LexisNexis has unveiled the latest solution for large law firms called, LexisNexis Client Analysis, an innovative new application belonging to LexisNexis (News - Alert) Redwood Analytics product suite.
According to the company, this latest addition is an ideal suite for marketers in large law firms to accelerate revenue growth by enabling more targeted business development efforts. This new software offers four different tools that allow users to select which reports they want to generate based on a variety of metrics, and aggregate data from a client’s lifetime relationship with a law firm.
The four tools include Self-Service Analysis tool that uses a simple screen with easy navigation, which helps users to build customized lists organized and sorted by a variety of metrics. The next one is the Cross-Sell Analysis tool that provides information about which practice areas are billing work to each client and the amount of client-specific revenue generated by each practice.
One among the four tool is Trend Analysis tool which basically include charts and data tables that show trends in how well the firm is managing cross-selling opportunities, the types of new matters being opened for a given practice group, which partners work on different client matters, and law firm performance by industry, lawyer, office, or year.
And last one is the profiles tool; with this users can classify current and previous clients based on historical performance and rank them from “high performers” to those “at risk.
Teresa Walker, executive director of Waller Lansden Dortch & Davis said that LexisNexis Client Analysis is fully deployed and the improved user experience will help them realize more efficient and streamlined business development efforts. “One major benefit will be how easily we can create a snapshot of our clients including a wider array of metrics,” said Walker.
Walker also said that they are eager to get their people trained so they can turn the firm’s historical data into easily accessible analytic reports.Jyothi Shanbhag is a contributing editor for TMCnet. To read more of Jyothi's articles, please visit her columnist page.
In other news, LexisNexis recently announced the launch of its new comprehensive fraud prevention solutions suite for protecting retailers from the risks associated with Card-Not-Present orders. For the first time, LexisNexis fully integrates its front-end identity fraud risk scoring with a workflow platform and fraud analyst review system, creating the ability to assess order risk at the transactional level, automate review processes and provide faster assessment for e-commerce retailers.
Edited by Jennifer Russell