Law Firm Relationship Intelligence: Keeping Track of Important Client Connections
Law firms are built on relationships, but keeping track of those relationships becomes more complicated as a firm grows. A partner may know a general counsel from a previous matter, another lawyer may have attended law school with someone on the legal team and a third may have met the company's CFO at an industry conference.
The business development team may also know that the company received a pitch two years ago or that several lawyers attended an event with its executives.
All of this information can be valuable, but it often lives in different systems or with individual people. As a result, answering a basic question such as "Who do we know there?" can take more time than expected.
It can also mean that lawyers approach a company without realizing a colleague already has an established relationship that could help.
Improving relationship visibility can help firms make better use of their existing connections. Adding company intelligence gives lawyers another important piece of the picture: an understanding of what's happening at the organizations they want to serve.
Why Relationship Information Gets Lost
Law firms collect relationship information through many different activities. Contact details may be stored in a CRM, while information about previous interactions sits in email, pitch records, event registrations, matter files or individual lawyers' notes.
Each source provides part of the story, but the information isn't always easy to access or interpret.
For example, a CRM might show that five lawyers have contacts at a particular company. That information becomes more useful when the business development team can establish that one partner worked closely with the general counsel for several years, another recently met the CFO and a third has an active relationship with the company's outside advisers.
Those details can influence how the firm approaches the company, who participates in an introductory meeting and which relationships need further development.
A useful starting point is to identify where relationship information currently lives, determine which details matter most and establish a consistent process for keeping important records current.
Make Institutional Relationships More Visible
Law firms often describe clients as firm clients, even when the strongest relationships are concentrated with one or two partners.
That creates challenges when a partner retires, changes firms or becomes less involved with an account. It can also limit collaboration when colleagues are unaware of existing connections.
Greater visibility helps firms understand which relationships are well established, where additional introductions may be valuable and whether the firm has connections with multiple people at the same organization.
Consider a company where the firm's primary relationship is with the general counsel. Other lawyers may have opportunities to develop relationships with the CFO, chief human resources officer or business unit leaders, depending on their legal needs.
A coordinated approach can help the firm develop broader relationships while respecting the partner who manages the existing client relationship.
This information is also valuable for succession planning, lateral partner integration and cross-practice collaboration.
Focus on the Questions Lawyers Need Answered
Relationship intelligence becomes more useful when it helps lawyers answer practical questions. Before approaching a company or preparing for a meeting, a lawyer may want to know:
- Who at our firm knows this person or company?
- Have we worked with the organization before?
- Which partners have the strongest relationships?
- When did someone last have a meaningful interaction?
- Have we previously pitched the company?
- Are there colleagues who could make a relevant introduction?
Firms can use their existing CRM, matter records and business development processes to make this information easier to find and maintain.
The next step is to understand the company's current business situation. A lawyer who knows the right person to contact still needs a reason for reaching out and an understanding of what may matter to that individual.
That's where company intelligence can add value.
Add Company Intelligence to Relationship Planning
Relationship information explains who the firm knows and what interactions have taken place. Company intelligence helps explain what's happening at the organization and why a conversation may be timely.
Gatsby Intel provides on-demand company research that lawyers and business development teams can use to understand a client's or prospect's operations, business activities and relevant developments.
For example, a partner may have an established relationship with the general counsel of a company that has recently announced an acquisition. Company research can help the team understand the transaction and consider whether colleagues in other practices have relevant experience to discuss.
The business development team can then work with the relationship partner to determine whether a conversation or introduction makes sense.
Gatsby Aware adds ongoing account monitoring, delivering updates about developments involving selected companies. These updates can help teams identify reasons to revisit an account plan, prepare for a client conversation or conduct additional research.
Gatsby complements the firm's internal relationship records by providing external company context. The firm still needs its own processes and systems to document relationships, track interactions and coordinate outreach.
Turn Better Information Into Coordinated Action
Having more information is useful only when lawyers and business development teams can act on it.
A firm can start by identifying its most important clients and prospects, confirming the lawyers responsible for those relationships and reviewing the information already available.
The team can then use company research to understand each organization's current priorities and identify developments that may warrant attention.
For example, if an important client is expanding internationally, the relationship partner and business development team can review the firm's relevant capabilities and consider whether an introduction to colleagues would be helpful.
A simple account planning process can bring these activities together:
- Identify the lawyers and business professionals who have relevant relationships.
- Review previous matters, pitches and meaningful interactions.
- Research the company's business and recent developments.
- Discuss potential opportunities with the relationship partner.
- Agree on appropriate introductions or follow-up activities.
- Record the next steps in the firm's existing systems.
The process gives lawyers a clearer picture of the relationship and helps ensure that useful information leads to thoughtful action.
Make Relationship Intelligence Part of Everyday Business Development
Law firms already have substantial knowledge about their clients and prospects. The challenge is making that knowledge accessible, keeping it current and connecting it to relevant business developments.
Greater visibility into internal relationships helps lawyers understand who knows whom and how the firm has worked with an organization. Company intelligence adds context about what the organization is doing today.
Together, these forms of information can support stronger meeting preparation, more coordinated outreach, client expansion, cross-selling and relationship continuity.
By using Gatsby Intel for company research and Gatsby Aware for ongoing account monitoring, firms can give their lawyers timely information that makes existing relationships more useful and helps identify opportunities for meaningful follow up.