Marketing professionals and administrators at large law firms have long understood the power of Client Relationship Management (CRM) software as an engine to drive firm revenues and business performance. CRM applications surface crucial intelligence derived from relationship data, which helps law firms make better business decisions and build stronger relationships with clients.
“A CRM system is not just a tool, it’s a powerful strategy for customer relationship building and business growth,” writes Chris Fritsch, in JD Supra. “You can … see a significant positive impact on your business growth and retention efforts.”
The specific benefits to law firms that rely on CRM applications can even be measured. LexisNexis commissioned a study conducted by Forrester Consulting in 2021, which found that customers deploying InterAction — the leading CRM solution specifically designed for legal and professional services — achieved, on average, a 62% efficiency improvement in their marketing and business development staff and a 34% efficiency improvement among lawyers and legal professionals.
Moreover, the Forrester analysts concluded that these firms realized a 2% increase in revenues that was directly attributable to using InterAction. Indeed, for almost three decades, InterAction has helped law firms drive business relationships, accelerate firm growth and increase revenues by embedding client intelligence at the heart of every engagement. The platform is used by three-quarters of the Am Law 100 and the majority of the largest law firms worldwide.
But while most large law firms have been embracing the power of CRM software for some time now, small and mid-sized law firms have been hesitant to jump on board. One report from Legaltech News found that just one in eight firms in this market niche own a CRM platform, and even fewer actively use their systems. The result is that these firms are either managing their relationship data through Outlook, Excel spreadsheets, or mass-market CRM tools that were not intended for the unique nature of law firm operations.
There is now good news for marketing professionals and administrators working in this segment of the legal services market who have felt that an advanced law firm CRM platform was out of reach for their firms.
This summer LexisNexis announced the launch of InterAction+, a new cloud-based CRM solution that accelerates business growth in law firms of all sizes with the only legal CRM platform that utilizes relationship intelligence and reveals new business opportunities for a competitive advantage.
The new offering is an important development in the industry and was greeted with enthusiasm by legal tech media outlets such as Legaltech News, Legal IT Insider, and the Dewey B Strategic blog.
“In a move to make the software available to mid- and smaller-sized law firms, LexisNexis is releasing InterAction+, a cloud-based product that unites many of the features of the legacy version with a more-modern user experience and mobile connectivity,” wrote Bob Ambrogi, a veteran legal technology journalist, on his LawSites blog. His review noted that InterAction+ also features “unique integrations with LexisNexis content relevant to business development and relationship management.”
InterAction+ extends the power of CRM software to law firms of all sizes in three critical ways:
1. Strengthen Relationships
The platform helps law firm professionals pro-actively manage and grow key relationships with actionable client data to enhance client services and uncover new revenue opportunities.
2. Generate New Business
InterAction+ uncovers new business and cross-practice marketing opportunities that deliver a competitive edge to lawyers.
3. Mitigate Revenue Loss
The software surfaces hidden and weakened connections with an at-a-glance dashboard that reveals clients at risk, which helps firms mitigate potential lost revenues with improved client retention.
Small- and mid-sized firms will be especially empowered by access to actionable insights that InterAction+ delivers by drawing on various LexisNexis tools and related content databases. For example, InterAction+ is integrated with Context, a LexisNexis litigation analytics product, which provides law firms with robust litigation data specific to their existing clients, prospective clients and law firm competitors.
InterAction+ is available to law firms of any size and existing InterAction customers can add the cloud-hosted solution of InterAction+ with minimal effort. In the meantime, LexisNexis will continue to develop and support the traditional on-premises version of InterAction.
Click here to view a 60-second video introducing the new InterAction+ cloud-based CRM solution.
Click here for more information about InterAction+ or to request a free demo of the platform.
