P2P

41 I L T A N E T . O R G Insights In preparing our insights, we reviewed several sources, including the findings of ILTA's 2020 Technology Survey and related commentary in Law.com, LegalTechnology. com, and Thomson Reuters' Legal Executive Institute. We also reviewed past editions of the RubyLaw Legal Marketing Technology Stack and Calibrate Legal's most recent survey of law firm departments in North America and the UK. We arrived at the following insights: 1. A sizeable maturity gap exists between large and small firms Whether because of budget, specialization, human resources, or market dynamics, the larger the law firm— by revenue or number of attorneys—the more mature the marketing technology stack. On average, 49% of firms with revenues of less than $100 million stated that they did not use one or more of the six marketing technology categories. By contrast, only 15% of firms with revenues of $500 million-plus stated that they did not use one or more of the categories. 2. Key systems are absent from firms' marketing tech stacks Delving deeper into the first insight, we found that key systems widely used in other sectors are not currently in use by law firms. For instance: • Across all firms, we identified six types of marketing technology that are least widely used, i.e., 40% or more respondents reported that they do not use them. Surprisingly, Search Engine Optimization software, a basic digital marketing tool, falls into the "least widely used" category. Given the importance of search to successful digital marketing, it appears that many law firms are missing a fundamental capability. • Nearly 90% of respondents are not using any form of Digital Client Engagement software. This type of software includes chatbots and desktop notifications, two tools that enable direct, immediate, and personalized interaction with website visitors and other important stakeholders. We expect that law firms will soon follow other B2B sectors in adopting these tools and learning to apply them. • More than 75% of respondents stated that they are not enriching their client data using third-party data platforms. This may be due to concerns—rightly or wrongly—about data privacy. We believe, though, that data enrichment is the next frontier in law firm relationship management, and we anticipate that firms will soon recognize the value of enriched data and invest accordingly. 3. 20% of CRM users are not using ERM A significant portion of respondents (20%) reported that they are using a Customer Relationship Management (CRM) system with no Enterprise Relationship Management (ERM) platform. Most, if not all, modern legal CRM systems have integrated ERM systems, which contribute immense value by automating new and changed contacts. We predict that the ERM-less firms will upgrade their CRM technology within the next two years; that, or they will fall behind their competitors. 4. Law firms are slow to embrace structured business development While most CRM platforms are designed to facilitate sales enablement, considered in this context as opportunity management, 40% of respondents say they are not using any sales enablement tool. Our observations tell us that law firms using structured opportunity management

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