Digital White Papers

I L T A W H I T E P A P E R | K N O W L E D G E M A N A G E M E N T & M A R K E T I N G T E C H N O L O G Y 25 data about what their attorneys have done for clients in the past and less good contemporaneous data about the clients they are serving. A practice-focused mindset, rather than a client-centric mindset, has shaped data infrastructure in firms. AI offers a lot of promise for all aspects of legal service, including surfacing critical client insights, but you can forget about using fancy AI if you don't have well-designed data infrastructure." At Frost Brown Todd (FBT), client intelligence data is leading to better answers, faster for clients and is critical to supporting the firm's industry-focused strategy. When the firm created a new Data and Innovation Team in February 2022, one of the immediate goals was to enhance client intelligence by collecting more data both about clients and the work the firm does for them. With a particular emphasis on their focus industry clients, FBT has profiled more than 4,000 clients and matters. "The firm can more easily tap into its strength in the finance and manufacturing sectors, demonstrating our industry knowledge, facilitating collaboration among the many practices that serve our clients, and identifying expertise in verticals like multifamily or mobility," said Cindy Bare, Chief Data and Innovation Officer at Frost Brown Todd. Vendors are increasingly recognizing the importance of client intelligence data as well. Olga V. Mack, VP & CEO of CounselLink CLM, LexisNexis, noted the profound role that AI will play in the future of client development: "The incorporation of artificial intelligence into the CRM system allows for the analysis of vast amounts of data at an unprecedented speed, in the process uncovering insights and patterns that would otherwise go unnoticed. This leads to more informed and strategic decisions and enables law firms to proactively address client needs, potential legal issues, and market trends. Ultimately, the fusion of artificial intelligence and CRM transforms law firms' operations, making them more agile, efficient, and client-centric. Furthermore, the insights derived from big data analytics enable law firms to allocate their resources more efficiently, prioritize their efforts, and make informed decisions that drive growth and profitability. By understanding the nuances of client behavior, firms can also enhance their client engagement strategies, leading to stronger relationships and higher client retention rates. Ultimately, big data analytics is not just a tool for optimization but a catalyst for transformation, enabling law firms to evolve in a rapidly changing legal landscape and deliver value to their clients in new and innovative ways." To truly leverage the potential of AI and client intelligence technologies, many firm leaders also emphasize the critical importance of education, change management, and ethics. Iris Jones, Chief Marketing and Client Development Officer at Akerman, commented, "While artificial intelligence appears to be an asset to law firm marketing, one hesitancy is that there is a lack of understanding. We are in the process of educating ourselves to fully understand what the capabilities and potential benefits are in using AI in marketing. We want to overcome any tendency to avoid what we do not fully understand. While others may have a fear of missing out (FOMO) and race toward the new technology without the adequate knowledge for using AI tools properly, we are eager to acquire as much intelligence as possible prior to making important recommendations to firm leadership. "Ultimately, the fusion of artificial intelligence and CRM transforms law firms' operations, making them more agile, efficient, and client-centric."

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