Global News
LexisNexis® Legal & Professional, a leading provider of content and technology solutions, announced today it has added “passive data management” to the InterAction® IQ module.
As part of the broader InterAction CRM platform, the IQ module enables law firm business development staff to automatically update contact information with the freshest data available – and more effectively evaluate the strength of engagement between the entire law firm and its clients.
“This is about putting the relationships a law firm has to work – research shows there’s a correlation between the number of partner relationships a client has with a law firm and that client’s loyalty,” said Toni Minick, director, Product Management with the InterAction team. “Client-flight risk drops to less than 10 percent when clients have relationships with five or more of a firm’s partners.”
The central advantage of the InterAction IQ module is insight into ‘who knows whom’ – an enhanced understanding of how a law firm is connected to a client, prospective client or cross-selling opportunity. The IQ module mines InterAction activities plus the law firm’s email and calendar systems for clues about engagement and provides an “IQ score” to measure strength. This is critical information, indeed a competitive advantage, for law firm business development and client retention programs.
The new enhancements announced today help accomplish this by providing the capability to automatically capture email signature blocks for contact information. Since the feature is integrated with the InterAction CRM solution, updates to contact information in the system are also automated. The feature gives law firms complete control over what information is mined through system settings. For example, users can designate specific domains and contacts as private to prevent them from being added to the system and shared with other users.
“Maintaining current contact information and data integrity has long been the Achilles heel of CRM implementations in law firms,” added Minick. “The expansion of passive data management addresses this challenge head-on and provides vastly improved insights while also reducing the effort law firms spend researching and manually updating contact changes.”
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