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Business Development

How your law firm can generate new revenue using HighQ

· 5 minute read

· 5 minute read

Gaining a greater share of your clients’ business is key to the continued growth of your law firm. While new client acquisition is important, the fastest and most economical way to boost your bottom line is to find new ways to serve the clients who already trust you.

One law firm, Polsinelli, is using HighQ to do just that. In just a few short months, they’ve used HighQ to dramatically expand their scope of services and improve flexibility of practice areas. As clients’ legal needs are rapidly shifting, lawyers at Polsinelli needed a platform to help them address new kinds of matters with scale and speed. Let’s look at a few of their most successful use cases.

HighQ for contract management

Eric Helal, a legal technologist at Polsinelli, notes that many of their small and medium-sized clients find a lot of value in HighQ’s contract management capabilities. Using HighQ’s simple contract intake features, Polsinelli can create a secure repository for all their clients’ contracts. Using iSheets, clients and lawyers can capture the relevant contract details while keeping everything organized and searchable.

But the real value add has been in enabling a self-serve model for clients to get their contract questions answered. Using simple filters and search terms, a client can quickly find out how many contracts with their vendors can be terminated. Or how many have governing law in the state of Georgia, for instance.

For clients without a firm grasp of their contracts, this kind of service is invaluable. Not only is it a way to generate incremental revenue in the short term, it also creates “stickiness” to the firm. With HighQ’s intuitive interface, clients get the results they need quickly and easily. These clients steadily send more work to Polsinelli.

HighQ for corporate structuring

Similarly, Polsinelli now offers clients a solution that allows them to view their corporate structure – entities, ownership, sub-entities, etc. – using HighQ. Not only can they quickly view their corporate structure, HighQ allows them to link directly to formation documents and other important records related to those entities.

Helal notes that these solutions have been critical in forming and solidifying long-term client relationships. Likewise, the nature of this kind of service naturally invites these clients to bring more work to the firm.

HighQ for asset sales

Using HighQ’s intuitive file sharing and client extranet functionalities, Polsinelli has found success with asset sales and purchases. Consultant Carol Goodspeed notes that their clients have been very pleased with how easy it is to upload large numbers of very large documents to HighQ. These documents are kept in order and accessible to only the relevant parties, making the entire transaction much smoother.

In one case, Polsinelli set up a custom microsite for a transaction. All the parties received a link with secure credentials. The site was accessible for two hours and went down at an agreed-upon time. This allowed all parties to get what they needed and Polsinelli to facilitate the deal without concern about access or security risks.

HighQ for IP tracking

Goodspeed is most excited about using HighQ for IP tracking. The firm works with several doctors and their teams in getting patents and other intellectual property registered. Using iSheets, data visualization, and automated workflows, Polsinelli can help speed up the process of these registrations.

For instance, when a doctor logs into their HighQ site, Polsinelli uses data visualization to display what items the doctor needs to work on. Once a task has been completed, that item moves off the doctor’s list and is automatically routed to the next person in the process.

Speeding up time-to-market is key for these clients. Any tools that can simplify and accelerate the necessary workflows are immensely valuable. By providing these clients with a portal that can be accessed anywhere, Polsinelli has created a unique and differentiated service that boosts client satisfaction and retention.

HighQ’s value for cost

When asked if the purchase of HighQ was worth it for Polsinelli, Helal is quick to note that the cost of building a platform like HighQ in house would almost certainly exceed the cost of HighQ. But that’s only half the equation. According to Helal, one of the major value adds for HighQ is that it comes with so many of the features we’ve discussed today out of the box. This has allowed Polsinelli to implement these services quickly and begin generating revenue. And since HighQ manages all the security and updates, Polsinelli has reduced the burden on internal IT teams.

What’s most valuable, Helal concludes, is the potential that the HighQ platform offers the firm. It’s been very easy for them to get started with document management, data rooms, and extranets. Their clients are most excited by the new services and experiences they have created. These solutions continue to increase Polsinelli’s share of wallet and build long-term relationships.

You can learn more about HighQ and what it brings to law firms like yours by scheduling a demo of your own.

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