compeve intelligence in the modern law firm... · compeve intelligence in the modern law firm...

Compe ve Intelligence in the Modern Law Firm Balancing opportunity and risk by leveraging intelligence that informs strategic decision‐making expanding the compe ve horizon beyond compe ng law firm prac ces

Law firms are ge ng serious about the need to be more strategic in planning for growth, compe ng for business, and staying ahead of the curve. But whether you are a marke ng lead, a firm administrator, a business development exec, a prac ce manager, or perform some other essen al business func on in support of a law firm, it can be challenging to help partners view the organiza on as a business.

The collision of forces across the legal sector promises to elevate the need for intelligence – internal and external data – to drive be er, more informed decisions. Yet are CI teams in law firms poised to keep up?

The nexus of technology, rela onships and industry has transformed the way law firms consume and take advantage of one of their most undervalued resources… data.

Law firm compe ve intelligence has moved beyond defining the compe ve landscape on the basis of several variables and data sets. Firms are using much more sophis cated means to understanding who their serious compe tors are, what they’re selling, what they’re charging and how they are posi oning their offerings.

Knowing and understanding your client has moved far beyond the Google search of old and now leverages AI, sophis cated business intelligence pla orms and CRM, among other informa on sources. Firms invested in Strategic Client Intelligence are engaged in a mul ‐layered approach – leveraging technology, dialogue with clients and an increased understanding of industry ver cals – resul ng in an improved client experience, more robust firm engagement and more deeply ins tu onalized rela onships and revenue development.

Ark Group’s 13th annual Compe ve Intelligence in the Modern Law Firm conference will once again provide an ideal pla orm for benchmarking, discussion and debate concerning how compe ve (and business) intelligence provides the founda on for strategic planning—enhancing the ability to expand rela onships with clients, and to make faster and more .informed decisions on behalf of the firm (and its clients).

This year’s conference will examine the macro‐trends propelling CI into the spotlight and what law firms are doing – or can do – to respond.

SPONSORS AND PARTNERS:

September 25th // New York Law School // NYC

With Key Contribu ons & Real‐World Illustra ons from:

Marcie Borgal Shunk President and Founder The Tilt Ins tute Inc.

Jennifer Papantonio Chief Client Service Officer Peckar & Abramson, PC

Laura Kopen, Research Analyst, Neal, Gerber & Eisenberg LLP

Tom Van Der Moere Chief Financial Officer Neal, Gerber & Eisenberg

Amy Wisinski, Strategic Research Manager Winston & Strawn LLP

Loubaba Mulcahy Manager of Compe ve Intelligence Faegre Baker Daniels LLP

Ron Friedmann Chief Knowledge & Informa on Officer LAC Group

Stefanie M. Marrone Director of Business Development and Marke ng, Tarter Krinsky & Drogin LLP

Stephanie Dooley Senior Compe ve & Strategic Intelligence Manager K&L Gates LLP

Zena Applebaum Director Customer Insights & Engagement Thomson Reuters Canada Legal Tax & Accoun ng

And more...

Compe ve Intelligence in the Modern Law Firm Agenda: September 25th // NYC

9:00AM Opening Remarks ‐ Conference Chairperson Ron Friedmann, Chief Knowledge & Informa on Officer, LAC Group

8:30AM Registra on & Networking Breakfast

9:15AM KEYNOTE ADDRESS

The Rise of Next Genera on CI The collision of forces across the legal sector promises to elevate the need for intelligence – internal and external data to drive be er, more informed decisions. Yet are CI teams in law firms poised to keep up? This thought‐provoking session examines the macro‐trends propelling CI into the spotlight and what law firms are doing – or can do – to respond. We will explore challenges to taking CI to the next level, see specific examples of how some firms are making the leap and get excited about recent and forthcoming changes transforming the way law firms consume and take advantage of one of their most undervalued resources: data.

Marcie Borgal Shunk, President and Founder, The Tilt Ins tute Inc.

10:00AM CASE STUDY

Strategic Client Intelligence: The Nexus of Technology, Rela onships and Industry KYC, or Know Your Client, has moved far beyond the Google search of old and now leverages AI, sophis cated business intelligence pla orms, and CRM, among other informa on sources. But there’s more. Strategic Client Intelligence (SCI) provides an addi onal dimension, delivering a more comprehensive and insigh ul level of client understanding and intelligence. This session will explore how one firm has engaged in a mul ‐layered approach to client intelligence, resul ng in an improved client experience and more robust firm engagement. We will discuss:

1. Compe ve intelligence technology2. Direct client dialog through client feedback and informal discussions3. Understanding of industry ver cals4. Business community involvement5. Internal informa on gathering6. Engagement of business analysts

The segment will conclude with examples of how firms can incorporate such an approach, develop more deeply ins tu onalized rela onships and realize improved revenues.

Jennifer Papantonio, Chief Client Service Officer, Peckar & Abramson, PC

11:00AM CO‐PRESENTATION

Highligh ng Opportuni es and Raising Flags: Applying a Compe ve Intelligence Mindset to Law Firm Due Diligence A cri cal func on for New Business Intake is the due diligence inves ga on, a process which ideally supports the firm’s compliance and risk assessment func ons, enhances a orneys’ prior knowledge of the client and engagement, and contributes to marke ng and business development efforts. Situa ng the due diligence func on within the CI department can help firms integrate key insights into their enterprise data systems, reduce func onal redundancies, and improve the integrity of data collected about firm clients at the outset. CI teams can also build on their ins tu onal knowledge by being first responders to all new poten al firm rela onships. This session—from a former Conflicts Supervisor and current CI Analyst—will explore how to “scale down” and dis ll key components of the compe ve intelligence process into a succinct summary, as well as how to analyze public records with an eye toward iden fying possible flags and gaps in the narra ve. Finally, it will demonstrate how input from CI professionals into how clients are described and tagged can lead to an improved dataset upon which to query firm business and generate new leads.

Laura Kopen, Research Analyst, Neal, Gerber & Eisenberg LLP Tom Van Der Moere, Chief Financial Officer, Neal, Gerber & Eisenberg

10:30AM Morning Networking & Coffee Break

Compe ve Intelligence in the Modern Law Firm Agenda: September 25th // NYC

11:45AM CASE STUDY

Real‐World AI Applica ons for Compe ve Intelligence This case study will shed some light on the various ways in which Winston and Strawn is applying AI solu ons to drive business development. Solu ons currently (and soon to be implemented) by the firm incorporate a variety of analy cs and AI tools—including a “bot” that does natural language processing. This case study segment will also leave me at the end for ques ons from our audience.

Amy Wisinski, Strategic Research Manager, Winston & Strawn LLP

1:15PM PANEL DISCUSSION

Capturing the A en on of Decision Makers No ma er how good our CI is, can we capture the decision‐maker’s a en on? Can we get them to act on it? This interac ve panel discussion will aim to re‐think both how we produce and deliver CI with the goals of capturing a en on and suppor ng good decision‐making. We will, among other topics, explore whether we can deliver CI before requestors even know they need it, if we need data scien sts and domain experts on call to produce CI, the op ons for and feasibility of causing insight to appear as needed, and whether we have to rethink what we deliver to emphasize storytelling, infographics, and other ways of conveying complex informa on quickly.

