This series of blog posts describes challenges law firms face with regards to researching new opportunities and target clients. We outline an approach that improves the Business Development (BD) opportunity intelligence process and fuels revenue generation. This approach combines Mind-Alliance consulting and the MindPeer Strategic Intelligence Management System.
This first post in the series focuses on the key challenges.
Law firms face a few common, fundamental challenges when it comes to Business Development (BD) research to gain intelligence about opportunities and target clients.
1. NO STRATEGIC VIEW OF BD RESEARCH
BD directors often cannot systematically determine, based on data, whether the firm is adequately supporting BD pursuits with the required research services. At a strategic management level, they have not assessed the maturity of their BD research capabilities – people, process, technology, data, and governance.