Redwood Analytics

Janet Ellen Raasch asks and answers the question “What do the top firms have in common?” Her answer is competitive intelligence or CI.

Her article in Law Practice Today highlights some of the ways competitive intelligence is being used by “big law” to make better decisions. She notes the movement made by large firms to dedicate resources to the collection and analysis of competitive information.

Midrange law firms don’t have the luxury of a dedicated CI staff. They have had to rely on personal awareness of their marketplace and on 18- to 24-month old survey data. Those surveys are important sources of information, which is why Juris, Inc. conducts an Annual Law Firm Economic Survey specifically targeted at the midrange level—firms ranging in size from 10 to 150 attorneys. The survey, covering law firm performance for 2006 and the outlook for 2007, is currently underway. By participating in the Juris Law Firm Economic Survey, you can receive a free copy of the completed survey and its accompanying analysis and recommendations.

While surveys are important, Juris, Inc. has taken one giant step forward with its recent introduction of an online benchmarking service. The service is called Juris Insight and participation is currently limited to law firms that use Juris software for their financial system. Information is extracted automatically, eliminating the need to fill out survey forms. Participating firms will be able to compare their own financial metrics, prices, and other operational information with that of their peer group. Since information is present in a comparative format, it is immediately useful and insightful. The big payoff is that information is timely—current versus stale survey data.

Many of the examples in Raasch’s article might be better described as business and market intelligence. But one thing is for sure. Law firm leaders today have to look outside of the firm for information to guide their decisions and that includes understanding what the competition is doing. Until recently, surveys have been the only tool for systematically collecting that intelligence information. New online benchmarking services are changing that, providing easy access to timely information about what is happening in their marketplace. Redwood Analytics and Thomson West are addressing this area for large firms and through its Juris Insight service, Juris, Inc. , now does so for midrange law firms.

Morepartnerincome.com is sponsored by Juris, Inc. For information about Juris® products and services for increasing law firm performance and partner income contact Juris National Sales Center: 877/377-3740, e-mail info@juris.com or go to www.Juris.com.