xRM4Legal 2015 Update 1

Business Developers

Professionals

Marketing team

Growth

Increased revenue

Increased competitiveness

Enable staff to grow careers

Build book of business

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• Keep your best clients / stop them jumping ship to your competitors

• Transform your top clients into loyal clients

• Help your clients think forward – enable your business units and staff to stay a step ahead of your clients

• Client Lifecycle Development – find the right clients, treat them right, grow them into loyal, long-term clients

• Capitalize on Alumni – grow relationships, open doors, increase referrals

• Capture a market segment – or beat the competition to a new market segment. Be there first to be best known

• Increase the client pool – don’t be dependent on two or three big clients (or two or three biggest practice areas/ “rainmakers”)

• Deliver outstanding client service – be the best and known for it

• First to know (e.g. Lobbying firms)

For many firms increasing client loyalty and increasing your pool

of best clients is a very viable CRM objective

80:20 rule – 20% of the firms clients account for 80% of firm’s

revenue

CRM requirement: 1st year grow 20% to 20.5%

• Extended firm / market intelligence

• Delivers pipeline, budget and forecast dashboards

WHAT IS IT?

• Create long-term value, not by today’s revenue but RFM –

Recency, Frequency, Monetary

ALLOWS USERS TO

• Drive firm-wide client insights to generate new

revenue / fees / retainers

• More precisely identify and target key clients / prospects

FIRM BENEFITS

• Rapidly configure views and searches of CRM data

• Expose this data to firm-wide access and review

WHAT IS IT?

• Understand business unit, areas of expertise, industry,

geography, current trends, emerging opportunities

ALLOWS USERS TO

• Configure audience-specific engagements and client

events / subscriptions with CRM data

• Access information, deliver to those who need it

FIRM BENEFITS

• Integration with social and business network media and

websites for up-to-date access to company and contact

details

WHAT IS IT?

• Be automatically alerted to contact job and role changes;

client company ownership, revenue, employees, contact

details and more

ALLOWS USERS TO

• Automatic CRM updates. Deliver the latest information to

users that enables immediate client action and response

FIRM BENEFITS

Client’s business

Corporate family tree

Competitors

Industry

Competitive intelligence – other firms

News – legal, business, market, industry, personal

Trends

People (who’s in, who’s out)

Referrals

Take you to new employer

Relationship networks

Social and business networks

Projects, outcomes, alumni

Responsiveness to your firm (mailings, events etc.)

• Corporate project and knowledge base with firm specific

productivity customizations

WHAT IS IT?

• Ensure enough staff in your firm know clients so well, and

in such depth, that you never need to be taught their

business

ALLOWS USERS TO

• Institutional knowledge of clients pushes their switching

costs too high; they become “clients for life”

FIRM BENEFITS

• Enriched reporting in CRM – one pagers / taxi packs,

dashboards, online / real time

WHAT IS IT?

• Quickly classify deal flow as High, Low or Commit

• Track revenue budget for nominated periods

• Generate forecast reports

ALLOWS USERS TO

• Deliver flexible yet SIMPLE deal pipeline reporting and

forecasting – for revenues, resources required, practice

areas affected

FIRM BENEFITS

Traditional CRM solutions

Things lawyers actually use

xRM4Legal

What BD / marketing need

1. CRM education

2. Align and prioritize practice area and firm-wide objectives

3. Validate the firm’s business objective against the firm’s real client

strategy

4. CRM readiness

5. Project name

6. Project champion/s

7. Roll CRM out, one business unit at a time – build CRM on success

stories

8. Capitalize on external intelligence resources

9. Automation

10. Technology