Doing CRM - your choices in 2024, Part 2

In my last post, I discussed the pros and cons of selecting a ‘platform’ for a law firm’s CRM needs.  Interest in these solutions is rapidly growing, and only time will tell how much traction they will gain in the market.  Changing gears slightly, this week’s post is focusing on the non-platform solutions, often known in this market as ‘best-of-breed’.

So, to recap - here are the options covered so far:

• Option 1 – choose a Platform – click Here to read my 'platform play' review.
• Option 2 – go for a ‘best-of-breed’ solution - today's discussion topic.

“Best of Breed Benefits”

Choosing a “Best-of-Breed” CRM solution has distinct advantages - these solutions tend to be more focused and specialised, designed to excel in a more specific area – these systems usually provide a laser-sharp focus on client relationship management and data, offering a more comprehensive 360° view of relationships.

What are the best-of-breed benefits?

• Industry-Specific Features: Best-of-breed CRM solutions are designed for lawyers and marketing and BD teams in industries where trust-based relationships between lawyers and clients drive success.  Examples of these specifically designed features could include specific contact privacy settings or purpose built sector/practice group planning tools.  This specialisation can make best-of-breed solutions more intuitive from the start and decrease time to value.
• Focused Functionality: For law firms that primarily need a tool for managing client relationships and do not require the broader functionality of a CRM platform, a best-of-breed solution can be a more straightforward option. These solutions tend to be more user-friendly because they are designed to do one thing exceptionally well.
• Faster Implementation: Best-of-breed solutions, with their more focused scope, often require less customisation/configuration and can be implemented faster than ‘wider’ CRM platforms. This can be a significant advantage for smaller firms or those looking to get up and running with minimal disruption to lawyers.
• Team Knowledge: The vendors for these solutions can attract individuals with deep market knowledge, enabling them to anticipate trends and tailor offerings accordingly to market changes.  This can help law firms create opportunities for strategic advantages over its competitors, which can play well with lawyers looking to win and grow their practices.
• Road mapping / Vendor Influence: As these best-of-breed businesses get their revenues directly from a specific market sector, firms can be fairly confident that their license costs are invested back into solving problems for firms like them.  The added benefit here too is that firms will tend to have a greater influence over the vendor’s roadmap.

However, it’s not all positive either when it comes to ‘best-of-breed’ solutions. Similar to last week and to keep things balanced, I’ll highlight a few things to watch out for with best-of-breed solutions:

-> Integrations – Some best-of-breed solutions risk becoming isolated, especially in law firms with multiple data entry points. Since data lakes and warehouses are now extremely common in these firms, integration with them is crucial for seamless operation.

-> Limited Configurations – it’s worth being aware of the solution’s configuration options and its ability to flex and change as the firm grows.  Changes and tweaks in the way that corporations buy legal services can impact CRM configurations and so it’s worth doing the extra diligence and knowing what your options are.

So that’s my summary of best-of-breed.  I hope this offers a balanced overview of best-of-breed solutions, though there is much more to explore on the topic.

Lastly, for next week I’ll investigate the pros and cons of not doing CRM at all!

A more controversial topic, perhaps?