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Next-Generation CRM: Achieving the True 360-Degree Client View
When Customer Relationship Management (CRM) technology was first utilized in a corporate setting, fewer firms understood the vast possibilities offered by CRM solutions and tended to use it for things they already understood, such as contact management. As their sophistication grew and more was written about CRM, the scope of their use expanded. During this time, it became clear that CRM could support client development efforts by keeping track of the interactions between clients, prospects and employees, and by collecting value-added information from internal and external sources. By leveraging this relationship intelligence, firms were able to better identify sales leads, manage customer contacts, expand relationships and ultimately pave the way to successful cross-selling initiatives.
As CRM took hold, vendors began to understand that a one-size-fits-all approach would not work. Individual industries varied so widely in business practices and processes, that to gain uptake and maximize ROI, solutions had to be tailored for specific needs. LexisNexis Interface Software, for example, identified the legal industry (among other professional services sectors) as one that had unique CRM requirements that were not being served by the existing vendors. The company's signature offering, InterAction, allows attorneys to record and track critical data relative to people, companies, relationships, experience and expertise, while applying security and confidentiality safeguards crucial to the private nature of legal work. InterAction also offers a relationship mapping function, “Who Knows Whom.” The feature helps users identify connections between internal and external contacts, linking the firm's personnel more efficiently than the ubiquitous firm-wide e-mail. Another example is the Watch List, a feature that monitors activity in the system related to a specified individual or company, alerting the user whenever activities occur relating to that contact. Specialized features, such as these, have helped law firms to understand and utilize CRM beyond simple contact management, and leverage it as a strategic marketing and business development solution.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.