Panelists: Loubaba Mulcahy, Manager of Compe ve Intelligence, Faegre Baker Daniels LLP, Angela Petros, Chief Marke ng Officer, Morrison & Foerster LLP, Trish Lilley, Chief Marke ng and Business Development Officer, Stroock & Stroock Moderator: Ron Friedmann, Chief Knowledge & Informa on Officer, LAC Group

2:00PM How to Effec vely Determine Your Firm’s Peers and Top Compe tors and Use it to Your Advantage Effec ve sales and marke ng of any product or service requires knowing who your compe tors are, what they’re selling, what they’re charging and how they are posi oning their offerings. When asked, many law firm partners are happy to share who they believe their compe tors are and their opinions about each. O en mes, these answers don’t line up with hard facts. Some firms have a empted to define their compe ve landscape on the basis of a few variables, o en basic Am Law data. This approach isn’t sufficient to really get the full picture. While each of these tools are helpful, legal marketers need more informa on in order to effec vely determine their peer group and compe on. This discussion will explore how to iden fy your real peers and compe tors, how to evaluate your presence among your target market against your compe tors, and finally how to differen ate your firm among the compe on now that you have this valuable data.

Stefanie M. Marrone, Director of Business Development and Marke ng, Tarter Krinsky & Drogin LLP, Amanda Loesch, Chief Marke ng Officer, Porzio, Bromberg & Newman P.C.

2:30PM A ernoon Networking & Coffee Break

12:15AM Networking Luncheon

4:00PM Closing Remarks/End of Conference

3:00PM CASE STUDY

Where Should the CI Func on Reside within a Law Firm? Knowing which department will be the best home to nurture and grow CI is the cri cal first step in formalizing a successful CI func on. Join us as we consider why one department may be be er than another and hear about lessons learned from the trenches—moving from the library to BD, how/why the func on is thriving where it now resides, and how to move from the role of analyst to trusted advisor.

Stephanie Dooley, Senior Compe ve & Strategic Intelligence Manager, K&L Gates LLP

3:30PM CLOSING DISCUSSION

CI as a Culture Disruptor Compe ve Intelligence is, at its core the art and science of avoiding surprises and an cipa ng for the future. CI then, is supposed to help companies avoid disrup on caused by a compe tor while simultaneously driving company strategy to be the disruptor to compe on. In this closing discussion, we will look at examples of prac ce as well as business disruptors in the legal industry and the role CI played or should play in helping firms disrupt their own culture in an effort to stay compe ve and win.

Zena Applebaum, Director Customer Insights & Engagement, Thomson Reuters Canada Legal Tax & Accoun ng

DIRECTIONS:

BY SUBWAY 7th Avenue line 1 (local) to Franklin Street. Exit at Varick Street and West Broadway. Walk one block south on West Broadway. The School is located on West Broadway between Worth and Leonard Streets. 2, 3 (express) to Chambers Street. Exit at West Broadway and walk four blocks north on West Broadway. Lexington Avenue line 4, 5 (express) and 6 (local) to Brooklyn Bridge/City Hall. Exit at Foley Square.Walk north two blocks to Worth Street and west four blocks to West Broadway. 8th Avenue line A (express) and C (local) to Chambers Street. Exit at Church Street. Walk four blocks north on Church Street to Worth Street. Walk one block west to West Broadway. E (local) to Canal Street; change for the A or C to Chambers Street. Avenue of Americas (6th Ave.) line B, D, Q (express) and F (local) to West 4th Street/Washington Square. Change at West 4th Street for the A or C to Chambers Street. Broadway line W, R (local) to City Hall. Exit on Broadway and walk north on Broadway to Worth Street. Walk west on Worth St 2 blocks to West Broad-way. Nassau Street Line J, Z (express) and M (local) to Chambers Street. Exit at Foley Square. Walk north two blocks to Worth Street and west four blocks to West Broadway.

BY PATH The PATH Station at the World Trade Center site is open. Exit at Church Street and walk north approximately 10 blocks to New York Law School to Leonard Street. Make a left on Leonard and walk one block west to West Broadway.

BY BUS M1, M6 south to Broadway and Worth Street. Walk one block north to Leon-ard, then two blocks west to West Broadway. M20 south to West Broadway and Worth Street.

BY CAR From the Harlem River Drive/FDR Drive Take Exit 2 (Brooklyn Bridge/Civic Center). Bear right toward Civic Center and proceed down ramp. Make a right at the light onto St. James Place. Go straight; at the third light (street ends), make a left onto Worth Street. Continue for approximately six blocks to West Broadway. From the Henry Hudson Parkway West Side Highway Take the Chambers Street exit. Follow Chambers Street three blocks and make a left onto Church Street. Follow Church Street five blocks to Leonard Street. Make a left onto Leonard Street. Go one block west to the corner of Leonard and West Broad-way. From the Brooklyn Battery Tunnel At the exit of the tunnel, bear right onto Trinity Place. (Trinity Place becomes Church Street after the World Trade Center site.) Move to the far left lane. Continue on Church Street to Leonard Street. (Leonard Street is five blocks past Chambers Street.) Make a left onto Leonard Street and go one block west to the corner of Leonard and West Broadway. From the Holland Tunnel Stay in the middle lane and take the “Downtown” exit. Make a right onto Varick Street. (Varick Street becomes West Broad-way.) Continue on West Broadway two blocks to Leonard Street. From the Lincoln Tunnel Take the West Side Highway south. (Refer to directions from West Side Highway above.)

The following hotels are in close proximity to the conference

Roxy Hotel Tribeca 2 6th Avenue New York, NY 10013 212 519 6600 www.roxyhotelnyc.com

Sheraton Tribeca 370 Canal Street New York, NY 10013 212 966 3400 Reservations

Hilton Garden Inn Tribeca 39 Avenue of the Americas New York, NY 10013 212 966 4091 Reservations

Soho Grand Hotel 310 W Broadway New York, NY 10013 212 965-3000 www.sohogrand.com

Cosmopolitan Hotel Tribeca 95 W Broadway New York, NY 10007 212 566-1900 www.cosmohotel.com

The James New York 27 Grand St New York, NY 10013 (212) 465-2000www.jameshotels.com/new-york

Competitive Intelligence in the Modern Law Firm will be held at:

New York Law School 185 W Broadway (corner of West Broadway and Leonard Street) New York, NY 10013 http://www.nyls.edu/

New York Law School is located in the heart of TriBeCa in Lower Manhattan, and within walking distance of both Wall Street and City Hall. The conference will take place in the NYLS Auditorium and Grand Gallery, offering the latest in meeting resources in a contemporary setting.

Top-notch lighting and acoustics, current “smart podium” technology, and the newest tools for media-based programming enable seamless interaction between speakers and audience members.

Compe ve Intelligence in the Modern Law Firm Venue

Opening Remarks: Conference Chairperson

Ron Friedmann, Chief Knowledge & Information Officer

LAC Group

Ron Friedmann is Chief Knowledge and Information Officer for LAC Group. He helps LAC clients and the

company to find, synthesize, present, organize, and re-use information and know-how, especially with

technology.

Ron has three decades of experience of improving law practice and legal organization business efficiency

with knowledge management, artificial intelligence, outsourcing, legal project management, process

improvement, and practice technologies.

Most recently, as a Fireman & Company partner, Ron advised law firms and law departments on

strategic, law practice efficiency, technology, and operations issues. Prior legal market positions include

executive team member at LPO / law company Integreon, CIO at Mintz Levin CIO, head of practice

support at Wilmer Cutler (now Wilmer Hale), and director at Jnana (the predecessor company to Neota

Logic).

Prior to the legal market, Ron was a strategy consultant at Bain & Company and an analyst for an

economic forecasting and financial analysis firm owned by McGraw Hill.

KEYNOTE ADDRESS: The Rise of Next Generation CI

Marcie Borgal Shunk, President and Founder

The Tilt Institute Inc.

A lifelong passion for research. An insatiable curiosity. Over 20 years advising law firms. Addicted to results. Puzzle-solver. People-motivator. Fast thinker. Vision-maker.

MARCIE BORGAL SHUNK

Marcie Borgal Shunk is President & Founder of The Tilt Institute, specializing in helping clients make better, more informed decisions based on insights, intelligence and intuition. Marcie helps law firm clients position themselves ahead of changing markets. She is a recognized leader in competitive intelligence, client relationship dynamics and the business of law.

