Unlike traditional CRM solutions, LexisNexis InterAction is built for law firms. So you can transform relationship management and business development.
Are legal professionals spending more time than you'd like networking and responding to tenders? Is it harder to win and retain business these days?
Traditional CRM solutions don't really address the one success factor that matters most for law firms: the number and strength of personal relationships.
LexisNexis InterAction is different. It will help you:
- Analyse and strengthen relationships.
- Identify your best prospects.
- Understand what works best to influence them.
- Use legal professional time more productively.
So you'll be able to win more opportunities, more profitably. And retain clients more easily.
Is InterAction for you?
Close to 60% of top-100 UK law firms are using InterAction, and 75% of the top 100 globally.
If any of these business development challenges sound familiar, you'll want to join them.
- Is the quality of contact data a concern?
- Is it hard to find out who in your firm knows a client — or how well?
- Is your choice of marketing activities based more on guesswork than data?
- Does the pursuit of new business take up too much legal professional time, or cost too much relative to the value of business earned?
- Are you chasing lots of opportunities but not winning enough of them?
- Are business development efforts mostly reactive and uncoordinated?
- Is there a real risk that legal professionals, or their support staff, will reach out to clients in ignorance of other activity between your firm and the client?
If you answer 'yes' to any of these questions, InterAction could be your answer.
Turn uncertainty into confidence
Here's how InterAction will help you overcome your business development challenges.
InterAction helps you identify your best prospects, so you can make every second of networking and tendering count.
No more manually pulling together disparate sources of information or relying on unfocused engagement with legal professionals. Instead, InterAction will:
- Automate much of the collection and cleaning of contact data (while giving legal professionals full control over what to share, so they can protect privacy and privilege).
- Reveal meaningful information about the relationships between your firm and its clients.
- Calculate relationship strength scores that you can act on.
So you can easily see which contacts are most likely to yield success.
InterAction not only gathers contact and relationship intelligence from across the firm, it also gives you tools to use this insight to coordinate action. You can:
- Push information to fee earners (eg, make them aware of interactions with clients they know).
- Track pursuits, panels, leads and opportunities.
- Develop consistent business development processes.
- The visibility provided usually goes a long way to breaking down cultural barriers to sharing, especially given the control that fee earners have over what to disclose.
In improving visibility and coordinating efforts you'll also show clients a more unified and responsive face, making a better overall impression.
InterAction gives you analytical models and tools to assess your development activities and correlate activity with results. You can:
- Link pursuits with opportunities.
- Drill down into wins and losses.
- Measure and understand outcomes and ROI.
- See which people, practice areas or offices are performing well and what they’re doing.
All of which helps you understand which approaches work best, so you can optimise your business development activities, close more deals and drive profitable growth.
Good for clients, staff, business
Everyone benefits from the relationship building and business development optimisation that InterAction facilitates.
No longer will clients feel frustrated by uncoordinated approaches from your firm. Instead they’ll be impressed by cohesive action, achieved through standardised processes for client outreach, and better-informed staff.
Your business development specialists, marketers, legal professionals and support staff will appear knowledgeable and client-centric as they draw on information provided by InterAction to add value to their client interactions. And you'll respond more quickly and effectively to changes in each client's organisation.
All of which translates into business more easily won and retained.
Fee earners will spend less time maintaining contact data, and can track activities relating to their contacts directly in Outlook. The usefulness of this information when interacting with clients helps to break down internal barriers to sharing, resulting in even greater visibility and useful insight.
Once business development managers, marketers, fee earners and support staff are all pulling together effectively, fee earners will spend less time on business development activities that go nowhere.
If they're asked to network or contribute to a bid response, it will be because there is good reason to believe that their efforts will bear success.
Time and again InterAction has proven its worth helping law firms to deepen client engagement, win business more profitably, and maximise client lifetime value.
Because of the insight, agility and control that InterAction delivers, you'll:
- Uncover hidden relationships and make more of all relationships (old, new, and with alumni).
- Better identify when, and how, to protect business at risk, and worry less if 'rain makers' leave.
- Quickly spot changes in client organisations and adapt strategies and tactics in response.
- Spend time and money where it's most likely to yield results, and avoid wasting it where it's not.