Client Relationship Management (CRM) software has proved to be a powerful tool for large law firms, greatly contributing to their business performance and firm revenues. Leveraging vital intelligence computed from relationship data, such applications support law firms in making improved business decisions, while facilitating the enhancement of client relationships. CRM software is much more than a tool; it represents a dynamic strategy for client relationship building and commercial growth.
Industry studies reflect the significance of CRM applications to law firms. According to a study commissioned by LexisNexis and conducted by Forrester Consulting in 2021, the use of InterAction, a leading CRM application specifically designed for legal and professional services, led to an average efficiency improvement of 62% in marketing and business development staff, and 34% among lawyers and legal professionals. As a result, analyzed by Forrester, such firms registered more than a 2% increase in their revenues.
InterAction, widely recognized for its years of driving business relationships, firm growth, and revenue increase, is used extensively by the most substantial law firms worldwide. Despite the accepted power of CRM software by large law firms, smaller firms have been more reticent about the adoption. A report from Legeltech News revealed that only one in eight firms within this market niche own a CRM platform, and even fewer actively use their systems. Many of these establishments continue to manage their relationship data through traditional tools like Outlook, Excel spreadsheets, or mass-market CRM solutions, which were not designed keeping the unique characteristics of legal operations in mind.
The landscape, however, is set to change. This year, LexisNexis announced the launch of InterAction+, a new cloud-based CRM solution specifically designed to meet the needs of law firms of all sizes. A significant developments in the industry, InterAction+ employs relationship intelligence to unveil fresh business opportunities, to deliver a competitive advantage for the user. Enthusiastically received in the legal tech media realm, Legaltech News, Legal IT Insider, Dewey B Strategic have all expressed optimism about its potential.
What makes InterAction+ standout is how it brings the power of CRM software to law firms regardless of their size, in three fundamental ways:
- It works to strengthen relationships by aiding law firm professionals to pro-actively manage and grow crucial relationships, enabled by actionable client data. This, in turn, enhances client services and spotlights new revenue opportunities.
- InterAction+ also contributes toward generating new business by revealing new business and cross-practice marketing opportunities that provide a competitive edge to lawyers.
- The third aspect where it makes a difference is by helping mitigate revenue loss. By bringing hidden and weakened connections into notice via a clear dashboard that shows at-risk clients, it affords law firms a way to mitigate possible lost revenues with improved client retention.
Intergrated with Context, a LexisNexis litigation analytics product, InterAction+ provides robust litigation data crucial for law firms uniquely tailored to their existing clients, potential ones, and law firm competitors. The complete cloud-hosted solution of InterAction+ is now available to law firms of all sizes. Furthermore, LexisNexis continues to commit to supporting the traditional on-premises version of InterAction.
More information is available about InterAction+ for firms looking to learn more about this new CRM platform. A succinct video introduction is available as well as the opportunity to request a free demo of the platform, making it easier for law firms to leverage InterAction+ to their advantage.