Wednesday, April 9, 2014

New Trend Report - Effective Business Development for Law Firms: Five Hot Trends in the New Normal©

  1. Increasing staff sophistication and specialization - In order to increase results, efficiencies, quality of service and deliverables while at the same time reducing duplication and redundancies, law firms are moving away from hiring marketing/business development support generalists and are now increasingly hiring specialists.
  2. Increased turnover in high-level staff positions - Over the past three years, approximately 40% of AmLaw 100 law firms' incumbent chief marketing officers, chief business development officers and chief strategy officers have turned over.
  3. Increased strategic focus on what works - The days of being "all things to all people" either externally for clients or internally for lawyers no longer works for the majority of law firms or for law firms' marketing/business development support departments.
  4. Increased use of packaging - As the legal industry continues to mature, another viable strategy being used both internally and externally is packaging. Internally law firms are "packaging up" the sales/business development process in various ways designed to increase opportunities, motivation and strategic results.
  5. Increasingly sophisticated technology - Content aggregators at both the law firm-generated content level and the business/client intelligence level are continuing to refine their offerings.
To read more, click here.

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