The legal marketplace has a tremendous need for IT solutions. It’s an industry that is always struggling to keep up with the many new technological innovations that are available. The competition in the legal industry IT solutions field is fierce. A firm having the best possible IT can make the difference.
According to an article in BizTech Magazine, “Corporate law departments today can analyze large amounts of data from invoices that they get to determine which factors most influence rates and negotiate better deals based on that data…having access to this kind of business intelligence can help firms get a better picture of their most valuable clients, making it possible to adjust resources to support the clients that benefit the firm the most.”
Develop New Leads
Law firms are increasingly depending on technology s to enhance their client base. They are increasing their focus on creating a brand that is recognized in the area where they practice. There is a need to develop are more recognized brand, establish marketing plans, create an online presence, conduct mailings and more.
Remember Established Clients
Law Firms can benefit from an IT infrastructure that will make it easier for them to cross sell other legal services to established clients. Accurate records must be kept of each client as well as the potential for them to utilize the law firm in other ways. These clients must be the first ones to be made aware when a firm offers a new service or expands.
Analyzing Potential Cases
Law firms can also use technology to analyze the chances of winning a case, helping the firm decide the level of resources dedicated to each case. This ability directly impacts a law firm’s return on investment (ROI).
There are also solutions available that can analyze the billing of many different types of firms to determine the most competitive rate to charge clients. A firm should not charge too little for their services, but charging too much could hurt their reputation in the marketplace. Knowing competitive rates will increase a firm’s ability to optimize business opportunities when they arise.