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These slides are introductory information as relates to Competitive Intelligence in the Law Firm Environment and was obtained from a PLI audiocast held on 4/25/12 and presented by Jennifer Alexander and Margaret Hennessey. A PLI-LLANY Research Briefing
Citation preview
WHAT IS CI?
AN INTRODUCTION TO COMPETITIVE INTELLIGENCE
IN THE LAW FIRM ENVIRONMENT
Presented by Jennifer Alexander & Margaret Hennessey
A PLI-LLAGNY Research Briefing
WHAT IS CI
SCIP (Strategic and Competitive Intelligence Professionals):
CI is a necessary, ethical business discipline for decision making based on understanding the competitive environment
CI is not spying It does not consist of fraud, bribery, trespassing, deceit, eavesdropping,
stealing
Many CI groups go beyond tracking competitors
Monitor developments in targeted and/or whole markets and industries
Detect trends that are affecting current clients
Identify potential clients and markets
Assist senior management with resource planning
2
GOAL OF CI
Provide “actionable” information What are the implications and impact of a piece of
intelligence
Help people make decisions, lessen risks, ascertain threats, allocate resources, create strategy
It is not just supplying information CI is not just about presenting facts
There needs to be analysis and an interpretation of the facts or some insight
Challenge conventional organizational “wisdom”3
GOAL OF CI IN A LAW FIRM
Assisting Attorneys in identifying new business
opportunities
Explaining the importance of knowing not only the
legal needs but the business and industry needs of
clients
Not providing a data dump
4
WHERE CI IS IN LAW FIRMS
• According to the 2011
Law Librarian Survey,
the 3 main departments
primarily responsible for
competitive intelligence
are :
Library (56%)
Marketing (22%)
Business Development
(7%)
5
HOW TO START A CI PROGRAM
Obtain management
buy-in and support
(needs a “champion”)
Define the function
Identify resources
(especially in-house
resources)
Market the program,
set expectations
Measure the outcomes
(get recognized for the
value CI brings to an
organization)
6
HOW TO START A CI PROGRAM
Keep statistics of research requests
Survey attorneys on what kind of info they would like and how they want the info presented
Present findings to senior level administrators
Consider skill set needed for role in your firm and assess current staff capabilities
Create a process which must include best practices for request submission and templates for deliverables
7
MARKETING CI PROGRAM
Start with Practice Group Chairs – Detail how you can assist the department
Keep statistics of all CI projects and present to Senior staff (annual report)
Present CI capabilities at Practice Group Meetings and Retreats
Meet regularly with other admin functions to discuss CI accomplishments
Present at new hire orientation8
CI RESEARCH ACTIVITIES
9
WHAT CI SKILLS DO LIBRARIANS POSSESS
Experience and training in eliciting information
“Reference Interview”
Research skills
Ability to devise the best search strategy and collect data
In-depth knowledge of resources
Expertise in managing information flow
10
PERSONAL SKILLS ARE ESSENTIAL
Charming – A person who can
deliver bad news with a touch
of optimism
Inquisitive - A person who is
unduly curious.
Sense of Humor – A person
that sees the humor in things
and can remain relaxed.
11
WHAT CI SKILLS DO LIBRARIANS NEED TO ACQUIRE
Ability to assess and interpret information Analysis – establish facts, draw conclusions
Present those conclusions in a clear and logical manner
Develop expertise in presenting ideas Simple graphics, Excel
Become familiar with firm’s focus and expertise Know industry jargon, keywords, key players, competitors
Develop an understanding of CI tools & techniques SWOT, KITs, PEST, Porter’s Five Force Model 12
VALUABLE SKILLS NEEDED IN CI
Strong business, legal and industry knowledge
Strong research, analytical and communication skills
Can identify trends from news articles and statistics
Thinks outside the box
Can deliver information quickly. Must be very familiar with information
resources across industries
Knows when to stop/limitations
Works well under pressure
Familiar with Microsoft Word, Excel and PowerPoint as well as Adobe
Professional, web and graphic software
Ability to manage expectations13
WHAT ARE EMPLOYERS SEEKING IN CI
STAFF?
