New assessment tools, Strategic Data subscription and real-world business development advice enable law and professional services firms to advance business development maturity
LONDON, November 19, 2020 – LexisNexis Legal & Professional, a leading provider of information and analytics, today announced a new and innovative approach to improving business development from LexisNexis® InterAction®, a leading client relationship management (CRM) solution purpose-built for legal and professional services. With the launch of its Business Development Maturity Model and advanced product features through the new Strategic Data subscription, InterAction is helping firms become more strategic and successful in their business development efforts.
Built on extensive research, the Business Development Maturity Model measures maturity across seven different dimensions to help firm leaders discover where their organisation lies along a spectrum of operational efficiency and best practices. The model also illustrates what high performing firms are doing differently to help leaders build a path to greater maturity.
Firms who score highest on the Business Development Maturity Model take a data-driven, holistic approach. The new Strategic Data subscription from InterAction provides firms the technology foundation needed to begin implementing and working towards this connected method, driving successful outcomes with intelligent business development planning and pipeline management. Starting with the firm’s overarching business objectives, the Strategic Data subscription guides and supports the planning and execution towards business development success by building connections between overall firm goals and initiatives and individual opportunities pursued by the client facing staff. By informing the iterative planning and execution processes through initiative and pipeline management, firm leaders ensure the highest priority efforts are well executed.
“Our process is about helping to devise a smart, strategic way to go about business development. It all ties back to helping firms move into a new, clearly differentiated stage of maturity where they are aligning everything to the overall firm objectives, and consistently tracking and measuring the results,” said Scott Winter, Director of Product Management at LexisNexis InterAction.
To further support the transition to a more systematic and strategic approach to business development, InterAction has teamed up with Bunnell Idea Group (BIG) to embed industry leading coaching and practical expertise directly into InterAction. Through this unique collaboration, InterAction users will receive relevant and pointed guidance that will help them refine their tactics, strengthen core relationship-building and commercial capabilities and make the most of their use of InterAction.
“Business development techniques are typically not taught in law school. This relationship between InterAction and BIG is built on the shared premise that business development is all about building authentic professional relationships that proactively focus on the success of the client,” said Mo Bunnell, CEO and Founder of BIG. “We believe that technology and process can complement one another to fully unify firm operations with game-changing growth activities.”
“These new enhancements are only the latest in a series of innovations from InterAction as we continue to reimagine how CRM can enable firm growth,” added Scott Wallingford, Vice President and General Manager of LexisNexis Software Solutions. “InterAction combines unmatched industry expertise, industry-leading technology and collaborations with other best-in-class solutions to provide a differentiated growth engine for our clients.”