6.17.2005

Raindance Report:
Using Competitive Insight To Drive Growth

Technology tools that can help lawyers expand their business are exploding in the marketplace. That is one of the points Doug Hoover of Thomson Find Law stressed to Raindance attendees.

He noted that 75 percent of firms conduct market intellgence surveys now, with 59 percent doing so every week.

Hoover pointed in particular to subscription services that can now search public records and tally the amount of litigation work your client has in total (jurisdiction by jurisdiction) as well as the percentage of suits in a given practice area or the number of suits against your client vs. other clients in the industry (a possible selling tool for preventive practice).

Linda Will, an information officer with Dorsey & Whitney, noted that intelligence gathering has quickly moved from print to online research to commercial filters and databases with content management capability.

She also noted that it is a good idea for client teams at major firms to have a library/information sciences person on the team because of the value they add to business development.

Cherie Olland, the Director of Business Development and Communications for legal giant Jones Day, spoke about the importance of doing business intelligence on potential merger targets and stressed the importance of doing project driven intelligence reports narrowed in focus by specific limited and narrow questions. "Sometimes knowing what you don't want is more important than knowing what you do," she asserted.

Learn more: For additional information gathering, Will suggested checking out information gathering and filtering services such as West Intra Clips and My Yahoo.

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