Do law firms need consulting services?

Competitive Intelligence (CI) has come a long way since the concept was first introduced to law firms in the early ’90s. The information explosion, increasing competition, alternative business models and increased focus on business development operations have all given rise to CI in the legal sphere. Law firms are demanding support from internal business development professionals, external research firms or external CI consultants on a number of non-core functions. There is also an increased demand for analysis-based proactive intelligence as opposed to reactive intelligence solutions.

Acuity Knowledge Partners’ customised research services can meet these requirements. We offer a wide range of solutions to consultants serving law firms — from gathering sales intelligence to compiling business strategy and providing thematic support for thought leadership.

Key Takeaways

  • Constraints in terms of time, staffing and budget, coupled with lack of specific tools, resources and skill sets are some of the major factors preventing business development professionals at law firms from meeting the research requirements of attorneys
  • As the pandemic continues to ravage industries and economies globally, law firms need to prepare for a wide range of scenarios — from increased demand in certain sectors to growth in competition, as pricing pressure increases and clients demand outcome-based fee models.
  • There is an increased demand for analysis-based proactive intelligence as opposed to the earlier reactive intelligence solutions. Only 24% of the law firms surveyed have proactive and analytical CI functions
  • Law firms need to be farsighted in such tough times — they should develop or sharpen a granular view on sectors, clients, practice areas, geographies and other priority areas. They need to advance beyond information gathering, which, although useful, cannot offer decision makers the fuller benefits of actionable intelligence

Originally published at https://www.acuitykp.com.

Author

Shivani, Associate Director, Corporate and Consulting, leads various Corporate and Consulting engagements at Acuity Knowledge Partners and has been with the firm for over 10 years. She is responsible for supporting business development, delivery oversight, team management and quality assurance across engagements. Shivani has extensive experience in a range of strategy research projects including market assessment, market entry & feasibility studies, competitor analysis, partner identification and growth strategy across e-commerce, automotive, IT, finance, food & beverage and construction sectors. She holds a Master’s in Business Admiration from Symbiosis University and a Bachelor of Architecture from South Gujarat University.

The author gratefully acknowledges the valuable contributions from Irisha Boruah and Neha Singh.

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/