Big Data and Business Development: Where’s The Innovation?

October 28, 2013

Internet Background

As a midsized or large law firm, what are your strategies for developing new business? Traditional responses may include—sponsoring client or bar association events, new branding, public speaking, and the like.

Do you know what your competition might say? The exact same thing.

As clients feel pressured to disregard even longstanding relationships in the pursuit of more cost-efficient representation, you need to differentiate yourself and prove your value to the client.

“Big Data” gives law firms access to more information about prospects, clients and important legal trends than ever before. As such, we should be living in a Golden Era of law firms leading powerful, productive business development initiatives.

However, many law firms struggle to provide good “intelligence” to end users. Why?

  • Access does not equal action: Access to data is no longer the concern it was in the past. Now firms have the challenge of identifying valuable data, synthesizing it into something actionable, and getting it into the right hands to drive revenue.
  • The toolbox is missing a few items: A chief reason most firms cannot make use of the abundance of data is that they have not hired or trained employees on an effective process, or have not trained leaders how to make better decisions with the information.
  • Execution may lack finesse: Law firms that do attempt to access the potential treasure trove of Big Data often do so incompletely, forging ahead with incomplete or unreliable information. The result can be strategies that are off-kilter with a potential missed opportunity and waste of resources.

To educate you more on leveraging Big Data in talent, practice and client management, Timothy B. Corcoran, a noted business of law authority, will be delivering a keynote entitled Using Big Data to Gain a Competitive Edge at the following events:

  • New York: Wednesday, Nov. 6 from 4:00-6:30 p.m.
  • Boston: Thursday, Nov. 7 from 4:00-6:30 p.m.

For more information on attending, please email Kelly Chase.