Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Creating a Culture of Intelligence
We constantly hear from clients that they want us to know their business and anticipate their needs, to help them to see around corners. We hear about the ongoing cost pressures clients face, which force in-house counsel to do more with less, and the pressures on outside counsel to provide greater efficiencies and cost predictability. We also hear that clients hate to be cross-sold. However, this does not mean that clients are not interested to be introduced to new colleagues who can provide insight. Rather, cross selling must be thoughtful and tailored to clients' needs — a concept many of you will recognize from Heidi Gardner's work and the success to be gained from Smart Collaboration strategies.
How Are Law Firms Reacting?
Law firms are listening and implementing strategies to better understand clients and their varied needs. In addition to adopting new technologies to increase efficiency and provide transparency, law firms are increasing their investment in business development and competitive intelligence. In a recent study, Acritas and The Tilt Institute found that law firms with highly effective competitive intelligence (CI) functions perform better than their peers over time. The study also showed that, while more than 80% of law firms had resources dedicated to CI, only 52% had a dedicated, formal function. To me, that says demand is outweighing supply.
Create an Intelligence Culture
What does it mean to build a CI culture at your firm? As I frequently say, intelligence comes when external market data is analyzed and combined with internal law firm knowledge. Without negating the skills CI professionals bring to their roles, there are tools and resources available to lawyers that they can use to create their own intelligence.
External Tools: Today, many lawyers are well acquainted with resources such as Westlaw and LexisNexis and want to be in control of their own research methods. Vendors such as these provide regular training to lawyers on how to use their services. Going through the process of doing their own research can be beneficial to lawyers in a number of ways:
- Doing their own initial search can help lawyers formulate their actual request; understand what they can find on their own, as well as what the library and other tools can help them with; and recognize where their gaps are. It also helps them understand when to make the best use of their time and when to make the best use of my time.
- It gets them up to speed faster on the day-to-day operations of their clients, which is what clients are crying out for. Lawyers can set alerts, make use of company/investor presentations, read SEC filings, etc.
- CI professionals can concentrate on their own value-added projects. If anything, this process of understanding on all sides also reinforces a CI brand.
Internal Tools: Firms are at different stages of sophistication in connection with developing and using internal tools, though all firms have some sort of internal information available to lawyers. Firms are also implementing collaboration tools to facilitate knowledge sharing within and across practice groups and offices. Encouraging lawyers to seek out those internal tools and the information therein, and combining that with the data found on external tools, is where the cultural change happens.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
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?
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.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
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.