Market Immersion and Service Excellence
Law firms are increasingly more focused and disciplined in their strategic planning and business development. Today, clients expect their law firms to discern – and demonstrate that they understand – how each client defines value. Now more than ever, buyers of legal services are making purchasing decisions based on the law firm’s true understanding of their business and the market dynamics that define risk and opportunity.
Fried Frank understood the importance of building even stronger relationships with its clients. Yet it needed to increase efficiencies when it came to gathering and analyzing market intelligence across the entire organization. It needed to adopt a more holistic approach to market intelligence to ensure spot-on relevancy and maximize the creation of client outreach opportunities. The firm needed to support client and industry teams and practice groups with sustained, action-oriented market insight that would enable its lawyers to stay closer to clients.
To help accomplish this goal of institutionalizing a market intelligence function, Fried Frank turned to ShiftCentral. Working together, firm leadership and ShiftCentral identified strategic business development priorities that would be enhanced by a focused market intelligence program.
The firm understood the importance of real-time intelligence gathering, analysis, and distribution. It recognized that information must be easily accessible so that lawyers can acquire what is most important, and in a timely manner. ShiftCentral set out to develop a custom market intelligence program to support these needs; it included real-time insight on targeted industries, key clients, prospects, and competitors.
The two core components of the program included: (1) People - ShiftCentral analysts assigned to support various areas of the firm, serving as extensions of the in-house business development team; and, (2) Technology - a centralized market intelligence publishing platform with specific portals designed to stream the relevant information.
The firm’s market intelligence program grew significantly in a very short period of time and the firm now has a number of practice, industry, and client resource centers.
As a result, the firm is now immersed, in real time, in those market dynamics that define risk and opportunity for its most important clients. Benefits cited by the firm include:
- Early spotting of trends;
- More informed decision-making;
- Opportunities to take early action when warranted;
- Improved cost-efficiency;
- Decrease in ‘urgent requests’ which in turn results in greater productivity of the firm’s business development staff;
- More opportunities for relevant value-added touches with clients and prospects;
- Support of external thought leadership campaigns;
- Co-creation publishing opportunities.