This week, we caught up with Chambers and Partners, and asked them about a new innovative product they introduced in the Latin American market last month, one that is also being rolled out to the UK this week.

What is Market Pulse and what does it measure?

Market Pulse is a new data and analytics solution from Chambers that surfaces over 200,000 responses from legal buyers captured during our annual research into global markets. It shows real comments from legal buyers in a region on what external factors are going to impact their need for legal advice from law firms. This data is captured during our research process.

Which regions, practice areas, or sectors are included in the standard package?

Market Pulse is available for the following regions: Latin America, Canada, UK, Europe including France and Germany and the U.S.

How often is the data refreshed, and how current will the insights be?

Each month that we research one of these markets we will be providing the latest responses from legal buyers into the platform.

When was Market Pulse officially launched, and how widely is it being used?

Market Pulse was launched on 18th  September to the Latin America market and then rolled out to the Canadian market in late September and is due to be launched to the UK market on 16th  October.

How do law firms benefit in practice — what are the most common use cases for BD, client pitches, or strategic planning?

Key benefits that Business Development and Marketing teams have told us they will see value in using market pulse are:

• Preparing for client meetings – by providing partners with a briefing of the top concerns, including verbatim comments from clients and guidance on what to discuss during pitch meetings.
  
• Shaping campaigns and events – around topics that are top of mind for clients. With data sourced, plan out firms outreach via it’s thought leadership to cover trends clients are actively discussing.
  
• Identify high-potential segments – and target them with evidence-led outreach. Uncover new areas and the key pain points across the legal market to help your firm position itself as legal experts.

Are there any hints for any new useful products on the horizon?

This is just the start of Chambers creating a set of data and analytics solutions to support law firms.

For more information, reach out directly to Chambers or we can point you in the right direction.