Marcie is an outspoken proponent of change and shares her unique perspectives as a regular contributor to such recognized publications as The American Lawyer and The Legal Intelligencer.

Marcie is a graduate of Harvard University (Go Crimson!). She served on the Legal Marketing Association’s International Board of Directors in 2014-2015 and has certifications in Human Synergistics’ Organizational Culture Effectiveness and Legal Lean Sigma’s Project Management White Belt.

Prior to founding The Tilt Institute in 2016, Marcie was a Principal at The BTI Consulting Group, spearheading research on the legal market. She has spent over two decades helping law firm clients with client development and strategy formulation both at BTI and as a Senior Consultant with LawVision Group.

SELECT PRESS:

“The Data-Driven Law Firm: The Next Frontier” The Legal Intelligencer (Jul 2019)

Expert quote in “What Helps the Super Rich Maintain Their Success?” The American Lawyer(Apr 2019)

“The Rise of Next Generation CI” Practice Innovations, Legal Executive Institute (Jan 2019)

"A Crisis of Leadership: How Do We Properly Equip Those Who Lead" The Legal Intelligencer

(Jul 2018)

"The Second Hundred Are Stuck in the Middle" The American Lawyer (Jun 2018)

“Why Is Law Firm Innovation Failing,” The Legal Intelligencer (Dec 2017)

“Smart Plans: Integrating Analysis and CI into Annual Business Planning,” Marketing the Law Firm(Sep 2017)

CONTACT:

web: www.thetiltinstitute.com | email: [email protected] | tel: +1.617.596.1315

THE EVOLUTION OF COMPETITIVE INTELLIGENCE IN LAW FIRMS

Copyright © Acritas Research Ltd and The Tilt Institute 2017.Data must not be used externally without referencing Acritas as the source.

2 acritas/tilt institute/the evolution of competitive intelligence in law firms-report

Contents

This report relies on one-on-one interviews and online surveys of more than 100 law firm professionals. The bulk of respondents were Chief Marketing and Business Development Officers. Others included Chief Strategy Officers, Directors of Competitive Intelligence, Business and Market Intelligence Managers and Chief Client Officers. For the purpose of this report, we collectively refer to respondents as law firm leaders and professionals.

The research supporting this report was conducted by Acritas and The Tilt Institute as a joint initiative to support their work in helping law firms leverage the power of competitive intelligence in developing and driving their strategies.

Executive summary 3

Key findings 4

The fundamentals: what is competitive intelligence? 6

The evolution of CI: where are law firms today? 8

The CI evolution matrix: mapping the landscape 12

Obstacles and opportunities: what’s not working 14

Four characteristics of the most effective CI teams 16

Conclusion 17

Survey participants 18

What next? 19

ABOUT THIS REPORT

Acritas is the world’s leading provider of global legal market intelligence. Our annual Sharplegal research, surveying 2,000 GCs globally each year, provides law firms with access to the most up to date, reliable data on opportunity and demand, buyer behavior and the competitive landscape. Law firms rely on Sharplegal insight to inform their most strategic decisions and inform competitive intelligence efforts. Our bespoke research services have helped law firms build successful client listening programs, explore and measure competitive positioning and establish thought leader positions in their key markets.

The Tilt Institute helps law firm clients position themselves ahead of changing markets with intelligence, insights and intuition. We bring together internal and external analytics to reveal the trends, growth drivers, vulnerabilities and opportunities that help our clients make smarter decisions. The Tilt Institute offers analytics, training and coaching, facilitated planning sessions, change management techniques and advisory services to help you transform information into intelligence; and intelligence into implementation. We work with Managing Partners, CMOs, COOs, pricing and practice management professionals, knowledge services departments, practice heads and competitive intelligence professionals at large and mid-sized law firms.

3acritas/tilt institute/the evolution of competitive intelligence in law firms-report

Executive summary

CI is described by some within law firms as uninspiring and untapped. CI functions are largely acting reactively and tactically and rarely does their work help to set or shape strategy. Only 15% of the law firms interviewed indicated they were engaging in strategic and proactive CI.

A select group of firms has successfully enhanced their CI capabilities by developing formal, centralized functions staffed with analytical talent. The very best CI professionals are able to connect the dots and are immersed in the strategic direction of the firm. To increase engagement with CI, firms benefit from creating regular outlets for CI professionals to deliver their insights to partners, enabling them to take a more proactive approach.

The use of data has become increasingly vital to strategic decisions and as law firms have grappled with how best to respond to a more competitive market, technological advances and an array of changes in client needs and buying behavior, the emphasis placed on having access to reliable insights and information has skyrocketed. Despite this, some CI professionals are starved of reliable data sources. Lack of capacity was also highlighted as a key challenge. Without good data and the resources to analyze and interpret that data, firms lack the fuel to launch the rocket in the first place. This report is based on interviews with 123 individuals at 85 law firms across the US, Canada the UK and Australia. The research aimed to broach the question: how well are law firms prepared to transform data and information into intelligent insights to shape the future of law?

Law firm competitive intelligence (CI) is not new. Approximately half of the law firms participating in this study have had resources dedicated to CI for five or more years. This report, however, reveals there is significant work to be done to build CI capabilities to keep pace with the competitive and dynamic industry law has become.


Key findings

ONLY 52%of firms interviewed have a

formal CI function.

The average firm has the equivalent to 2.4 full time people dedicated to CI.

The largest is 14.

1 in 3firms (37%) plan to increase

the size of their CI group in the coming year.

3 in 4firms (76%) plan to make changes

to CI in the next 12 months.

Most common is the review and consolidation of tools and resources.

TWO-THIRDSof CI teams have members with a library or research background.

have professionals with CI experience.

ONLY ONE-THIRD


CI teams draw equally on professionals from within and outside of legal.

Intellectual curiosity, an analytical mind and an ability to connect the dots are the most prized attributes of a successful CI professional.

JUST 8% consider their CI function

to be highly effective* in helping the firm make better, more informed

decisions.

[*highly effective = rated9 or 10 out of 10]

80%of law firms’ CI departments are more reactive than proactive...

CAPACITYis the single greatest challenge facing

the use of CI in today’s law firms

Leaders rate the effectiveness of their current CI resources just.

6.4/10

4

6

...WHILE 61%are more tactical than strategic

IN TRAY


The fundamentals: what is Competitive Intelligence?

Before embarking on where competitive intelligence is in its evolution at law firms, it is essential to explore the question of what is competitive intelligence at a law firm. In short: it varies.

Outside the legal industry, definitions of competitive intelligence are quite broad. They typically include the gathering and analysis of information on an organization’s products and services, market environment, clients and competitors to achieve a singular end: better strategic decisions. Some incorporate a proactive element to anticipate changes and disruptions in the competitive landscape and market environment.

For law firms, the definition of competitive intelligence is narrower and most often ties directly to business development and growth. 70% of respondents indicated having a better understanding of clients and prospects was a key element of their definition of CI. Competitor analysis, specifically from a market or client perspective, was the second most frequently referenced component at just under half.

Where the definition of CI in legal differs most from the broader applications outside the industry is in the rare references to its use in setting strategy, making business decisions or anticipating market trends. In fact, fewer than 30% of marketing and CI professionals included these factors in their responses. Finally, less than 10% noted financial benchmarking as part of CI. Though virtually every law firm is using financial benchmarks, few consider this analysis as a part of their intelligence function. More often than not, this type of analysis is limited to the Finance or Pricing function, largely unintegrated with CI in its current form.

