P2P

41 I L T A N E T . O R G Paula Zirinsky the founder of Zirinsky Strategy LLC, tackles marketing challenges and problem-solving through branding, thought leadership, and intentional marketing initiatives. With over four decades of experience, she possesses a proven track record in identifying growth opportunities for global companies and has a knack for building the necessary infrastructure and teams to drive strategy, branding, thought leadership, marketing, and business development. A former Global CMO, Paula has held leadership positions at K2 Integrity, a leading risk advisory firm, and law firms including Morgan Lewis, Mor villo Abramowitz, Fried Frank, and Cadwalader Wickersham & Taft. Additionally, she has provided corporate marketing and communications counsel to Daimler-Benz AG, Mercedes-Benz AG, Daimler Chrysler, and Hanover Direct Inc. paula@zirinskystrategy.com www.zirinskystrategy.com experiences." Simply put, you needed the X's and the O's back in 2005. And you still need them today. For law firms, operational data has always been front and center. It is what is captured in the black binders used to assess law firm performance each quarter. However, often omitted, yet equally important, is the qualitative client feedback data. For the marketing, business development, and practice teams, experience data recounted in client feedback interviews captures what the client is thinking. So why do so few firms include organized client feedback programs in their mix and analysis? After all, according to Thomson Reuters Market Insights research, "data shows that inclusion of a formal feedback program can raise a firm's share of client legal spend to 34% on average, compared to a baseline of 14% —a significant return on investment for a structured client feedback program." (Client Feedback: Trends in client feedback for 2022 and beyond | Reuters). According to BTI Consulting Group's website, "72% of clients want to give their law firm feedback, BUT only 30% of law firms ask in a meaningful way." I maintain that the information gleaned from client feedback interviews helps improve client service and performance and can be helpful in branding, positioning, and thought leadership. Unlocking Thought Leadership: How Data-Driven Firms Can Shape the Future For the most part, that data goldmine gathered by law firms remains siloed within different departments and systems. Unlocking the data goldmine is the first step toward unleashing the thought leadership potential hidden within a firm. As my Japanese print dealer did, thought leadership drives the industry conversation and can separate your firm from the one down the street. Toward this end, by fostering a data-driven culture (of both the O's and the X's), and by encouraging attorneys and staff to collect, organize, and analyze data, law firms can identify patterns, extract valuable insights, and gain a deeper understanding of their clients' needs and expectations. Firms with this culture have started implementing advanced data analytics tools to effectively interpret their data (often combined with external data and reports) to derive actionable insights. By employing techniques such as predictive analytics and sentiment analysis, firms can anticipate client needs, readjust teams, foresee industry trends, introduce relevant new practices on a timely basis, and proactively address potential challenges. The ability to forecast future developments based on data-driven intelligence is also a hallmark of thought leadership. The insights communicated can and often do significantly elevate a firm's reputation and market position. Allowing the firm to lead, not follow trends. To close, here is another quote I have chosen to edit: A lawyer without books data would be like a workman without tools. – Thomas Jefferson ILTA

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