LexisNexis latest new product is called Client Analysis, and they describe it as a “innovative new application in the LexisNexis Redwood Analytics? product suite that helps marketers in large law firms accelerate revenue growth by enabling more targeted business development efforts.”
Yes… a bit of a mouthful and if you want to learn more take a deep breath because here come another long winded LN press release
The software solution mines historical client performance data (including revenue generated by each practice area) and distills it into meaningful reports to identify potential cross-selling opportunities among existing clients while at the same time pinpoints at-risk clients in need of relationship-building activities. Using LexisNexis Client Analysis, law firm marketers can also produce rich analytical profiles that detail client profitability trends; identify characteristics shared by a firm’s best clients; and, use that information to make fact-based decisions on future business development strategies.
“When LexisNexis Client Analysis is fully deployed, the improved user experience will help us realize more efficient and streamlined business development efforts. One major benefit will be how easily we can create a snapshot of our clients including a wider array of metrics,” said Teresa Walker, executive director of Waller Lansden Dortch & Davis. “We’re eager to get our people trained so we can turn the firm’s historical data into easily accessible analytic reports.”
“LexisNexis Client Analysis is the first product of its kind that enables law firm marketing personnel to extract critical client performance data on their own, then analyze variables such as lifetime value and attrition risk and mold that data into actionable reports,” said Michael Lipps, vice president and managing director, Legal Business Software Solutions for LexisNexis. “These reports give marketing personnel rich data to identify likely cross-selling opportunities with existing clients and help the firm to form a clear profile of the kinds of prospective clients they ought to be targeting.”
How LexisNexis Client Analysis Works
The client analysis navigation menu, available on the application home page, includes four different tools that allow users to select which reports they want to generate based on a variety of metrics, and aggregate data from a client’s lifetime relationship with a law firm.
These four tools are:
Self-Service Analysis: Using a simple screen with easy navigation, users can build customized lists organized and sorted by a variety of metrics. Such metrics might include the average number of hours billed by lawyer for each client, the number of practice groups billing the same client, or the amount of revenue generated by each client over time.
Cross-Sell Analysis: The Cross-Sell Analysis tool provides information about which practice areas are billing work to each client and the amount of client-specific revenue generated by each practice. By comparing this type of information among all practice groups in a law firm, marketers can identify the most likely opportunities for cross-selling firm-wide.
Trend Analysis: Users can employ the Trend Analysis tool to track and analyze client performance trends quarterly, annually or during any sequential period. Trend Analysis reports typically include charts and data tables that show trends in how well the firm is managing cross-selling opportunities, the types of new matters being opened for a given practice group, which partners work on different client matters, and law firm performance by industry, lawyer, office, or year.
Profiles: Using the profiles tool, users can classify current and previous clients based on historical performance and rank them from “high performers” to those “at risk.” Easily generated charts plot clients into “performance quadrants,” which if desired, can be exported into LexisNexis? InterAction?, a leading customer relationship management tool, to determine level, depth and intensity of the client’s relationship with partners throughout the firm.
To learn more about LexisNexis Client Analysis, please visit www.interaction.com/client-analysis/.
