The key to success in the legal sector is striking the right balance between keeping existing clients happy and winning new business. This is, of course, easier said than done. A report by InsightBee collated information from over 100 senior executives in mid-to-large UK law firms. It found that the main barriers to this successful balance were time, accuracy, cost and difficulties sourcing the required insight.
Many of the larger law firms employ their own in-house development teams to win new business. However, the mid-level companies are struggling to compete at this level, with larger firms pulling away and dominating the market.
In order to get by in an increasingly difficult marketplace, some mid-size companies are having to spend more time engaging in development activities. On average, 16-plus hours a week are spent by partners and executives in this area. Yet only 4% of partners believed they have the right tools to achieve their development priorities.
This is what is known as the Insight Gap. Sometimes it’s what you don’t know that can hurt you. Without the right insight you run the risk of weakening existing relationships and missing out on business opportunities. But where do you get the right information? And when you do get it, can you be sure it’s accurate?
Many are struggling to find the time and resources to get better insight, yet they also understand its increasing importance. It’s like they’re being pulled in two different directions. It’s a source of major concern with only 42% of firms believing they can depend on their current insight.
Knowledge and understanding of clients makes the difference between winning and losing new business. It’s also essential for keeping existing clients happy. When facing increased financial pressures better business intelligence can give your company the edge over the competition.
Visit Insightbee for more information at https://www.insightbee.com/resources/infographic-an-insight-into-law-firms
