Uncovering Insights that Differentiate Law Firms from Competitors

DataPlus AI
November 6, 2023
3
min read

Uncovering Insights that Differentiate Law Firms from Competitors

An increasingly competitive legal landscape requires legal business development professionals to develop a deep understanding of their client's business objectives and how their firms can uniquely address them.

More content creation will not position a firm as a differentiated expert or a thought partner. Law firms need to use scalable technology like AI to uncover differentiated commercial insights that move client conversations from the legal department to the C-suite and board room.

 

Conduct High-Impact Client Research and Competitive Intelligence with AI

Legal client and competitive intelligence go far beyond tracking what rival firms and clients are doing. Savvy business development teams use natural language processing and machine learning to analyze regulatory changes, identify market trends, and predict the reactions of companies and industries.

For example, an AI co-pilot can perform research and produce industry outlooks, company briefs, and spot patterns across historical transactional data, as well as analyze the risks associated with market changes, allowing business development professionals and lawyers to evaluate which clients to pursue when seeking high-end, profitable matters.

 

Transforming Client Research from Reactive to Proactive

Many client research functions rely on ad-hoc superficial data collection exercises that are very time consuming and almost never provide insights into client objectives, needs, strategies, plans, or risks. This reactive approach means researchers and BD teams are constantly catching up instead of staying ahead and providing truly valuable commercial insights.

Using Generative AI, professionals in the business of law can extract insights from client press releases, industry outlooks, transactional patterns, and regulatory changes to present scenarios, options, and commercial advice to clients before clients even request a conversation. Prioritizing a consistent approach to client/industry research allows firms to proactively expand business opportunities year after year.

 

Identify New Business Opportunities with Internal Data

Law firms have invaluable data about clients, industries, regulations, and markets. However, very few firms leverage this data for commercial purposes.

With the right tools, business development professionals, researchers, and competitive intelligence staff can analyze information and uncover cross-selling opportunities and meaningful insights that help strengthen a pitch.

 

Overall, the future of legal services requires not more content, but deep insights that evolve client conversations.

To generate the thought-provoking research, analyses, and insights that drive the strategic discussions of client development for your firm, look no further than DataPlus.

DataPlus AI - Co-Pilot for Legal Business Development

DataPlus is an AI-platform that offers three distinct skillset modes that allow business development professionals, researchers, and competitive intelligence staff to 1) Search; 2) Analyze; and 3) Generate high-quality and thought-provoking insights that lead to meaningful conversations with their current and prospective clients.

By leveraging DataPlus, legal business development professionals can save time, streamline their client screening process, and gather deep insights about their current and prospective clients, industries, markets, and competitors. To learn more about DataPlus and experience the benefits, sign up to try the DataPlus platform today.

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