6 SUREFIRE WAYS TO IMPRESS YOUR LEGAL MANAGEMENT COMMITTEE AND OPTIMIZE YOUR TEAM’S BD EFFORTS
- Give Your Legal Management Committee a Flight Risk Dashboard
- Drive Business Growth: Make the Right Connections, to the Right Resources in Your Firm
- Instantly Unearth New Opportunities and Connections While On-Boarding Lateral Hires
- Save Your Attorneys Time, Using Passive Data Capture
- Use Configurable Settings in IQ to Keep Client Contact Information Private without Compromising Your Team’s Efforts
- Help Your Data Team Be More Efficient
GIVE YOUR LEGAL MANAGEMENT COMMITTEE A FLIGHT RISK DASHBOARD
Prove your marketing team’s value by entering your next quarterly Legal Management Committee meeting armed with a smart dashboard that clearly identifies the top 20 clients that pose the greatest flight risk to the firm.
Provide Early Insight into Which Clients Pose the Greatest Flight Risk to the Firm
Score Your Engagements
InterAction IQ can help your team identify which clients present the greatest flight risk by analyzing their level of engagement within the InterAction CRM platform. The IQ feature works by giving the relationship a score that quantifies and measures the level of engagement based on an attorney’s frequency of contact with the client. In addition, IQ can help your team identify relationships and then identify gaps in who the firm knows and help discover engagements that may otherwise be unknown, due to contacts not entered in the firm’s CRM database or an attorney’s contact collection. This ensures important engagements are not missed.
Track Effectiveness of Law Firm Marketing Efforts
IQ also looks at law firm activities by taking into account any marketing or one-on-one marketing communications aimed at clients which are logged into the system, such as clicks on a link from a marketing communication or website, which IQ also takes into consideration to determine a client or prospects’ level of engagement. Additionally, if the firm uses InterAction for Microsoft Office (IMO) and is auto logging meetings for certain clients or prospects, those too will be calculated in the score.
Zero in on Key Clients
Use IQ to limit the scope of clients to just those who are highly managed or top clients for the firm.
Begin a Dialogue
Quickly and easily identify which clients pose the greatest threat of leaving the firm simply by looking at which clients have had the least amount of engagement with partners in the firm using InterAction IQ. Using IQ your team can create automated searches to better understand engagements within the firm either by looking at engagements with number of people at the company or by looking at number f engagements within people at the firm. This helps your team to better assess if the firm is meeting or increasing its “target levels.” IQ also tracks and scores changes, so members of your team can see where engagement is increasing or decreasing. This enables your team to identify a potential risk and keep track of whether the firm’s engagement levels are being met. This data can also be used to start an important dialogue with law firm leaders about how to immediately re-engage any potentially vulnerable clients.
Prioritize and Expose Blind Spots
Use IQ’s proprietary algorithm to help your team prioritize relationships based on strength and expose blind spots, while managing a high volume of contacts more efficiently.
Prepare for Partner Attrition
Minimize your firm’s exposure to risk prior to a partner leaving the firm using InterAction IQ to determine which partners have the strongest engagements with clients who may be directly impacted by the partner’s departure. Use this information to determine which remaining partners in the firm have solid relationships with these clients, so they can be immediately briefed with a plan on how to expand or strengthen the relationship.
DRIVE BUSINESS GROWTH MAKE THE RIGHT CONNECTIONS, TO THE RIGHT RESOURCES IN YOUR FIRM
Don’t allow your firm to miss out on significant organic and external revenue generating opportunities. Unlock the power of IQ to help your marketing team drive business growth by uncovering opportunities to engage with clients and prospects in a more strategic and personalized way and expose them to the right resources in your firm.
Reinforce Your Marketing Team’s Value through Intelligent Prospecting
Stay Connected to Clients
InterAction IQ enables you to stay connected to your attorneys’ most valuable clients by enabling users of IQ, such as members of your BD marketing team, to know immediately when a client’s title status has changed by automatically cleaning and updating data using the freshest data available via the signature capture feature. This gives your marketing team insight if and when a client has been promoted, has moved into a new role at a different company, or has experienced name change, so your attorneys can stay in touch or reach out in a more personalized way.
