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Competitive Intelligence
Competitive Intelligence (CI) is not a new concept. It has been actively practiced in many industries for a number of years. In fact, competitive intelligence has existed in law firms that have been proactively implementing ways to respond to changing client expectations since the early 2000s, though it has been gaining widespread prominence in the last few years. The Ark Group held its 9th Annual Competitive Intelligence in the Modern Law Firm program in New York in 2015 to a sold-out audience (They had to double the size of the venue due to increased demand). So, why now is competitive intelligence gaining more attention in the legal industry? Because the value that the insights from competitive intelligence can provide in today's highly competitive environment is more necessary than ever before.
Background
As the industry moves from a buyer's market, where clients primarily deferred to their outside counsel for advice, to a seller's market, where clients demand more value for their legal spend, law firms must strive for ways to differentiate themselves and vie for business in the face of new and non-traditional competitors. Law firms need someone to wade through the noise to provide as much credible information as possible in order to take the right action at the right time, in the most cost-effective manner.
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