Turning Business Development Intelligence Into Action: What Law Firms Need to Do Next

Law firms invest considerable time researching clients and prospects, monitoring company announcements and tracking industry developments. Business development teams identify acquisitions, leadership changes, financings and expansion plans that may create opportunities for the firm. But identifying a development is only the beginning.

Someone still needs to determine whether it matters, identify the appropriate lawyers, conduct additional research and coordinate a response. Without a clear process, valuable intelligence can circulate throughout a firm without leading to a meaningful conversation.

A consistent approach connects account monitoring with research, relationship management and follow-up. Here are seven steps law firms can use to turn business development intelligence into action.

1. Prioritize the Clients and Prospects That Matter Most

Monitoring every company and announcement can create an overwhelming volume of information. A more focused approach begins with the firm's business development priorities.

Identify the clients, prospects and strategic accounts that warrant ongoing attention. These might include major existing clients, companies the firm is actively pursuing, private equity sponsors with opportunities for additional services or businesses in industries where the firm has significant experience.

Next, determine which developments matter for each account.

For a private equity sponsor, relevant activity might include acquisitions, exits, new funds, portfolio company expansion and financing transactions. For a technology company, funding rounds, intellectual property developments, regulatory changes and international expansion may be more relevant.

Monitoring criteria also need to evolve. A company preparing for an acquisition may require different attention from one entering a new market or experiencing a leadership transition.

Reviewing the account list periodically keeps the intelligence program aligned with the firm's current priorities.

2. Determine Whether a Development Represents an Opportunity

An announcement may be interesting without creating an immediate business development opportunity.

The next step is to evaluate what happened, why it matters and whether the development connects to the firm's relationships and capabilities.

Consider a private equity portfolio company announcing plans to expand internationally. Depending on its business and the jurisdictions involved, that expansion could create needs involving employment, tax, regulatory compliance, commercial contracts or corporate structuring.

A business development professional can assess the company's objectives, the timing of the expansion, the firm's existing relationships and the relevant legal considerations.

This analysis helps distinguish developments that warrant immediate attention from those better suited to continued monitoring.

It also gives lawyers something more useful than a forwarded news article: an explanation of the potential significance and a reason to consider taking action.

3. Identify the Right Lawyers and Assign Responsibility

A significant company development may involve several practices and offices.

An acquisition, for example, could raise corporate, financing, tax, employment, antitrust and regulatory considerations. The relationship partner may be the natural starting point, but other lawyers may have relevant experience or existing connections to the company.

Business development teams can help identify the appropriate individuals and coordinate an internal discussion.

The important part is establishing ownership.

When an alert is distributed broadly without assigning responsibility, everyone may assume someone else is handling it. Conversely, several lawyers may contact the same client independently, creating confusion.

For each opportunity, establish:

• Who will evaluate the development and determine whether follow-up is warranted.
• Which relationship partner or other lawyer will lead the response.
• Which additional practices need to be involved.
• Who will coordinate research, outreach and follow-up.

A designated owner creates accountability while helping the firm present a coordinated approach to the client.

4. Conduct Research That Supports the Next Conversation

Once an opportunity warrants attention, the team needs research that helps lawyers understand the situation and prepare for a productive discussion.

The scope depends on the development.

For an acquisition, research might cover the buyer and target, transaction history, business strategy and potential legal or commercial considerations.

For a prospect meeting, the team may need information about the company's leadership, financial position, recent developments, competitive environment and potential legal needs.

The research needs to answer practical questions:

• What has changed at the company?
• Why might the development matter to its leadership?
• What issues could arise?
• What relevant experience does the firm have?
• What would be useful to discuss in the next conversation?

A concise briefing can bring these answers together with relationship history, relevant matters and suggested talking points.

An introductory meeting may require only a focused overview. A major pitch or strategic client initiative may justify a more comprehensive report.

The amount of research needs to match the importance and complexity of the opportunity.

5. Develop an Outreach Strategy Based on the Relationship

The appropriate response depends on whether the company is an existing client, an active prospect or an organization with which the firm has little previous contact.

For an existing client, the relationship partner may already have regular conversations with management. A significant development can provide a timely reason to offer assistance, share an observation or introduce colleagues with relevant experience.

For an active prospect, the team may need to review previous interactions, understand the company's priorities and identify the right person to initiate contact.

For a company with no established relationship, research into mutual connections and relevant firm experience may help determine whether outreach is appropriate.

Timing and substance matter.

A generic congratulatory email may acknowledge an announcement, but a message informed by the company's circumstances can create a more useful conversation.

Before reaching out, confirm the relationship history, identify the appropriate contact, agree on the message and establish who will handle the follow-up.

6. Connect Account Monitoring and Research With Gatsby

Technology can help firms identify developments and obtain the context needed to evaluate them.

Gatsby Aware monitors priority accounts and delivers scheduled email briefings highlighting relevant developments. It distinguishes new information from ongoing stories, identifies competitor law firm involvement when supported by available information and recommends a responsible partner based on practice strengths and account ownership.

When a development requires further investigation, Gatsby Intel provides on-demand company research to support client meetings, pitches and other business development activities. Its reports help teams understand a company's business, assess relevant developments and prepare talking points and next steps.

Consider an acquisition involving a priority account.

Aware can identify the announcement and direct attention to the appropriate partner. The business development team can then request an Intel report to research the company, understand the transaction in a broader business context and prepare for a discussion about potential legal needs.

The products can be used independently, but together they connect ongoing monitoring with focused research.

Their email-based delivery also allows lawyers and business development professionals to receive intelligence through a familiar channel without adding another platform to their daily routine.

7. Track the Response and Follow Through

The process continues after research and outreach.

Business development teams need to know what happened, whether the opportunity progressed and what action is required next.

A straightforward tracking process can capture:

• The company development and date identified.
• The responsible partner and participating lawyers.
• Research completed and relevant findings.
• Outreach undertaken and the client's response.
• Meetings, introductions or pitch opportunities generated.
• Outstanding actions and the next review date.

Not every development will produce an immediate opportunity. Some may lead to a conversation, others to a referral across practices and others to a decision to continue monitoring the account.

Recording those outcomes helps the firm understand which types of intelligence generate useful activity.

If certain developments consistently prompt productive conversations, the firm can give them greater attention. If alerts regularly generate little interest, the monitoring criteria may need to change.

Regular account reviews also help relationship partners and business development teams revisit outstanding actions and identify opportunities that involve multiple practices.

Build a Repeatable Process

Law firms can turn business development intelligence into more consistent activity by establishing a clear process: prioritize accounts, evaluate developments, assign ownership, conduct focused research, coordinate outreach and track the results.

Account monitoring keeps the firm informed about important relationships. Research provides the context needed to understand potential opportunities. Coordinated follow-up helps translate that information into meaningful business development activity.

Gatsby Aware and Gatsby Intel support these connected activities by giving lawyers and business development teams timely company intelligence and research they can use to prepare for conversations and pursue relevant opportunities.

The next time an important company announcement reaches your team, identify who owns the opportunity, what additional research is needed and what the next action will be. That discipline turns an isolated alert into part of a repeatable business development process.