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
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
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.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.