It’s being able to access and look at and analyze different pieces of information from both an internal and external perspective in order to develop appropriate strategies to maintain and grow work. Being able to make the smart decisions.MARKETING OPERATIONS DIRECTOR, AMLAW 101-200

It’s the sum total of a wide range of intelligence inputs that is used to simultaneously inform market positioning, strategy development and tactical business decisions.CMO, Global 100


BETTER UNDERSTA

NDING

CLIENTS A

ND PROSPECTS

PEER FIR

M/C

OMPETIT

OR FIR

M

ANALYSIS

- M

ARKET, CLIE

NT

MARKET A

ND

INDUSTRY T

RENDS

HOLISTIC

ANALY

SIS T

O SCENARIO

PLAN, SET S

TRATEGY AND M

AKE

BUSINESS D

ECISIO

NS

OVERALL LEGAL

MARKET T

RENDS

PEER FIR

M/C

OMPETIT

OR

ANALYSIS

- OPERATIO

NAL,

FINANCIA

L

70%

47%

30%

24%

16%

8%Open question; responses were analyzed into themes listed LEFT.Base: 83

THE DEFINITION OF CI

JUST 24% OF RESPONDENTS DEFINE CI IN TERMS OF ITS IMPACT ON SETTING STRATEGY AND MAKING BUSINESS DECISIONS.


The evolution of CI: where are law firms today?

WHERE DOES CI EXCEL AND WHERE DOES IT NEED TO IMPROVE?

Though in their definition of CI respondents may not have articulated fully the complete nature of how CI can drive strategic decisions, it is clear in their evaluation and assessment of their internal functions that proactivity and strategic thinking are vital to a highly effective CI operation.

“Connecting the dots” – the ability to combine insights to proactively apply strategic thinking to identify opportunity – was the single area in which nearly half of marketing and CI professionals designated a need for improvement. Relatedly, the top two characteristics that make a CI professional successful, according to responses, are “intellectual curiosity” and, again, “connecting the dots” – both exceeding all other traits by a factor of 2:1 or more.

A fortunate group of 37% of law firm leaders report the ability to “connect the dots” is an area in which their CI teams excel. The firms making this assertion, on average, are more likely to have a formal CI function and are more likely to rate their function as highly effective at helping the firm make better strategic decisions and capitalize on opportunities.

Research – the gathering and compilation of information, client reports, company briefings and background research on prospects – is the area in which most law firm professionals (41%) see outstanding performance from their CI teams. This result reflects well the typical background of a law firm CI professional; two thirds of teams contain individuals with experience as librarians or researchers.

Lower on the list of standout qualities, yet somewhat higher in terms of where law firms would like to see improvement, is client orientation – the ability to work effectively with partners and business development professionals and to help them think strategically about the best ways to use and apply intelligence. While seeing client orientation this low on the list seemed perplexing at first, a deeper dive into how CI teams are functioning and perceived at today’s law firms helped to shed light on the topic.

Unprompted question. Respondents put forward many specific strengths and weaknesses, which we have grouped into high level themes. BASE: 63

Research

Connecting dots

Analysis

Client service oriented

Process

Other

41%

37%

18%

13%

6%

3%

Excel

18%

44%

11%

19%

10%

5%

Improve


WHAT MAKES A CI PROFESSIONAL SUCCESSFUL?

Unprompted question. Respondents put forward many specific characteristics which we have grouped into high level themes. Base: 74; responses smaller than 5% not shown

53%Is analytical and

intellectually curious

22%Possesses good business acumen

46%Connects the dots

20%Communicates well

with lawyers

22%Knows the

legal industry

8%Is resilient

22%Effectively summarizes

key insights

7%Is diligent and

objective


Those with formal CI functions are devoting more time to strategy

CI resources self-rated as more effective than average are:

- Spending more time on strategic activities

- More likely to be centralized into a formal function

Positives

80% of CI teams are more reactive than proactive (i.e. 50% or more of their work is reactive)

61% are more tactical than strategic (i.e. 50% or more of their work is tactical)

Negatives

THE EVOLUTION OF LAW FIRM COMPETITIVE INTELLIGENCE

Strategic

Tactical

Reactive Proactive

Bios

Companyreports

Segmentresearch Competitive

benchmarking

Targeted growth

Trend spotting

Game theory

Innovation

© 2017 The Tilt Institute Inc.

This framework illustrates a standard evolution of CI – from more basic data gathering – in the lower left, common with a more reactive, tactical stance – to anticipating trends and opportunities and applying this insight to strategic positioning – congruent with a more strategic, proactive mandate.

AMONG TODAY’S LARGE LAW FIRMS


CI resources today are in the early stages of evolution. When asked to describe their CI groups, law firm CI leaders’ responses were a varied mix of positive and less-than-positive responses (fortunately in a ratio of 2:1, respectively). Nonetheless, the feedback reveals law firms see themselves in the beginning stages. “Basic” and “reactive” were more common than “responsive” and “thorough.” Plus, a few singular responses reveal just as much: “uninspiring” and “untapped.”

RESOURCEFUL

DedicatedInsightfulResponsive

Inquisitive ACTIONABLE Fast InsufficientInnovative Professional Commercial Tactical

SmartRELIABLEBASICADAPTABLE

INCONSISTENTCreative ExpensiveNiceReactive VALUE ADD

EssentialSufficient

HelpfulSUCCESSFUL

Integrated

UNTAPPEDLEAN

AccurateSTRATEGIC

Timely CommunicativeAnalytical

CredibleEfficient Difficult BUSY

PROACTIVE THOROUGHTHOUGHTFUL

SophisticatedUninspiring LIMITED Informative

Productive

DEVELOPING

HOW LAW FIRMS DESCRIBE THEIR CI GROUPS


The CI evolution matrix: mapping the landscape

The matrix below helps to illustrate the position of CI groups along the evolutionary path put forth above. Using responses to what percent of the CI group’s workload is proactive v. reactive and strategic v. tactical, the matrix divides law firms into four distinct groups:

• Reactive-Tactical 43%• Proactive-Strategic 24%• Reactive-Strategic 21%• Proactive-Tactical 11%

CI SOPHISTICATION MAP

Average axis:27% Proactive - 73% Reactive 38% Strategic - 62% Tactical

The four quadrants are defined by the average split among respondents:

TacticalProactive

Strategic Proactive

TacticalReactive

Strategic Reactive

ProactiveReactive

Tactical

Strategic

BASE: 70

Only 24% of firms have proactive and strategic CI functions


The horizontal and vertical lines overlaying the chart represent the average on each measure and each firm’s quadrant is determined by their response in relation to this benchmark. For example, if a firm’s CI resources are responding to requests (i.e. being reactive) and only engage in proactive activities 20% of the time, the firm would fall below the average response of 27% and land in the “reactive” portion on the left-hand side of the chart. If the same group’s stance is less strategic, at 30% (v. the 38% benchmark), they would be positioned in the lower-left quadrant as “Reactive-Tactical.” The majority of law firms fall on the reactive side of the chart, to the left, engaging in research in response to a direct request as opposed to, for instance, monitoring competitor or client activities to spot opportunity. The split between strategic and tactical is a bit more even, with nearly half of firms falling above and below the average.

The most common profile for law firm CI teams is “Reactive-Tactical.” These groups respond to needs and, most often, are engaging in day-to-day support of routine business development activities such as company briefings and background research on prospects. In the “Strategic-Reactive” group (21%), although still leaning toward a stance of responding to requests, these CI teams engage more often in tasks of a strategic nature such as identification of potential merger or acquisition targets for the firm, analysis of a geographic region or assessment of industry trends. The most “evolved” position on the chart – “Proactive-Strategic” – accounts for 24% of law firms today among its ranks.

SOPHISICATION OF CI

Reactive

Base: 70. Diameter of bubble relates to the problem

Raising proactivityCI professionals need to have outlets for getting more proactive insights out to those who need to hear them. Examples include proactively monitoring the activities of a set of benchmark competitors or tracking client stock prices or analyst calls to identify triggers and opportunities.