Better Assess Client Communication
IQ can help your team assess whether the firm is over or under communicating with clients and indicate where the firm is getting engagement back from this communication by capturing, counting and scoring the number of engagements with a client so your team can make recommendations or suggest ways to re-engage with clients, as needed.
Identify Your Top 5 Weekly Prospects
Through IQ your team can identify previously unknown relationships and can expose multiple practice groups that are engaged with clients to allow for better cross-selling or joint selling opportunities. In addition, your team can track how engagement for new BD opportunities have increased over time and, if engagement is high enough to trigger a more planned effort. IQ can also help the firm understand who knows whom within the firm and the strength of their engagements which can identify potential “marriages” across practice groups and create join marketing opportunities to expand services. This intelligence can help your BD marketing team with strategic initiatives such as developing a list of the “top five” clients or prospects that should be on the radar for the week.
Understand the Engagement Score
Understand who has the strongest level of client engagement with a given client in the firm using IQ as well as the status of that relationship. This 360º view of the firm’s relationships helps ensure a potential new opportunity is not missed.
According to Mark Herrmann Chief Counsel of Litigation and Global Chief Compliance Officer at Aon, in an Above the Law article titled: Business Development 5 Things I Have Seen Work:
“Number one, and light-years ahead of everything else: Impress your existing clients. Those clients will then give you more business,” said Mr. Herrmann. “I can’t give you percentages, but that formula — existing clients giving you more business — surely accounts for the vast majority of business I have either generated personally or seen generated by others over the course of three decades. It’s the magic elixir.”
INSTANTLY UNEARTH NEW OPPORTUNITIES AND CONNECTIONS
WHILE ON-BOARDING LATERAL HIRES
Instantly tap into a myriad of potential new revenue generating opportunities and professional connections each time a new lateral is hired by tapping into IQ’s intuitive technology.
Ensure New Contacts are Not Missed and Find Out Who-knows-Whom
Discover New Connections
Every attorney that steps into a lateral role at a new law firm brings with them a wealth of important previous connections and relationships. As soon as lateral hire emails a previous contact and there is a response, IQ is able to discover the contact, as long as a signature is included in the email. This alleviates the attorney/ lateral hire from having to manually enter old contacts and helps your law firm marketing and leadership team see how the attorney’s on-boarding/BD plans are progressing. In addition, IQ can help your team tap into new connections by instantly uncovering previously unrecognized contacts via the signature capture feature and automatically adding them to your BD contact database. This also enables you to make appropriate determinations about where to make introductions.
IQ enhances your team’s who-knows-whom capabilities by automatically adding new relationships to your InterAction database based on your configuration settings.
Ensure New Contacts Aren’t Missed
IQ creates a file of possible new contacts who are not in your InterAction database, for your review, so you can ensure no new contacts are missed, especially during the lateral on-boarding process. This helps the firm discover where the lateral has unique relationships and where there is overlap with the firm’s existing contacts. Your team can then help the lateral put the best plan in place to start making the most of those relationships by either introducing their contacts to others services within the firm or expanding the existing services being provided in collaboration with partners who also have relationships with clients where the lateral’s expertise in not already being provided by the firm.
SAVE YOUR ATTORNEYS TIME, USING PASSIVE DATA CAPTURE
Stop manually checking and updating contact information. This is time-consuming and an inefficient use of an administrative assistant’s or professional’s time.
Capture Only the Freshest Data Available and Alleviate Administrative Burden
Dramatically reduce the time attorneys spend entering data change requests
Time is money, especially when your attorneys are being bogged down manually updating data change requests. InterAction IQ alleviates his burden, so your attorneys can focus on more pressing client and BD work, by automatically capturing the freshest contact data available using IQ’s Email Signature Capture feature.
