Lexisnexis Helps Steptoe Step Up Its Client Servicing

10/04/06

LexisNexis helps Steptoe step up its client servicing

To provide speedy response to clients' litigation needs, West Virginia law firm Steptoe & Johnson purchased information resource from LexisNexis Market Intelligence, a leading provider of client development solutions. The premeditated move follows the firm's intention to boost its efforts for an overall development of its business. Steptoe & Johnson joins 50 other leading law firms who have already installed LexisNexis.

LexisNexis Market Intelligence provides law firms with accurate and thorough coverage in business and court-record based litigation. This data is utilized by the firm to take quick and smart cost-effective decisions about its objectives, and also to strategically cross-sell. Timely alerts sent by the intelligence agency helps firms give clients advance notice of new litigation, facilitating it also to develop a responsive strategy, often prior to the complaint. Steptoe & Johnson also uses Market Intelligence to help design future line of attack to be adopted in business by identifying possible client development opportunities, understanding the competition, and researching emerging industry trends.

Steptoe & Johnson is a multi-practice law firm providing legal services through its 160 lawyers and more than 200 support staff, to various clients. Advice is offered on a variety of practice areas from the firm's six offices spread throughout West Virginia.

Mergers - the short-cut to surging revenue

Leading law firms have seen their revenues surge immensely due to their mergers with other major players. Within The Lawyer Global 100 2006, most of the law firms with high revenues are a result of a merger. The union of Piper Rudnick with San Francisco's Gray Cary Ware & Friedrich has witnessed a 53.4 per cent rise in DLA Piper's revenue. The firm's US and Europe, the Middle East and Africa (Emea) division has also contributed with its profit per equity partner (PEP) being one of the highest among its transatlantic peers. Pillsbury Winthrop and Shaw Pittman fusion has increased the merger entities revenues by 32.7 per cent, while the merger of law firms Ropes & Gray and IP major Fish & Neave has seen their revenues rise by 37.9 per cent. Global players are aggressively merging their business - Kirkpatrick's most talked about merger with Preston Gates & Ellis would see its revenues touch the $650m mark. Reed Smith's unification with Richards Butler will take the revenues up by more than $110m. With more and more firms merging, law firms have apparently realized the secret behind the bolstering revenues.