Do you really know your client portfolio?

February 4, 2013

5274This post was written by Katie Leonard.

Any successful law practice and its practitioners know that the legal industry is more competitive than ever. In order to maintain a strategic edge over the competition and provide quality legal counsel, a successful firm has to have a clear in-depth understanding of their client portfolio which includes:

-Understanding their clients’ financials, industries and marketplaces
-Being well-versed in evolving changes to the law and what that means for their clients
-Looking for opportunities to retain current clients for future matters
-Prospecting for new clients
-Knowing what their competition is doing.

Compiling all of the business intelligence needed to stay abreast of everything relevant to your practice and your current and prospective clients takes valuable time and requires multiple resources. And there is no guarantee that the information found has been vetted or is current.

In order, to stay ahead of the curve, some law firms are utilizing a new tool. Thomson Reuters, My Business Intelligence mobile site is an app that draws information from Thomson Reuters legal, financial and news sources to provide business development tools in one place for easy on-the-go access. What systems and tools do you use to ensure that you and your firm are on top?