At the same time, ensure your lists/data quality is high
By using only the freshest data available via signature capture feature, you can ensure the quality of your attorneys’ data is the highest.
What is “passive” data capture?
Every time an attorney receives an email from a client or a prospect, IQ automatically mines the firm’s Exchange Server using passive data collection. By using email signatures from your attorneys’ inboxes IQ compares them to the most recent contact data available in InterAction. With InterAction’s data change management existing functionality, provided a contact exists in your attorney’s contact collection, your attorneys won’t need to lift a finger, and those changes are immediately passed onto the attorney which can either be reviewed or automatically made.
Reduce Data Stewardship Responsibilities
In addition, using IQ’s signature capture feature can alleviate data stewardship responsibilities, enabling your attorneys and BD team to focusing on more pressing billable and BD work, by automatically updating contact information. In addition, whoever is researching a particular contact can see who is making the recommended change eliminating the extra step to research who is suggesting the change and can see the actual signature taken from the email so they can confirm the accuracy of the data, if needed.
USE CONFIGURABLE SETTINGS IN IQ TO KEEP CLIENT CONTACT INFORMATION PRIVATE WITHOUT COMPROMISING YOUR TEAM’S EFFORTS
Attorneys have a duty to keep private information private. Whether attorneys are working on highly confidential M&A deals or want to keep personal emails private, IQ can help attorneys protect their clients’ privacy by allowing them to set privacy controls via configurable settings. For some attorneys, this means keeping their clients’ contact information private from the rest of the firm. IQ can help give your marketing team what it needs, while respecting an attorneys desire to keep certain portions of their client’s contact information private.
Set Privacy Controls to Ensure Privileged Information Stays That Way
Captures Only Signature Blocks
IQ only looks at the signature blocks and not the contents of the email, ensuring the utmost privacy for clients.
Keep Private Information Private
IQ will not score or share contact information marked “private” by an attorney in both Outlook and InterAction and only harvests email signature block lines, not email content, and that data collection is governed by the attorney’s setting configurations for privacy.
Ensure Personal Email is Private
IQ excludes private contact information based on setting configurations, essentially ignoring personal emails (e.g., Gmail, Hotmail) and excluding individuals or domains from identifying relationships.
HELP YOUR DATA TEAM BE MORE EFFICIENT
Greatly reduce the amount of unnecessary DCM tickets your data stewards need to respond to in a matter of seconds, simply by incorporating a few efficiencies built into the IQ module.
Greatly Reduce Unwarranted DCM Tickets
Prioritize and Streamline
When you have thousands of contacts coming over in your system, it’s important to choose priorities and allocate them using InterAction’s DCM configurable rules.
Eliminate Repeat Tickets
With IQ, repeat tickets do not get created in IA DCM every time the same new contact is discovered in multiple inboxes, this eliminates the potential for additional, unwarranted tickets.
Gain a greater level of efficiency for the firm by using the IQ score itself to prioritize DCM tickets or prioritize clients and have your data stewards take care of those first before working on less pressing tickets. Your team can also create lists based on IQ scores or key BD activities so that those contact updates or new contacts are addressed as a priority over everything else.
RELATIONSHIP INTELLIGENCE IS BECOMING INCREASINGLY VALUABLE FOR THE GROWTH OF LAW FIRMS, CREATING THE ESSENTIAL NEED FOR DATA QUALITY TOOLS AND AUTOMATION TO DRIVE BUSINESS DEVELOPMENT AND MARKETING PROCESSES.
The LexisNexis training and services teams work with your law firm on all the implementation arrangements to get your new solution installed, integrated, tested and deployed, as well as provide ongoing educational and maintenance services. A value-added selection of consulting services is also offered to address different functional, technical, strategic and organizational aspects of adopting a CRM solution specific to the needs and goals of your law firm.
With approximately 20 years serving the CRM market, InterAction is specifically designed for law and professional service firms of all sizes.