Predictive analytics are helping DLA Piper understand the actions they could take to improve profitability by keeping clients from defecting. The marketing team are using data as an early warning system for vulnerable clients and a way to address the situation before it was too late. The firm joined forces with Axiom to build a predictive analytics model to detect behaviours that signal when a client may be vulnerable to going elsewhere and reckons it has saved $37.6 million revenue.
Four pointers indicating client intentions were identified. These include decreasing members of the case team to five or less and increasing time per team member; bringing in one new professional to the relationship; adding an industry specialist and setting up a tailored marketing initiative for each client. The project was discussed at 'Harnessing Predictive Analytics to Drive Client Growth and Retention' at ILTACON. Sources:ILTACON; Law.com; Axiom; Law Practice Today