Legal CRM Strategy Corner

What is your law firm doing about social networking?

By David

Social networking is continuing to grow rapidly with the number of social networking users having doubled in the last two years. Statistics from Nielsen Online show that social networking has now overtaken email in terms of worldwide reach.  Social networks are so big, in fact, that many of them are competing in size with some of the largest countries in the world.  Apparently the Chinese social network QZone is even bigger than Facebook. Facebook is bigger than Russia.  LinkedIn, Bebo and Xanga are bigger than Canada.

The big question is what does this mean for the business of law?

While used by individuals, law firms are now trying to capitalize on the growth trend.  When used effectively, social networking can provide marketers, business developers and law firm staff with new ways to develop and manage meaningful relationships.  But the real value of social networking can’t be achieved in isolation.  Indeed, law firms need to look at core business processes and client management initiatives to consider how social networking can enhance and extend practice development.

What does social networking mean for law firms?
Social networking sites not only provide the ability for users to communicate with each other but also to find like-minded individuals. Power shifts from the organization to the consumer as law firm clients are able to channel and exert their influence.

As social networking sites grow in popularity, firms can no longer rely on traditional forms of communication – newsletters, seminars and events – to enforce perception of service offering and branding.  Conversely, the new communication channel can provide firms with new ways to discover and maintain a persistent connection with the most vocal constituents.  By harnessing this information firms can identify their most influential clients, drive participation in developing new client services and improve sentiment of the firm and its brand.

While some law firms may still question the relevance of social networking, un-monitored conversations that impact their business are likely occurring online right now.  It is important that firms be involved in these conversations.  Ignorance is not bliss.  Social networks are a channel that law firms need to monitor and engage in.

So what does social networking have to do with CRM4Legal?
At the heart of any law firm are clients, and social networking represents an opportunity to build even more mutually rewarding and candid relationships with those clients.  But for firms to realize tangible business benefits, they need to better plan, manage and measure their social networking efforts.  This is precisely where CRM4Legal intersects with social networking.

The Gartner research group contends that that in social networking, “CRM is where you are going to see the ROI in the business model as opposed to anywhere else.  It’s all about connecting and engaging in new ways with clients.”  This is hardly surprising.  Clients using social networks want meaningful engagement with firms.  And firms want a way to manage and measure their success in client service.

When social networks and CRM work together well, law firms gain the ability to better listen to client conversations and engage on their own terms while managing and measuring their efforts.  In simple terms, integrating social networking with CRM delivers optimal marketing, business development and client care service efforts.

Social Networking Accelerator for Microsoft CRM4Legal
In order to help law firms implement these strategies, Client Profiles offers the Social Networking Accelerator for Microsoft CRM4Legal. Accelerators for Microsoft CRM are add-on modules developed to address specific business needs. The Social Networking Accelerator allows Microsoft CRM4Legal users to discover online conversations, identify influential people, and engage with them on social networking sites using their customer system of record—Microsoft CRM4Legal. Additionally, the Social Networking Accelerator for CRM4Legal includes the same easy-to-use interface and industry leading analytics that allow firms not only to capture data but also make sense of it. With the Social Networking Accelerator for CRM4Legal, marketing professionals can identify their most influential advocates and better manage the brand. Business developers can discover new leads and zero in on key opportunities and pitches, and client service staff can proactively identify and address issues.

What Happens Without CRM (Part 2)

The Foolproof Solution

How law firms can benefit from Microsoft CRM:

• It is cost-effective. You pay for the users you need, and the service provider does everything for you after analysing your business needs.
• No need for extensive training for your CRM people or hire a permanent staff to handle the CRM system because the system is easy to administrate (built into Microsoft Outlook).
• Seamless integration of the CRM into your current systems (ie. Practice and document management).
• Enhanced communication channels.
• Configuration / customisation of CRM.
• Increased staff productivity.
• Accessibility of information from anywhere – Web, BlackBerry, iPhone etc.
• No worries about system installation – Microsoft Partner of the Year 2009.
• Streamlined CRM functions to a common interface.
• Fast collection of data from every transaction.

