Law Firm Marketers Catching Up With 'New Normal,' Survey Shows
New business development strategies are taking hold in the legal industry, but turning lawyers into better marketers remains a challenge.
July 31, 2018 at 09:01 AM
2 minute read
Image credit: Shutterstock Marketers and business development professionals at law firms are beginning to come to grips with the ever-tightening level of competition in the legal industry, according to a new survey from LexisNexis. The report from the legal information giant's InterAction marketing unit says these professionals have adjusted to a “new normal” after several years of tumult. In 2017, over three-quarters of respondents agreed or strongly agreed with the statement that “the strategies and activities law firms require to win new business today have changed considerably in the last two years.” This year, just 32 percent agreed or strongly agreed. In 2015, the number peaked at 85 percent. Meghan Frank, head of marketing for LexisNexis Software Solutions, pointed to the reduction and consolidation in legal spending by clients, as well as to increased competition by new entrants such as the Big Four accounting firms. “There became this big move to ensure that you are staying on the cutting edge and focusing on firm growth, which meant that marketing and business development meant more than ever before,” she said. “What we've heard and what our analysis shows is that it hasn't shifted back to the way it was, but people have become more used to the new normal.” e are constantly struggling to find the right metrics and right data to measure the impact of marketing," she said, noting the general absence of a "direct one-to-one correlation" between a specific activity and a discrete piece of revenue coming into the firm. "We've seen marketing and business development teams adapt. The next step is to become innovative and strategic leaders of the firm," Frank said. "That's what firm leaders want: for CMOs to step in and expand these opportunities." Read More: Managing Partners' Frustration Mounts as Law Firm Innovation Stagnates Marketing Professionals Play More Significant Role at Law Firms, Survey Results Show
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