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LexisNexis® Market Intelligence to Help Marketers ID Growth Opportunities for Law Firms
Combined Power of LexisNexis® CourtLink®, Martindale Hubbell®, Company Dossier
Puts strategic information all in one place
DAYTON, OH, November 16, 2004 - LexisNexis U.S., a leader in legal, news and business information services, today announced LexisNexis® Market Intelligence to help law firm marketers become more efficient at monitoring litigation trends, evaluating growth opportunities with clients and prospects and determining current share of clients’ work.
LexisNexis Market Intelligence, for release in the first quarter of 2005, combines the power of exclusive products from LexisNexis, including LexisNexis® CourtLink® federal and state court information and alert service, LexisNexis® Martindale-Hubbell® published lists of U.S. and international law firms and attorneys, LexisNexis® Company Dossier and Industry Dossier and news and business information from the flagship LexisNexis online services. These and other sources, to be added over time, will allow marketing directors to benchmark and monitor a law firm’s return on investment (ROI) for client development spending by tracking changes in client share; identify cross-selling opportunities and grow share with existing clients; and monitor industry trends and client and prospect activity.
"LexisNexis is pulling together the most sought after sources of information into one interface for law firm marketers and business development professionals," said Michele Vivona, chief operating officer of LexisNexis in charge of CourtLink. "Built right into the product is an online Learning Center, where marketers can find best practices and tips on how law firms across the country are using the LexisNexis Market Intelligence suite of products to grow their business and track the success of their efforts."
The product was previewed last week at the legal industry’s first Competitive Intelligence Summit co-sponsored by Legal Marketing Association, at which more than 100 attendees discussed the critical need of using information analysis to gain a competitive edge in the legal market.
"LexisNexis Market Intelligence is exactly what law firms need to generate new business - unique LexisNexis information all available from one, easy-to-use interface," said summit attendee Julie Savarino, managing director of Business Development Inc., a law firm consultancy in Ann Arbor, Mich. "Profitable law firms recognize the immediate usefulness of client-share analysis, revenue trend analysis, benchmarking, industry and company information. There is now a one-stop shop for all of this strategic information - LexisNexis Market Intelligence."
LexisNexis Market Intelligence helps marketing professionals perform four key functions:
- Identify cross-selling opportunities and grow share with existing clients. Marketers can determine current share of client’s litigation business, as well as pinpoint who has the remaining share by tapping into the CourtLink comprehensive court record database to find detailed information on the litigation activity of the law firm’s client.
- Identify and prioritize prospects by understanding litigation history. Marketing professionals can help prioritize the viability of prospects by reviewing companies’ historical and current federal and state litigation activity, law firm representation and trends by practice area. Then, LexisNexis Company Dossier can help them find in-depth news and business intelligence and financial information in report form on over 20 million global, public and private businesses.
- Stay up-to-date on industry trends and client and prospect activity. LexisNexis Market Intelligence provides the tools to analyze long-term litigation trends within an industry through analyses of more than 1,000 different industries, data that can support the development of new practice groups or help direct the resources of existing groups. Marketers or attorneys also can receive automatic email notifications of new suits or news stories as a way to anticipate client or prospect needs in order to win new business.
- Monitor success. Marketers can benchmark and monitor client share and case volume trends for the firm and competing firms to help assess the return-on-investment of their marketing efforts.
Through LexisNexis Market Intelligence, users also will be able to order CourtLink Strategic Market Analysis Reports, which provide a high-level view of a law firm’s markets. The Strategic Market Analysis outlines the litigation that clients are regularly involved in by practice area and jurisdiction. Law firms also receive a complete overview of emerging competitive firms and counsel in the practices areas and jurisdictions of interest to them. With this macro level view, marketers can then quickly identify which clients, prospects, and markets to dig into more deeply with LexisNexis Market Intelligence.
About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leader in comprehensive and authoritative legal, news and business information and tailored applications. A member of Reed Elsevier Group plc [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), the company does business in 100 countries with 13,000 employees worldwide. In addition to its flagship Web-based Lexis® and Nexis® research services, the company includes some of the world’s most respected legal publishers such as Martindale-Hubbell, Matthew Bender, Butterworths, Les Editions du Juris-Classeur, Abeledo-Perrot and Orac.
In the United States, LexisNexis® Total Research System (www.lexisnexis.com) offers an extensive range of online and print legal and regulatory information products, tools, customized Web applications and critical filing services that help legal professionals reach confident decisions and comply with the law.
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