What Happens Without CRM (Part 1)

By David Blumentals

If you're not using a CRM solution, you'll be spending more money on running the current manual system on your own. The problems that crop up can even cost you more.

Without the technology of a CRM solution, law firms have to endure endless worrying about their information - how to get it and how to share it to solve client, staff and partner problems real time. If the Internet has made the world smaller, CRM has made the world manageable with the availability of diverse business information that matters eg. Social Networking Accelerator and Client / Partner Portal integrations for CRM4Legal.

Without CRM software, law firms have to endure spending tens of thousands just to keep their information bank manageable and secure, especially if they are managing information with a national or global magnitude. A system is required to make CRM functional and relevant to the changes that occur.

Without a CRM solution, law firms have difficulties with their records and spend unnecessarily for additional software features. They face the risk of missed opportunities and the chance to evaluate client trends when the urgency is at hand. A missed follow-up can always send the client knocking at the competition's door.

Without this technology, information can be breached easily. If this happens, you'll find yourself running to a software supplier yet again, seeking a fast solution to the problem.

The scenario is scary - clients talking about your firm’s unreliability, delayed action on requests, skewed reports, and delayed reaction to situations that need your immediate and appropriate response based on the accuracy and quick access to the information you have.

Stay tuned for Part II: The Foolproof Solution

 

 

Microsoft Video Case Study - Client Profiles and CRM4Legal

Microsoft has published its Case Study on Client Profiles and CRM4Legal. Watch the video below or visit the following link to read the text version: http://www.microsoft.com/casestudies/Case_Study_Detail.aspx?CaseStudyID=4000005413

 

 

NEW! Follow us on Twitter

Get the latest news, resources and best practices surrounding Practice Management, CRM and Document Imaging technology for law practices. You can start following Client Profiles and CRM4Legal on Twitter by visiting the following link: http://twitter.com/clientprofiles

How Valuable is Your Law Firm?

Posted by David Blumentals

Despite the challenging economic times, Microsoft CRM4Legal is experiencing expanding sales.  This follows fundamental shifts in thinking at many law firms, with the net asset value of the firm now being defined by the value of client relationships.

This shift has driven CRM4Legal to be a top spending priority for firms across the globe with new customers across the United States, Canada, UK, Europe and Australia.  Law firms of all sizes are now accepting that client management is a “must have” – one of the “three pillars” of law firm information technology next to practice management and document management.

In advising Managing Partners and firm CEOs, Client Profiles is recommending focus on five key areas to improve the value of client relationships and, in turn, the value of the firm:

1. Focus on existing clients. There is a fundamental need for law firms to gain a single view of relationships across time. Many firms are currently lacking specific processes for retention and growth.  Firms can benefit from improved efficiency, client service and satisfaction when they adopt CRM4Legal.

2. Prioritize business development investments. Understand your unique value proposition and focus your resources on it. Try to balance mainstream deal mix against elephant hunting, and embrace technology to streamline processes. 

3. Simplify the client service experience. A unified desktop with a single CRM4Legal Outlook view is hugely beneficial to users, rather than having multiple applications open.  Law firms have historically missed out on a complete view of the client.  CRM4Legal integrates well with practice and document management systems from a variety of providers – including Thomson, Aderant and Interwoven/Autonomy.  This is delivering tremendous benefits in terms of efficiency and client satisfaction.

4. Right size your costs of client care. Firms should analyze their client care, marketing and communications and segment their client bases, moving simple and lower risk transactional clients to self-service, and provide opt-outs for assisted support. There is a need to have a tiering strategy relative to client base, certain clients where you want a more personalized touch. Put knowledge lookup and basic transactions online as much as possible.  This can include support for online event registration, publication subscribes and deal rooms.

