A greater demand for specialist services and more pressure to increase revenue has seen most law firms up their marketing and BD budgets.
The drive for specialist legal services is one of the biggest factors impacting marketing and business development departments. One in three law firms say this was the most important driver of their strategy whilst 28 per cent say pressure to increase revenue is top of their firm's marketing priorities. The research, conducted for the Law Firm Marketing Summit, also found that law firms were on a mission to upscale technology to improve BD and marketing. Over four out of five firms (83 per cent) were either investing in new technology or planning to do so. Meanwhile, two in three respondents reported that their firms had increased marketing and BD budgets. Nearly half (47 per cent) saw budgets increase by between five and ten per cent whilst one in four saw increases of between 11 and 20 per cent and 16 per cent between 21 and 30 per cent. CRM was top of the technology investments with pitch software, interactive intranets and client feedback tools also on the list of purchases.
The research found that 29 per cent said their firms had a strict approach to the use of social media whilst 51 per cent are free to use social media as they want. Only 41 per cent said their law firms had actively embraced digital marketing. The Law Firm Marketing Summit is being held in London on 7 November. For further information, contact email@example.com.