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How Law Firms Plan to Fuel Growth in the Next 12 Months

How Law Firms Plan to Fuel Growth in the Next 12 Months

Competition is the top barrier to growth according to a recent survey of law firms, alongside a deluge of anecdotal evidence.   In response, law firm business development is heating up with the mechanisms ranging from compensation and incentives — to the warming notion of hiring a professional law firm sales force.

If the trend towards business development is a strategic shift, what then are the tactical investments law firms intend to make to fuel growth?

How Law Firms Plan to Fuel Growth in the Next 12 Months-box-Small

In a survey of 400 law firm marketing and business development professionals, respondents were asked to rank areas of law firm investment on a five point scale, where the lower the number the more likely they were to invest.

The aforementioned survey of 400 law firm marketers and business development professionals found thought leadership topped the list.  That activity was followed by analytics, law blogs and content marketing, social media and technology investments such as CRM.

A formal report on the complete survey in PDF format is freely available for download with registration — Law Firms in Business Development Transition. And here are the top 10 areas in which law firms say they’ll invest:

  1. Thought leadership (63%)
  2. Analytics (58%)
  3. Blogging and content marketing (57%)
  4. Social media marketing (55%)
  5. Technology (i.e. CRM) (51%)
  6. Client events (48%)
  7. Lead development (44%)
  8. Business development calls (41%)
  9. Public relations (40%)
  10.  Digital Marketing (35%)

It’s notable that the investments identified by legal marketers and business development personnel center on technology and new media marketing. The two charts nearby – depicting the same data in different formats – list in detail the these top 10 areas according to respondents who said they plan to “increase” or “increase significantly” the investment in these areas over the next 12 months.

How Law Firms Plan to Fuel Growth in the Next 12 Months-chart

If you enjoyed this post, you might also like:
3 Pragmatic Ways to Gain Law Firm Partner Buy-In for CRM 

Photo credit:  Flickr, photosteve101, Torn & Cut One Dollar Note… (CC BY 2.0)

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.
2 comments
IndioBailBonds
IndioBailBonds

Digital marketing is a good idea.Lawyers should do it.

Peter Cabrera1
Peter Cabrera1

Its good to know that in the future lawyers also consider about blogging and content writing.It is definitely a good step.