5. Rethink your marketing strategy. Know your ROMI (Return on Marketing Investments) and ROC (Return on Client). Link demand generation for new matters to business development execution and deal closure. Don't waste money on marketing activities – events, seminars, publications – that aren't aligned with your client account plan goals. Implement scorecards and dashboards to make sure things are aligned.

New ILTA White Paper features Microsoft CRM for Law Firms

ILTA has officially released its latest Marketing Technologies White Paper, featuring an article co-authored by Client Profiles CEO Whit McIsaac along with Microsoft's Patrick Fitzhenry. The article, which examines the current state of Microsoft CRM for law firms globally, is a follow-up to 2006's Exploring Microsoft CRM in Law Firms.

To view the entire White Paper, go to http://www.mygazines.com/issue/3894.

Free Webinar Announcement: Microsoft CRM for Law Firms Comes of Age

2007 and 2008 saw early adopters of Microsoft CRM4Legal technology blaze the trail to successful implementations of the software. Like other pioneers, they met challenges along the path in a variety of forms, from business justification and culture, to living through the maturation of the product. These pioneers today have dramatically shifted the user paradigm for CRM use in law firms and rank in the top percentile for success, clearly raising the bar for the type of success law firms or other professional service firms expect when evaluating how to use a CRM system.

Join Client Profiles for an online exploration of Microsoft CRM4Legal and its expansion of interest across the globe -- from the Americas to Europe to the Asia Pacific region, and learn first-hand the core drivers behind the explosion of activity among professional service firms today.

Monday, November 16th, 2009 at 12 noon Eastern

Register for this Webinar >

Third Quarter Webinar Series Topics Announced

Client Profiles has opened registration for three new Webinars as part of its ongoing Client Profiles Law Technology Webinar Series. The complimentary online sessions are scheduled to take place September 23-25, 2009. Each brief webinar will focus on a specific area relating to law firm management, technology and the business/practice of law.

The session titles include The Lawyer’s Outlook: Easy-to-use Systems to Bill More and Work Smarter; Pandemic Planning: Lessons Learned and Steps Your Firm Can Take to Address Business Continuity During a Pandemic; and finally, Legal CRM Comes of Age.

The Webinars are intended for management-level law office professionals across a range of disciplines including Information Technology, Administration, Marketing and Business Development. Attendees will learn about current issues, emerging trends and best practices, as well as see concrete examples of solutions available to their own law practices.

Further information and registration is available at http://www.clientprofiles.com/Webinars.asp.

Client Profiles Selected as Microsoft Dynamics Partner of the Year

Client Profiles has been named 2009 Microsoft Dynamics Professional Services Partner of the Year, chosen out of an international field of top Microsoft partners as delivering market-leading customer solutions built on Microsoft technology.

The award will be presented at the 2009 Microsoft Worldwide Partner Conference in New Orleans on July 14. The Microsoft Dynamics Professional Services Partner of the Year award recognizes Microsoft Dynamics partners who have exhibited excellence in providing superior solutions based on Microsoft Dynamics to clients in the professional services industry. Client Profiles' dedication to developing innovative, legal-specific applications based on the Microsoft technology stack has resulted in a highly-satisfied client base which values tools based on industry-standard Microsoft platforms.

"Microsoft is excited to recognize Client Profiles as the Microsoft Dynamics Professional Services Partner of the Year. Client Profiles' product CRM4Legal has revolutionized the way law firms implement and benefit from Microsoft's CRM technology, delivering just the right mix of functionality and ease of use," David Smith, General Manager, U.S. Microsoft Dynamics Partners, Microsoft Corp. "Client Profiles has delivered critically important business intelligence information to their clients through their CRM4Legal technology, allowing them to identify where new business opportunities exist, what type of cross selling opportunities are available with existing clients, and where to focus marketing and business development efforts."

To view a live stream of the award presentation, beginning at 9:30 a.m. Eastern on July 14, visit the following link:

http://www.digitalwpc.com/