Becoming more strategicCI professionals need to be immersed in the strategy of the firm to be able to connect the dots and pull out the most relevant insights. Enmeshing CI professionals in planning processes and discussions and keeping them informed of shifts in strategic thinking provides them the tools to deliver greater value.

Proactive

Tactical

Strategic


Obstacles and opportunities: what’s not working

So what is holding law firms back from achieving more with their competitive intelligence resources? Unfortunately, the answer is not a simple one. Though it may be tempting to point first to what law firm professionals voiced as their greatest challenge – capacity – that’s only part of the story. Contributing factors are wide and varied and include:

Formal CI functions

HAS A FORMAL CI FUNCTION

DOES NOT HAVE A FORMAL CI FUNCTION

HAS A FORMAL CI FUNCTION PLUS OTHER FTES DOING CI

Base: 85

38%47%

14%

FORMALCI

FUNCTIONS

71%of firms have CI professionals

in Business Development and/or Marketing.

• 39% In library

• 6% In information technology

• 5% In strategy

How long has your firm had resources dedicated to CI?

Base: 70Less

than

1 y

ear

1 to

2 y

ears

3 to

4 y

ears

5 or

mor

e ye

ars

4%7%

17%

60%

Lack of partner engagement

Inability to connect the dots

DECENTRALIZATION

Half of law firms have a formal CI function

54% of firms that have CI resources have some of those people working outside of a

formal CI function

VAGUE ACCOUNTABILITY LONGEVITY

40% of firms have had CI resources for less than 4 years.

Just 1 in 4 of those who rated their teams highly effective have

been in existence less than 5 years

38% of law firms have CI resources reporting to 2 or

more departments


Other challenges leaders report facing with respect to their firm’s use of CI include poor partner engagement and ineffective tools or data sources. Lack of visibility is the primary factor associated with poor partner engagement, rather than lack of interest. Also related is a desire for more interaction and feedback from the lawyers. With respect to basic functionality, law firm professionals point to inefficient tools, low quality or poorly integrated internal data and similar time-intensive and frustrating elements associated with the lack of basic, comprehensive sources for analysis.

Unprompted question, responses grouped into themes listed above. Base: 67

GREATEST CHALLENGE FACING CI

CAPACITY

Capacity

Lack of partner engagement

Inefficient or poor quality data sources

Inability to connect the dots

Decentralized CI resources

Staying relevant

55%

22%

21%

13%

9%

4%

More than half of respondents designate capacity issues as their greatest challenge

1 in 3 firms plan to add headcount in the coming year

Analysts are the most commonly cited additions

Voiced as part of the capacity challenge is not only having enough resources but also finding the right resources

Those who come from non-legal research backgrounds have

picked up CI faster than those from legal research.

One CI Manager notes of her team;

FINDING THE RIGHT TALENT:

Two-thirds of CI teams include individuals with a library or research background. Just 33% had individuals from a specific CI or corporate background. Teams including a trained CI professional, on average, are more likely to be highly rated in effectiveness than those without these team members.


Four characteristics of the most effective CI teams

1. HAVE A FORMAL CI FUNCTIONFirms with a formal CI function, regardless of whether or not they had additional

resources outside of the group, were rated more highly – 7.2 v. 5.6 for those with no formal CI function.

2. ENGAGE IN MORE STRATEGIC ACTIVITIES

Although the perfect balance of strategic to tactical activity is not set in stone, the firms where more than half of their activity was strategic were rated 7.4 for effectiveness compared with those engaging in more tactical activity that were rated 6.2 on average.

Specific activities in which highly rated CI groups engage more often include researching the operations, business activities and performance of existing clients and identifying targets (i.e., what organizations meet specific criteria).

3. POSSESS A TRAINED CI PROFESSIONAL Teams with at least one member with a background in CI, whether from corporate,

another law firm or professional services firm, are almost twice as likely to earn an 8 or above in effectiveness.

4. EXCEL AT CONNECTING THE DOTSRecognizing the value law firm leaders place on the CI team’s ability to synthesize

analysis into meaningful insights and recommended actions, it is not surprising to see this skill associated with the more effective CI scores.


Conclusion

The good news is, in addition to shedding light on what law firms are struggling with, the feedback and responses from our nearly 100 law firm leaders also provided some clear indications as to how to bring CI to a higher level and drive greater value. Though on average law firm CI teams earned a rating of 6.4 out of 10 in effectiveness in helping their firms make better, more informed decisions, 8% of firms did capture a top-two rating of 9 or 10. Further, just over 1 in 3 firms (36%) earned a score of 8 or above.

There were no differences in average effectiveness ratings by law firm size. However, notable distinctions did arise in four core areas. In fact, it was common to see the most highly rated CI teams demonstrating virtually all of these characteristics, suggesting they work in synergy with one another.

Competitive intelligence has come a long way since the concept was first introduced to law firms in the early 90’s. The industry’s progression, though, is slow – if not stunted. Interest in and demand for data is heightened in today’s legal environment, yet delivery of valuable data-driven insights is not. Law firm professionals cite such challenges as capacity and lack of partner engagement. The truth, perhaps, lies deeper.

Just as similar areas of transformation in the legal sector over the past two decades – client service and satisfaction, strategic planning, technology and pricing – have faltered until the introduction of seasoned, executive-level evangelists so too will CI. These other arenas benefited from a combination of changing client demands and dynamics, increased communication surrounding the topic and the designation of internal stewards to spearhead and invest in change. The virtual absence of designated CI budgets is telling, as is the dearth of Director-level roles dedicated to intelligence functions.

EFFECTIVENESS OF THE CI FUNCTION

Overall (all firms)

Formal CI function

Informal CI function

Centralized CI resource

Strategic (50% or more activity)

That said, incremental improvements are possible – and proven – by market-leading firms. Centralization and increased involvement will help propel CI teams to the next level. Relatedly, the addition of resources – tools and people – to drive value will help strapped CI professionals to elevate their roles and function. Finally, an increased emphasis on enabling – through hiring, training and coaching – and empowering CI groups to “connect the dots” will help to fill the gap so many firms are experiencing between the collection and application of information and insights.

Average

7.4

6.4

5.6

7.2

7.3


Survey participants

79%US

12%UK

7%CANADA

2%ASIA

54%of respondent firms

rank inside the Global 100

58%are AmLaw100

firms

Akin Gump Allen MatkinsAndrews Kurth BakerHostetlerBaker BottsBaker McKenzieBaker Donelson Bennett JonesBlank RomeBryan CaveBuchanan IngersollCarlton FieldsChoate Hall & StewartCMSDavies Ward DechertDentons

Respondent firms include:

Dickinson WrightDuane MorrisFisher & PhillipsFox RothschildFried FrankGoodwin ProcterHaynes and BooneHerbert Smith FreehillsHogan LovellsHunton & WilliamsIce MillerJackson LewisJackson WalkerK&L GatesKatten MuchinKilpatrick TownsendKramer Levin

Lewis Roca McCarter & EnglishMcCarthy TétraultMintz LevinMoFoNixon PeabodyPillsburyProskauerShearman & SterlingSheppard MullinSteptoe & JohnsonStinson Leonard StreetThompson HineVinson & ElkinsWhite & CaseWinsteadWinston & Strawn

(note: not a complete list of participating firms; some firms remain anonymous)


What next?In 2018 we will be updating this report with analysis of the financial correlation between firms and their CI functions.

For example:

Average CI resource per $100m of revenue

Support per attorney

How firms where CI is proficient in ‘connecting the dots’ have performed financially

Additionally we will be looking closely at the specific activities that CI teams are engaging in, the tools in use and the value of those tools.

Elizabeth DuffyVice President, USAcritas New YorkO: +1 646 480-5738 | [email protected] www.acritas.com Marcie Borgal ShunkPresident and FounderThe Tilt Institute Inc.m: +1.617.596.1315mborgalshunk@thetiltinstitute.comwww.thetiltinstitute.com Copyright © Acritas Research Ltd and The Tilt Institute 2017.

