What Do Lawyers Actually Need From Marketing and Business Development Research?
When a lawyer asks marketing or business development for research, the request is often brief: "Can you find some background on this company?" or "Can you tell me more about the people I'm meeting tomorrow?"
Those requests sound straightforward, but the most useful research depends on context. Why is the meeting happening? What does the lawyer already know? Is this an existing client, a prospect, a referral source or someone the lawyer met at an event? Has the firm pitched the company before? Does someone else at the firm already know the people attending? How much time will the lawyer realistically have to review the material?
A little context at the beginning can dramatically improve what comes back. It allows the marketing or BD professional to focus the research on information that can help the lawyer prepare for the conversation instead of assembling a large collection of facts that may or may not be relevant.
The strongest research helps a lawyer understand four things: what is happening at the company, who will be in the room, what the firm already knows and where there may be an opportunity to continue the conversation.
Start With the Meeting, Not the Research
The purpose of the meeting should shape the research. A first conversation with a prospect requires different preparation from an annual client review. A pitch meeting calls for different information from a conference introduction. A meeting with a newly appointed general counsel may require more research into that person's background and priorities, while a conversation with a longtime client may benefit from a closer look at recent company developments and the firm's existing work and relationships.
When making the request, give the marketing or BD team whatever context is available. Explain why the meeting is happening, who arranged it, who will attend, what has already been discussed and what you hope to learn or accomplish.
If the company has been pitched before, mention it. If another lawyer introduced you, include that information. If the meeting follows a conversation at a conference or industry event, say what you discussed.
The team can then decide where to spend its research time and how much information will actually be useful.
Put the Information the Lawyer Is Most Likely to Use First
A 20-page research packet may contain excellent information and still be difficult to use if the lawyer has 10 minutes to prepare before the meeting.
For many meetings, the opening section can provide a concise view of the purpose of the conversation, the people attending, important company developments, existing firm relationships, relevant experience and any follow-up from previous conversations. More detailed company information, biographies and supporting research can follow for lawyers who have time to review it.
Think about the decisions the lawyer needs to make before walking into the meeting. What deserves attention? Is there something happening at the company that could shape the conversation? Does another lawyer have information that would be useful? Is there a previous commitment that needs to be addressed?
The briefing becomes much more valuable when those answers are easy to find.
Explain Why Company Developments Matter
Company news is useful when it provides context for the conversation.
Suppose an existing client announces that it is opening operations in three new markets. A briefing can identify where the company is expanding, the timing, what executives have publicly said about the strategy and any other developments connected to the expansion.
The BD professional can then look at the firm's experience and relationships. Does the firm have lawyers in those markets? Are employment, regulatory, tax, privacy, real estate or contracting issues likely to arise? Has another practice already discussed the expansion with the client?
Now the research gives the lawyer several possible paths for the conversation.
The same approach can be used for acquisitions, financings, leadership changes, new products, regulatory developments and other significant company activity. The useful part is not merely knowing that something happened. It is understanding why the development may matter to the client and whether there is a relevant connection to the firm's experience.
Research can also help a lawyer avoid an uncomfortable surprise. A restructuring, executive departure, public dispute or other sensitive development may affect how the meeting should be approached.
Learn About the People, Not Just Their Titles
A biography provides a title and career history. Meeting preparation can go further by identifying professional information that helps the lawyer understand who they are meeting and the perspective that person may bring to the conversation.
Depending on the situation, that could include previous employers and roles, board service, professional associations, public speaking, published articles, interviews, industry involvement and publicly discussed business priorities.
Suppose a company recently hired a new general counsel who previously spent several years leading compliance at another organization. That background may help explain some of the issues receiving attention in the legal department. An executive who has spent much of their career expanding companies internationally may have a particularly important role in a new overseas initiative.
The research gives the lawyer additional context for asking thoughtful questions and understanding the person's role in the business.
Find Out What the Firm Already Knows
Some of the most valuable information before a meeting may already exist somewhere inside the firm.
