Industry Insights on Am Law Marketing and Business Development – Jeff Cox Writes in Above the Law
on Topics: News
In conversations with clients and prospective clients, UniCourt has discovered that more and more, law firms are turning to outside data to support their business development (BD) activities. As a Legal Data as a Service (LDaaS) provider, we wanted to better understand how firms are using data.
First Hand Information
To that end, UniCourt partnered with Baretz+Brunelle’s New Law team, co-led by Brad Blickstein, to interview 17 chief marketing officers (CMOs), chief marketing and business development officers (CMBDOs), and other members of the C-Suite responsible for business development at leading firms about the intersection and data and BD.
Above the Law recently published an article by our Director of Content, Jeff Cox, about the interview findings: Industry Insights on Am Law Marketing and Business Development.
The findings were also published in the B+B-produced report, Marching Toward Data-Driven Business Development: Industry Insights from Am Law CMOs. There are five key learnings:
- Most firms (76%) have a data strategy for business development, but most are not systematized firmwide.
- While the majority of our respondents are using data for business development, no one has fully automated the collection of that data.
- Most firms (65%) have built a strategy for identifying qualified leads. But there is little process built around how to manage leads through the sales funnel, with most leads skipping any nurturing phase and going straight into a sales cycle.
- Most firms (82%) proactively monitor for potential opportunities with current clients, but the process is too slow to be fully effective.
- Limited information, speed, and especially lack of collaboration inhibit the ability to proactively turn data into usable insights.
Read the entire Above the Law article for a more in-depth analysis of these results.
Data Readiness
The B+B team also examined the data-readiness of firms and worked with UniCourt to develop The Law Firm Business Development Data Maturity Model, which includes five levels of data maturity across five different areas.
5 Levels of Data Maturity:
- Data Blind
- Data Aware
- Data Proficient
- Data Savvy
- Data Driven
5 Areas of Data Maturity
- Data Infrastructure
- Business Readiness
- External Data Usage
- Data Culture
- Team Development
We will be sharing this data maturity model next week, so keep an eye out for the upcoming announcement.
Meanwhile, to learn more about how your firm can use data to reach its revenue goals, schedule a call with an API expert.