Gaining a Competitive Edge without Breaking the Bank: Free and Low-Cost Competitive Intelligence Resources, 1219 COBJ, Vol. 48, No. 11 Pg. 12
| Author | BY KESLIE KANDT |
| Position | Vol. 48, 11 [Page 12] |
LEGAL RESEARCH CORNER
BY KESLIE KANDT
Competitive intelligence (CI) is a continually evolving field that is quickly becoming an area of emphasis for attorneys and firms.1 There are many fee-based products on the market aimed at collecting data on companies, individuals, and even law firms.2 But it isn't necessary to invest large sums of money to gain useful and current information that can further your business development goals.3 Numerous free and low-cost tools make CI research possible with any budget.
What is CI?
CI has become a buzzword in law firms in recent years,[4]but it can mean many things.5 A broad definition of CI is "knowledge and foreknowledge of the competitive environment refined to the point where it can be useful in making a business decision."6For practitioners, it involves understanding the background, needs, and wants of current and prospective clients to get and retain business.7 CI provides attorneys with actionable insights on clients and prospective clients to accurately and effectively market their legal services.8
Client Background Intelligence
No matter the firm size, having background information about current and prospective clients is essential to business development and retention. This is true whether researching for a formal pitch or preparing for an informal meeting with a current client. It's important to monitor changes in a company structure and keep up-to-date with client developments.
Background research is all about knowing as much as possible and staying informed, but basic due diligence does not require expensive resources.
State Secretary of State filings are a great place to start, especially when researching small companies. These filings can be used to find information about corporate structure, owners and key professionals, trade names, and entity relationships, and to stay informed on major changes in corporate structure or status. Each state has its own websites and fees; esecretaryofstate.com provides links to all 50 states. Colorado provides search results and all filing documents online for free.9
SEC filings are a go-to resource for information on public companies and subsidiaries. They provide information about a company's key professionals, current financial status, and activities, and can be used to scope out potential opportunities for future representation. West law and Lexis provide access to SEC filings through West law Business Law Center and Lexis Securities Mosaic. For those without a subscription, EDGAR provides free access to all filings dating back to 1997.10 If the search functions on EDGAR are not helpful, a Google Advanced Search can sometimes yield more comprehensive results.11 (See fig. 1.)
Many public libraries provide free access to research databases of company information. For example, the Denver Public Library provides patrons access to Reference USA, which contains contact information and profit data for over 56 million businesses. The Denver Public Library also provides access to the databases ABI/IN-FORM Trade & Industry; Morningstar Business Insights: Global, Business...
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