In the face of increasing pressure to grow their books of business, partners at law and accounting firms are turning to AI to help unearth new opportunities within existing relationships. However, a recent survey conducted by Introhive, in collaboration with strategy firm Thinktiv, reveals that 78% of partners find their firm’s relationship data challenging to act upon. As a result, many are resorting to using general-purpose AI chatbots, which lack access to the firms’ specific relationship data.
The survey’s findings, drawn from responses from 123 partners across legal and accounting services, show that a mere 22% of firms have a fully developed AI strategy. Despite this, there is optimism, with 84% of firms expecting to advance to more mature stages of business development involving AI in the coming years. Lee Blakemore, CEO of Introhive, observes a “frantic pace” in the deployment of AI but highlights the persistent struggle in converting potential into actionable strategies.
Law firm partners express a clear preference for business development capabilities that can surface new business opportunities from existing data. Yet, the integration of AI requires accurate and actionable data, which remains a critical challenge. AI deployment offers not just technological evolution, but also demands a behavioral shift among professionals, who must learn to integrate AI into their daily workflow.
The survey also notes that while firms are keen to capitalize on AI, many lack the mechanisms to measure its ROI effectively. Only 15% of firms can track revenue with clear attribution, often relying instead on intermediate metrics such as meeting introductions and usage patterns.
Introhive has developed its MCP server to address these challenges, allowing firms to leverage various AI tools like ChatGPT and Copilot to query relationship data securely. Blakemore emphasizes the importance of delivering high-quality, accurate, and secure data across different platforms to maximize AI’s potential impact.
The report paints a complex picture of the professional services environment, further complicated by pressures on traditional business models and private equity involvement. Blakemore advises firms that successful AI deployment must be built on quality data and must involve change management to be truly effective.