Ask the coach

Q: Our research department gathers intelligence for us about prospects we intend to approach. How much, and what type, info should we seek about prospects' current law firm relationships?
A: What you need depends on what you'll do with it when you get it. If you learn that the company is using firms A, B, C, D, E, F and G, what will you do with that knowledge? Too many lawyers who see a long list of law firms that work with a prospect defeat themselves. They conclude that it's futile to try to do business with that company, creating an excuse for inaction.
I personally don't worry too much about competitors, whether incumbent or potential. Think of incumbency as ownership of the past, with the future still up for grabs. If you're trying to convince a company to displace a longtime law firm in favor of you performing the same service, you're climbing a steep hill against large odds. What would the company get out of that? However, if you're engaging a prospect in a business discussion about emerging issues or problems, no one owns that problem/solution territory yet. If the incumbent were already solving the problem effectively, there would be no reason to talk with you. Let
the buyer decide the question of
territory.
Another problem with excessive data-gathering is that it's easy to confuse data with understanding; more data doesn't necessarily mean better understanding. Lawyers tend to be data-intensive, so it's understandable that they would want all information possible about the prospect. However, it's very easy to suffer analysis paralysis, using it as a delaying tactic to avoid taking sales action.
Sometimes a little information can go
a long way.