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In few areas within a law firm does one see as much diversity as in the Competitive Intelligence (CI) or Business Intelligence (BI) function. The sheer discrepancy in the quality of work product, amount (and type) of dedicated resources and expected output is stark. Similarly, the receptivity to research within AmLaw 200 firms is equally diverse. For some, CI is a central hub from which to extract the most basic of information — company reports, public filings, executive bios. For others, it has evolved to deliver more comprehensive reports of clients’ changing industry dynamics or an overview of market dynamics in a geographic location. Just a handful of today’s law firms boast a truly sophisticated CI function, one capable of contributing at a high level to the firm’s most vital decisions: where to open a new office, whether a new service offering responds to existing client needs, learning the vulnerabilities in a competitor’s position (and how to capitalize on them), learning what innovations are capturing client dollars, finding which strategic priorities demand the greatest investment of resources in the short- and long-term, and so forth. Yet, it is here where CI offers the most promise for the future. Why not make 2017 the year to take your law firm’s CI to the next level? Here’s how:
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