Market intelligence has become a vital part of most law firms’ day-to-day operations. As more practices begin taking advantage of the benefits offered by MI, it’s becoming more important to ensure these vendors are a good fit for an organization. In order for a company to operate a successful relationship with an MI vendor, it needs to have a clear understanding of the costs and value related to these firms and what they bring to the edit.
Cost is important
The most obvious thing law firms look at when considering a market intelligence vendor is cost. All departments within an organization have budgets they need to work within and quite often, they don’t have much room in the budget for MI services. As a result, MI firms can often be chosen based mostly on cost-considerations.
But it’s not the only thing
The relationship between a law firm and its MI vendor is only as good as the communication between them. When a practice is considering an MI vendor, it’s important for them to communicate its purpose clearly so the vendor has a solid understanding of what is expected of it. Continuing to check in with the vendor after the fact is also vital, and establishing a process for providing updates to both the law firm and the vendor, ensures all parties remain on the same page.
Develop metrics to measure market intelligence performance
Establishing a set of metrics or a scorecard to measure performance can go a long way to ensuring success in a firm’s ongoing relationship with an MI firm. Setting out measurable criteria such as cost, quality of work, time management and frequency of communications, gives a firm a tool through which it can identify areas of improvement for a vendor, as well as qualities that make them good partners. The scorecard can also be used to show vendors how they compare to other companies that work for the same firm, thus encouraging both the organization and vendor to improve performance.
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This article was originally published on ShiftCentral, now part of LAC Group.