Monday, October 26, 2009

2009 Year in Review - Business Development Trends in Law Firms©

Overall, in the global economy and within the legal industry, investment is no longer at a stand-still as it was earlier this year. But to keep their houses in order, many law firms have made and are continuing to make significant cut-backs, changes and upgrades in the manner and methods by which they are investing in business development. Some key trends in 2009 and into 2010:

  1. The year-end collection process gets more challenging as firms experience reductions in the total percentage of receivables collected at 100% realization/standard rates.

  2. Competition is at an all-time high, causing attorneys to change their thinking, mind-set and habits.

  3. Upgrades to traditional marketing efforts/support -

    • Investments are tightening up in the traditionally most-utilized marketing tools.

    • Train-the-trainer, train-the-coach and train-the-leader programs are being commissioned for lawyers and staff.

    • Business/client development and/or "sales" pipelines are being employed to a greater degree.

To read the entire article, please visit: > Complimentary Resources > Trend Reports

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