Importance of Data and Customer Relationship Management in the Digital Economy
CRM can help law firms in profiling prospects, understanding their needs and building relationships with them providing them with the best as well as a very high level of customer service. This helps a firm to present a unified face to its customers and improve the quality of the relationship. The main role of a CRM in the day-to-day life of these companies is to streamline backend efficiencies so law firms can focus on winning cases and practising law. Some of the key benefits of using CRM in a law firm are as follows;
- Assists in improving the entire sales cycle
- Increases customer satisfaction by customising processes and creating unique follow-ups
- Assists in launching targeted marketing campaigns that address customers’ needs
- Streamlines processes within a law firm
- Provides a single, detailed view of the customer
CRM centralises customer data and allows easy tracking and fast integration of any contact the legal team of the firm may have with an existing or potential client. A growing law firm can no longer afford to ignore the need for a centralised place to manage all the firm’s relationships through data, given the importance of data. Thus, it helps law firms to build stronger client relationships. Having strong relationships with clients would mean referral sources, which could expand your client base and that becomes possible when the law firm makes the effort to cultivate a positive relationship with their clients. However, lawyers sometimes don’t have the time or the resources to build such relationships, thus they can be delegated to the software. This software allows the law firm to identify the top prospects and needs of the clients depending on the type of contact with them. It also assists in identifying where the clients of the law firms are coming from and what source is more effective to bring more paying clients and provides the opportunity of measuring the probability of closing a client based on past information. Furthermore, it allows matter tracking or storing and tracking the information and files regarding that matter. It also makes it easy to have all the contacts in one place, modify and share them with your clients. Moreover, document signing & templates have become must-have features that allow the firm to keep track of documents signed and save time generating documents.
CRMs also help firms track everything that is happening within each one of the matters and connections of the law firm, along with all their details. It can also assist in setting up tasks and reminders and assigning them to the team members of firms ensuring important deadlines are being met. Additionally, connecting CRM to the email account of a law firm enables email synchronisation and helps keep all the conversations in one place. It also allows great possibilities for tracking as the law firms can enable notifications as soon as there is a modification either in a contract, the status of a client or a new email. Thus, tools such as CRM can come in very handy for law firms and legal professionals and assist them in the growth of their companies. Companies or law firms of all sizes will benefit by using a fully integrated, cross-functional CRM solution integrated software.
Software such as Good Law Software offer the full functions and features of a CRM allowing better case management, legal accounts management and practice management while simplifying & automating administrative processes.
 Mesenbourg, T.L. (2001). Measuring the Digital Economy. U.S. Bureau of the Census.