New Business Intake is critical to firm business performance because it directly impacts profitability. It’s the moment when firms identify and resolve possible conflicts of interest, decide which clients best match business objectives, and initiate other risk-related processes.
A unique nexus, the process engages almost all departments across the firm: lawyers and their assistants input data that is eventually repurposed by marketing, finance, operations, risk leaders and conflicts analysts. The information collected during NBI is vital to informing the firm’s business strategy and to managing the entire matter lifecycle.
This article sets out strategies for enhancing NBI to increase operational efficiency, improve data management and drive firm business performance.