Competitive intelligence in law firms: an interview with Jan Rivers, Mark Gediman and Marsha Fulton.(Interview)

Publication: Legal Information Alert

Publication Date: 01-MAR-07

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COPYRIGHT 2007 Alert Publications, Inc.

"While the law of competition may be sometimes hard for the individual, it is best for the race, because it insures the survival of the fittest in every department."

--Andrew Carnegie

In the last decade, competition in the legal market place has accelerated at an alarming rate. Globalization and competition are driving forces. Strategic decisions are made daily on how to retain market share and grow business. As all large law firms are full-service firms and boast "top gun" attorneys and considerable talent, what is it then that makes one law firm succeed more than the next?

To find out, I interviewed Jan Rivers of Dorsey Whitney, Mark Gediman of Best Best & Krieger, and Marsha Fulton of Thompson Coburn. All three handle the important competitive intelligence role in their respective law firms. Here are their thoughts and experiences on the evolving role of competitive intelligence for information professionals.

Linda: First, what exactly is competitive intelligence (CI) and why is it a must-have asset for law firms?

Marsha: Competitive intelligence is providing vital analysis to key decision makers in your organization to enable them to make sound decisions and take actions that will give the firm a competitive edge in the marketplace. As law firms continue to merge and become larger, a number have embedded competitive intelligence functions within their organizations. Those who do not have this function will find fewer opportunities to grow, compete, and survive.

Mark: CI is information gathered and analyzed with the purpose of making the firm more competitive and profitable in an ever-changing marketplace. In today's competitive environment, firms are not able to rely upon the "grapevine" or the "good old boy" network, for information. Rather it is imperative to have internal resources that firms can use to assist in making strategic practice and marketing decisions.

Jan: Competitive intelligence is actionable information that drives business decisions and is tied to a firm's strategy. It is part of an ongoing cycle driven by a discrete business need. Today's legal marketplace is changing, resulting in firms operating more and more like corporations. More and more firms are staffing a CI function. Those that don't will be at a disadvantage as CI increasingly becomes a standard component in the way firms operate.

Linda: Well, that...

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