Law firms are still not getting to grips with business development and marketing despite pressure to improve profits.
Many law firms do not value their business development and marketing executives and fail to measure return on investment on initiatives from the departments. According to new research, only 18 per cent said their marketing and business development functions are highly valued whilst 33 per cent said they were 'of some value'. One in two said that law firms were not organised in a way to get the maximum results from these functions whilst 47 per cent said their firms did not measure ROI on marketing and BD initiatives. The research found that marketing and BD roles at law firms were viewed as more challenging than similar jobs at other professional services firms. The research was carried out in the run up to the Law Firm Marketing Summit and discovered considerable disconnect between the business services groups and the fee-earners.
Sourcing new clients
The survey also revealed that over one in three (36 per cent) said that their lawyers did not fully understand what they should be selling to clients whilst 47 per cent said that law firms did not talk to clients about satisfaction levels. The most important function of business development in the next few years was to source new clients, according to 67 per cent whilst 61 per cent said it was to get more business from existing clients. On the technology front, 46 per cent said their firm was investing in new technology to help marketing and BD.
When asked what would make a difference to the law firm marketing and BD functions, one respondent from an independent law firm said:"Full buy in from fee-earners and never having to hear the phrase 'fee-earning work takes priority' as a means to escape having to develop new business" whilst another said: "A strategy and plan would be a good start, some market research and client feedback may be prudent, measuring success would be smart."
The Law Firm Marketing Summit
Over 150 heads of marketing and BD from over 30 countries will attend the summit, which is being held in London on 7 November. For further information, contact firstname.lastname@example.org
Email your news and story ideas to: email@example.com