Research for Free: A Treasure Trove of Open Access Research Tools for Better Client Relationships
By Jennifer Claunch-Meyers
September 05, 2024 | 6-minute read
Client Services
Business Development
To effectively anticipate and address your clients' needs, it is essential to have a great understanding of their business, pain points, and the environment in which they operate. While customer intelligence is an undeniable cornerstone of excellent client service, using external data to strengthen and expand client relationships is an often overlooked approach at law firms due to the lack of access to a competitive intelligence (CI) team, the impression that valuable information mostly resides behind paywalls, or both.
Fortunately, great data exists beyond just brick-and-mortar libraries, and law firms can now harness a wealth of low-to-no-cost resources available in the public domain to optimize their client solutions. Donning a Sherlock Holmes’ deerstalker hat and armed with a fiscally-minded approach, below are some practical, outside-the-box tips for gathering free information to support strong client relationships. I propose a two-pronged approach: rethinking where you look for information, and focusing your efforts on understanding your client’s business and pain points.
Rethinking Your Sources of Information
Company websites, social media, public filings and government databases are often the go-to sources for finding free information on companies. However, gaining differentiated insights requires looking at more diverse underlying data, which can be found in companies’ investor documents, partially-free news outlets and databases, short newsletters, law blogs, footnotes and industry association websites.
Investor Resources
Not circumventing the importance of public filings and industry insights from the Big Four accounting firms (Deloitte, Ernst & Young, McKinsey and PwC) in your analytical toolkit, earnings call transcripts offer great insights into management's strategic priorities. Investor presentations highlight key growth areas and potential challenges for an organization, providing a deeper understanding of how a company addresses pain points as well as views into its operational and strategic landscape.
Partially-Free News Outlets and Databases
Even paid databases and news outlets may offer some level of information free of charge. This is particularly true for infrastructure and transactions-related databases, as well as some renowned journals. For example:
Short Newsletters
Podcasts and subscription-based market intelligence platforms such as CB Insights, The Deal and Infrastructure Investor offer free newsletters to non-subscribers. These can include article summaries and charts on industry trends which provide concise insights into market dynamics and emerging patterns that are invaluable for opportunity spotting.
Blogs
Blogs often provide timely updates on industry trends, company news and regulatory changes not yet reflected in formal filings or reports. For example:
- Above The Law provides news, rankings, insights and opinions on the legal profession. The In-House Counsel section may be particularly helpful for staying abreast of what key issues are top of mind for in-house legal teams and chiefs.
Webpage Footers
Footnotes as a whole — the Susan Lucci in the research arena — are often overlooked. While Wikipedia itself should be used cautiously, its footnotes can be a valuable tool in driving research avenues.
Industry Associations
Industry associations provide insights that cover industry trends and analyses, lobbying activities and engagement in policy advocacy; and offer educational resources. Those associations include:
- National Venture Capital Association (NVCA), which offers investment research and policy advocacy to support venture capital investors and entrepreneurs. The NVCA is widely known for the NVCA Yearbook, a valuable resource containing data on investments, capital raised and exit activities such as IPOs, mergers and acquisitions.
- American Investment Council, which focuses on private equity (PE) and investment management, providing reports and analyses on the impact of PE investments on the economy. It also engages in public policy lobbying on behalf of the investment industry.
- Institute for Mergers, Acquisitions & Alliances (IMAA), which offers insights into global M&A, covering trends, best practices and regulatory developments.
Focusing on Understanding the Client’s Business and Paint Points
Understanding, anticipating and addressing client needs often requires looking at what hurts. A cursory search in the right platforms can provide a sufficient understanding of key issues and risks as they relate to compliance, lobbying, public disclosures, private companies, foreign entities and industry-specific intelligence. Key valuable data points include:
Compliance Issues
The Violation Tracker is a comprehensive database that aggregates monetary penalties assessed to companies and large non-profits for compliance violations and high-profile litigation. The site sources data from various agency websites, including the Department of Justice Criminal Division and the Office of Federal Contract Compliance Programs (OFCCP), among others. This database serves as a central repository, allowing researchers to save time by not individually checking each agency's website for settlements and verdicts.
Lobbying Activity
Identifying key issues and bills that align with company interests can reveal insights into their potential legal, regulatory and compliance risks. Key resources include:
- Open Secrets, a nonprofit organization that tracks campaign finance and lobbying data.
- Pro Publica, another nonprofit organization that is a beneficial source for government and politics.
Private Counterpart of Public Filings
Private and asset management companies are particularly tricky to study since their financials and portfolio holdings are often undisclosed. However, a number of open-source information is available in raw or semi-synthesized format. Of note:
- Form ADV Part 2A Brochure, the counterpart to public filings filed by private companies, provides disclosures about operations, investment strategies and client services, and can be accessed through the Investment Adviser Public Disclosure (IAPD) database.
- aum13F also provides metrics analysis on assets, funds and holdings of asset managers, hedge funds and private equity firms, offering further context on investment strategies.
Foreign Entities / Activities
When looking into companies outside the U.S., particularly in the U.K., several resources can provide valuable insight into U.K.'s regulatory and legal landscape.
- GOV.UK is a central hub for U.K. government news, press releases and updates on policy and legislation.
- Legislation.gov.uk is a clearinghouse of newly enacted bills.
- SupremeCourt.UK covers civil cases and criminal cases, providing insights into significant legal decisions.
Other Industry/Practice Area-Specific Intelligence
Client and market intelligence are essential components of delivering exceptional client service. By leveraging a variety of free, high-value data that adds diversity and depth to their perspective, law firms can enhance their understanding of client needs and market dynamics — ultimately fostering stronger relationships and differentiating their offerings in a competitive landscape.