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."