Sep 05 2019
Our article Why Law Firms Need to Strengthen the Client Relationship discussed the changes in buyer behavior and the impact it had on the legal market. The evidence beared out that legal firms need to focus on strengthening the client relationship, while also providing resources to retain talent. The best way to achieve both of those goals was to provide access to market intelligence.
What is Market Intelligence?
Market intelligence encompasses information relevant to a company and/or industry’s market, i.e. the trends, competitiveness and product/service information. Market intelligence is used to gather the latest data and analysis on a specific company or industry to assist with confident decision-making and determining strategy in several areas, such as market penetration, market opportunities and challenges.
Why Industry Information Matters further explains the importance of market intelligence, indicating that it’s critical for professionals ranging from accountants to commercial bankers to lawyers.
Why Do Law Firms Need Market Intelligence?
Law firms are experiencing unprecedented attrition. In addition to clients leaving traditional law firms in search of non-law competitors offering a broader range of services, non-law competitors are also headhunting top law firm talent to provide their value-add legal services.
To combat the effects of these trends and slow the rate of attrition, law firms need access to a market intelligence resource to help strategize, prepare and strengthen their firm.
- Win new business ⇒ Find industries that need legal services
- Be a value-building partner ⇒ Support the insight of research teams
- Service development & innovation ⇒ Develop value add services to meet changing market demands
- Stronger client proposals ⇒ Tailor service to win new clients and maintain current ones
- Client-focused research ⇒ Mitigate risk before accepting a client
- Meet and greets ⇒ Have need-to-know facts and figures on clients before meetings/calls
- Client service and retention ⇒ Understand the client's industry issues
- Business advisory services ⇒ Provide more personalized services
- Operational-focused, unbiased advice ⇒ Compare against information issued by investment banks and private equity groups
Strategize. Prepare. Strengthen.
These are the core concepts that access to market intelligence can provide law firms looking to reinvigorate their team and win new business.
Check out this brief video to find out how IBISWorld can help your law firm develop strategy and strengthen client relationships today.