Predictive analytics are helping DLA Piper understand the actions they could take to improve profitability by keeping clients from defecting.
“Currently, predictive analysis is not widely used to support law firm business development. Yet, one major law firm, DLA Piper, and its partner, Axiom Consulting Partners, analyzed the firm’s big data from various sources to develop a proprietary predictive analytics model to identify and retain vulnerable or at-risk clients. The project started when the firm’s chief marketing officer wanted to understand the value of the firm’s marketing spending. As her team started reviewing the data, they realized the data could support an early warning system for vulnerable clients and a way to address the situation before it was too late. With Axiom, DLA Piper built a predictive analytics model that identifies the behaviors that signal when a client may be vulnerable, as well as what can be done to keep at-risk clients from taking their business elsewhere.”
The article, written by Julie Savarino, also examines law firm trends in the areas of artificial intelligence, CRM systems, content production and distribution, emarketing and marketing intelligence, among others.