Orgaimi is a legal tech and fintech startup that uses data science models and AI to analyse current and historical client information to help find untapped revenue. They have just partnered with US law firm Faegre Drinker.
Orgaimi will help the firm ‘leverage insights from existing internal data, enabling partners and client relationship professionals to objectively analyse the services being provided to firm clients and anticipate client needs’.
In short, they’ll find which clients have been allowed to go off the radar and then find ways to target them for new legal needs.
One example on the company’s website states that they helped ‘a global law firm which had found that 90% of their accounts had declining or stagnant revenue’. They did their analysis across 1,200 clients, and set out steps on how to drum up new work from these. The law firm did what was recommended and made, according to Orgaimi, an additional $38m in revenue over one year that otherwise they may have missed out on. What’s not to like…?
Faegre Drinker’s Chief Innovation Officer, Shawn Swearingen, said: ‘We’re very encouraged by the early results obtained from Orgaimi, including the opportunity to extract significant value from existing firm data. This partnership is helping the firm leverage advanced predictive analytics to derive insights about our clients and services and better anticipate client needs.’
The company added that their approach helps with ‘reducing potential client churn and strengthening the client experience by improving how accounts are managed and services are delivered firm wide’. And that makes a lot of sense.
The predictive part is also interesting – and it’s an area that other firms have explored, in particular Baker McKenzie. Although, predicting the future is always tricky. Perhaps what will often be more certain is looking for recurring patterns in client needs and then making sure you go back to them ask if they want that need met again. Plus, why not then sell other legal services to them that connect to those central needs?
Or to quote the Big Four’s unspoken motto: ‘Once you have a valued client, never, ever let them go, and if possible, cross-sell everything you can.’ And that has certainly helped the likes of PwC, Deloitte and friends. But, if your firm has let clients slide out of view, then what we can perhaps call ‘remedial revenue-generating action‘ may be required – and it looks like Orgaimi can certainly help here.
Paul Giedraitis, CEO of Orgaimi, said: ‘[This] highlights how law firms can utilize their data assets to enhance both operational efficiency and client service. Early results have demonstrated strong opportunities for client retention and relationship expansion, and we are very much looking forward to supporting the Faegre Drinker team on their Orgaimi journey.’
Dan Wales, Head of Growth at Orgaimi, concluded: ‘The adoption of Orgaimi marks a transformative technology movement for Faegre Drinker, as well as a clear and demonstrable utilization of AI, driving the business toward enhanced growth, innovation, and success. As we partner with Faegre Drinker, we are excited to help accelerate growth and continue to deliver ongoing value to the firm and its clients.’