyond competing law firm practices
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Law firms are getting serious about the need to be more strategic in planning for growth, competing for business, and staying ahead of the curve. But whether you are a marketing lead, a firm administrator, a business development exec, a practice manager, or perform some other essential business function in support of a law firm, it can be challenging to help partners view the organization as a business.
The collision of forces across the legal sector promises to elevate the need for intelligence – internal and external data – to drive better, more informed decisions. Yet are CI teams in law firms poised to keep up?
The nexus of technology, relationships and industry have transformed the way law firms consume and take advantage of one of their most undervalued resources… data.
Law firm competitive intelligence has moved beyond defining the competitive landscape on the basis of several variables and data sets. Firms are using much more sophisticated means to understanding who their serious competitors are, what they’re selling, what they’re charging and how they are positioning their offerings.
Knowing and understanding your client has moved far beyond the Google search of old and now leverages AI, sophisticated business intelligence platforms and CRM, among other information sources. Firms invested in Strategic Client Intelligence are engaged in a multi-layered approach – leveraging technology, dialogue with clients and an increased understanding of industry verticals – resulting in improved client experience, more robust firm engagement and more deeply institutionalized relationships and revenue development.
Ark Group’s 13th annual Competitive Intelligence in the Modern Law Firm conference will once again provide an ideal platform for benchmarking, discussion and debate concerning how competitive (and business) intelligence provides the foundation for strategic planning—enhancing the ability to expand relationships with clients, and to make faster and more .informed decisions on behalf of the firm (and its clients).
This year’s conference will examine the macro-trends propelling CI into the spotlight and what law firms are doing – or can do – to respond.