Data must not be used externally without referencing Acritas as the source.

Please do not hesitate to reach out to either of us with thoughts or questions. We look forward to your feedback.

Access to valuable data-driven insights

Sharplegal, the flagship product from Acritas, is a comprehensive source of competitive intelligence for law firms which addresses many of the challenges facing CI functions revealed by this research.

Sharplegal is an ongoing, global survey of General Counsel for which over 2000 interviews are conducted annually, providing law firms with instant, one-stop access to reliable industry benchmarking, brand and competitor tracking, buyer profiling, legal market trends and spend levels.

Statistically robust, accessible remotely via the online Acritas Analytics platform, supported by a full range toolkits, tailored reporting packages and expert advisory services to aid you in connecting the dots, Sharplegal improves the effectiveness of law firms’ competitive intelligence.

www.acritas.com/sharplegal

Transforming intelligence into implementation

The Tilt Institute works with law firms to help transform competitive intelligence into actionable insights and specific go-to-market plans.

The Tilt Institute combines data and analytics from internal firm sources with robust CI from a range of platforms available to law firms – such as Acritas’ Sharplegal – to help clients make better, more informed decisions.

We specialize in motivating new ways of thinking and re-imagining law. Shifting Perspectives. Intelligently.

www.thetiltinstitute.com/tilt-think

CASE STUDY: Strategic Client Intelligence: The Nexus of

Technology, Relationships and Industry

Jennifer Papantonio, Chief Client Service Officer

Peckar & Abramson, PC

Jennifer Papantonio Chief Client Service Officer Peckar & Abramson, PC

Jennifer Papantonio serves as Chief Client Service Officer of Peckar & Abramson, PC, the largest construction and infrastructure law firm in the United States. With more than 15 years’ experience in client relations, business development and marketing, Ms. Papantonio provides strategic direction and support in connection with the firm's key client satisfaction initiatives and myriad business development and marketing efforts, including practice development, internal and external communications, and market research. Ms. Papantonio works closely with the firm's clients in order to ensure extraordinary, seamless service across P&A's ten offices and international alliances. She is dedicated to the firm's core principles of client service excellence and delivers individual coaching and internal training to lawyers and staff at all levels to ensure clients have the best possible experience when they choose P&A.

Ms. Papantonio serves in a leadership capacity in the firm’s Diversity & Inclusion Initiative and is a frequent speaker on issues concerning women in law and women in the construction industry, as well as on topics such as law firm client service and business development. Ms. Papantonio is an active member of the Ambassador’s Council of Nontraditional Employment for Women (NEW), an organization that provides pre-apprenticeship training to women entering the construction trades in New York City. She also serves on the Steering Committee of the Commerce and Industry Association of New Jersey’s Transportation Forum.

Over the course of her career, Ms. Papantonio has helped several leading law firms launch new practice groups, expand client research and targeting, and implement effective social media campaigns. She has delivered programs and training in her areas of expertise throughout her professional life. Ms. Papantonio earned her B.A. from Glassboro State College (now Rowan University) and her M.A. from New Jersey City University.

CO-PRESENTATION: Highlighting Opportunities and Raising

Flags:

Applying a Competitive Intelligence Mindset to Law Firm Due

Diligence

Laura Kopen, Research Analyst

Neal, Gerber & Eisenberg LLP

Tom Van Der Moere, Chief Financial Officer

Neal, Gerber & Eisenberg LLP

Laura Kopen is a Research Analyst at Neal, Gerber & Eisenberg LLP. She serves as the embedded Librarian for the firm's Tax, Real Estate Tax, Bankruptcy, and Private Wealth practice groups. In addition, she is responsible for conducting Competitive Intelligence research and analysis. Previously, she was the Client Intake Supervisor and Conflicts Analyst at McDermott, Will & Emery LLP. She received a B.A. in English from Kalamazoo College and a Master's degree in Library and Information Science from the University of Illinois at Urbana-Champaign. She is a member of the American Association of Law Librarians, the Chicago Association of Law Librarians, and SCIP (Strategic and Competitive Intelligence Professionals).

Thomas W. Van Der Moere, Chief Financial Officer Neal, Gerber & Eisenberg LLP Tom Van Der Moere is the Chief Financial Officer at Neal, Gerber & Eisenberg LLP, a Chicago-based law firm with over 140 lawyers, where he oversees the financial operations of the firm including the areas of accounting, treasury management, planning / analytics / business intelligence, practice economics and strategic pricing, financial systems, and new business acceptance and risk management. Tom has expertise in professional service firm administrative and financial management, performance and compensation analysis, financial and operational analysis and modeling, strategic planning, process development and re-engineering, firm/project profitability and risk management, and business intelligence. He also has significant financial experience with public and private companies in professional services, energy, and manufacturing industries. Tom has an MBA from the University of Chicago Booth School of Business and an MS in Accounting and Business Management from the University of Tulsa.

The contents of these slides should not be construed as legal advice or a legal opinion on any specific fact or circumstance. The slides are intended for general purposes only, and you are urged to consult a lawyer concerning your own situation and any specific legal questions you have.

© Neal, Gerber & Eisenberg LLP 2019

Highlighting Opportunities and Raising FlagsApplying a Competitive Intelligence Mindset to Law Firm Due Diligence

Laura Kopen and Tom Van Der MoereNeal, Gerber & Eisenberg LLP312.269.4804 and [email protected] and [email protected]

Due Diligence and CI: Integral Components for Client Success

Due Diligence: Vetting new business to minimize risk to the firm and to ensure engagements align with firm goals and expertise

Competitive Intelligence: Investigating companies and industries to provide superior service via knowledge about clients’ business, industry, and legal requirements

2

Due DiligenceCompetitive Intelligence

1

2

Core Due Diligence Functions

Know Your Client

Identify Flags

Collect Data

•Parameters of Representation

•Related Parties

•Nature of Business

•Creditworthiness

• Sanctions

•Negative News

•Bankruptcies

• Significant Litigation

•Geographic and Social Data

• Industry Codes

•Billing Rates

•Referral Source

3

Challenges to Performing Comprehensive Due Diligence

• Tight timeframe for research if due diligence commences directly prior to issuance of a billing number

• Designated research tools to support due diligence may lack enhanced search capabilities and supplemental sources may be required

• Name similarities make it difficult to determine if the information is applicable to the client without further identity verification

• Information overload inhibits quick detection of pertinent information

• Findings must be summarized succinctly and objectively

4

3

4

Service Team Model: Bifurcation of Due Diligence and CI Roles

CLIENT INTAKE

Requesting Attorney

Business Intake Review

Conflict CheckPG/Committee Heads

New Business Committee

MARKETING

Requesting Attorney

Marketing/RFP

Conflicts Check (Perhaps)

Research Team

5

Warning vs. Winning: Reconciling Firm Objectives

6

Resources expended in pursuit of work that may ultimately encounter barriers to entry

Questions critical to decision‐making raised too late in the process

Duplication of research by separate teams results in redundancies

Data standardization more difficultClient IntakeMarketing

Drawbacks to Separating the Due Diligence and RFP/CI Functions

5

6

Current State: Integration of Knowledge Hub

Business Development

Competitive Intelligence

Due Diligence

7

Current State: Pros and Cons

Single‐team model

supports research

preparedness

Client awareness level is high

Percentage of CI requests for new clients is

relatively low

Still often viewed as

discrete tasks

8

7

8

Core Competitive Intelligence Functions

Preliminary Investigations

Prospecting Monitoring Competitor Research

9

Potential Clients Industry Firm Strategy Other Law Firms

Framing Queries for CI and Due Diligence Topics

10

Nature of Business

Key Professionals and Related

Parties

Geographic Location

Financial Information

Litigation History News

9

10

Nature of Business

COMPETITIVE INTELLIGENCE DUE DILIGENCE

11

What risks might the client pose to the firm and what opportunities exist to expand the

relationship in the future?

