10 Practical Ways Law Firms Can Use AI to Improve Business Development
Artificial intelligence is changing how law firms approach business development, from researching prospective clients and preparing pitches to identifying opportunities within existing relationships. For lawyers and business development professionals managing demanding workloads, AI can make it easier to gather information, organize research and prepare for conversations that lead to new business.
Many firms are experimenting with AI tools, but incorporating them into everyday business development activities requires identifying specific tasks where the technology can be useful. Some applications are relatively straightforward, such as preparing an initial company profile or organizing conference research. Others involve connecting client information, relationship data and market developments to identify potential opportunities.
Here are 10 practical ways law firms can incorporate AI into their business development efforts, along with examples of how to put each one into practice.
1. Research Prospective Clients More Efficiently
Preparing for a meeting with a prospective client can involve reviewing its website, recent transactions, leadership team, industry developments and potential legal needs. AI can help organize that research and produce a useful starting point for lawyers.
For example, a corporate lawyer preparing to meet with a private equity firm could use an approved AI research tool to develop a profile covering the firm's investment strategy, portfolio companies, recent acquisitions, leadership team and areas of industry focus.
The lawyer can then review the information, verify important details and identify potential discussion topics.
How to use it: Create a standard research template covering company background, recent developments, key executives, investment activity, potential legal needs and suggested conversation topics. Use it to prepare for pitches, conferences and introductory meetings.
2. Identify Business Development Opportunities Within Existing Clients
Law firms have extensive information about their clients, including matter histories, relationship records, industry knowledge and information about previous engagements. AI-powered client intelligence tools can help organize this information and identify developments that may create opportunities for additional work.
For example, a firm representing a technology company on corporate matters may learn that the client is expanding internationally. That development could create opportunities for employment, regulatory, data privacy and intellectual property lawyers.
Business development teams can review the information, determine which lawyers have relevant experience and coordinate outreach with the relationship partner.
How to use it: Select a group of priority clients and review recent business developments alongside existing matter and relationship information. Identify potential needs, relevant practices and opportunities for introductions.
3. Prepare More Relevant Pitch Materials
Pitch preparation often involves gathering lawyer biographies, representative matters, industry experience, client information and details about the prospective engagement.
AI can help business development teams organize approved materials, identify relevant experience and prepare an initial outline based on the client's needs.
For example, when responding to an opportunity involving a healthcare acquisition, a team could use an approved internal AI tool to locate relevant healthcare transactions, identify lawyers with appropriate experience and organize information about the firm's capabilities.
The business development team can then work with the lawyers to refine the positioning, select the strongest examples and develop a proposal tailored to the client.
How to use it: Build a library of approved representative matters, practice descriptions and lawyer experience. Use AI to help retrieve and organize relevant information while keeping final selection, verification and positioning with the pitch team.
4. Make Conference Preparation More Strategic
Conferences create opportunities to meet prospective clients, reconnect with existing relationships and learn about industry developments. AI can help lawyers and business development teams prepare by organizing attendee information and identifying relevant companies.
For example, before a private equity conference, a business development professional could use an approved tool to research participating firms, identify investment areas and summarize recent publicly announced transactions.
That research can help lawyers prioritize meetings and prepare more informed questions.
How to use it: Create a conference briefing that includes priority attendees, company profiles, recent developments, existing relationships and suggested discussion topics. After the event, use AI to organize approved notes and help prepare personalized follow-up drafts.
5. Develop More Targeted Thought Leadership
Lawyers often have valuable perspectives on developments affecting their clients but limited time to turn those ideas into articles, LinkedIn posts or presentations.
AI can assist with outlining articles, organizing research, developing interview questions and adapting approved content for different audiences.
For example, a regulatory lawyer preparing an article about a new rule could use AI to organize the issues most relevant to general counsel, executives and investors. The lawyer would then provide the substantive analysis, verify the legal information and review the final content.
Business development teams can also use AI to identify related topics that may be relevant to different industries or client groups.
How to use it: Start with a specific client question or market development. Use AI to develop an outline and identify potential supporting research, then work with the lawyer to create original analysis and practical guidance.
6. Improve Relationship Mapping
Understanding relationships across a law firm can be difficult, especially when information is spread across CRM systems, matter records and individual lawyers.
