How Do Law Firms Use Beauhurst?
Sarah Cheeseman, 4 July 2023
For many law firms, maintaining a competitive edge throughout your client lifecycle can be a tricky process. From finding companies that are approaching a particular transaction, to cultivating and sustaining a long-lasting relationship with them, it can be difficult for many firms—especially newer ones—to survive. Networking has long been a preferred route for finding new opportunities, however as technology continues to develop, many law firms are starting to look beyond their existing contacts to identify new potential clients.
Company data already plays a huge part in many firms, forming part of their due diligence, litigation and compliance processes. But many are also now realising the huge potential it can have when it comes to pinpointing potential new clients, as well as understanding their needs and wants throughout the advisory process. But with so much company data available in the UK, how do you know where to source the most up-to-date and accurate information to use for your business development processes?
The BeauhurstAdvise platform was developed to answer exactly this issue. Our unique combination of machine learning models, data extraction tools and 60+ data analysts bring together vast amounts of data to create the ultimate private UK company data source. This searchable database enables users to get a comprehensive view of every sector in the UK market. We are constantly adding to our data and updating it to ensure that the needs of our users are answered.
Why do law firms use BeauhurstAdvise?
In an increasingly competitive market, law firms that rely on their network to source new opportunities may fall behind. While they may not be actively looking for new business development and management tools, we find that when we speak about our services with potential users, they love the platform and end up using it for almost every stage of their lifecycle process. One of our clients, Greenaway Scott, stated that the BeauhurstAdvise platform “…now forms a key part of our knowledge bank and does a great job identifying the typical high-growth companies that we regularly work with.” Read more about their experience with us. Take a look at some more ways your team could benefit:
1. Client management
The BeauhurstAdvise platform offers vital insights into your existing client base, deepening your understanding who they are, what their wider business activities are and how you can assist them. This market intelligence enables you to pinpoint at the moments where an existing client might be open to cross-selling opportunities.
2. Business development and marketing
BeauhurstAdvise’s breadth of data on UK companies enables users to quickly search for companies within different sectors and at different stages in their growth and development. This means it’s easy to locate the right type of client for your business and build tailored campaigns to target them at the right time. You can also receive activity alerts to let you know when new opportunities become available and access accurate data to help to boost your outreach programmes for improved conversion rates.
When it comes to developing your internal strategy, staying abreast of market trends is vital. Our platform provides you with all the insights you need to learn more about what’s happening in different industries, which can then be used to build your marketing content and develop a thought leadership strategy for your business. It can also help to highlight new growth sectors that may be beneficial for you to target for future business development.
4. Advisory work
We can also help with the advisory side of your business. Our search function can help to locate the most relevant funders for a transaction, as well as helping you to complete company due diligence and background research checks. We provide you with information for the necessary competitor and sector insights for pitch decks, giving you a knowledgeable advantage over others that may also be pitching for business and showing your expertise. Additionally, you can gain insight into deal comparables and comprehensive funding data to back up your advisory work and give you all the information you need for decision-making.
What can I use BeauhurstAdvise data for?
Out of the law firms that currently use BeauhurstAdvise, their uses differ vastly depending on the area of law they focus on, or the way in which the teams are structured. Here are just some examples of the ways we’ve helped our users in the past.
Corporate Law Firms
We work with corporate law firms to help them find companies that are due to raise, looking to exit or that might want to go on and acquire another business. Our search function can help you find potential clients who are at exactly the right stage and likely to be looking for a law firm to assist them with their needs.
Commercial Law Firms
For this range of clients, our platform can be used to find companies that are looking for assistance with trade agreements, usually those that are newly trading internationally or those that are expanding the commodity lines they trade with. This is especially useful for international law firms.
IP Law Firms
If you’re looking for companies in IP-heavy sectors, we have just the tools you need. We can help locate companies that don’t yet have patents, especially those within usually R&D focused areas. Our data also highlights companies that have significant tangible assets or have raised funding for R&D who may be looking for help with their IP. You can also use the platform to track academic spinout companies within IP-heavy industries.
Wealth Management Law Firms
We work with private wealth and wealth management teams to identify affluent people that need help in the legal side of their assets. This can also include identifying family-run businesses that need assistance with their succession planning.
Employment Law Firms
Use Beauhurst to pinpoint companies that are growing rapidly who may be looking for help with legal services and advice related to the employer-employee relationships. We can also provide insights into companies that are declining and may want advice on issuing redundancies.
Working with Beauhurst
The BeauhurstAdvise platform was developed to help our clients get the most out of the data that’s available to them, breaking large data sets down into actionable contact lists of your ideal target audience. Our team of dedicated Account Managers and Customer Experience Managers are also on hand to help you get the most from the platform, using their broad industry knowledge to help you build out searches and create alerts that keep you on top of your game at all times. To find out more, book a demo or speak to a member of our team today.
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