For Rainmaking, Data As Important As Handshakes

Nov. 30 (Bloomberg Law) -- Many major law firms are failing to harvest the data they have about their clients to help partners bring in more work, law firm consultant Tim Corcoran of the Corcoran Consulting Group tells Bloomberg Law's Lee Pacchia. "Not every relationship has the same value to a law firm," he says. "Many partners have grown up with the assumption that the more hours they bill and the more clients they pursue," the better they'll do, he says. But they fail to look at "the profit, the growth potential and the repeatability of that business" from the firm's biggest clients, he says. "I don't think it's rocket science," he says. "They have the data available now, they just don't use it well."

Full Show: Bloomberg ‹GO› (07/26)
58:53 - Bloomberg ‹GO› hosted by David Westin, Jonathan Ferro, and Alix Steel. Guests include Michael Purves, chief global strategist at Weeden & Co., U.K. Minister of State for Trade and Investment Mark Price, John Lechleiter, chairman, president and chief executive officer at Eli Lilly, Ellen Zentner, chief U.S. economist at Morgan Stanley, Libby Cantrill, executive vice president at Pimco, Will Slabaugh, restaurant industry research analyst at Stephens, Brian White, senior equity research analyst at Drexel Hamilton, Steven Ricchiuto, chief economist at Mizuho Securities, and Bob Michele, global chief investment officer at JPMorgan Asset Management. (Source: Bloomberg)
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