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Stock impact report

Active relationship management: the new imperative for law firms [Reuters]

Intapp, Inc. (INTA) 
Company Research Source: Reuters
the sale of expertise and intellectual capital — not tangible products. In effect, the professionals of these firms — partners and lawyers — are the product. It follows that the relationship between these professionals and their clients is paramount. Indeed, talk to a partner of any law firm, and they will tell you that strong relationships and high-quality work are critical to long-term business growth and client loyalty. But in recent conversations with clients of legal, accounting, and consulting firms, a new picture is emerging. Seeking new opportunities to reduce costs and improve profitability, senior company executives responsible for the engagement of outside counsel and other advisory services are shopping around and bidding out the work, oftentimes through formal procurement processes, such as the issuance of requests for proposals (RFPs). They're also evaluating alternative service providers, mid-tier players, and boutique firms to reduce their reliance on premium-price Show less Read more
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