LexisNexis Launches Business Edge for Law Firms
LexisNexis Legal & Professional, a provider of content and technology solutions, today introduced Business Edge for the LexisNexis InterAction CRM< product line.
The Business Edge module is specifically designed for large law firms to help them build client relationships, uncover new business opportunities, enhance client service and loyalty, gain a competitive advantage, and ultimately provide information to drive profitable growth.
"Law firms have made a remarkable shift away from ethereal marketing activities towards strategic and precise business development efforts based on data analysis. Yet law firms struggle to find technology to enable this transformation," said Toni Minick, director of product management for the InterAction team at LexisNexis, in a statement. "The Business Edge module is unique in its ability to track processes specific to law firms, as opposed to general corporate processes, and provides actionable information enabling the firm to invest smartly in those BD activities that drive results."
The Business Edge module is a cloud platform that leverages law firms' existing investments in technology through a secure integration with the InterAction CRM system.
Key elements of the Business Edge solution include the following:
- Pursuit development. The Business Edge pursuit functionality helps firms transform prospects into opportunities by aggregating data and pursuit plans and visually tracking progress in a dashboard. It also provides attribution alongside aggregate revenue or losses. Pursuits can be used to create and manage key client account plans, key prospect plans, account team management, panel relationship management, or leads from an event.
- Process and accountability. The product was engineered to support law firm processes and business development best practices. The Business Edge module enables firms to facilitate processes and business development methodologies already in place. A task center helps teams identify individual staff or attorney responsibility and keeps teams accountable by sending automated email reminders. Pursuit dashboards facilitate planning, status, history, and decision-making, while also serving as a visual means to communicate to leadership where a firm stands with its strategic accounts.
- Strategic prioritization. The Business Edge module allows firms to create common prioritization criteria, enabling them to focus efforts on the most fruitful opportunities.
Law Firms Make the Case for CRM
Sixty-three percent of firms plan additional investments in 2014, LexisNexis research finds.