Competition among law firms is fierce. It’s so fierce that in a newly published survey of 400 law firm marketing and business development (BD) professionals, 52% said competition is the #1 barrier to law firm growth. Law firms large and small were well represented in the survey:
- 1-50 attorneys: 18%
- 51-200 attorneys: 30%
- 201-500 attorneys: 24%
- 501+ attorneys: 28%
As the dynamics have unfolded, it’s creating a seam for new ideas on how best to attract, win and retain new law firm clients.
Data: The Law Firm BD Imperative
The survey supports an interesting introductory narrative, though the conclusion is far from written. The data suggests law firms are placing a greater emphasis on the narrower activities of business development. However, there’s no clear consensus on how to task organize law firm staff for effectiveness.
1. New business strategies shift. The strategy and initiatives required to win new law firm business has shifted – 85% of respondents agreed or strongly agreed.
2. Marketing skills differ from business development. Upwards of 90% believe there is a fairly clear distinction between “law firm marketing” and “law firm business development. More importantly, these two functions require different skillsets.
3. Law firm organizational structures vary. Precisely how law firms have structured marketing and business development to meet evolving requirements varies – almost into even fourths.
There are several ways to interpret the trend. On one hand, the absence of a dominant organization structure means law firms are still assessing the best way to succeed in a dynamic competitive landscape. On the other, the lack of consensus in organizational structure presents the opportunity for firms to capitalize on process changes for winning new business.
Full Report and Webinar on the Survey Results
A slide presentation summarizing the data is embedded below, and a formal report, in PDF format — Law Firms in Business Development Transition — is available for complimentary download with registration: http://bit.ly/law-firm-BD-report.
In addition, the LexisNexis® InterAction® team is hosting a complimentary webinar on October 27, 2015 at 11:00 a.m. (EST) which will walk through the survey results and identify how legal marketers and business development professionals are capitalizing on the data:
- What: Law Firms in BD Transition Survey Results Webinar
- When: October 27, 2015 | 11:00-12:00 p.m. (ET)
- Where: Online, register here: http://bit.ly/Law-Firm-BD-Webinar
- Cost: Complimentary with registration
- Presenter: Matt Thompson, director of the Client Success Team
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