5 keys to maximizing value from a law firm crm solution
5 keys to maximizing value from a law firm crm solution
U.S. law firms emerged from a two-year slowdown in growth to bounce back with an average increase in revenues of 12.5% in 2024, marking the industry’s biggest jump in revenues outside of 2021, according to Law360.
This strong year has introduced a good deal of optimism for 2025. Yet, many law firm leaders remain cautious about how current economic uncertainty and surging asset prices may affect demand for legal services in the year ahead. This caution is fueled by an increase in competitive pressures in the marketplace, including the growing sophistication of clients when it comes to how they select outside counsel.
For those law firm leaders looking for data-driven insights about what to expect in the year ahead, empirical data clearly indicates the firms that invest the most in marketing budgets will experience the fastest acceleration in revenues.
The ninth edition of the Hinge® Research Institute’s annual High Growth Study, which LexisNexis® InterAction® was pleased to sponsor, found that “high growth” firms (those that achieve at least 20% compound annual growth over a three-year period) spent 16.5% of their firm revenue on marketing budgets, as compared to 5% of revenue on marketing that was spent by firms that experienced no growth.
One thing that most of these high-growth firms have in common is a reliance on Client Relationship Management (CRM) systems as a strategic imperative, rather than a mere operational tool. The ability of a CRM solution to track, analyze, and proactively manage client relationships isn’t just about efficiency — it’s about survival in a market where client expectations are rapidly changing.
Here are five key ways to identify a CRM tool that will maximize value to a law firm:
- Industry Leadership and Trust
Look for a CRM offering that has a proven track record of reliability and longevity in the legal domain specifically. InterAction has been a trusted CRM solution for legal professionals for more than 30 years, adapting to the evolving competitive landscape along the way.
- Integration and Innovation
Your CRM solution should be tightly integrated with other business software platforms in order to maximize efficiency and productivity. LexisNexis has a longstanding partnership with Microsoft® and has uniquely integrated the capabilities of InterAction with Microsoft® 365, including the ubiquitous Microsoft® Outlook application. For example, InterAction+ has embedded Microsoft® Power BI reports that enable users to transform data into business development insights. Content integration with the comprehensive LexisNexis database of legal research content provides enhanced productivity and collaboration, such as access to royalty-free news from Nexis Newsdesk® and relationship intelligence with IQ.
- Competitive Differentiation
Make sure that your CRM system offers your firm exclusive benefits, rather than just “me too” features. InterAction+ stands out versus other competitive offerings — such as Peppermint and Upper Sigma — because of its exclusive ability to access authoritative LexisNexis content. Moreover, InterAction+ offers a flexible hybrid cloud solution that enables law firms to keep control of their data while benefitting from an application in the cloud.
- Client-Centric Approach
Look for a CRM platform that is backed by legal professionals who understand the nuances of law firm operations and how new business is generated. LexisNexis has a proven commitment to delivering tailored experiences and strategic advisory services that meet the specific needs of law firms, which ensures maximum value and ROI from their investment in InterAction. The InterAction team is the most experienced in the Legal CRM sector, with client advisors who have all worked in-house at law firms and are committed to promoting CRM success for firm leaders.
- Future Partnerships and Growth
Be certain that your CRM software is backed by a company that has a proven and sustainable commitment to future innovation, development and third-party integrations or content partnerships. LexisNexis is constantly engaged in ongoing efforts to expand its strategic partnerships and explore new opportunities for product integrations with InterAction+.
The competitive landscape in the U.S. legal industry is looking increasingly tough this year, making it all the more important that law firms are investing in the technology and tools that help them make better business decisions and build stronger relationships with clients.
InterAction+ is a cloud-based CRM solution at the leading edge of the industry. The software accelerates business growth in law firms of all sizes with the only legal CRM platform that utilizes relationship intelligence and reveals new business opportunities for a competitive advantage.
Director of Marketing, InterAction+
Chantal is responsible for planning and supervising marketing operations. She joined the Juris team in 2019 and has since helped in the development of marketing programs and criteria to achieve sales goals. Prior to joining LexisNexis, Chantal was a marketing coordinator for a prominent securities law firm in midtown Manhattan. She received her bachelor’s degree in Communications from Alfred University and a master’s degree in Communications from the New York Institute of Technology.