The LexisNexis InterAction business has published a new survey that provides insight into the state of law firm CRM at the close of 2013. The survey finds that a majority of law firms give good grades to CRM projects and list improved client relationships and ability to cross-sell as the primary benefits. A majority of respondents (63%) are planning additional CRM investments in 2014 and more than half are planning to upgrade their existing system in the next three years.
“Considering that firms find a measureable return on investment from their CRM projects, the state of law firm CRM can still be lumped into three primary categories: clear success, those that are still being invested in, and those that need of reinvigoration,” said Ted Seward senior marketing manager with InterAction. “When we look at what challenges a firm’s implementation of CRM projects, the responses overwhelmingly point to human factors such as a lack of employee buy-in and data quality; these factors and success are related.”
There is a slideshow of the survey results here + an infographic at the foot of this posting
Key findings in the survey include:
• Law Firm CRM Initiatives are Mature. 48% of respondents stated their firm’s CRM initiative was more than five years old. Another 23% put the age between 3 and 5 years. About one-third say their CRM projects are less than a year old.
• Law Firm CRM Spending to Rise. 63% of survey takers said their firm will fund additional CRM investments in the next 12 months. 53% either “strongly agree” or “agree” they will upgrade their firm’s existing CRM in the next three years.
• Law Firm CRM Seeing ROI Success. 50% of respondents “strongly agree” or “agree” their law firm is seeing measurable ROI from their CRM initiatives. Absent ROI, when asked whether or not the CRM project was successful, a plurality of 41% said their CRM project was a success.
• The Number #1 Barrier to Success is a Lack of Employee Buy-In. 33% of respondents reported “lack of employee buy-in” as the top barrier to CRM success.
• The Difference between Success and Failure. Analysis suggests firms with successful CRM projects are more likely to implement CRM as a firm-wide, strategic process, which accounts for the human aspects of change management, rather than merely a technology implementation.
• Successful CRM Projects Yield Better Client Relations & Cross-Selling. More than 50% of respondents cited “better client relationships” as the primary benefit as the result of a law firm CRM project. Another 48% cite “improved ability to cross-sell.”
Also, check out the InterAction blog Make More Rain: http://makemorerainblog.com