How Attorneys Can Use Legal Data for Legal Recruiting – Josh Blandi Writes in Attorney at Work
As Legal Data as a Service is becoming more widely available and affordable thanks to the ever-expanding legal technology market, law firms of all sizes can and should be using litigation data for conducting targeted legal recruiting to capture new business opportunities.
UniCourt is thrilled to share our CEO, Josh Blandi’s second article in our ongoing three-part series published in Attorney at Work, “How Attorneys Can Use Legal Data for Legal Recruiting.”
In Josh’s first article in this series, “How Attorneys Can Use Legal Data for Business Development and Intelligence,” he shared how lawyers interested in adding legal data into their legal marketing toolkit can start by looking at the litigation data of their clients and competitors to find new business opportunities and better understand their market share.
After detailing how law firms of any size can leverage litigation data to boost their business development and gain competitive intelligence, in his second article, Josh focuses on why legal recruiting is an integral business development tool for firms wanting to gain more business from existing clients, add new corporate clients to their roster, and expand their geographic footprint. Josh also details practical ways for firms to use litigation data to their advantage in the recruiting process and some of the key questions they should ask and answer before settling on which laterals to hire.
Here below is an excerpt from Josh’s article in Attorney at Work:
Legal recruiting is an important business development tool for law firms looking to expand their client roster, build up their practice areas, and open offices in new locations.
Firms of all sizes, from BigLaw to small law firms, can and should be taking advantage of the growing availability of litigation data to drive insights on which attorneys are strategic hires for their firm’s needs, so they can take a targeted approach to finding the right laterals and law practices to purchase and, even more importantly, which to avoid.
In the first article of our three-part series, “How Attorneys Can Use Legal Data for Business Development and Intelligence,” we covered how attorneys who want to start using legal data for business development and legal marketing need to find a good place to start. For most firms, the best place to start is with what they know best, or what they think they know best: their clients.
With litigation data law firms can easily look at their clients’ overall litigation to determine their market share with their most important clients and uncover new business opportunities. And once they’ve exhausted potential opportunities with their existing clients, law firms can also use litigation data to gather competitive intelligence on who their top competitors’ clients are and whether there might be any hidden opportunities with those clients that align with their firm’s core practice areas.
For the second piece in our series, we’ll go over why legal recruiting can be such a valuable tool for law firms, and how firms can use litigation data to make it a more successful and profitable endeavor.
Why Legal Recruiting for Business Development
Legal recruiting can be one of the most lucrative business development tools in a law firm’s toolkit. Just by bringing on new partners or senior associates as lateral hires, who have strong books of business and great experience, law firms can instantly improve their profitability and bring in big named clients along the way.
When firms see the writing on the wall with certain practice areas dwindling or booming, legal recruiting can also be a great way to pivot and open up new practice groups as others fall off, or to lock down good talent when the market demand is growing in their hottest practice areas.
In addition to growing their client roster and pivoting from or doubling-down in certain practice areas, when law firms have grown past the peak of their local legal market, expanding to build or buy practices in nearby legal markets can be an effective way to increase firm revenues. Successful legal recruiting is key to developing a solid presence with respected lawyers, who have real courtroom experience and have appeared before critical judges, and especially when a firm is seeking to establish a new foothold across state lines.
Many of the largest firms in the AmLaw 200 are constantly hunting for talent and fending off attempts to poach their rainmakers, so they can expand their market share and protect their revenues. What we have seen recently with the associate salary wars within BigLaw is only a small window into the ongoing competition to recruit and retain the best and the brightest laterals as the demand for the legal services keeps growing and the battle for talent continues to heat up.
Now, with the rising availability and affordability of litigation data due to demonstrable growth in the legal tech ecosystem, law firms of any size can use data to add legal recruiting to their toolkit as a way to find new business opportunities.
You can read the full article here on Attorney at Work.