WHAT IS CI?

AN INTRODUCTION TO COMPETITIVE INTELLIGENCE

IN THE LAW FIRM ENVIRONMENT

Presented by Jennifer Alexander & Margaret Hennessey

A PLI-LLAGNY Research Briefing

WHAT IS CI

SCIP (Strategic and Competitive Intelligence Professionals):

CI is a necessary, ethical business discipline for decision making based on understanding the competitive environment

CI is not spying It does not consist of fraud, bribery, trespassing, deceit, eavesdropping,

stealing

Many CI groups go beyond tracking competitors

Monitor developments in targeted and/or whole markets and industries

Detect trends that are affecting current clients

Identify potential clients and markets

Assist senior management with resource planning

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GOAL OF CI

Provide “actionable” information What are the implications and impact of a piece of

intelligence

Help people make decisions, lessen risks, ascertain threats, allocate resources, create strategy

It is not just supplying information CI is not just about presenting facts

There needs to be analysis and an interpretation of the facts or some insight

Challenge conventional organizational “wisdom”3

GOAL OF CI IN A LAW FIRM

Assisting Attorneys in identifying new business

opportunities

Explaining the importance of knowing not only the

legal needs but the business and industry needs of

clients

Not providing a data dump

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WHERE CI IS IN LAW FIRMS

• According to the 2011

Law Librarian Survey,

the 3 main departments

primarily responsible for

competitive intelligence

are :

Library (56%)

Marketing (22%)

Business Development

(7%)

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HOW TO START A CI PROGRAM

Obtain management

buy-in and support

(needs a “champion”)

Define the function

Identify resources

(especially in-house

resources)

Market the program,

set expectations

Measure the outcomes

(get recognized for the

value CI brings to an

organization)

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HOW TO START A CI PROGRAM

Keep statistics of research requests

Survey attorneys on what kind of info they would like and how they want the info presented

Present findings to senior level administrators

Consider skill set needed for role in your firm and assess current staff capabilities

Create a process which must include best practices for request submission and templates for deliverables

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MARKETING CI PROGRAM

Start with Practice Group Chairs – Detail how you can assist the department

Keep statistics of all CI projects and present to Senior staff (annual report)

Present CI capabilities at Practice Group Meetings and Retreats

Meet regularly with other admin functions to discuss CI accomplishments

Present at new hire orientation8

CI RESEARCH ACTIVITIES

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WHAT CI SKILLS DO LIBRARIANS POSSESS

Experience and training in eliciting information

“Reference Interview”

Research skills

Ability to devise the best search strategy and collect data

In-depth knowledge of resources

Expertise in managing information flow

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PERSONAL SKILLS ARE ESSENTIAL

Charming – A person who can

deliver bad news with a touch

of optimism

Inquisitive - A person who is

unduly curious.

Sense of Humor – A person

that sees the humor in things

and can remain relaxed.

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WHAT CI SKILLS DO LIBRARIANS NEED TO ACQUIRE

Ability to assess and interpret information Analysis – establish facts, draw conclusions

Present those conclusions in a clear and logical manner

Develop expertise in presenting ideas Simple graphics, Excel

Become familiar with firm’s focus and expertise Know industry jargon, keywords, key players, competitors

Develop an understanding of CI tools & techniques SWOT, KITs, PEST, Porter’s Five Force Model 12

VALUABLE SKILLS NEEDED IN CI

Strong business, legal and industry knowledge

Strong research, analytical and communication skills

Can identify trends from news articles and statistics

Thinks outside the box

Can deliver information quickly. Must be very familiar with information

resources across industries

Knows when to stop/limitations

Works well under pressure

Familiar with Microsoft Word, Excel and PowerPoint as well as Adobe

Professional, web and graphic software

Ability to manage expectations13

WHAT ARE EMPLOYERS SEEKING IN CI

STAFF?