Does the firm have prior experience in the client’s industry? Is there potential for representation across practice areas?

Does the firm represent competitors in the industry? Would the representation pose conflicts of interest for future potential

engagements?

What are the risks and opportunities within the client’s competitive landscape?

Where do the client’s legal needs align with firm experience?

How is the potential client situated within its industry (well‐established vs. disruptor)?

Who are its primary competitors?

Identification of Key Professionals and Related Parties

COMPETITIVE INTELIGENCE

Has the ownership changed

substantially since the company’s founding?

Does the firm have contacts with key

Management or Board members?

Does the client hire legal services

through In‐House Counsel or Legal

Team?

What does the corporate structure tree indicate about the company’s size and operations?

DUE DILIGENCE

Do the founders or owners have a track

record via past ventures?

Have investigations included key

professionals and investors?

Does the company have a General Counsel or other outside co‐counsel?

Does the representation

extend to owners or affiliates?

12

11

12

Geographic Location

COMPETITIVE INTELLIGENCE

Is the company headquartered in a region where the firm has past experience or offices, or is this an opportunity for the firm to enter a new geographic market?

Are the regional offices concentrated in a particular geographic segment or do they have a nationwide or global presence? What are the capabilities of the company to enter new markets?

What does the location of the company’s manufacturing facilities indicate about their supply and distribution networks?

DUE DILIGENCE

How will the state where the company is incorporated affect its legal jurisdiction and the laws governing its operations?

Is the company maintaining active business registrations in good standing in the states where it is incorporated and the states where it is situated?

Does the billing address suggest a lack of transparency, i.e. providing a home address for representation of a business or vice versa?

13

Financial Outlook

COMPETITIVE INTELLIGENCE DUE DILIGENCE

Are their recent indicators of financial stress which may alter the engagement terms?

How will the entity type impact the client’s legal needs? How will it affect the disclosure

of information?

Are there penalties, judgments, or fines significant enough to indicate the need for

restructuring or reorganization?

Is the nature of the engagement such that an insurance company or other entity will pay

the bills?

14

Is the company’s revenue on an upward trajectory or declining?

What do shifts in stock price and ratings indicate about the stability of the company?

How does the size of the company compare to industry peers? Is revenue comparable to

others of its size?

Is the company demonstrating growth through recent acquisitions or do divestitures

indicate contraction?

Have new ventures completed funding rounds and attracted reputable investors?

13

14

Litigation History

COMPETITVE INTELLIGENCE DUE DILIGENCE

Is recent litigation against the company typical of business or does it demonstrate irregularities or malfeasance?

Does the entity have a history of suing other law firms?

Has the company been subject to government investigations or sanctions and is the matter ongoing or complete?

15

What types of litigation has the entity been involved in and in which jurisdictions? How does this align with the firm’s expertise?

Which law firms have been engaged in the past and what do retention trends demonstrate?

Is the entity subject to regulatory compliance in the practice areas native to the firm?

News

COMPETITIVE INTELLIGENCE

What can be inferred about company strategy from

recent press?

Are new products being introduced?

Are the company’s legal issues newsworthy? If so, what issues are at play?

What does the company’s intellectual property reveal

about its research & development?

Do executive profiles give insight to the company’s

business plan?

What do the company’s marketing campaigns reveal about its goals and values?

DUE DILIGENCE

What can be inferred about the health of the company

from recent news?

Does a dearth of press coverage indicate the

company is private, or is the company losing steam?

Does press coverage allude to deceptive business practices, fraud, or other malfeasance?

Is there contradictory information in the press

which cannot be verified by the public record?

Is there negative news about a company officer or owner?

What do social media and review sites reveal about the

company’s reputation?

16

15

16

The Case for CI and DD Throughout the Business Model:Identify Defects Earlier / Enhance Decision‐Making

17

Firm Strategy

Prospects Client needs Connections Opportunities Industry Analysis

Experience Capacity Pricing Potential Conflicts Differentiation

from Competitors

Business Development

Firm Capabilities

Business Acceptance

Intake Compliance Credit Assessment KYC Conflicts Engagement Ltrs OCGs Business Risk Client Data

Managing the Client Relationship

Financial / Credit Monitoring

Ownership Change Management M&A Activity News & Events Competitor Activity Strategy / Direction Project Mgt Resourcing Billing & Collections Business

Proliferation

Knowledge Management

Competitive Intelligence and Due Diligence

Inform the Learning Model

18

Questions?

17

18

CASE STUDY: Real World AI Applications for Competitive

Intelligence

Amy Wisinski, Strategic Research Manager

Winston & Strawn LLP

Amy Wisinski, Senior Manager of Marketing Data Analytics and Technology

Amy has more than 15 years of research, analytics, and competitive intelligence experience.

She manages the firm’s Business Intelligence, Competitive Analytics, and Customer

Relationship Management teams and is responsible for leading the design, development and

implementation of strategies and systems to deliver key strategic insights that inform and

shape the marketing strategies for the firm. She develops reports and dashboards covering

market opportunities/conditions, marketing results (KPIs), and trends for practices,

industries, regions and clients and works to deliver relevant analytics reports with data-

based inferences to stakeholders. Prior to joining the business development team, Amy

founded Winning Case, Inc., concentrating on providing research and training solutions for

attorneys and law firms.

•

•

•

•

•

•

•

•

•

•

•

•

•

•

mailto:[email protected]

PANEL DISCUSSION: Capturing the Attention of Decision

Makers

Panel:

Loubaba Mulcahy, Manager of Competitive Intelligence

Faegre Baker Daniels LLP

Angela Petros, Chief Marketing Officer

Morrison & Foerster LLP

Trish Lilley, Chief Marketing and Business Development Officer

Stroock & Stroock

Moderator:


LAC Group



technology.








Logic).



Over the past 20 years, Lou Malcahy has held leadership roles in Competitive Intelligence and Marketing Strategy, both locally and globally. Lou has developed expertise in all facets of strategic intelligence and consulting with a variety of Fortune 500 companies in many different market sectors and industries.

Lou has spent the last 11 years of her career leading Faegre Baker Daniel’s competitive intelligence efforts and helping the firm’s leadership navigate the competitive environment by informing their decision making with actionable insights, supporting the design of winning strategies, and the development of innovative client services, processes and business models.

1 Morrison & Foerster LLP

EDUCATION

Northwestern University,

Kellogg School of Management

(M.B.A., 2003)

The University of Western

Australia (Law (Hons)/ Arts,

LL.B, B.A., 1991 - 1996)

ANGELA PETROS Chief Marketing Officer, New York, +1 (212) 336-4307, [email protected]

Angela Petros is Global Chief Marketing Officer at Morrison & Foerster based in New York City.

Angela Petros is the Chief Marketing Officer for the firm. She oversees

marketing, business development, research, and knowledge management.

Angela is a senior marketing and strategy executive with a passion for growing

businesses. She brings a sharp focus on client needs, competitive capabilities,

creation of value propositions, and excellence in channel execution using

lead generation and conversion optimization.

Angela honed her strategic and marketing skills working as a strategy

consultant at the Boston Consulting Group, leading the global strategy

function for LexisNexis, and running marketing for the LexisNexis software

businesses. Angela is an 18-year veteran of the legal industry with five years

practicing as a mergers and acquisitions attorney at Herbert Smith Freehills

and King & Wood Mallesons, eight years working for LexisNexis in their legal

business, and five years as Chief Marketing Officer at Morrison & Foerster.

Angela has an honors degree in Law and a degree in Ancient History from

the University of Western Australia, and an MBA from Kellogg School of

Management at Northwestern with majors in marketing, finance, and strategy.

