The numbers are often ugly. The competition is fierce … and resources are stretched drum tight. This is the reality of a modern legal marketer and not much rosier on the law firm business development side. A recent business development-focused survey produced by LexisNexis found that marketing and business development were the hardest-hit elements of law firm business. With that being said, differentiation occurred when comparing high growth/ high performing firms with no-growth firms. High-growth firms are projecting growth of 38% in business development spend in 2021/22, compared to 15% projections, while their no-growth counterparts are looking at just 10% spend increases.
BTI Consulting’s recent survey of more than 300 legal marketers shows that since May 2020, the typical law firm is winning 26% of RFPs, down from 32% before the pandemic. Simultaneously, BTI, LexisNexis and others are reporting RFP request rates doubling and even tripling in some instances.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
