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 28 potential new clients with a similar profile to existing clients and develop targeted strategies and outreach to win new business. Knowing why people choose to do business with us helps position our value with potential clients. Law firms likely have an easier time analyzing their client base. Firms can use financial information and internal data to understand who their most profitable clients are and build profiles. Which sectors and industries do they represent? Which practice areas are growing? What are trends over time? It is natural to focus on retaining and expanding business with top clients that constitute the bulk of your revenue, however, white space analysis ensures that smaller clients are not overlooked. Often, there is more opportunity to expand business with clients who hold a smaller share of your book of business. Benchmark to Peers Once a firm has analyzed its internal data to identify potential areas of growth, they benchmark against other firms to see how they compare. What is the number of cases by peers? How is that broken down by jurisdiction and practice area? How are peer firms growing? Are there similar patterns to your own growth? Benchmarking gives firms a frame of reference for how they are doing and helps identify opportunities for growth and entry into new industries and jurisdictions that may not have been evident from their own data. Know Your Competition and Market Share One of the top business development use cases for leveraging court data is to understand the competitive landscape. For example, one client started using litigation data because previously their business development strategy was not based on court data and they lost business. By using legal data APIs to match their clients to normalized party data, they were able to see their market share with each of their existing clients by practice area. Now, they have a much deeper understanding of the competitive landscape and a process to monitor filings involving their clients and competitor firms. This strategy has not only improved retention but has also helped them cross- sell and expand their relationship with key firm clients. Use Litigation Tracking for Client Retention and Acquisition Firms have multiple solutions that they use to monitor their clients' litigation and be alerted when new cases are filed for existing clients and prospective clients (UniCourt, Docket Alarm, Lex Machina, and Courthouse News to name a few). Multiple solutions are often necessary because "By using legal data APIs to match their clients to normalized party data, they were able to see their market share with each of their existing clients by practice area."

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