Trish Lilley Chief Marketing & Business Development Officer Stroock & Stroock & Lavan LLP Trish Lilley is a seasoned chief marketing and business development officer, with nearly 30 years of experience in strategic client development roles at several AmLaw firms, including Dechert, Duane Morris, Crowell & Moring, and Fox Rothschild. She is currently the Chief Marketing & Business Development Officer at Stroock & Stroock & Lavan LLP. Trish is a regular speaker at industry events and conferences and writes frequently on issues related to cultivating leadership among lawyers and marketing team members, marketing best practices, and business development coaching. A former journalist published in papers from The New York Times to The Philadelphia Inquirer, Trish has worked with, for, and around, lawyers for more than 30 years - as a reporter covering the federal courts, a legal recruiter, a bar association executive and in a variety of strategic management roles at major law firms. As 2019 president of the Legal Marketing Association's Northeast Region - the organization's largest - Trish is an active and enthusiastic volunteer leader. A former co-executive editor of Strategies - LMA's flagship publication - Trish served two terms on its Educational Advisory Council, the entity charged with crafting professional development standards for the legal marketing industry. Trish is also an active community member, having served in leadership positions with the Volunteers of America, Philadelphia Alliance for Capital and Technology, Southern New Jersey Development Council, and the Girl Scouts of Central and Southern New Jersey. She has also served as an instructor with the Irish Academy of Public Relations.

How to Effectively Determine Your Firm’s Peers and Top

Competitors and Use it to Your Advantage

Stefanie M. Marrone, Director of Business Development and

Markerting

Tarter Krinsky & Drogin LLP

Amanda Loesch, Director of Business Development and

Marketing

Porzio, Bromberg & Newman P.C.

With nearly 20 years of experience in professional services marketing, Stefanie Marrone leads the business development, marketing and communications functions at Tarter Krinsky & Drogin. She works with firm leadership to develop and implement strategy to enhance client and business development, marketing, social media, content marketing and media relations efforts.

She is responsible for devising innovative business development and revenue generating programs, overseeing pitches and proposals, public relations, social media, branding, content, digital marketing, web site, CRM, events and sponsorships, coaching, and internal and external communications.

Previously, Stefanie worked at several prominent law firms, developing and executing global revenue generating, business development, internal and external communications strategies, including media relations, branding and multichannel content marketing campaigns.

Stefanie is passionate about finding creative ways to effectively utilize social media platforms for business development, revenue generation and visibility opportunities on a firmwide and lawyer level.

A former journalist, Stefanie enjoys writing about issues facing lawyers and legal marketers today, she frequently publishes articles on JD Supra. She is a frequent conference and webinar speaker on branding, social media and content marketing related topics.

Giving back to the industry that has given her so much is very important to Stefanie, and she has served in many Legal Marketing Association volunteer roles. She served a two-year term as secretary of the LMA’s Northeast Region from 2017-2019, and she’s currently the co-chair of the 2019 LMA Northeast Regional Conference, which will be held in Brooklyn in November.

Stefanie holds a master of science in strategic communications from Columbia University and a bachelor’s degree in history and art history from New York University.

Education• New York University, B.A. cum laude

• Columbia University, M.S.

Awards and Honors• JD Supra Readers’ Choice Award Winner

2018 and 2019

Memberships• Secretary of the Legal Marketing

Association’s Northeast Region (2016-2018)

• Planning Committee for the Legal Marketing Assocation (LMA) Tech West Conference (2017, 2018)

• Planning Committee and Programming Co-Chair for the LMA Tech Midwest Conference (2018)

• Co-chair of the 2019 LMA Northeast Regional Conference

Articles• Show vs. Tell - How to Create A Strong

Lawyer Bio

Stefanie M. MarroneDirector of Business Development and Marketing

P 212.216.8000 F [email protected] BroadwayNew York, New York 10018

Amanda Loesch is the chief marketing officer at Porzio, Bromberg & Newman P.C., where she leads the

firm's business development, marketing, and communications functions for the law firm and three

subsidiary companies. Amanda works with firm leadership to facilitate client-focused opportunities that

raise the profile of the firm, enhance and further develop client relationships, and build and implement

best practices in marketing and business development operations.

Prior to joining Porzio, Amanda held leadership positions at two AmLaw 100 law firms. Amanda began

her career in marketing at JPMorganChase where she completed the bank's Executive Leadership

Development Program. She holds an MBA in Finance and Marketing from Fordham Gabelli School of

Business, and an undergraduate degree from New York University. A frequent speaker at industry

events, Amanda is an active leader in the Legal Marketing Association (LMA) and is currently serving on

the 2019 and 2020 International Board of Directors as a Member-at-Large. Amanda has also held board

positions for LMA at the regional level for the Minnesota and Southeast chapters of LMA, and served as

the co-chair of the Small Firm and Solo Marketer Special Interest Group from 2016-2018.

CASE STUDY: Where Should the CI Function Reside within a

Law Firm?

Stephanie Dooley, Senior Competitive & Strategic Intelligence

Manager

K&L Gates LLP

Stephanie Dooley is Senior Competitive & Strategic Intelligence (CSI) Manager at K&L Gates where she is

responsible for developing and growing the firm’s global CI function. Before moving to her current role

in Business Development, Stephanie was a law librarian with the firm. The experience gained during her

20+ years as a law librarian helped inform her unique perspective about the types of essential

intelligence law firms need to quickly see beyond the obvious, mitigate risk, and identify new

opportunities.

© Copyright 2019 by K&L Gates LLP. All rights reserved.

Stephanie Dooley, Senior Competitive & Strategic Intelligence ManagerK&L Gates LLP

Where Should the CI Function Reside within a Law Firm?

CASE STUDY

2

Finding Your Place

1 2

Develop your brand of CI Adapt CI process to your firm Elevator pitch Start developing a brand Identify your allies

PRIVILEGED AND COFIDENTIAL ATTORNEY-CLIENT COMMUNICATION 3 klgates.com 4

Look beyond the obvious Who are the current consumers

of CI? Who already values your work? Talk to everyone Leverage existing resources

3 4

Just do it! Add unexpected value Holistic firm approach Charm offensive Create raving fans

PRIVILEGED AND CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION 5

Be willing to change course Start small and scale up slowly Track and measure everything Interview your stakeholders

6

5 6

klgates.com 7

Questions? Comments? Snarky Remarks? Contact me anytime!

Stephanie DooleySenior Competitive & Strategic Intelligence [email protected]

7

CLOSING DISCUSSION: CI as a Culture Disruptor

Zena Applebaum, Director Customer Insights & Engagement

Thomson Reuters Canada Legal Tax & Accounting

Zena Applebaum is a Competitive Intelligence strategist, legal blogger, personal brand advocate and trying to change the legal industry one design thinking workshop at a time. Having been one of the early pioneers of law firm Competitive Intelligence nearly 20 years ago, and authoring "Business Intelligence for Law Firms" published in November 2012, Zena shares hers passion for the industry as a speaker, writer and a contributor to blogs including 3 Geeks and a Law Blog with topics ranging from competitive intelligence, to change management, qualitative data analysis and personal branding. In 2015, Zena was inducted as a Fellow of the Council of CI Fellows, she has been a sessional instructor at the University of Toronto iSchool, Rutgers University and a guest lecturer at law schools across North America. Zena honed her CI skills as the Director of Competitive Intelligence at Bennett Jones LLP for over a decade prior to taking on her current role as National Director, Market Insights & Engagement at Thomson Reuters in Canada. In her role, Zena is responsible for client feedback and intelligence, market insights, and sales enablement.

Closing Remarks: Conference Chairperson


LAC Group



technology.








Logic).



compeve intelligence in the modern law firm... · compeve intelligence in the modern law firm...

Documents