Has the firm represented the company? Has another practice pitched it? Does a colleague know one of the executives attending? Is a firm alum working there? Has another partner recently met with someone from the organization? Did a lawyer promise follow-up after a previous conversation? These pieces of information can change how a lawyer prepares for the meeting.
If a colleague worked closely with the general counsel at a previous company, a five-minute conversation with that colleague may provide more useful context than another hour of external research. If another practice already works with the client, understanding that relationship can help the lawyer coordinate internally before discussing additional capabilities.
This is also where relationship intelligence becomes particularly useful. Marketing and BD teams can identify possible connections, while the lawyers involved can provide the context that determines how meaningful those relationships actually are.
Use the Research to Prepare Better Questions
Research becomes especially useful when it helps the lawyer decide what to ask.
If the company recently completed an acquisition, the lawyer may want to understand how integration is progressing and which issues are receiving the most attention. If a new general counsel has joined, the conversation may include the legal department's priorities and how the GC approaches outside counsel relationships. If the company is expanding internationally, the lawyer may want to learn where the business is encountering the most operational or regulatory complexity.
A briefing can include several possible questions tied to the research. The lawyer can choose the ones that fit the relationship and the direction of the conversation. This helps turn meeting preparation from reading background information into thinking about the conversation itself.
Bring What the Firm Knows Back Into the Research Process
Some of the best business development intelligence never appears in a public database, news article or company website. It comes from conversations.
A client may mention plans for an acquisition next year. An executive may say that the company is evaluating a new market. A general counsel may discuss a change within the legal department. A prospect may explain why a particular issue has become a priority.
After an important meeting, capture the information that could be useful later. Who attended? What did the client or prospect discuss? What seems to matter most to them? What did the lawyers agree to provide? Does another colleague need to become involved? When would it make sense to reconnect?
Even a short update can make the next meeting briefing significantly better. It also gives marketing and BD professionals an opportunity to connect what was learned in the conversation with other information across the firm. They may identify a relevant lawyer, experience, article, event or company development that provides a useful next step.
Make Follow-Up Part of the Briefing
Meeting preparation and meeting follow-up are closely connected. If the research identifies an article that may be useful to the client, note it. If the conversation results in a promised introduction, record who will make it. If the client mentions an initiative expected later in the year, capture the timing so the team can revisit it.
A simple follow-up record can include what was discussed, what was promised, who owns each next step and when the team wants to reconnect.
This also gives the BD professional something concrete to work with after the meeting. Instead of beginning the next conversation from scratch, the team can build on what has already been learned.
Tell the Marketing and BD Team What Was Useful
Feedback helps improve future research. If the first page was the only section you had time to read, that is useful information. If a relationship identified in the briefing changed the way you approached the meeting, tell the team. If you wanted more information about the executives and less general company background, that can shape the next briefing.
Over time, patterns will emerge. Some lawyers may prefer a one-page briefing before most meetings. Others may want more detailed research for major pitches and a short email before routine client conversations.
The firm can also identify information that is requested repeatedly and develop more efficient ways to provide it.
Use Technology to Spend More Time on the Useful Part
Technology can help gather and organize company and relationship information more efficiently, but the value of the research still comes from knowing what matters for the particular conversation.
Gatsby helps law firm business development teams bring together information they can use for meeting preparation and client development. Gatsby Intel helps teams research companies and identify business information that may be relevant to a client or prospect conversation. Gatsby Aware helps firms better understand relationships across the organization.
That can give the BD professional a stronger starting point. Instead of spending most of the available time gathering basic information from different places, more time can go toward understanding why a company development matters, identifying a relevant relationship, finding useful firm experience and helping the lawyer prepare for the conversation.
A good way to evaluate any research process is to use an upcoming meeting. Look at what the lawyer needs to know, where the information currently comes from, how long it takes to assemble and what happens to the information learned afterward. Then make the next briefing better.
The most useful research creates a continuous cycle. The lawyer provides context before the meeting. Marketing and BD add company, people, relationship and firm intelligence. The lawyer uses that information to prepare. What is learned during the conversation comes back into the firm's knowledge and helps shape the follow-up.
Over time, each meeting gives the firm a little more information to work with and a better foundation for the next conversation.