For law firms, competitive intelligence is a critical asset in a variety of areas, including strategy, sales and business development, and operations. In spite of this, according to Acuity Knowledge Partners’ (May-21) analysis, law firms are still unable to fully exploit market and competition data.
According to Acuity’s research, the use of competitive intelligence is rapidly growing: “The information explosion, increasing competition, rise of alternative business models in the legal market and increased focus on business development operations are all factors that have been driving this growth”.
While there is a great desire to adapt and grow competitive intelligence, the research also discovered significant impediments to its adoption. The hustle of daily life at a busy legal practice gives little time for in-depth market research for the vast majority.
Many others complain about a lack of research staffing and skills, albeit these issues are more obvious among business development professionals than among attorneys in a firm. Other issues include a lack of guidance in the field of competitive intelligence, budget constraints, and – in a few cases – a lack of knowledge of the importance of business development.
Law offices that do not address these issues are missing out to contenders.