November 1, 2005
Mining Law Firm Data for Dollars
One of our professional team members passed along this idea for mining law firm data for dollars. A law firm they were working with wanted to search the narratives of current and previously billed time entries for words that indicated a cross selling or new service opportunity. For example, service needs due to a change in the Limited Liability Company law or related tax regulations would create new service opportunities. A Search for “LLC”, "Limited Liability Company" or “partnership” would identify prospects for new legal services among existing and prior clients.
Today that ability to mine your data is available in most modern law office business systems. For example, authorized individuals in Juris® law firms can access their database to mine data or for custom report purposes using the Juris edition of Handshake software or with an array of generic tools like Microsoft® Excel, Access or commercial report writers. Most system vendors, like Juris, will use those tools, on a fee basis, to write mining procedures for you should you prefer an outsourcing approach.
If searching time narratives would be a useful marketing tool in your firm, contact your time and billing software provider for instructions or assistance in taking advantage of this opportunity for more partner income.
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Filed under Marketing by Tom Collins