Digital White Papers

MARKETING AND BUSINESS DEVELOPMENT Data-Driven Business Development Initiatives: Is Your Firm Utilizing the Complete Value of Existing Assets? 12 WWW.ILTANET.ORG | ILTA WHITE PAPER What Do Some of These Initiatives Look Like? Project Management and Pricing: Project management and pricing are hot areas in the legal profession. The ideas of transparency and predictability for clients are fueling this movement. With the collection of aributes tied to a maer, firms can implement machine-learning techniques and clustering methodologies. These include k-nearest neighbor (used frequently to classify data based on similarities) to group data based on lawyers, clients, maer type and so on. In grouping maers by similarity, firms can beer understand ways to increase profitability and resource future projects in more effective ways. In addition, firms can budget business development strategies based on similarly categorized maers and track to that budget with automated threshold triggers that provide insight to lawyers and clients on actual versus anticipated costs, time and outcomes. White Space Analysis: Helping the firm win business from new and existing clients is the ultimate goal of business development. As it stands, white space analyses are done by hand, usually by compiling spreadsheets and siing down with the responsible lawyer to talk it through. Data are used as a reminder of what has been done, but imagine if data could predict what could be done and help guide conversations around opportunities. Predicting buying habits is something already done by many consumer-based businesses, from Target to Best Buy. The same principles can apply to selling legal services (e.g., logistic regression to understand the likelihood of an event such as a cross-selling opportunity for a client in manufacturing who already brings litigation work to the firm). Applying probability and correlation analyses can also help to understand buying paerns and render robust results on the probability of a client having a need for certain types of work or the likelihood a new client will bring work to the firm. Imagine if data could be used to predict what could be done and help guide conversations around opportunities. HOW DO BUSINESS DEVELOPMENT LEADERS WANT TO USE FIRM DATA? PROJECT MANAGEMENT PRICING WHITE SPACE ANALYSIS COLLABORATION RESOURCING PROFILES PITCHES 20% 17% 16% 15% 15% 12% 6%

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