Industry Analysis

Your pipeline needs to be full enough that you hopefully have multiple opportunities that can convert to reach revenue goals. Rule of thumb is that your pipeline should have 5x the revenue potential of your actual sales goal. But there are other things you should be doing to make sure your sales velocity is accelerated.

I have been involved in sales for the last 30 years and the last 20 of those years specifically selling legal technology solutions to Corporate Counsel and Law firms Globally.  This is the third article in a series about breaking down 10 principles that, when followed, will help you stand out from the majority of reps who assume their prospects automatically care about what they have to say. 

Almost half of all the lawyers in the United States will suffer depression during their careers. Of these, about 12% admit to having had suicidal thoughts. At a time when there are tools available that genuinely have the ability to improve the lifestyle of people already prone to mental illness, we should be including in our product requirements the question of whether a tool has the potential to restore balance and bring happiness. 

Although many companies have been using AI in legal in some form or other for years now, the advent of ChatGPT and large language models (LLM) that are powerful enough to understand and generate meaningful responses to complex questions represents a new era. There remain sceptics who don’t believe the technology is advanced enough to have a significant impact in the legal industry. These sceptics find it hard to imagine concrete use cases for the technology in legal practice. There are others who believe LLMs and advanced generative AI will radically change the industry in the space of just a few years. We have put together the most complete list we've yet seen of companies using GPT or LLMs for legal use cases, in order to shed light on what those use cases are in practice.

Regardless of industry or sales methodology, many reps often overlook certain fundamental principles. Even with the abundance of sales technology available, getting these basic principles wrong can undermine any technological advantages. In this series, I will break down 10 principles that, when followed, will help you stand out from the majority of reps who assume their prospects automatically care about what they have to say. 

It may seem like making an effective pitch is complex, but there are a few key things you can avoid to ensure you’re navigating the early stages of a sale effectively. Here are five of them. 

The legal services market is highly diverse, spanning firms of varying sizes, regions, specialization and levels of technological sophistication. Mid-Market law firms (26-150 attorneys) are particularly enticing, often referred to as the "holy grail" due to their growth potential and whitespace for innovation. However, the segment also presents unique challenges that demand tailored strategies for success.

All buyers follow a similar process to select and ultimately purchase a product.

Regardless of industry or sales methodology, many sales reps often overlook certain fundamental principles. Even with the abundance of sales technology available, getting these basic principles wrong can undermine any technological advantages. In this series, I will break down 10 principles that, when followed, will help you stand out from the majority of reps who assume their prospects automatically care about what they have to say. 

This checklist was first published at the Legaltech Hub Conference on October 21, 2022, and represents the work of the panelists: Damien Riehl, Keli Whitnell, Darby Green, Mark Torchiana, and Laurent Wiesel. It is an effective tool for evaluating and selecting data API solutions.

Every person you speak to in sales has their own agenda (along with their business agenda). That agenda is referred to in many sales methodologies as the “personal value” or “personal agenda,”. If you can address the personal agenda along with the business issue, you are far more likely to get the sale. This article provides a methodology for uncovering the personal agenda of your sales contact so that you can ensure you are addressing it.

It’s just over a week since I arrived home from ILTACON, and only now do I feel prepared to post a write-up. After such a big conference, it always takes a while for the take-aways to percolate and distil down. So many things happen each day at ILTACON and each of them is so noteworthy that if any one of them occurred on a normal workday they would be the highlight of that day.

This guide lists key legal tech events, providing essential details for legal tech solutions providers considering sponsoring them 

Common roles and titles in budgeting at large law firms.

Selling technology to litigation practices offers opportunities unlike any other segment of the legal market. Combinging enterprise and case-based sales models leads to maximum opportunities.

Key dates in the timeline of a large law firm budget.

Our head-to-head comparison of the most promising deal intelligence products on the market.

In the Head-to-Head series, LTH researchers look at discrete pain-points in legal workflows and examine how practitioners might go about solving these using technology.

When used strategically, hashtags are an ideal way to drive brand awareness on social media without resorting to paid ads.