Our friends at Legal IT Insider just published a comprehensive 54-page survey of eight of the leading global law firm CRM vendors and systems. The report – an industry first - includes coverage of the history of the development of both generic and dedicated legal CRM systems, and analysis of more recently developed functionality, which has galvanised the software capabilities of modern professional CRM systems and their adoption by law firms.
Following hours of demonstrations as well as conversations with clients, the report provides in-depth market analysis; detailed profiles of each of the vendors and their software; and customer referrals in relation to each CRM product. A wide-ranging comparative table covers details of the vendors (their size and scope, market penetration, and current user base) and their software (architecture, cost, functionality, strengths and development road map).
The more recently developed functionality identified includes elements such as Sales Funnel / Pipeline management; opportunity (or ‘white space’) analysis; referral management; staff ‘off-boarding’; and the minefield of both domestic and multijurisdictional GDPR.
Other key functions include ‘signature scraping’; ERM (Enterprise Relationship Management); and relationship strength analysis – areas of functionality that, when taken together have revolutionised the ease and accuracy of the capture and maintenance of contact details in law firms, and thereby the utility of the whole system.
The report considers the trend of the migration of modern CRM systems from traditional client/server architecture to Cloud computing, together with the benefits and consequences – such as where these Cloud system vendors store sensitive personal client and contact data.
The report has been developed and compiled by our lead analyst and legal technology expert Neil Cameron, who has advised law firms; corporate legal departments; legal technology vendors and public sector legal bodies on all aspects of legal technology for over 35 years.
Cameron says: “CRM systems have come an astonishingly long way over the last 25 years, in ways that mean that they enable firms to build increasingly accurate (as opposed to increasingly inaccurate) data repositories. They also have a range of new functionality, some of which provides analysis of who-knows-whom, and some of which have transformed the management of contacts and new business opportunities.”
This is the first of a series of in-depth reports that cover all areas of law firm technology. The next in the series is practice management systems.
To download the CRM report in full, click here.
Copyright © 2023 Legal IT Professionals. All Rights Reserved.