Image
courtesy
of
LexisNexis.
Lawyers
must
plug
in
to
the
details
of
their
legal
work
to
be
successful
advocates
for
their
clients,
sometimes
at
the
exclusion
of
minding
the
fundamentals
of
running
a
profitable
business.
One
of
the
keys
to
this
financial
success
is
maintaining
a
healthy
pipeline
of
new
business
opportunities
that
will
drive
future
revenue
growth.
The
2023
Hinge
Research
Institute
High
Growth
Study,
which
studies
the
activities
of
high
growth
law
firms,
found
that
high
growth
firms
stay
ahead
by
being
informed
about
industry
trends,
emerging
legal
issues,
and
market
dynamics,
anticipate
client
needs
with
data-driven
insights,
and
target
business
development
efforts
with
personalized
outreach.
It’s
crucial
for
law
firm
leaders
to
recognize
that
modern
business
development
and
marketing
go
beyond
traditional
referral-based
strategies.
It
requires
the
use
of
next-generation
technology
tools
that
go
to
work
on
your
firm’s
behalf
to
mine
all
available
data
and
identify
new
business
prospects.
Leveraging
Tech
Most
firms
know
the
power
of
Client
Relationship
Management
(CRM)
software
as
an
engine
to
drive
firm
revenues
and
business
performance.
By
centralizing
client
information
and
offering
valuable
insights,
CRM
systems
can
significantly
improve
a
law
firm’s
efficiency
and
drive
its
growth.
For
example:
-
Client
profiles
can
store
detailed
information
about
clients,
including
contact
details,
past
matters
handled
and
communication
history; -
Event
management
tools
can
track
key
metrics
such
as
attendance
and
cross-sell
opportunities;
and -
List
management
can
segment
firm
prospects
and
contacts
into
specific
growth
categories.
But
growth-minded
law
firm
leaders
know
something
extra
…
it
is
actually
relationship
intelligence
that
fuels
and
protects
the
business
development
pipeline.
What
is
needed
is
a
next-generation
CRM
application
that
can
surface
crucial
intelligence
derived
from
relationship
data,
which
can
in
turn
help
law
firms
build
stronger
relationships
with
clients.
Next-Gen
CRM
for
Law
Firms
InterAction,
a
LexisNexis
product,
pioneered
CRM
in
the
legal
industry
in
1993.
Last
year,
LexisNexis
released
InterAction+,
a
new
cloud-based
CRM
solution
that
accelerates
business
growth
in
law
firms
of
all
sizes.
It
is
the
only
legal
CRM
platform
with
exclusive
LexisNexis
content
that
uses
relationship
intelligence
and
reveals
new
business
opportunities
for
a
competitive
advantage.
By
leveraging
LexisNexis
legal
content
and
data,
law
firm
leaders
can
prospect
for
new
business
from
both
existing
and
prospective
clients
who
may
benefit
from
the
firm’s
capabilities.
TechnoLawyer,
which
recognized
InterAction+
as
a
“Hot
Product”
for
2023,
published
an
insightful
review
of
the
product
in
which
it
called
out
some
of
the
key
integrations
between
its
CRM
tool
and
powerful
LexisNexis
content,
including
the
following:
-
InterAction+
lists
litigation
activity
for
clients
and
prospects
using
data
from
Company
Analytics,
one
of
the
Context
tools
from
LexisNexis.
Law
firm
users
can
sort
this
information
with
filters
such
as
the
name
of
the
outside
counsel,
practice
area
and
jurisdiction
—
then
drill
down
further
for
more
details
on
any
specific
result. -
InterAction+
tracks
all
clients
and
prospective
clients
that
a
firm
would
like
to
monitor
and
is
now
integrated
with
Nexis
Newsdesk
to
surface
convenient
links
to
news
articles
on
the
web
that
contain
real-time
reports
related
to
those
target
companies.
Aja
Hendrix,
marketing
technology
manager
at
Pillsbury
Winthrop
Shaw
Pittman
LLP,
told
TechnoLawyer
that
her
firm
has
“experienced
a
significant
increase
in
repeat
or
add-on
business”
with
the
assistance
of
InterAction+
for
driving
business
development.
Uncover
Data
for
Prospecting
Clients
InterAction+
was
built
from
the
ground
up
for
the
cloud
with
a
modern
user
interface
and
is
designed
to
tackle
the
fundamental
shortcoming
of
traditional
CRM
software:
the
lack
of
data
for
prospecting.
InterAction+
is
available
to
law
firms
of
any
size
and
existing
InterAction
customers
can
add
the
cloud-hosted
solution
of
InterAction+
with
minimal
effort.
Click
here
to
view
a
60-second
video
introducing
the
InterAction+
cloud-based
CRM
solution.
Click here to
request
a
free
demo
of
the
platform.