What Is Revenue Operations and Why Do You Need It?
Since 2008, law firms have been under consistent market pressure from both external competition and clients alike. In an effort to make their practice growth more efficient, law firms have invested heavily in process, people, and technology. Fast forward to 2022, despite investment, most law firms (except for a few top-performing firms) are predicted to continue to lose market share over the next years. Nexl has investigated the root cause of this problem, asking:
WHY DO MOST LAW FIRMS, DESPITE WELL-INTENTIONED PLANS, FAIL TO PREDICTABLY GROW THEIR REVENUES AND MARKET SHARE?
The answer is misalignment within law firms, created by siloed teams using inaccurate relationship data. This misalignment has created an “execution gap” between law firm plans and their revenue goals. Thankfully, the misalignment can be fixed with Revenue Operations, a new system for aligning teams within firms to bridge the execution gap.
In the face of mounting market pressures, clients not only demand cohesive client lifecycle journey but also, efficient internal client operations. Fortunately, Revenue Operations stands as a holistic solution that helps law firms align their teams, bridge the execution gap, and achieve their true revenue potential.