AI-powered relationship intelligence can help organize available information and identify connections between lawyers, clients and prospective clients, depending on the data and systems available.
For example, a lawyer preparing to approach a new company may discover that colleagues have worked with members of its leadership team at previous organizations.
That information can help the business development team identify an appropriate introduction and coordinate outreach.
How to use it: Review relationship information for a selected group of priority companies. Identify known contacts, relevant lawyers, gaps in coverage and opportunities to develop relationships with additional decision makers.
7. Monitor Market Developments and Emerging Opportunities
Business development opportunities often arise from developments outside the law firm, including acquisitions, financing activity, leadership changes, expansion plans and regulatory developments.
AI tools can help summarize relevant news, organize information by industry and highlight developments that warrant further research.
For example, a law firm with a strong industrial manufacturing practice could track acquisitions, new facilities, investments and executive appointments among companies in its target market.
Business development professionals can review these developments and identify which ones may be relevant to the firm's capabilities and existing relationships.
How to use it: Establish a list of priority industries, companies and topics. Use approved tools to organize relevant developments into a regular briefing for participating lawyers, with links to the underlying sources.
8. Make Client Meetings More Productive
Preparing for client meetings involves understanding the relationship, reviewing recent matters, identifying business developments and coordinating with participating lawyers.
AI can help organize approved information into a concise briefing that gives lawyers a more complete picture of the client.
For example, before an annual relationship meeting, a business development team could prepare a summary of recent matters, key contacts, publicly announced business developments and potential discussion topics.
Following the meeting, AI can help organize authorized notes into action items and follow-up responsibilities.
How to use it: Develop a consistent meeting briefing template covering relationship history, current work, recent developments, participants, discussion topics and follow-up opportunities. Review all AI-generated summaries for accuracy and completeness.
9. Personalize Business Development Outreach
Lawyers receive frequent suggestions to reconnect with clients and prospects, but identifying a useful reason to reach out can take time.
AI can help draft outreach based on verified company developments, previous conversations and relevant firm experience.
For example, a lawyer who learns that a former client has joined a new company could prepare a message acknowledging the appointment and suggesting a conversation. A relationship partner could also use recent industry developments to identify a relevant article or event invitation to share.
The lawyer's knowledge of the relationship remains essential to determining whether the message is appropriate and how it should be written.
How to use it: Use AI to prepare an initial draft based on a specific reason for contacting someone. Personalize the message, verify the facts and make sure the outreach reflects the actual relationship.
10. Track Business Development Activity and Follow-Up
One of the challenges in law firm business development is maintaining momentum after meetings, pitches, conferences and client introductions.
AI can help organize authorized meeting notes, identify follow-up tasks and summarize activity across a group of clients or prospects.
For example, a business development team supporting several lawyers could use an approved system to prepare a weekly summary of upcoming meetings, outstanding follow-up items and opportunities requiring attention.
When integrated with appropriate systems, AI may also help identify activities that have not progressed and relationships that warrant renewed attention.
How to use it: Establish a consistent process for recording business development activities and assigning follow-up responsibilities. Use AI to summarize information and help teams review progress, with lawyers and business development professionals responsible for deciding next steps.
Getting Started With AI for Business Development
Firms interested in expanding their use of AI can begin with a few activities that are already part of their business development routines. Client research, meeting preparation and conference planning are useful starting points because they involve repeatable tasks and information that can be reviewed against reliable sources.
Before introducing a new tool, firms need to address confidentiality, data security, client requirements and appropriate use policies. Confidential client information, privileged materials and sensitive relationship data must be handled through systems approved for those purposes. AI-generated research and summaries also require human review, particularly when the information will be used in client communications or business development decisions.
It is useful to establish a few measures for evaluating results, including time spent preparing research, the quality of client briefings, the number of relevant opportunities identified and whether follow-up activities are completed.
Gatsby helps law firms make better use of client intelligence by connecting relationship information with business development opportunities. Its approach to client and market intelligence can support lawyers and business development teams as they research companies, understand relationships and identify relevant reasons for outreach.
As AI becomes part of more business development activities, firms have an opportunity to improve the quality and consistency of their research, strengthen collaboration across practices and give lawyers better information for client conversations. The most useful applications will be those that fit into existing workflows and help teams identify and pursue opportunities with greater confidence.