The following are attributes for CI analysts and managers from job postings

CI analysts need to be insightful, partners, leaders, strategists, predictors, developers, consultants, communicators, ethical

key business partner anticipate future competitive moves

make informed assumptions develop forums and tools

translate findings into recommendation consult with management

identify and communicate develop insights

develop and maintain a competitive database identify opportunities

create actionable insights provide strategic leadership

inform key business processes develop knowledge of external data sources

determine the strategies maintain high set of CI ethical standards

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CI AT PAUL, WEISS

Business Intelligence Group resides in the library

Supports the Business Development, Marketing and Communications groups

Monitors competitors, provides insight into companies and industries

Utilizes mostly secondary sources, some primary

Assists other departments with their strategic initiatives

Conducts due diligence on prospective vendors, technology assessments (research new products, tests mobile applications for attorneys)

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CI AT PAUL WEISS

CAPABILITIES VALUE DELIVERABLES

Conducts research and analysis on

companies, industries and markets

Provides insight on potential clients and new

developments affecting existing clients

Identifies potential industries to target

Identifies market trends that affect the firm

and its clients

Analyzes external environment

Company profiles (e.g., in-depth company

reports, brief snapshots)

Biographical sketches

Industry/market screens for trend-spotting

and generating new ideas

Targeted research

In-depth industry and sector reports

Monitors, evaluates and reports on new

developments that affect the firm’s

markets, clients and competitive position

Assists with marketing and sales strategies

Delivers relevant information in a timely

fashion

Sends information in understandable formats

News scans

Periodic updates on companies, industries

and key issues/topics

Researches competitors’ current

positioning and potential future prospects

Offers insight into competitors’ value

propositions

Assesses competitors’ strengths and

weaknesses

Tracks trends in the legal industry as it relates

to business development efforts

Competitor profiles

Competitor tracking

Peer firm analysis including league table

rankings

Performs custom research and analysis

for various departments

Assists decision-making across the firm

Supports strategic and resource planning

Supports technology programs

Executive briefings

Ad hoc research reports

Due diligence on vendors/products

Provides expertise on an array of print

and online resources

Availability of professionals to perform

complex research

Skilled research support 16

CI AT MLA

Business Intelligence is a collaborative effort at MLA.

- Research is done by the library staff who also assists in formatting data presentation on ad hoc basis.

- Research and analysis is done by BI Manager who is part of the Marketing Dept.

The BI Team supports Marketing/Business Development mainly.

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CI AT MLA

• RFPs

– Assist in compiling and analyzing

information on companies and industries

during the RFP process

• List Creation

– Compile lists of target companies and

events

• Industry Analysis

– Provide overviews of industries

• Legal Trends

– Identify legal trends

• Cross Selling

– Identify cross selling opportunities

• Competitor Profiles

– Prepare profiles on competing law firms

• Geographic Research

– Prepare profiles of legal/business

environment nationally and

internationally

• Lateral Research

– Track and compile lists of lateral partner

moves

• Practice Area Watch

– Provide information on practice area

trends in the legal market

• Alerts

– Setting up docket, SEC filings and news

alerts

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Note: Deliverables vary, data is presented in one sheet write ups usually in Microsoft

Word, PowerPoint and Excel Spreadsheet.

COLLABORATE WITH ADMIN

DEPARTMENTS

• Collaborate with Recruiting on

lateral and alumni programs

• Collaborate with Accounting on

gathering and compiling billing data

on clients

• Collaborate with IT on creating an

intranet page where Marketing

materials can be stored as well as

maintaining the Customer

Relationship Management (CRM)

database

• Collaborate with the Library on

business and legal research requests

• Marketing/Business Development

collects data and information from

the various departments and utilizes

the data to pitch new business for

the firm

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CI CHALLENGES IN LAW FIRMS

There is a lot of transparency in the legal marketplace

Law firms have many competitors (peer groups,

boutiques)

Larger firms have many practice groups, usually in various

locations, that have their own competitors

Practice groups also have industry focus

Clients – and potential clients – are numerous as well

Legal marketplace is evolving20

CONCLUSION

CI is a useful tool for law firms in today’s

competitive legal marketplace

Librarians have some of the tools already

But librarians need to boost other skills

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CONCLUSION

Many firms do not have a formal CI program,

slowly begin to present why it is necessary if

your firm doesn’t have a program.

Prep staff for new responsibility

Set realistic expectations

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PART 2

May 9, 2012 @ 1 PM

Creating Company Profiles

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