The following are attributes for CI analysts and managers from job postings
CI analysts need to be insightful, partners, leaders, strategists, predictors, developers, consultants, communicators, ethical
key business partner anticipate future competitive moves
make informed assumptions develop forums and tools
translate findings into recommendation consult with management
identify and communicate develop insights
develop and maintain a competitive database identify opportunities
create actionable insights provide strategic leadership
inform key business processes develop knowledge of external data sources
determine the strategies maintain high set of CI ethical standards
14
CI AT PAUL, WEISS
Business Intelligence Group resides in the library
Supports the Business Development, Marketing and Communications groups
Monitors competitors, provides insight into companies and industries
Utilizes mostly secondary sources, some primary
Assists other departments with their strategic initiatives
Conducts due diligence on prospective vendors, technology assessments (research new products, tests mobile applications for attorneys)
15
CI AT PAUL WEISS
CAPABILITIES VALUE DELIVERABLES
Conducts research and analysis on
companies, industries and markets
Provides insight on potential clients and new
developments affecting existing clients
Identifies potential industries to target
Identifies market trends that affect the firm
and its clients
Analyzes external environment
Company profiles (e.g., in-depth company
reports, brief snapshots)
Biographical sketches
Industry/market screens for trend-spotting
and generating new ideas
Targeted research
In-depth industry and sector reports
Monitors, evaluates and reports on new
developments that affect the firm’s
markets, clients and competitive position
Assists with marketing and sales strategies
Delivers relevant information in a timely
fashion
Sends information in understandable formats
News scans
Periodic updates on companies, industries
and key issues/topics
Researches competitors’ current
positioning and potential future prospects
Offers insight into competitors’ value
propositions
Assesses competitors’ strengths and
weaknesses
Tracks trends in the legal industry as it relates
to business development efforts
Competitor profiles
Competitor tracking
Peer firm analysis including league table
rankings
Performs custom research and analysis
for various departments
Assists decision-making across the firm
Supports strategic and resource planning
Supports technology programs
Executive briefings
Ad hoc research reports
Due diligence on vendors/products
Provides expertise on an array of print
and online resources
Availability of professionals to perform
complex research
Skilled research support 16
CI AT MLA
Business Intelligence is a collaborative effort at MLA.
- Research is done by the library staff who also assists in formatting data presentation on ad hoc basis.
- Research and analysis is done by BI Manager who is part of the Marketing Dept.
The BI Team supports Marketing/Business Development mainly.
17
CI AT MLA
• RFPs
– Assist in compiling and analyzing
information on companies and industries
during the RFP process
• List Creation
– Compile lists of target companies and
events
• Industry Analysis
– Provide overviews of industries
• Legal Trends
– Identify legal trends
• Cross Selling
– Identify cross selling opportunities
• Competitor Profiles
– Prepare profiles on competing law firms
• Geographic Research
– Prepare profiles of legal/business
environment nationally and
internationally
• Lateral Research
– Track and compile lists of lateral partner
moves
• Practice Area Watch
– Provide information on practice area
trends in the legal market
• Alerts
– Setting up docket, SEC filings and news
alerts
18
Note: Deliverables vary, data is presented in one sheet write ups usually in Microsoft
Word, PowerPoint and Excel Spreadsheet.
COLLABORATE WITH ADMIN
DEPARTMENTS
• Collaborate with Recruiting on
lateral and alumni programs
• Collaborate with Accounting on
gathering and compiling billing data
on clients
• Collaborate with IT on creating an
intranet page where Marketing
materials can be stored as well as
maintaining the Customer
Relationship Management (CRM)
database
• Collaborate with the Library on
business and legal research requests
• Marketing/Business Development
collects data and information from
the various departments and utilizes
the data to pitch new business for
the firm
19
CI CHALLENGES IN LAW FIRMS
There is a lot of transparency in the legal marketplace
Law firms have many competitors (peer groups,
boutiques)
Larger firms have many practice groups, usually in various
locations, that have their own competitors
Practice groups also have industry focus
Clients – and potential clients – are numerous as well
Legal marketplace is evolving20
CONCLUSION
CI is a useful tool for law firms in today’s
competitive legal marketplace
Librarians have some of the tools already
But librarians need to boost other skills
21
CONCLUSION
Many firms do not have a formal CI program,
slowly begin to present why it is necessary if
your firm doesn’t have a program.
Prep staff for new responsibility
Set realistic expectations
22
PART 2
May 9, 2012 @ 1 PM
Creating Company Profiles
23